This paper explains why mainstream equilibrium analysis is an unsuitable framework for explaining economic development. The authors present another approach. They apply it in the form of explanations of the two episodes of the post WWII era, golden age and what they refer to as the age of decline.

This paper explains why mainstream equilibrium analysis is an unsuitable framework for explaining economic development. The authors present another approach. They apply it in the form of explanations of the two episodes of the post WWII era, golden age and what they refer to as the age of decline.