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Sustainable Development is the New Economic Paradigm

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  • Tariq Banuri

Abstract

This article offers three reflections on the idea of a new economic paradigm. First, the new paradigm is neither new nor a paradigm; rather it is a quest for what in physics would be called a grand unification theory, namely, a framework that brings together existing frameworks (or paradigms). Second, the 2008 economic shocks are an almost exact replica of the 1970s, and the two together signal the Age of Limits, which is the true trigger of the search for a new paradigm. Third, the advent of the Age of Limits has led to two contrasting approaches, namely, the neo-liberal approach, which seeks to jettison social protections to save the existing economic system (and associated economic privileges), and sustainable development, which seeks to protect human welfare including by modifications in the economic and financial systems.

Suggested Citation

  • Tariq Banuri, 2013. "Sustainable Development is the New Economic Paradigm," Development, Palgrave Macmillan;Society for International Deveopment, vol. 56(2), pages 208-217, June.
  • Handle: RePEc:pal:develp:v:56:y:2013:i:2:p:208-217
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    Cited by:

    1. Simplice A. Asongu & Jacinta C. Nwachukwu, 2016. "Is the Threat of Foreign Aid Withdrawal an Effective Deterrent to Political Oppression? Evidence from 53 African Countries," Research Africa Network Working Papers 16/020, Research Africa Network (RAN).
    2. Simplice A. Asongu & Jacinta C. Nwachukwu, 2017. "Foreign Aid and Inclusive Development: Updated Evidence from Africa, 2005–2012," Social Science Quarterly, Southwestern Social Science Association, vol. 98(1), pages 282-298, March.
    3. Simplice A. Asongu, Nicholas M. Odhiambo, 2021. "Taxation, foreign aid and political governance in Africa," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 18(2), pages 217-249, December.
    4. Simplice A. Asongu & Mohamed Jellal, 2014. "Foreign aid, investment and fiscal policy behavior: theory and empirical evidence," Research Africa Network Working Papers 14/030, Research Africa Network (RAN).
    5. Simplice A. ASONGU & Jacinta NWACHUKWU & Nicholas BIEKPE, 2019. "Foreign Aid, Terrorism And Growth: Conditional Evidence From Quantile Regression," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 90(3), pages 457-486, September.
    6. Simplice Asongu, 2016. "Reinventing Foreign Aid For Inclusive And Sustainable Development: Kuznets, Piketty And The Great Policy Reversal," Journal of Economic Surveys, Wiley Blackwell, vol. 30(4), pages 736-755, September.
    7. Simplice A. Asongu & Jacinta C. Nwachukwu, 2018. "Increasing Foreign Aid for Inclusive Human Development in Africa," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 138(2), pages 443-466, July.
    8. Joya A. Kemper & C. Michael Hall & Paul W. Ballantine, 2019. "Marketing and Sustainability: Business as Usual or Changing Worldviews?," Sustainability, MDPI, vol. 11(3), pages 1-17, February.
    9. Asongu, Simplice A & Nwachukwu, Jacinta C., 2015. "Foreign aid instability and bundled governance dynamics in Africa," MPRA Paper 71783, University Library of Munich, Germany.
    10. Asongu, Simplice A & Odhiambo, Nicholas Mbaya, 2019. "Foreign aid complementarities and inclusive human development in Africa," Working Papers 25397, University of South Africa, Department of Economics.
    11. Asongu, Simplice, 2014. "A brief clarification to the questionable economics of foreign aid for inclusive human development," MPRA Paper 64458, University Library of Munich, Germany.
    12. Simplice A. Asongu, 2014. "Reinventing foreign aid for inclusive and sustainable development: a survey," Research Africa Network Working Papers 14/033, Research Africa Network (RAN).
    13. Simplice A. Asongu & Jacinta C. Nwachukwu, 2015. "Foreign aid volatility and lifelong learning: demand-side empirics to a textual literature," Research Africa Network Working Papers 15/016, Research Africa Network (RAN).
    14. Asongu, Simplice & Nnanna, Joseph, 2019. "Foreign aid, instability and governance in Africa," MPRA Paper 101087, University Library of Munich, Germany.
    15. Asongu, Simplice & Efobi, Uchenna & Beecroft, Ibukun, 2015. "FDI, Aid, Terrorism: Conditional Threshold Evidence from Developing Countries," MPRA Paper 67856, University Library of Munich, Germany.
    16. Simplice A. Asongu & Joseph I. Uduji & Elda N. Okolo-Obasi, 2020. "Foreign aid volatility and lifelong learning," International Journal of Education Economics and Development, Inderscience Enterprises Ltd, vol. 11(4), pages 370-406.
    17. Asongu Simplice, 2014. "Taxation, foreign aid and political governance: figures to the facts of a celebrated literature," Working Papers of the African Governance and Development Institute. 14/022, African Governance and Development Institute..
    18. Asongu Simplice, 2014. "The Evolving Debate on the Effect of Foreign Aid on Corruption and Institutions in Africa," Working Papers of the African Governance and Development Institute. 14/009, African Governance and Development Institute..
    19. Simplice A. Asongu Ph.D & Joseph Nnanna, . "Foreign Aid And Sustainable Inclusive Human Development In Africa," Journal of Economic and Sustainable Growth 2, Office Of The Chief Economist, Development Bank of Nigeria.
    20. Simplice A. Asongu & Vanessa S. Tchamyou, 2019. "Foreign Aid, Education and Lifelong Learning in Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 10(1), pages 126-146, March.
    21. Simplice A. Asongu & Jacinta C. Nwachukwu, 2016. "Foreign aid and governance in Africa," International Review of Applied Economics, Taylor & Francis Journals, vol. 30(1), pages 69-88, January.

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