Peculiarities of economic development

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Chapter 2 in A General Theory of Economic Development, 2017, pp 16-37 from Edward Elgar Publishing

Abstract: Chapter 2 provides a description of economic development and takes a closer look at the complexity nature of development, and deliberates on implications about what the necessary ingredients for the development of a General Theory of Economic Development would be. More specifically, it compares complexity economics with mainstream economics and discusses the emergence failure of evolution and the synergy market failure of emergent development, which is referred to as market failure. The chapter addresses in depth the idea of externalities in economic analysis, which are viewed as ubiquitous, and also highlights some important differences between markets and organizations.

Keywords: Asian Studies; Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2017
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