The author examines new conceptual views of economic growth which focus attention on the importance of initial conditions, random shocks, and changes in expectations with special reference to some countries in East Asia and Latin America. He points out that according to theory and evidence,...

In the new millennium, the Western aid effort towards Africa has surged due to writings by well-known economists, a celebrity mass advocacy campaign, and decisions by Western leaders to make Africa a major foreign policy priority. This survey contrasts the predominant "transformational" approach...

Instability and uncertainty are important factors in Africa's poor investment record over the past two decades. A recent (but rapidly growing) literature has focused on how uncertainty and instability affect the adoption of fixed investment projects. That literature shows that if fixed...