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Notes on Early Development Economics’ Story and Its Relation to Sraffa’s Contribution

In: Sraffa or An Alternative Economics

Author

Listed:
  • Leonardo Ditta

Abstract

Development economics is a fairly new branch of economics that came to the fore in the 1940s and 1950s. A common view shared by the pioneers of this new branch (including, for example, Hirschman, Lewis, Nurkse and Rosenstein-Rodan) was that orthodox neo-classical economics was not suitable for analysing the economies of the so-called ‘underdeveloped’ countries. In their view, specific features of these countries — such as the lack of appropriate institutions, incomplete or absent markets, pervasive underemployment, externalities and the necessity to focus on dynamic rather than static problems — made it impossible to analyse underdevelopment within the framework of traditional economic analysis. Thanks to the particular conditions, both historical and geopolitical, of the post-war years and the space opened up by Keynesian economics, the new ideas and policies soon became the core of a new branch of the economic discipline.

Suggested Citation

  • Leonardo Ditta, 2008. "Notes on Early Development Economics’ Story and Its Relation to Sraffa’s Contribution," Palgrave Macmillan Books, in: Guglielmo Chiodi & Leonardo Ditta (ed.), Sraffa or An Alternative Economics, chapter 8, pages 199-208, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37533-8_9
    DOI: 10.1057/9780230375338_9
    as

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