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The Structure of Incentives

In: Implementing a Human Development Strategy

Author

Listed:
  • Keith Griffin

    (University of California)

  • Terry McKinley

    (American University)

Abstract

The structure of incentives in an economy has a pervasive influence on the pace and pattern of development. Public expenditure is, of course, important, and in some cases decisive, but in the great majority of developing countries the public sector employs directly only a small fraction of the labour force and produces substantially less than half of all goods and services in the economy. Most people obtain their livelihood in the private sector, and most goods and services originate there. What is produced, how much is produced and what methods of production are used are questions decided largely in the private sector and primarily in response to the set of incentives which the private sector faces. The set of incentives, in turn, is strongly influenced by public policy, both directly and indirectly, and hence in formulating a human development strategy a good place to begin is by examining the structure of incentives.

Suggested Citation

  • Keith Griffin & Terry McKinley, 1994. "The Structure of Incentives," Palgrave Macmillan Books, in: Implementing a Human Development Strategy, chapter 2, pages 11-31, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23543-8_2
    DOI: 10.1007/978-1-349-23543-8_2
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