Conclusions

Daniel Gay

Chapter 9 in Reflexivity and Development Economics, 2009, pp 192-197 from Palgrave Macmillan

Abstract: Abstract Both modernism and postmodernism suffer shortcomings as frameworks within which to study and practise development economics. The foundationalism, essentialism, determinism and scientism of modernism lead to an approach which is divorced from the real, changing conditions of human society. Many authors increasingly question the positivism that usually characterises modernist approaches, while problems arise from universalising the results of research conducted in one specific locale or period of time. Some postmodern approaches result in relativism, making development economics a difficult task. To this extent it is fortunate that only certain fringes of economics can be considered to have followed a strictly postmodern route. Yet the dialectical interaction between modernism and postmodernism is profitable, suggesting that economists, like any social theorists, should tackle the kind of questions thrown up by the discussion. It is unlikely that the kinds of questions asked by postmodernists will go away; issues of fragmentation, openness, unpredictability and subjectivity remain particularly relevant at a time when global economic crisis throws doubts over the mainstream project. A number of economic theorists, some of whom operated outside the mainstream, have long understood the importance of these kind of questions, and it may be time to resurrect some of their ideas.

Keywords: Mainstream Economic; Critical Realism; Global Economic Crisis; Grand Narrative; Washington Consensus (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1057/9780230250598_9

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