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Diagnostics before Prescription

The Journal of economic perspectives, 2010-07, Vol.24 (3), p.33-44 [Peer Reviewed Journal]

Copyright © 2010 American Economic Association ;Copyright American Economic Association Summer 2010 ;ISSN: 0895-3309 ;EISSN: 1944-7965 ;DOI: 10.1257/jep.24.3.33

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Title:
Diagnostics before Prescription
Author: Rodrik, Dani
Subjects: Applied economics ; Capital investments ; Development economics ; Economic development ; Economic growth ; Economic models ; Economic policy ; Economic reform ; Economic research ; Economic theory ; Economists ; Empirical research ; Financial investments ; Free trade ; GDP ; Global economy ; Gross Domestic Product ; Growth models ; International economics ; Macroeconomics ; Planning ; Political economy ; Poverty ; Studies ; Success ; Symposium: The Agenda for Development Economics ; Terms of trade
Is Part Of: The Journal of economic perspectives, 2010-07, Vol.24 (3), p.33-44
Description: Development economists should stop acting as categorical advocates (or detractors) for specific approaches to development. They should instead be diagnosticians, helping decisionmakers choose the right model (and remedy) for their specific realities, among many contending models (and remedies). In this spirit, Ricardo Hausmann, Andres Velasco, and I have developed a “growth diagnostics” framework that sketches a systematic process for identifying binding constraints and prioritizing policy reforms in multilateral agencies and bilateral donors. Growth diagnostics is based on the idea that not all constraints bind equally and that a sensible and practical strategy consists of identifying the most serious constraint(s) at work. The practitioner works with a decision tree to do this. The second step in growth diagnostics is to identify remedies for relaxing the constraint that are appropriate to the context and take cognizance of potential second-best complications. Successful countries are those that have implemented these two steps in an ongoing manner: identify sequentially the most binding constraints and remove them with locally suited remedies. Diagnostics requires pragmatism and eclecticism, in the use of both theory and evidence. It has no room for dogmatism, imported blueprints, or empirical purism.
Publisher: Nashville: American Economic Association
Language: English
Identifier: ISSN: 0895-3309
EISSN: 1944-7965
DOI: 10.1257/jep.24.3.33
Source: ProQuest Central

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Diagnostics before Prescription

Copyright © 2010 American Economic Association ;Copyright American Economic Association Summer 2010 ;ISSN: 0895-3309 ;EISSN: 1944-7965 ;DOI: 10.1257/jep.24.3.33

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