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Capital utilization. A theoretical and empirical analysis
benefits, whether from rural to urban dwehers or from relatively better-off groups to those that are poor, is likely to be quite vociferous. The question of the politics of development, therefore, looms as a large issue in the 198Os?
particularly in an economic climate which is hkely to be much less favorable to growth than in the past. These two books, then, are well worth reading as a prelude to grappling with the future of development in the Third World. The Streeten et al, volume summarizes the experience of implementing development strategies aimed at improving human wellbeing. The Bauer volume is important because it reflects, and has infiuenced, a considerable number of people in decisionmaking positions in the industrial world. In addition it is thought-provoking even when the reader disagrees with his vie+Jvs.Neither volume, however, comes to grips with the development challenges of the 1980s and 1990s: how growth is to be restored and the haman condition improved in
an economic and political climate which is likely to be tougher and less propitious than in the past. The need, therefore, is for a new synthesis of development thinking drawing on the experience of the last three decades and encompassing both !economic growth and human well-being. One hopes it will not be long in appearing. John W. Sewell Overseas Development Coimcil Washington, DC
Roger R. Betancourt and Christopher K. Clague, Capital Utilization. A Theoretical and Empirical Analysis (Cambridge University Press, New York, 1981) pp. xx + 245. Romeo M. Bautista, Helen Hughes, David Lim, David M.orawetz and Francisco E. Thoumi, Capital Utilization in Manufacturing (Oxford University Press, New York, 1981) pp. xii -f-274, $22.00. Although capital utilization has been traditionally neglected in the standard theory of production, since the beginning of the 1970’s it has received increasing attention because if its potential employment and growth efrects. Most of the studies have been of an empirical nature and have left unresolved the tileoretical issues. The work of Betancourt and Clague is a major contribution to the subject, that provides a clear explanation of how the alternative levelt of utilization of tl;z capl_al stock are incorporated in the investment decision to build a plant. It also systemstizes in a coherent therefore constitutes nwessary reading for fashion the existin anyone interested in the subject.
particularly in an economic climate which is hkely to be much less favorable to growth than in the past. These two books, then, are well worth reading as a prelude to grappling with the future of development in the Third World. The Streeten et al, volume summarizes the experience of implementing development strategies aimed at improving human wellbeing. The Bauer volume is important because it reflects, and has infiuenced, a considerable number of people in decisionmaking positions in the industrial world. In addition it is thought-provoking even when the reader disagrees with his vie+Jvs.Neither volume, however, comes to grips with the development challenges of the 1980s and 1990s: how growth is to be restored and the haman condition improved in
an economic and political climate which is likely to be tougher and less propitious than in the past. The need, therefore, is for a new synthesis of development thinking drawing on the experience of the last three decades and encompassing both !economic growth and human well-being. One hopes it will not be long in appearing. John W. Sewell Overseas Development Coimcil Washington, DC
Roger R. Betancourt and Christopher K. Clague, Capital Utilization. A Theoretical and Empirical Analysis (Cambridge University Press, New York, 1981) pp. xx + 245. Romeo M. Bautista, Helen Hughes, David Lim, David M.orawetz and Francisco E. Thoumi, Capital Utilization in Manufacturing (Oxford University Press, New York, 1981) pp. xii -f-274, $22.00. Although capital utilization has been traditionally neglected in the standard theory of production, since the beginning of the 1970’s it has received increasing attention because if its potential employment and growth efrects. Most of the studies have been of an empirical nature and have left unresolved the tileoretical issues. The work of Betancourt and Clague is a major contribution to the subject, that provides a clear explanation of how the alternative levelt of utilization of tl;z capl_al stock are incorporated in the investment decision to build a plant. It also systemstizes in a coherent therefore constitutes nwessary reading for fashion the existin anyone interested in the subject.