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  /  News   /  A new framework of analysis of the development of the countries

A new framework of analysis of the development of the countries

During the third keynote lecture, the former chief economist at the World Bank and current professor of economics at Yale University, Pinelopi Goldberg, presented a new framework of analysis that could explain the development of the countries.

In her research, professor Goldberg explains that the existing development models have become limited since new restrictions have emerged on variables present in classical theory, such as demand. In this sense, a new way of studying development is essential, especially when international exchange may reduce.

Consequently, Professor Goldberg presented a new model that exposes economic growth and development taking into account other variables beyond exports or trade surpluses. These new variables are, mainly, the size of the market and a degree of equality. Such variables make it possible to explain the internal development of countries when the international exchange is low.

Dr. Goldberg concluded by stating that exchange is essential in the development of small economies. However, in the absence of this, economic growth can be obtained by increasing the size of the market with an allocation of resources with a certain degree of equality. In that sense, the degree of equality and growth are complementary.