Abstract
The theories of economic development pioneered by Schumpeter and Rosenstein-Rodan can only be encapsulated within a framework of complex nonlinear dynamical systems. The attFactors of the dynamics of orthodox growth theory, even at the frontiers, are simple to characterise. Thus, adherence to a theory of economic development along the lines suggested by Schumpeter and Rosens tein-Rodan implies a dynamical formalism independent of orthodox growth theory52. Formal growth theory - whatever its origin - is shackled to an equilibrium benchmark that, in tum, binds its visions for development modelling within narrow, ahistorical, anti-empirical and completely unrealistic paths. The reasons for this unnaturally «eternal braid» between development models and growth theory are partly due to historical accidents and, mainly, due to a particular kind of mathematical somnambulance. Some of these paints are formally substantiated and, in addition, a suggested formalisation of what I call an SR-R53 Theory of Nonlinear Economic Development is also outlined.
| Original language | English |
|---|---|
| Pages (from-to) | 9-53 |
| Number of pages | 45 |
| Journal | Economia Politica |
| Volume | 27 |
| Issue number | 1 |
| Publication status | Published - Apr 2010 |