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Quotation of the Day…

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… is from Gustavo Velasco’s May 1959 Freeman article “For poor and rich nations alike – The Way to Economic Progress [2]“:

I am loathe to speak in the cur­rently fashionable way of “eco­nomic growth” or “economic devel­opment” because, as Professor S. Herbert Frankel of Oxford Uni­versity rightly said in a recent lecture in Mexico City, there is a tendency in our underdeveloped countries to think that our prob­lems will be solved if we grow physically, i.e., if we just build enough new factories or engage in new activities, regardless of whether they will be profitable or whether they are being created artificially through protective du­ties or subsidies, and thereby in reality decreasing instead of in­creasing the income and well-be­ing of the people.

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