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Reflections on the Foundations of Development Policy Analysis

Author

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  • James Roumasset

    (University of Hawai‘i at Manoa & University of Hawai’i Economic Research Organization)

Abstract

There is a persistent tendency in economic development circles to jump to policy conclusions without entertaining more fundamental explanations of empirical patterns. After reviewing several examples in the field of agricultural development, I provide an alternative paradigm for understanding behavior and organization. Despite the increased sophistication and vast access to data, modern theories and empirical methods have yet to focus adequately on developing fundamental methods for advancing policy analysis through the nature, causes and consequences paradigm. This assessment points to promising avenues for future research. Two such areas singled out for further attention are black hole economics and the coevolution of specialization and economic development.

Suggested Citation

  • James Roumasset, 2014. "Reflections on the Foundations of Development Policy Analysis," Working Papers 201421, University of Hawaii at Manoa, Department of Economics.
    • Handle: RePEc:hai:wpaper:201421
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    File URL: http://www.economics.hawaii.edu/research/workingpapers/WP_14-21.pdf
    File Function: First version, 2014
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    More about this item

    Keywords

    Farmer behavior; agricultural organization; development policy; new institutional economics; specialization; black-hole economics;
    All these keywords.

    JEL classification:

    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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