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Sustainable Development is the New Economic Paradigm

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  • Tariq Banuri

Abstract

This article offers three reflections on the idea of a new economic paradigm. First, the new paradigm is neither new nor a paradigm; rather it is a quest for what in physics would be called a grand unification theory, namely, a framework that brings together existing frameworks (or paradigms). Second, the 2008 economic shocks are an almost exact replica of the 1970s, and the two together signal the Age of Limits, which is the true trigger of the search for a new paradigm. Third, the advent of the Age of Limits has led to two contrasting approaches, namely, the neo-liberal approach, which seeks to jettison social protections to save the existing economic system (and associated economic privileges), and sustainable development, which seeks to protect human welfare including by modifications in the economic and financial systems.

Suggested Citation

  • Tariq Banuri, 2013. "Sustainable Development is the New Economic Paradigm," Development, Palgrave Macmillan;Society for International Deveopment, vol. 56(2), pages 208-217, June.
  • Handle: RePEc:pal:develp:v:56:y:2013:i:2:p:208-217
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    Cited by:

    1. Asongu, Simplice & Nwachukwu, Jacinta, 2016. "Is the Threat of Foreign Aid Withdrawal an Effective Deterrent to Political Oppression? Evidence from 53 African Countries," MPRA Paper 74649, University Library of Munich, Germany.
    2. repec:spr:soinre:v:138:y:2018:i:2:d:10.1007_s11205-017-1668-3 is not listed on IDEAS
    3. repec:bla:socsci:v:98:y:2017:i:1:p:282-298 is not listed on IDEAS
    4. Asongu, Simplice & Efobi, Uchenna & Beecroft, Ibukun, 2015. "FDI, Aid, Terrorism: Conditional Threshold Evidence from Developing Countries," MPRA Paper 67856, University Library of Munich, Germany.
    5. Simplice Asongu & Mohamed Jellal, 2014. "Foreign aid, investment and fiscal policy behavior: theory and empirical evidence," Working Papers 14/030, African Governance and Development Institute..
    6. Simplice Asongu & Vanessa Tchamyou, 2015. "Foreign aid, education and lifelong learning in Africa," Working Papers 15/047, African Governance and Development Institute..
    7. Simplice A. Asongu & Jacinta C. Nwachukwu, 2017. "Foreign Aid and Inclusive Development: Updated Evidence from Africa, 2005–2012," Social Science Quarterly, Southwestern Social Science Association, vol. 98(1), pages 282-298, March.
    8. Simplice A. Asongu & Jacinta C. Nwachukwu, 2016. "Foreign aid and governance in Africa," International Review of Applied Economics, Taylor & Francis Journals, vol. 30(1), pages 69-88, January.
    9. Asongu Simplice & Jacinta C. Nwachukwu, 2015. "Foreign aid instability and bundled governance dynamics in Africa," Working Papers 15/058, African Governance and Development Institute..
    10. Simplice Asongu, 2016. "Reinventing Foreign Aid For Inclusive And Sustainable Development: Kuznets, Piketty And The Great Policy Reversal," Journal of Economic Surveys, Wiley Blackwell, vol. 30(4), pages 736-755, September.
    11. Simplice A. Asongu & Jacinta C. Nwachukwu, 2018. "Increasing Foreign Aid for Inclusive Human Development in Africa," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 138(2), pages 443-466, July.
    12. Simplice Asongu, 2014. "Reinventing foreign aid for inclusive and sustainable development: a survey," Working Papers 14/033, African Governance and Development Institute..
    13. Asongu, Simplice & Nwachukwu, Jacinta, 2015. "Foreign aid volatility and lifelong learning: demand-side empirics to a textual literature," MPRA Paper 67853, University Library of Munich, Germany.
    14. Asongu, Simplice, 2014. "Taxation, foreign aid and political governance: figures to the facts of a celebrated literature," MPRA Paper 63792, University Library of Munich, Germany.
    15. Asongu Simplice, 2014. "The Evolving Debate on the Effect of Foreign Aid on Corruption and Institutions in Africa," Working Papers 14/009, African Governance and Development Institute..
    16. Simplice Asongu, 2014. "A brief clarification to the questionable economics of foreign aid for inclusive human development," Working Papers 14/028, African Governance and Development Institute..

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