Download Africa: Why Economists Get It Wrong (African Arguments) by Morten Jerven PDF

By Morten Jerven

ISBN-10: 1783601345

ISBN-13: 9781783601349

Now not goodbye in the past, Africa was once being defined because the hopeless continent. lately, although, speak has grew to become to Africa emerging, with enthusiastic voices exclaiming the potential of financial progress throughout a lot of its nations. What, then, is the reality at the back of Africa’s development, or loss of it?

In this provocative ebook, Morten Jerven essentially reframes the controversy, tough mainstream money owed of African fiscal background. while for the earlier 20 years specialists have enthusiastic about explaining why there was a ‘chronic failure of growth’ in Africa, Jerven exhibits that almost all African economies were turning out to be at a fast speed because the mid nineties. furthermore, African economies grew speedily within the fifties, the sixties, or even into the seventies. therefore, African states have been pushed aside as incapable of improvement established mostly on observations made throughout the Eighties and early Nineteen Nineties. the outcome has been erroneous research, and few sensible classes learned.

This is a vital account of the true impression monetary development has had on Africa, and what it ability for the continent’s destiny.

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Extra info for Africa: Why Economists Get It Wrong (African Arguments)

Sample text

The independent variables suggested in the literature may fit with the stylized fact of persistent stagnation, but they do not explain a change in economic performance. The problem with the focus on slow growth is that it is not compatible with the actual growth record. As we just saw, African economies have displayed both growth and decline; they have not been trapped in a low-level equilibrium where poverty has reproduced itself. As a result, the factors suggested in the subtraction approach and the circular reasoning in which they are embedded are not convincing and do not provide useful insight.

Of course, it is not appropriate to treat Africa as if it were a collection of homogeneous experiences. An obvious weakness of the continent-wide data is that they mask country-level performance and focus on explaining the average outcome. Moreover, it is not certain that the growth data are good enough to warrant such econometric testing (Jerven 2013b). 2 Average annual GDP growth (percentage) in sub-Saharan Africa and in the rest of the world, 1960–2000 (in constant 2000 US$) (source: World Bank 2007).

The focus on average One growth also meant that some of the factors that were problematic for the mainstream policy explanation were circumvented. To disentangle this muddle of initial conditions, income levels, growth rates and causes and effects, it is necessary to bring time and change into the equation. Time and change are often taken to mean history, so this may sound like saying that history matters. However, as history became part of the toolbox of the growth economists, it took a very specific form.

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