The work of Raúl Prebisch is typically summarized by two of his important contributions to development economics: the center-periphery paradigm together with his diagnosis of Latin America's development struggles. Recent investigations have, however, shed light on the nature of Prebisch's early...

This paper extends the history of thought narrative on Allyn Young to recognize the close relationship that the classical growth theory has with the early development theory, as Young’s externalities-fuelled, cumulative growth process influenced the theoretical thought of the early development...

Frank Jan de Graaf argues that the domination of neoclassical economic thinking in academia has contributed to the economic crisis and hindered thinking about sustainable development. Currently, ethics is re-entering the debate about how to develop prosperous open societies. A group of NGOs...

After World War II, a new disciplinary field called “development economics” emerged, as economists began to shape specific theories in order to address the practical problems they were facing in less developed countries. Theory arose out of practice, in the sense that the shaping of...

The origins of “capital fundamentalism” – the notion that physical capital accumulation is the primary determinant of economic growth – have been often ascribed to Harrod's and Domar's proposition that the rate of growth is the product of the saving rate and of the output-capital ratio....

This paper refutes Gregory Clark's chauvinist view that European countries are superior to the Asian ones, because they have been so. This paper proves that Clark's empirical result is merely a movement along an isoquant with no implication on productivity. Then, this paper works out a similar...