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This note sketches out the likely effects of a wage subsidy in a model of LDC which systematically incorporates an Informal sector. It is seen that the effects of a wage subsidy in this model differ considerably from those derived in the Harris‐Todaro‐type frameworks. Also, the ranking policies to improve welfare is likely to be considerably different in this model compared to this in the Harris‐Todaro‐type models.

Reviews the literature on economic development and discusses the growth performance of developing countries over the last 40 years. Comments on the relationship between agriculture and industry and considers the relationship between state, development strategies and international trade. Reviews concerns regarding non‐renewable resources and environmental degradation in the context of growth. Discusses changes in world economy brought about by less developed countries transforming into newly industrializing countries, highlighting mechanisms for the relative rise and decline of nations in the world economy.