By G. Mavrotas, A. Shorrocks

This e-book displays on present pondering in improvement economics and on what may possibly occur over the subsequent 20 years. in addition to learning improvement economics looking back, the quantity explores the present debates and demanding situations and appears ahead on the difficulties that have an effect on the worldwide means to accomplish the Millennium improvement Goals.

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However, I alone am responsible for the views expressed and for any errors made. Reprinted with some amendments from ‘Legacies – Lal Jayawardena: Crafting Development Policy’, by Ajit Singh, published in Development and Change, 36, 6: 1219–23 (2005) with the permission of Blackwell Publishing. xxxv xxxvi Ajit Singh critical of colonialism. They had the self-confidence to believe that they could carry out the tasks of reducing poverty and promoting economic development much better than the colonial governments had done.

These policies fall into a few categories, which are reviewed briefly below. The first set embraces the neoclassical prescription and can be expressed under the heading of ‘fine-tuning’ and ‘appropriate prices’. In a nutshell the ‘fine-tuning’ instruments embrace the use of an appropriate price system (including commodity, tax and subsidy rates), the removal of market imperfections, and appropriate exchange rate and commercial policies. It was expected that these measures would lead to a more appropriate output mix between production activities and input mix, or choice of technique, and thereby generate increased employment.

Address prepared for a colloquium organized by the Global Development Network in memory and honour of Lal Jayawardena. The memorial meeting was inaugurated by Manmohan Singh in April 2005. A summary of the proceedings is forthcoming in Economic and Political Weekly. , L. Jayawardena, Y. L. M. T. Parekh and S. Unakul (1990) Foreign Portfolio Investment in Emerging Equity Markets, Study Group Series No. 5, Helsinki: UNU-WIDER. , L. Jayawardena, C. Massad and F. Vibert (1992) Private Investment in Infrastructure: The Mobilization of Equity Capital, Study Group Series No.

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