Markets, Technological Change and Economic Growth (The Quaid-i-Azam Lecture)

Richard G. Lipsey


I am honoured to be invited to give this lecture before so
distinguished an audience of development economists. For the last 21/2
years I have been director of a project financed by the Canadian
Institute for Advanced Research and composed of a group of scholars from
Canada, the United States, and Israel.I Our brief is to study the
determinants of long term economic growth. Although our primary focus is
on advanced industrial countries such as my own, some of us have come to
the conclusion that there is more common ground between developed and
developing countries than we might have first thought. I am, however, no
expert on development economics so I must let you decide how much of
what I say is applicable to economies such as your own. Today, I will
discuss some of the grand themes that have arisen in my studies with our
group. In the short time available, I can only allude to how these
themes are rooted in our more detailed studies. In doing this, I must
hasten to add that I speak for myself alone; our group has no corporate
view other than the sum of our individual, and very individualistic,

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