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The First Generation of Development Economists

In: Contextual Development Economics

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  • Matthias P. Altmann

Abstract

The vision of the first generation of development economists about the purpose of their young subject was quite promising. They aspired towards an economic sub-discipline that applied new methods and propositions to establish relevant theories about economic development in the then so-called Third World. In their view, both neoclassical and Keynesian economics were inappropriate for analysing the economic characteristics that set developing countries apart from advanced economies. The price system determined through supply and demand on markets, a central element of neoclassical analysis, was considered less relevant as markets in developing countries were fragmented, imperfect or even non-existent. Moreover, the interest of early development economists was much more in studying structural changes in the economy rather than in analysing the effect of incremental changes in variables on economic decisions and outcomes as common to marginal analysis in the neoclassical tradition.

Suggested Citation

  • Matthias P. Altmann, 2011. "The First Generation of Development Economists," The European Heritage in Economics and the Social Sciences, in: Contextual Development Economics, chapter 0, pages 93-116, Springer.
    • Handle: RePEc:spr:euhchp:978-1-4419-7231-6_6
    DOI: 10.1007/978-1-4419-7231-6_6
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