The Cambridge Influence: How Six Economists Reshaped Development Economics
In the mid-1950s, a group of six economists, often referred to as the 'apostles,' embarked on a journey at Cambridge University that would eventually shape the field of development economics. Among these influential figures were Rehman Sobhan and Mahbub ul Haq from South Asia, and renowned scholars like Amartya Sen and Jagdish Bhagwati. Their time at Cambridge, a hub of Keynesian economic thought (a theory advocating for government intervention in economies), played a pivotal role in their academic and professional evolution.
According to David Engerman, who has extensively studied these economists, their prior education in their home countries laid a strong foundation before they arrived at Cambridge. Despite their varied academic backgrounds, they shared a common exposure to a robust Keynesian framework at the university, which emphasized the necessity of government action in economic stabilization. This exposure, combined with the vibrant intellectual debates at Cambridge, equipped them with a wide array of economic tools and perspectives.
Interestingly, these economists were not only influenced by their professors but also by the intellectual diversity and debates among themselves. For instance, during the turbulent times following the partition of British India, Sobhan and Haq found themselves at odds over the economic strategies for Pakistan. Sobhan, advocating for East Pakistan (now Bangladesh), pushed for regional economic independence, while Haq, based in West Pakistan, argued for a centralized economic approach favoring the west.
Similarly, Sen and Bhagwati, two of the most distinguished members of this group, showcased divergent economic philosophies. While Bhagwati was an advocate for international trade and market-driven growth, Sen focused on welfare economics (which deals with the well-being of individuals) and emphasized policies aimed at poverty reduction and self-sufficiency.
The disagreements among these economists highlight the dynamic and evolving nature of economic thought. Their legacy demonstrates how diverse perspectives can contribute to the development of new economic ideologies and strategies, impacting not only their home countries but also the global approach to economic policy and development.