GIANTS IN HISTORY THE ECONOMIST WHO HIGHLIGHTED THE IMPORTANCE OF AGRICULTURE

Credit: LSE Commons

U Hla Myint (1920-2017) was a celebrated economist from Myanmar who taught at the University of Oxford and London School of Economics (LSE). Considered a prodigy, he was admitted to Rangoon University to study economics when he was just 14 years old. He went on to earn a PhD from LSE. His thesis formed the foundation of his book, A Theory of Welfare Economics, which strongly influenced the field. Hla Myint highlighted the importance of free trade, capital accumulation and international specialization for economic development. He particularly stressed the importance of improving agriculture first, which helped provide the foundation for rapid growth in other Asian countries, such as Taiwan and South Korea. He tried to return to teach and work in Myanmar several times, but conflict and political turmoil pushed him back to the UK. For example, shortly after independence from Britain in 1948, he was drafted to serve as Myanmar’s economic advisor, but found his advice unheeded by the new government, which paid farmers less for rice than the world market price. Despite the struggles, Hla Myint was cautiously optimistic about Myanmar’s economic development. He maintained that the progress, although slow, could prevent the country from returning to economic isolation.