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Economic development and the resumption of the classical approach to surplus

Author

Listed:
  • Franklin Serrano

    (Professor adjunto e pesquisador do grupo de pesquisa em economia política do Instituto de Economia da Universidade Federal do Rio de Janeiro – UFRJ, Rio de Janeiro/RJ, Brasil.)

  • Carlos Medeiros

    (Professor adjunto e pesquisador do grupo de pesquisa em economia política do Instituto de Economia da Universidade Federal do Rio de Janeiro – UFRJ, Rio de Janeiro/RJ, Brasil)

Abstract

In this article we show how an analytical framework based on the classical surplus approach can be used to the understanding of some central matters of the economic development of the nations and of the Brazilian economy in the last decades, in particular. We start discussing the shortcomings of the traditional approach to development economics and the inability of the neoclassical approach to explain some of the more important stylized facts of the development process. We show how the scheme proposed can explain these facts and, in this perspective, what are the internal and external constraints to economic development. Finally, we illustrate our argument with a brief summary of our research on the recent development of the Brazilian economy. JEL Classification: O11.

Suggested Citation

  • Franklin Serrano & Carlos Medeiros, 2004. "Economic development and the resumption of the classical approach to surplus," Brazilian Journal of Political Economy, Center of Political Economy, vol. 24(2), pages 244-263, April.
    • Handle: RePEc:ekm:repojs:v:24:y:2004:i:2:id:95761
    DOI: 10.1590/0101-31572004-1625
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    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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