By Toufic Gaspard

This paintings assesses Lebanon's improvement adventure in the course of 1948-2002, a case examine of laissez-faire functionality over greater than 50 years. The textual content analyzes the powerful financial problem of the mid-1980s and the reconstruction coverage that produced vulnerable progress and excessive govt indebtedness.

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Additional resources for A Political Economy of Lebanon, 1948-2002: The Limits of Laissez-Faire (Social, Economic and Political Studies of the Middle East and Asia)

Example text

Hahn (1982a, 1982b) has stressed that the demand and supply mechanism involved complex dynamics and that we needed to learn a lot about agents’ behavior and about the way the invisible hand moves. 39 Equilibrium analysis in NC theory therefore leaves a lot of explaining to do. On the other hand, PK theory uses the equilibrium concept as one where a uniform rate of profit is established throughout activities. Equilibrium values may then be defined as centers of gravity with practical relevance and applications.

8 GASPARD_F3_5-41 11/11/03 11:23 AM Page 10   10 say about growth. This may sound an odd statement to make, considering the number and variety of NC growth models. However, growth in these models is usually portrayed as the outcome of an accumulation of inputs plus technical change, with results that much resemble those obtained in the static models. S. between 1909 and 1949. Nonetheless, technical progress is not systematically explained or endogenized in the main body of neoclassical theory.

Recent attempts at addressing this deficiency by making inducement mechanisms, such as learning-by-doing, integral to the analysis have still not changed the substance of NC growth models. NC economists do admit that economics still has much explaining to do regarding the integration of technical progress in the main body of its analysis. It is Schumpeter, however, who, alone among all modern economists, has attempted a systematic analysis of technical progress as a process of innovation and diffusion taking place in a dynamic setting.

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