The book on "Economic Growth" will be presented in Pakistan
The book on "Economic Growth" written by Prof.Dr.Vusal Gasimli will be held at the Pakistan Institute of Development Economics (PIDE). This book explains the essence of economic growth using various model approaches, including the Solow growth model, the neoclassical model, endogenous technological change, stochastic growth. In addition to traditional factors affecting economic growth, the role of the factors was also touched upon, such as cultural diversity, narrative and social capital in economic development.
Jared Diamond considers geographical determinism as the basis of economic development, and therefore points out that the first agricultural farming in the history of the world was located in the "Fertile Crescent" in the Middle East, which has favorable natural conditions. Haussmann, Ricardo, and Velasco, in their “Growth Diagnostics” article, developed an analytical framework that formed a tool to identify binding constraints to growth in each country, and concluded that reforms might be successful if targeting binding constraints. The Russian writer Leo Tolstoy wrote in Anna Karenina that "all happy families are alike, and each unhappy family is uniquely unhappy." The same is true for economies: each country must have its own approach to economic growth. The methodology developed at Harvard University is called the Problem Driven Iterative Adaptation (PDIA) approach. In our opinion, growth diagnostics and PDIA complement each other. If growth diagnostics help to get to the heart of the problem and find critical barriers to growth, the PDIA identifies a way out of the problem.
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