The purpose of this book is to examine the accepted concepts and theories on surplus labor in underdeveloped agricultural economics, particularly in the literature on "disguised unemployment." By doing so, the author clears tha way toward finding a more valid theoretical concept of this vital subject, which is the core of potential economic and social development in the underdeveloped countries. The author, after establishing a more realistic and workable definition of surplus labor on the basis of a closer investigation of the extended family-clan-village system, so typical of the tradition-guided underdeveloped societies, proceeds to work out a method for measuring true surplus labor, with rural South Korea as a case example. Of particular interest is the author's distinction between two types of surplus labor: technical (open) idle labor and the tradition-directed (closed) idle labor. Thus having obtained quantitative data on the extent of underemployment in South Korea, the author continues with a discussion of policy implications in the employment structure of underdeveloped countries, and constructs a proposed program for the utilization of surplus labor, without the application of totalitarian methods, without waiting for the availability of additional capital from the outside, and without making a change in traditional instituions and a priori condition for the utilization of idle labor. This program calls for capital improvements within the agricultural area, financed by the agricultural sector itself, after it is shown through statistical data that capital improvements in agriculture yield quicker and greater results than in other sectors of the economy. The author also attempts to show how such a program would not only put to work a major part of unutilized labor on agricultural development projects, but would also pave the way toward a gradual dissolution of those social traditions and institutions that have been economically hampering and that have been, thereby, an important cause of perpetuating economic and social stagnation. The author also claims for his program the aded virtue of minimizing the social unrest that results from economic distress, thus safeguarding political stability within the framework of needed reform. The government of the Republic of Korea cooperated closely with the author in carrying out the research underlying this study. Basic statistical data were obtained through the cooperation of the research department of the Bank of Korea. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1963.

2024-25 TGT/PGT Economics Solved Papers

Development Economics has been identified as a homogeneous body of theory since the 1950s, concerned both with the study of development issues and with the shaping of more effective policies for less advanced economies. Development Economics in the Twenty-First Century brings together an international contributor team in order to explore the origins and evolution of development economics. This book highlights the different elements of ‘high development theory’ through a precise reconstruction of the different theoretical approaches that developed between the 1950s and the 1970s. These include the theory of balanced and unbalanced growth theory, the debate on international trade, the concept of dualism, dependency theory, structuralism and the analysis of poverty and institutions. The chapters highlight the relevance and usefulness of these analyses for the contemporary theoretical debate on development issues. Comparative perspectives are explored and analysed, including those of Keynes, Hirschman, Krugman and Stiglitz. The chapters situate development economics within current debates among economists and historians of economic thought, providing a platform for future research. This book is suitable for researchers and students with an interest in Development Economics, the History of Economic development and the Economics of Developing Countries.