After all, I am a little confused with Krugman's statement about the principles of the national economy in his paper. Krugman argues that a national economy must run based on general principles, not particular strategies. Especially about how responsible governments do not impose taxes targeted at specific individuals or corporations or offer them special tax breaks. In my opinion, it is perfectly reasonable for the government to implement specific strategies to achieve its goals at every stage of economic development including tax policy. For instance, in the take-off phase, a country needs investment in the food mills, so there is nothing problem if the government provides incentives or tax breaks to attract investment. I thought specific policies like this should be taken to achieve the stated goals.
Reference
Bard. (2023). Retrieved from https://bard.google.com/chat/dc3de78e05165b8d
Gunter, B. G. (n.d.). What are The Stages of Economic Development? Retrieved September 2023, from American University Washington DC: https://programs.online.american.edu/econ/masters-economics/resources/stages-of-economic-development
Jacobs, J. (2015, March). Rostow's Five Stages of Economic Growth and Development are Widely Criticized. Retrieved September 2023, from Penn State College of Earth and Mineral Sciences: https://www.e-education.psu.edu/geog128/node/719
Krugman, P. (1996, January-February). A Country is Not a Company. Harvard Business Review.
Maryan, F. T. (2016). The Logic of Economic Development: A Definition and Model for Investment. Environment and Planning C: Government and Policy, 34, 5-21.
Perplexity. (2023). Retrieved from https://www.perplexity.ai/search/a45c975e-11f6-4c59-b1db-587e660ec2d0?s=u
* This article was submitted as an assignment for the "Topics in Public Administration and Public Policy" class in the Graduate School of Public Administration (GSPA) at Seoul National University (SNU), October 2023
