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The Evolution of the G-7 and Economic
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Knowledge for Development Economic Science Economic Policy and ...
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Content Inside: Knowledge for Development Economic Science Economic Policy and Economic Advice Joseph E. Stiglitz April 1998 Paper prepared for the Annual World Bank Conference on Development Economics Washington D.C. April 2021 1998. The findings interpretations and conclusions expressed in this paper are entirely those of the author. They do not necessarily represent the views of the World Bank its Executive Directors or the countries they represent. Knowledge for Development Economic Science Economic Policy and Economic Advice Joseph E. Stiglitz The Role of Knowledge and Scientific Methodology.5 Applied Economic Knowledge I: Causes of and Responses to the East Asian Crisis.11 Applied Economic Knowledge II: Financial Market Liberalization.30 Applied Economic Knowledge III: Privatization.36 Policy Advice.38 Incentives and Advisers .42 Improving Our Advice.50 Concluding Remarks.53 Notes.58 References.71 1 Knowledge for Development Economic Science Economic Policy and Economic Advice Joseph E. Stiglitz At this conference last year and during the following year I have tried to set out a vision of a development agenda that embraces broader objectives and more instruments than have often been the focus of development efforts of the past. I stressed that we are concerned not just with increasing GDP but also with improving living standards which includes better health and education. We need sustainable development not only in the standard sense of protecting the environment for future generations but also in the sense of being rooted in policies that can withstand the vicissitudes of the political process. We need egalitarian development in which the fruits of the growing prosperity are shared widely within the population. And finally I argued that we need democratic development in which citizens participate meaningfully in those collective decisions that affect their lives and livelihoods in so many ways. To accomplish these goals I argued that we need to g ...
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