Brad De Long
Fri, 15 Sep 2000 09:29:35 -0700
>I do not think Amsden's "getting prices wrong" is not applicable to >Peronist Argentina. The South Korean state and Peron's Argentina, both >intervened in the economy, thus deliberately got prices wrong (as >opposed to getting prices right with well functioning markets). Amsden's point is not that intervention in the economy to push prices away from market equilibrium values is good; it is that a *particular* kind of intervention to push prices away in *particular* ways is good. South Korea's GDP per worker relative to the industrial core is much much higher than it was in 1950. Argentina's is much much lower. Brad DeLong