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Economic Development: Facts, Theories and Evidence

In: Economic Development in the Twenty-first Century

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  • Matthew Kofi Ocran

    (University of the Western Cape)

Abstract

Ocran provides a comprehensive but succinct review of the evolution of economic thought regarding the notion of human progress, antecedent of the very idea of economic development in contemporary times. He sets the scene for the discussion on economic development by discussing the salient stylised facts about economic growth in sub-Saharan Africa. The discussion reviews Adam Smith, Karl Marx and other classical economists’ view on development. He follows up with the review of neoclassical growth theories: exogenous and endogenous variants. Ocran also discusses other mainstream and heterodox theories that purport to remedy the flaws inherent in the dominant neoclassical approach. He discusses the old and new institutional economics ideas and coordination failure. Ocran also examines variants of the dependency, modernisation and world-systems approaches. He ends the review by pointing out that none of the ideas thus far in itself provides a complete theory that offers a silver bullet for addressing meaningfully Africa’s development challenges.

Suggested Citation

  • Matthew Kofi Ocran, 2019. "Economic Development: Facts, Theories and Evidence," Palgrave Studies in Economic History, in: Economic Development in the Twenty-first Century, chapter 0, pages 19-70, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-10770-3_2
    DOI: 10.1007/978-3-030-10770-3_2
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