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Recent trends in economic theory - implications for development geography

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Abstract

In economic theory there are three main developments which we find are of potential importance to development geography: First of all, the mainstream neo-classical paradigm is being challenged from a growing school under the heading of 'Evolutionary' or 'Schumpeterian' economics, with roots in the German Historical School. This group is gaining prominence within the OECD and the EU. Secondly, from inside the neo-classical school, a 'new growth theory' is evolving. It is not clear whether this new theory will reform the neo-classical paradigm from within, or whether it indirectly attacks the very foundations of the neo-classical system in such a way that in the long run it may bring down the whole neo-classical framework. The third development, perhaps the one with the most immediate implications for development geography, is the change which has taken place in international trade theory over the last 10-12 years. Before treating these three developments in separate chapters, we shall look at the background and timing of the changes presently taking place in economic theory.

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  • Erik S. Reinert & Vemund Riiser, "undated". "Recent trends in economic theory - implications for development geography," STEP Report series 199412, The STEP Group, Studies in technology, innovation and economic policy.
  • Handle: RePEc:stp:stepre:1994r12
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    1. Reinert, Erik S., 1995. "Competitiveness and its predecessors--a 500-year cross-national perspective," Structural Change and Economic Dynamics, Elsevier, vol. 6(1), pages 23-42, March.
    2. Wagner, Alfred, 1891. "Marshall's Principles of Economics," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 5, pages 319-338.
    3. Avinash Dixit, 1993. "In Honor of Paul Krugman: Winner of the John Bates Clark Medal," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 173-188, Spring.
    4. Niman, Neil B., 1991. "Biological Analogies in Marshall's Work," Journal of the History of Economic Thought, Cambridge University Press, vol. 13(01), pages 19-36, June.
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    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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