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Additional resources for Annual World Bank Conference on Development Economics, Part 489
Changed Objectives But another set of changes was equally important in affecting thinking about development strategies: a change in objectives. It used to be that development was seen as simply increasing GDP. Today was have a broader set of objectives, including democratic development, egalitarian development, sustainable development, and higher living standards. We recognize that there is more to living standards that is typically captured in GDP accounting. Improvements in education or health are not just means to an end of increased output, but are ends in themselves.
They examine government's role as provider of education and medical care detail. In making a case for indirect rather than direct provision of services, they argue that while it is difficult to see from a theoretical perspective why regulation would dominate government ownership (since government is the principal in both cases), empirically regulation seems to clearly win out. Regulated firms, they argue, tend to be run much more efficiently than comparable government enterprises. The gains from indirect provision are greatest when oversight of nongovernment agencies is possible and monitoring costs are low.
S. Agency for International Development, starting his long and distinguished career of public service. After graduating from Stanford Michael returned to the Bank of Israel, where he became director of research. In 1963, while still at the bank, he joined the faculty of the Department of Economics at Hebrew University. He was a member of the department until his death, serving as chairman from 1968 to 1970. Michael was an outstanding economist whose achievements were recognized inside and outside Israel with numerous awards and honors.