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Economic Development: An Individualist Methodology

Source: www.mises.org
Topic: Economic Development

Sort Desciption: Finally it presents a brief overview of economic development theories. ..... Now that this paper established the new economic development methodology ...

Content Inside: 1 Economic Development: An Individualist Methodology 1 Amir Azad 2 aazad1@gmu.edu Abstract: This paper establishes two theoretical frameworks in the study of economic development. These are constitutional analysis and interdisciplinary perspective. This study acknowledges that the economists are the ones to blame for many of the underdevelopment in many parts of the world. These two theoretical frameworks are part of an individualistic methodology. The paper first discusses individualism as an economic and political philosophy. Then it looks at the idea of methodology and its historical roots. Finally it presents a brief overview of economic development theories. Then it concludes by noting that in order to put an end to the cycle of poverty currently experienced by many developing nations constitutional analysis and interdisciplinary perspective should be included in any analysis of economic development. Keywords: Individualism Methodology Economic Development Constitutional Analysis Interdisciplinary Perspective 1 An earlier draft of this paper was presented in the summer of 2005 at Azad University in Firouzkouh. 2 Amir Azad is currently a Ph.D. student at George Mason University. I would like to thank Dr. Gholamreza Azad Zahra Sayyah the attendance at the conference and especially Dr. Ahmad Jafari Samimi for sponsoring the conference at Firouzkouh University that started the whole idea of writing this paper. The usual disclaimer applies. 2 Introduction The purpose of this paper is to demonstrate that the main source of frequent failures in the development efforts of countries around the world is the result of the flawed method of research used by many economists today. After John Maynard Keynes famous quote which said that we are all dead in the long-run many policy analysts among economists turned into just concentrating on solving the short run economic issues faced by these countries who were not just experiencing poverty because of the ef ...

individualist methodology

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