ABSTRACT
Economic policy-making by its nature tends to be primarily oriented to the short run. In the decade of the 1980s analysis of the process of development shifted its concern from long-run growth and transformation to short-run issues related to real or perceived catastrophic situations. Recently there appears to be a renewed interest in long-run development in general and particularly in the process of industrialization. Even formal growth theory is having a comeback, this time incorporating factors that figured prominently in the development literature of the 1950s and 1960s.
