P.T. Bauer on Indian castes

Image

P.T. Bauer on beggars in India

PT Bauer on wealth and power

image

Source: From Subsistence to Exchange and Other Essays – Lord Peter Tamas Bauer – Google Books

Tyler Cowen on Peter Bauer

P.T. Bauer on @BernieSanders extending #fightfor15 to entire Third World!

India tried that in the 1950s as part of its five-year plans. It did not work that well. Bauer said that in development economics there is a “need to restate the obvious.”

image

Source: Ending the Race to the Bottom – Bernie Sanders.

image

Source: Indian Economic Policy and Development – P. T. Bauer (1959) – Google Books

<p><img src="http://quotes.lifehack.org/media/quotes/quote-George-Orwell-we-have-now-sunk-to-a-depth-39424.png" /></p>  <p>

Will the population bomb prevent the great stagnation?

If only Paul Ehrlich had been right! Population explosion would have meant an explosion in people who could invent new technologies and populate in much larger markets to provide an incentive to invent new products.

Among Paul Ehrlich’s many analytical errors, he did not take into account that more people meant more inventors and more untapped markets.

Jones argued that in the very long run the only way to have further innovation is to have more people. If there are more people undertaking R&D and more people to populate the markets for those inventions, there will be further growth because the decreasing returns to knowledge creation will be overcome by having more R&D workers.

Jones attributes much of the growth in the 20th century to one-off effects that cannot be repeated such as putting more people into higher education:

… growth in educational attainment, developed-economy R&D intensity, and population are all likely to be slower in the future than in the past. These factors point to slower growth in US living standards.

Second, a counterbalancing factor is the rise of China, India, and other emerging economies, which likely implies rapid growth in world researchers for at least the next several decades.

Third, and more speculatively, the shape of the idea production function introduces a fundamental uncertainty into the future of growth. For example, the possibility that artificial intelligence will allow machines to replace workers to some extent could lead to higher growth in the future.

A larger population increases the rate of technological progress by increasing the number of geniuses and other creative people.The doomsday prophecies about the population bomb never took that into account. That is why they are wrong.

Lord Nicholas Stern – wrong from the start

Source: Nicholas Stern “Professor Bauer on development”, Journal of Development Economics (1974).

Source: “A Voice for the Poor”, The Economist (2 May 2002).


Source: Ian Vazquez “Peter Bauer: Blazing the Trail of Development”, Econ Journal Watch (May 2007).

P.T. Bauer agrees with George Stigler on the demand and supply for economic advice

Source: Quotation of the Day…

P.T. Bauer on overpopulation

.

What is economic development?

Image

Previous Older Entries

JONATHAN TURLEY

Res ipsa loquitur - The thing itself speaks

(macro)Economics live from London

Franck Portier's professional page

Catallaxy Files

Australia's leading libertarian and centre-right blog

Climate Audit

by Steve McIntyre

The Secret Barrister

Independent Blogger of the Year, The Comment Awards 2016 & 2017

Notes On Liberty

Spontaneous thoughts on a humble creed

StephenFranks.co.nz

A New Zealand lawyer, ex-MP, farmer and enthusiast for life opines on law, politics and the universe

Books & Boots

reflections on books and art

Legal History Miscellany

Posts on the History of Law, Crime, and Justice

The Dangerous Economist

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Sex, Drugs and Economics

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

The Long Run

the EHS blog

The Undercover Historian

Beatrice Cherrier's blog

Vincent Geloso

Economics, History, Lots of Data and French Stuff

Climatism

Tracking Anthropogenic Climate Alarmism

Science Matters

Reading between the lines, and underneath the hype.

Point of Order

Politics and the economy

FREEcology

Libertarian environmentalism

Doc's Books

A window into Doc Freiberger's library

Newmark's Door

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Media Myth Alert

Calling out media myths

Uneasy Money

Commentary on monetary policy in the spirit of R. G. Hawtrey

European Royal History

Exploring the History of European Royalty

Tallbloke's Talkshop

Cutting edge science you can dice with

Marginal REVOLUTION

Small Steps Toward A Much Better World

THE COLUMBOPHILE

The blog for those who LOVE Lieutenant Columbo...

The Risk-Monger

Let's examine hard decisions!

NOT A LOT OF PEOPLE KNOW THAT

“We do not believe any group of men adequate enough or wise enough to operate without scrutiny or without criticism. We know that the only way to avoid error is to detect it, that the only way to detect it is to be free to inquire. We know that in secrecy error undetected will flourish and subvert”. - J Robert Oppenheimer.

STOP THESE THINGS

The truth about the great wind power fraud

Trust, yet verify

Searching for the missing pieces of climate change communication

Roger Pielke Jr.

professor, author, speaker

commentisfreewatch.wordpress.com/

Promoting fair and accurate coverage of Israel

Economics in the Rear-View Mirror

Archival Artifacts from the History of Economics

Ideas

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Velvet Glove, Iron Fist

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Lindsay Mitchell

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Alt-M

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

croaking cassandra

Economics, public policy, monetary policy, financial regulation, with a New Zealand perspective

James Bowden's Blog

A blog (primarily) on Canadian and Commonwealth political history and institutions

%d bloggers like this: