The interaction between the effective (yE) and the natural rates of growth (yN) is a central part — implicitly or explicitly addressed — in all growth models. A stable equilibrium requires these two rates to converge; otherwise, one or more key macroeconomic variables would be rising or...

The original “manifesto” that gave rise to the Structuralist development theory was written for the Economic Commission of Latin America (ECLA, subsequently ECLAC, after incorporating the Caribbean States in 1984) by Raul Prebisch (1949). This work had a strong impact on both the theoretical...