Towards Linking Four Emerging Paradigms in Economic Theory—Regulationist, Institutionalist, Post-modernist, and Post-development
This paper is an epistemological attempt to synthesise four emerging paradigms in economic theory. These paradigms are the regulationist, the institutionalist, the post-modernist, and the post-development. Arguably, these are paradigms rather than models of behaviour because they each presents an analytical framework for examining different economic phenomena. We shall attempt to show that the four paradigms are useful, complementary, and can be symbiotically linked into a broader paradigm especially to examine the phenomenon of low growth in the region. If we use a modified Kuhnian (1970) model for paradigmatic shifts in a discipline, we can argue that there are three dominating, competing, normal paradigms in economic theory: neoclassical, Marxist, and development theory. In Kuhnian fashion, these three dominant paradigms are pressured by several crises of inability to explain phenomena. Many of these explanational crises are about Less Industrialised Countries (LICs), but increasingly these crises are also about the inability to explain change in the Industrialised Countries (ICs) and the Newly Industrialising Countries (NICs). One, these three paradigms have to explain the differential growth rates of economies. They have to explain the low growth of LICs relative to both the old NICs (Japan, South Korea, Taiwan, Singapore, and Hong Kong) and the new NICs (Malaysia, Indonesia, Thailand, and China). The collapse of the Soviet model also has to be explained. Two, these paradigms have to explain the coexistence of significant levels of poverty with affluence in the LIs, and NICs, and now emergent poverty in the ICs. Three, these paradigms also increasingly have to explain why in a country growth and distribution is biased in favour of particular ethnic and social groups, excluding others, fuelling ethnic and social conflicts within countries and across countries globally. Four, these paradigms have to establish whether the IC market-determined patterns of consumption demand can be satisfied globally.
Volume (Year): 34 (1995)
Issue (Month): 4 ()
|Contact details of provider:|| Postal: |
Web page: http://www.pide.org.pkEmail:
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:pid:journl:v:34:y:1995:i:4:p:673-690. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Khurram Iqbal)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.