Journal of Economic Literature
ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)
Review of Easterly's The Elusive Quest for Growth
Journal of Economic Literature
vol. 40,
no. 3, September 2002
(pp. 907–918)
Abstract
William Easterly's superb book draws on what we have learned from almost two decades of cross-country growth comparisons, providing a critical synthesis of the current state of empirical knowledge on growth. The author emphasizes policy and institution-driven incentives for growth, and also critically surveys evidence for more traditional sources of growth such as factor accumulation. Another contribution of the book is an accessible and detailed description of the vicious cycle of adjustment loans directed by the World Bank and IMF at countries that squander these resources in current consumption rather than investment, leading to stagnant growth, debt crises, debt relief and further adjustment loans.Citation
Wacziarg, Romain. 2002. "Review of Easterly's The Elusive Quest for Growth." Journal of Economic Literature, 40 (3): 907–918. DOI: 10.1257/002205102760273823JEL Classification
- O10 Economic Development: General
- O20 Development Planning and Policy: General