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Development economics: from classical to critical analysis

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Abstract


  • When development economics emerged as a sub-discipline of economics in the 1950s its main concern, like that of most economic theory, was (and largely remains) understanding how the economies of nation-states have grown and expanded (Szentes 2005). This means it has been concerned with looking at the sources and kinds of economic expansion measured via increases in Gross Domestic Product (GDP), the role of different inputs into production (capital, labor and land), the impact of growth in the various sectors of the economy (agriculture, manufacturing and service sectors) and, to a lesser extent, the role of the state. These concerns are at the heart of classical and neoclassical development economics. In contrast, most radical development economics starts from the other side of the coin – how to improve the welfare of the population and the planet although much development economics in the Marxist and neo-Marxist vein ultimately also focuses on national income. Nevertheless, what can be seen here are two fundamentally different approaches to the core issue of what exactly is ‘development,’ which is what underlies this exploration of the key ideas of classical, neoclassical, neo-Marxist and critical approaches to development economics.

Publication Date


  • 2010

Citation


  • Engel, S. N. (2010). Development economics: from classical to critical analysis. In R. A. Denemark (Eds.), The International Studies Encyclopedia Volume II (pp. 874-892). West Sussex: Blackwell Publishing.

Ro Full-text Url


  • http://ro.uow.edu.au/cgi/viewcontent.cgi?article=2103&context=artspapers

Ro Metadata Url


  • http://ro.uow.edu.au/artspapers/1084

Book Title


  • The International Studies Encyclopedia Volume II

Start Page


  • 874

End Page


  • 892

Abstract


  • When development economics emerged as a sub-discipline of economics in the 1950s its main concern, like that of most economic theory, was (and largely remains) understanding how the economies of nation-states have grown and expanded (Szentes 2005). This means it has been concerned with looking at the sources and kinds of economic expansion measured via increases in Gross Domestic Product (GDP), the role of different inputs into production (capital, labor and land), the impact of growth in the various sectors of the economy (agriculture, manufacturing and service sectors) and, to a lesser extent, the role of the state. These concerns are at the heart of classical and neoclassical development economics. In contrast, most radical development economics starts from the other side of the coin – how to improve the welfare of the population and the planet although much development economics in the Marxist and neo-Marxist vein ultimately also focuses on national income. Nevertheless, what can be seen here are two fundamentally different approaches to the core issue of what exactly is ‘development,’ which is what underlies this exploration of the key ideas of classical, neoclassical, neo-Marxist and critical approaches to development economics.

Publication Date


  • 2010

Citation


  • Engel, S. N. (2010). Development economics: from classical to critical analysis. In R. A. Denemark (Eds.), The International Studies Encyclopedia Volume II (pp. 874-892). West Sussex: Blackwell Publishing.

Ro Full-text Url


  • http://ro.uow.edu.au/cgi/viewcontent.cgi?article=2103&context=artspapers

Ro Metadata Url


  • http://ro.uow.edu.au/artspapers/1084

Book Title


  • The International Studies Encyclopedia Volume II

Start Page


  • 874

End Page


  • 892