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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Assessing Liberia's Economic Performance and its Impact on Mano River Union Members, 1960-1992
Author:Guseh, James S.
Periodical:Liberian Studies Journal
Geographic terms:Sierra Leone
Subjects:common markets
economic models
economic development
Economics and Trade
Inter-African Relations
History and Exploration
Abstract:In a recent paper, Anthony Paul Andrews (2001) examined the effects of government spending, the OPEC oil embargoes of the 1970s, and Liberia's ethnopolitical conflict of the 1980s-1990s on economic growth in the Mano River Union countries of Liberia, Sierra Leone and Guinea over the period 1960-1992. Guseh argues that the growth models employed by Andrews were misspecified since they excluded relevant economic variables such as capital and labour. As a result, the estimated coefficients obtained may be biased and inferences drawn therefrom may be inaccurate. Moreover, Andrews' conclusions are inconsistent with the estimated results of his models. In a reaction to Guseh's comment (p. 54-64), Andrews addresses theoretical issues by reviewing recent developments in growth and econometric theory. Furthermore, he argues that Guseh's critique is based on his misunderstanding of the definition of the structure of the data and his interpretations of the econometric results. Andrews concludes that Guseh and he disagree on the type of model used in the analysis and that Guseh has not kept pace with the changing methods in both theoretical and empirical macroeconometrics. Bibliogr., notes, ref. [ASC Leiden abstract]