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- W1964089218 abstract "In the July 1967 issue of this journal,' M. F. Hassan argued that Venezuelan economic planning has given undue emphasis to growth (based principally on capital-intensive activities) at the expense of employment, and he advocated a shift to labor-intensive manufacturing, agriculture, and public works. The principal explanation for past experience, it is argued, is an imperfect market which signals incorrect factor proportions. The following comments question some of the conclusions reached by Hassan; in particular, it is contended here that (1) despite market imperfections, Venezuela has in fact pursued a course of investment not inconsistent with its apparent factor proportions as expressed through the country's comparative advantage; and (2) sustained economic growtheven if based on capital-intensive activity-offers a better employment potential for Venezuela over the long run than does a program such as the one advanced by Hassan.2 A developing country's factor proportions take on different perspectives when evaluated only within the framework of that one economy and when evaluated within the context of other developing countries. Thus, in the case of Venezuela, it is not sufficient to point to high unemployment rates alone and argue incorrect factor proportions because, compared with other countries in Latin America, Venezuela's factor proportions are comparatively more capital abundant and labor scarce (or there" @default.
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- W1964089218 date "1970-01-01" @default.
- W1964089218 modified "2023-09-26" @default.
- W1964089218 title "High Growth, Unemployment, and Planning in Venezuela: Some Observations" @default.
- W1964089218 doi "https://doi.org/10.1086/450424" @default.
- W1964089218 hasPublicationYear "1970" @default.
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