He is still unapologetic about Bolivia. Sachs, Jeffrey D. 2005. The End of Poverty (London: Penguin).
105: Sachs later realized that "Bolivia's physical geography was a fundamental feature of its economic situation, not merely an incidental fact. "Of course I knew that Bolivia was landlocked and mountainous .... Yet I had not reflected on how these conditions were key geographical factors, perhaps the overriding factors, in Bolivia's chronic poverty .... Almost all the international commentary and academic economic writing about Bolivia neglected this very basic point. It bothered me greatly that the most basic and central features of economic reality could be overlooked by academic economists spinning their theories from thousands of miles away." Yet, he concluded: "Monetary theory, thank goodness, still worked at thirteen thousand feet." Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [email protected] michaelperelman.wordpress.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
