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Investment, Exports and Growth-Orthodoxy Vindicated

Investment, Exports and Growth Orthodoxy Vindicated Prema-Chandra Athukorala IN an important article Prabhat Patnaik and CP Chandrasekhar (henceforth P-C) examine the investment-export-growth nexus in developing countries through the estimation of bivariate regression using cross-section data for 25 developing countries [Patnaik and Chandrasekhar 1996]. They claim that their results overwhelmingly support the proposition that the investment ratio plays the key role in determining inter-country differences in both growth and export performance and that the so-called 'efficiency of resource use' which undergirds Fund-Bank advocacy is of no relevance in this regard.

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