Late neoclassical economics: the restoration of theoretical humanism in contemporary economic theory
In: New political economy 18
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In: New political economy 18
In: New political economy
In: Rethinking marxism: RM ; a journal of economics, culture, and society ; official journal of the Association for Economic and Social Analysis, Volume 35, Issue 4, p. 502-531
ISSN: 1475-8059
In: Rethinking marxism: RM ; a journal of economics, culture, and society ; official journal of the Association for Economic and Social Analysis, Volume 33, Issue 4, p. 595-610
ISSN: 1475-8059
In: Rethinking marxism: RM ; a journal of economics, culture, and society ; official journal of the Association for Economic and Social Analysis, Volume 27, Issue 2, p. 288-292
ISSN: 1475-8059
In: Rethinking marxism: RM ; a journal of economics, culture, and society, Volume 27, Issue 2, p. 288
ISSN: 0893-5696
In: Rethinking marxism: RM ; a journal of economics, culture, and society ; official journal of the Association for Economic and Social Analysis, Volume 18, Issue 4, p. 525-537
ISSN: 1475-8059
In: Rethinking marxism: RM ; a journal of economics, culture, and society ; official journal of the Association for Economic and Social Analysis, Volume 18, Issue 2, p. 205-224
ISSN: 1475-8059
In: Rethinking marxism: RM ; a journal of economics, culture, and society ; official journal of the Association for Economic and Social Analysis, Volume 27, Issue 3, p. 360-363
ISSN: 1475-8059
In: Rethinking marxism: RM ; a journal of economics, culture, and society, Volume 27, Issue 3, p. 360-363
ISSN: 0893-5696
In: The European journal of the history of economic thought, Volume 17, Issue 4, p. 1079-1106
ISSN: 1469-5936
In: Rethinking marxism: RM ; a journal of economics, culture, and society ; official journal of the Association for Economic and Social Analysis, Volume 22, Issue 3, p. 481-497
ISSN: 1475-8059
In: Rethinking marxism: RM ; a journal of economics, culture, and society ; official journal of the Association for Economic and Social Analysis, Volume 12, Issue 4, p. 1-3
ISSN: 1475-8059
In: Rethinking marxism: RM ; a journal of economics, culture, and society, Volume 12, Issue 4, p. 1-3
ISSN: 0893-5696
In: Development and change, Volume 46, Issue 4, p. 733-761
ISSN: 1467-7660
ABSTRACTContemporary mainstream development economics is an overdetermined product of three historical processes: the late neoclassical turn within mainstream economic theory; transformations within the institutional‐discursive matrix of development, from growth‐centred policies to poverty alleviation‐ and good governance‐oriented policies; and a broader transition from post‐war Keynesian developmentalism (with its variants in the second and third worlds) to existing varieties of neoliberal governmentality. This article assesses the trajectory of development economics through two historical shifts in the theoretical field. The first is from the 'old' school of structural transformation with a focus on sectoral balance and shifts to the 'new' school of structural adjustment programmes with a focus on micro‐level incentive problems. The second shift is from the aggressively neoclassical orientation of the 'new' school to that of the contemporary constellation, where what is considered to be 'good' development economics has been gradually reduced to micro‐level impact appraisals of developmental projects (the so‐called 'randomization approach'), while the broader macro‐economic and historical questions are being increasingly handled through methodologically‐individualist, late neoclassical models of institutions and growth (the so‐called 'new institutionalism'). The article concludes by insisting on the need for a new paradigm of development economics that would not only unearth the conflictual and antagonistic nature of development, but also render it an indispensable dimension of the study of development in a pluralist manner.