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An Evolutionary Theory of Economic Policy. Part I: The Experience of Fast Development
https://doi.org/10.32609/0042-8736-2006-7-4-23
Abstract
This article presents the first part of the work on how instruments and methods of the growth promotion should change as a country approaches the level of advanced economies in terms of welfare and the quality of institutions. We describe the evolution of economic policies in Western countries and also in countries that became known as "economic miracles" during their catch up development. Our analysis allows to trace the major directions of such evolution: from import substitution to export orientation, from regulation of import tariffs to non-selective policy of the real exchange rate undervaluation, from import of technology to domestically based research and development, from creation of large companies to support of small and medium-size firms.
About the Authors
V. Polterovich
Central Economics and Mathematics Institute of the Russian Academy of Sciences; New Economic School
Russian Federation
Russian Federation
V. Popov
New Economic School; Academy of National Economy under the Government of the Russian Federation
Russian Federation
Russian Federation
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Review
For citations:
Polterovich V., Popov V. An Evolutionary Theory of Economic Policy. Part I: The Experience of Fast Development. Voprosy Ekonomiki. 2006;(7):4-23. (In Russ.) https://doi.org/10.32609/0042-8736-2006-7-4-23
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