Friday, April 8, 2011
Advice from a Chinese economist
This is an interview with Justin Yifu Lin, the World Bank's chief economist. His background in both capitalist and Marxist economy gives him an interesting perspective on things. While he is wisely hesitant to transpose the Chinese experience in its entirety to other contexts (and vice versa), I would say his major theme is that stimulus-style government investments in infrastructure (roads, trains, etc.) is a good policy for economic development. It creates present growth through big public works projects, and future productivity from the useful infrastructure itself.