This paper establishes a theoretical framework addressing the long-debated issue of efficiency and equity. Empirical evidence shows that a comparative-advantage-following development strategy promotes growth and narrows the income gap, achieving both efficiency in production and equity in income...

This paper discusses the causes of the middle-income trap in Latin America and the Caribbean, identifies the challenges and opportunities for Latin America that come from China's rise, and draws lessons from New Structural Economics and the Growth Identification and Facilitation Framework to...

A continuous flow of technology/industrial innovation is the key to sustained dynamic growth. Developing countries have an "advantage of backwardness" as they can borrow technology/industry from the developed countries. In an open, competitive market, the optimal technology/industrial structure...