Recent trends in economic theory - implications for development geography
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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