The significance of development economics

Development economics focuses on the elemental forces that raise per capita income. A key factor in this process is the growth-generating reallocation of labor and capital among sectors, an aspect missed completely by all versions of the neoclassical growth theory. The relevance of our discipline to...

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Bibliographic Details
Published in:World development 1996-06, Vol.24 (6), p.975-987
Main Author: Naqvi, Syed Nawab Haider
Format: Article
Language:English
Subjects:
Development
Development economics
Development Policy
Economic Development
Economic growth
Economic theory
Economics
Ethics
Fruits
International
International trade
Policy Making
Roles
Socio-economic development
Studies
Welfare
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Summary:Development economics focuses on the elemental forces that raise per capita income. A key factor in this process is the growth-generating reallocation of labor and capital among sectors, an aspect missed completely by all versions of the neoclassical growth theory. The relevance of our discipline to development policy remains undiminished by a greater recognition of market forces and freer international trade to maximize social welfare. Development economics, however, needs to be guided by a consequentialist ethical philosophy to emphasize a fairer distribution of the fruits of economic progress both nationally and internationally; and, more generally, to promote human development.
ISSN:0305-750X
1873-5991
DOI:10.1016/0305-750X(96)00024-1