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Critique of existing theories and a new beginning

In: A General Theory of Economic Development

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Abstract

This chapter provides a critique of institution-free mainstream economics, including the important conditions such as private property rights and economic freedom. Despite the merits of private property rights and economic freedom for the efficient functioning of the market economy, the author provides reasons why these may not be sufficient for understanding economic development. The chapter also finds fault in the so-called Washington Consensus but looks favourably at New Institutional Economics as a new hope when looking at economic development. The purpose of this chapter is to show deficiencies in existing knowledge and tools for understanding economic development, and hence the need for a new approach

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  • ., 2017. "Critique of existing theories and a new beginning," Chapters, in: A General Theory of Economic Development, chapter 3, pages 38-62, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17144_3
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