ABSTRACT
In development economics, green industrial policy was advocated after the turn of the century and the associated literature is reviewed to identify if multiple wins are possible as in sustainable or green agriculture. The debates on technology associated with industrialization pertain to causes and scale of industrial employment and unemployment. Static neoclassical analysis of technology in the Low and low middle income countries (L/LMIC) context focuses on the efficient allocation of resources. Neoliberal economists adopted this analysis and argued that higher capital intensity in L/LMICs results from policies that under-price capital and over-price labor. Neoliberal economists believe that the elasticity of factor substitution, the responsiveness of the factor use ratio to factor prices, is relatively high. Institutional economists have challenged the underlying postulates and assumptions of neoclassical economics. Structuralists argued that high capital intensity resulted from impaired employment or low worker productivity.
