On the Income Gap Between Nations: Was Veblen the First Development Economist?

James Cypher

Journal of Economic Issues, 2009, vol. 43, issue 2, 361-370

Abstract: Development economics is understood as a postwar phenomenon without antecedents. Yet, Veblen's contribution to development economics was once widely disseminated and acknowledged. Veblen's evolutionary economics centered on historically relative and limited truths applicable to specific cultures. Veblen's growth theory is a theory of economic development: quantitative accumulation is significant because it engenders qualitative change. Veblen's analysis of the harnessing of the economic potential centers on the ability of a society to successfully introduce scientific and technological advances, giving rise to increasing returns as the surplus is invested in industrial activities. Veblen presented oblique comments and startling insights in a non-empirical manner.

Date: 2009
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DOI: 10.2753/JEI0021-3624430209

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