Contents
Preface
The Great Question
All Countries Should Have Equal Labor Productivity: An Argument
Why All Countries Do Not Have Equal Labor Productivity: An Argument
On the Definition of Economics
The Rest of the Book
Well-Being: Its Definition and Content
The Development Objective
The Search for Better Preferences
Social Choice: Its Impossibility and Necessity
Summary
Three Approaches to Growth Theory: A Reminder
What Is to Be Explained: Facts and Semifacts
More on Productivity Growth
The Growth Process
The Role of Factor Prices and Technological Information
A Time Path through Capital and Productivity Space
The Role of Capital Formation
The Capital Goods Sector
Some Macro Issues
The Big Picture: A Summary
A Preliminary: The Labor Market
The Roles of Employment
Work as a Source of Well-Being
Demand for Labor
Is It All Pie in the Sky?
6. Entrepreneurship
The Entrepreneur as the Source of the Idea of Progress
The Entrepreneur as Perceiver and Exploiter of a Specific Profit Opportunity
The Entrepreneur as Searcher, Learner, and Changer
Conclusions on Entrepreneurship
7. Foreign Transactions
Development Strategies: Import Substitution and Outward Orientation
The Foreign Sector and Productivity Growth
On Importing Knowledge
Openness and Preference Development
Conclusion
The Undervalued Exchange Rate Form of Protection
Can All Developing Countries Have an Undervalued Exchange Rate?
The Outcome
Conclusion
The Present Policy Debate
Creating the Idea of Progress
Policy-Making and Policy Change
Government and Better Preferences
A Brief Conclusion
Epilogue: Another Great Question and More Ignorance
References
Index