Related Information

Follow us

Management, Vol. 2, Issue 2, Apr  2018, Pages 13-30; DOI: 10.31058/j.mana.2018.22007 10.31058/j.mana.2018.22007

Economic Development, a Reflection

Management, Vol. 2, Issue 2, Apr  2018, Pages 13-30.

DOI: 10.31058/j.mana.2018.22007

Diana Loubaki *1 , Joseph E. Mata 2

1 Department of Economics/ISG, University Marien Ngouabi, Brazzaville, Republic of Congo

2 Department of Economics/FSE, University Marien Ngouabi, Brazzaville, Republic of Congo

Received: 17 December 2017; Accepted: 25 January 2018; Published: 15 May 2018

Download PDF | XML   | Views 239 | Download 143


This article surveys development economics studies and shows how it looks for mechanisms able to lead to the long run growth in poorest countries located in Africa, Latin America and other Asian countries. It surveys the way development economics policies tries to improve poorest countries’ population life conditions since the beginning of the emergence of the field. In order to achieve development take-off, economic policies use theories and analysis methods allowing sustainable development to settle. Indexes are also used in order to appreciate populations’ wellbeing improvements through the time. The necessity of development economics to converge toward market based economy in this 21th century legitimate the need for the best policy to adopt for it to be successful, which turn out to be a preliminary condition for the neoclassical theory to be applied in order to yield less advanced economies stimulate economic growth like in industrialized countries.


Development, Growth, Sustainability, Environment, Economic Theory, Structural Adjustment Policy, Washington Consensus, Pekin Consensus, Millennium Development Goals, Foreign Direct investment


© 2017 by the authors. Licensee International Technology and Science Publications (UK). This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.


[1] Rosenstein-Rodan, P.N. Problems of Industrialization of Eastern and South Eastern Europe. Economic Journal, 1943, 53, 202-211.
[2] Hirschman, A. The Strategy of Economic Development. New Haven, Conn.: Yale University press, 1958.
[3] Leibenstein, H. Economic Backwardness and Economic Growth. New York: John Wiley and Son, 1957.
[4] Lewis, W.A. Economic Development with Unlimited Supplies of Labor. The Manchester School, 1954.
[5] Myrdal, G. Economic Theory and Under-developed Regions. London: Duckworth, 1957.
[6] Nelson, R. A Theory of the Low Level Equilibrium Trap in Underdeveloped Economies. American Economic Review, 1956.
[7] Rostow, W. W. The Stages of Economic Growth: A Non Communist Manifesto. Cambridge and New York: Cambridge University Press, 1960.
[8] Prebish, R. Five Stages in my reflection on Development, World Bank, 1985.
[9] Furtado, C. The Theory of Development Economics, Paris, PUF, 1970.
[10] Pinto, From Capitalism to Neoliberalism Thought, Persée Edition, 1969.
[11] Perroux, F. The Domination Effect and Economic Relation. Applied Economics, 1970, vol. 60 (2), p. 271-290.
[12] Franck, A. G. Capitalism and Under Development, Maspero Edition, 1970.
[13] Lénine, V. The Development of Capitalism in Russia, Complete Work, 1899.
[14] Hilferding, R. Fianacial Capitalism, El Caballito Edition, 1973.
[15] Luxembourg, R. Capital Accumulation. Maspero Edition, 1976, 1ère edition, 1913.
[16] Boukharine, N. The Economics of transition, Paris, International Studies et, 1976, First edition, 1921.
[17] Solow, R. A Contribution of the Theory of Economic Growth, Quarterly Journal of Economics, 1956, 70(1), 65-94.
[18] Knight, F. H. On Decreasing Cost and Comparative Cost: A Rejoinder. Quarterly Journal of Economics, 1925, vol. 39, p. 331-333.
[19] Krugman, P. The Fall and Rise of Development Economics, 1994.
[20] Fleming, J.M. External economies and the doctrine of balanced growth, Economic Journal, June 1955.
[21] Murphy, R.; A. Shleifer; R. Vishny. Industrialization and the Big Push. Journal of Political Economy, 1989, 97.
[22] Arrow K. J. The Economic Implications of Learning by Doing. Review of Economic Studies, 1962, 29, 155-173.
[23] Levhari, D., Extensions of Arrow’s Learning by Doing. Review of Economic Studies, 1966, 33 (4), 117-131.
[24] Sheshinski, E. Optimal Accumulation with Learning by Doing. Karl Shell, Cambridge MIT Press, 1967.
[25] Uzawa, H., Optimum Technical Change in an Aggregative Model of Economic Growth, International Economic Review, 1965, 6 (1), 18-31.
[26] Shell, K. A Model of Inventive Activity and Capital Accumulation, Essays on the Theory of Optimal Growth, Cambridge MIT Press, 1967.
[27] Phelps, E. S. Models of Technical Progress and the Golden Rule of Research. Review of Economic Studies, 1966, 33, 133-145.
[28] Von Weizsacker, C. Tentative Notes on a Two Sector Model with Induced Technical Progress. Review of Economic Studies, 1966, 33 (7), 245-251.
[29] Weitzman, M. L., Optimal Growth with Scale Economies in the Creation of Overhead Capital. Review of Economic Studies, 1970, 33 (7), 245-251.
[30] Dixit, A. K.; Mirrlees, J. A.; Stern, N. Optimum Saving with Economies of Scale. Review of Economic Studies, 1975, 42 (7), 303-325.
[31] Skiba, A. K. Optimal Growth with Convex-Concave Production Function. Econometrica, 1978, 46 (5), 527-539.
[32] Majumdar, M.; Mitra T. Intertemporal Allocation with a Non-convex Technology: The Aggregative Framework. Journal of Economic Theory, 1982, 27 (J6), 101-36.
[33] Dechert, W. D.; Nishimura, K. A Complete Characterization of Optimal Growth Paths in an Aggregated Model with a Non-concave Production Function. Journal of Economic Theory, 1983, 31 (12), 332-354.
[34] Romer, P.M. Increasing Returns and Long Run Growth. Journal of Political Economy, 1986, 94(5), 1002-1037.
[35] Lucas, R.E. On the Mechanics of Economic Development. Journal of Monetary Economics, 1988, 22(1), 3-42.
[36] Becker, G. Human Capital, Columbia University Press, 1964.
[37] Schultz, J. A. The Economic Value of Education, Columbia University Press, 1963.
[38] Romer, P. Endogenous Technological Change. Journal of Political Economy, 1990, 98(5), 71-102.
[39] Eicher, T., Interaction between Endogenous Human Capital and Technological Change. Review of Economic Studies, 1996, 63, 127-144.
[40] Loubaki, D. On the mechanics of the brain drain reduction in poorest developing countries. Journal of Economic Development, 2012, 37(3), 75-106.
[41] Loubaki, D. Technological Change and Healthcare/ Food Interaction Policy in Development Economics. American Journal of Food and Nutrition, 2013, 1 (2), 7-11.
[42] Nelson, R. A Theory of the Low Level Equilibrium Trap in Underdeveloped Economies, American Economic Review, 1956.
[43] Scitovsky, T. Two concepts of external economies. Journal of Political Economy, 1954, 52 (2), 143-51.
[44] Harrod, R. F. An Essay in Dynamic Theory, Economic Journal, 1939, 49, 14-33.
[45] Domar, E. Capital Expansion, Rate of Growth and Employment. Econometrica, 1946, 14(2), 137-147.
[46] Scott, M. FG. A New View of Economic Growth, Oxford University Press, 1989.
[47] Leontief, W. The Structure of the American Economy, Cambridge: Harvard University Press, 1941.
[48] Stone, J. R. Mathematical Models of the Economy and Other Essays, London: Chapman and Hall, 1970.
[49] Stone J. R.; Stone, G. National Income and Expenditure, 10th edition. London: Bowes and Bowes, 1977.
[50] Chenery, H. B. Inter-regional and international input output analysis. New York: John Wiley and Sons, 1956.
[51] Chenery, H. B.; Clark, P. G. Inter industry Economics, New York: John Wiley and Sons, 1959
[52] Chenery, H. B.; Bruno, M., Development alternatives in an open economy. Economic Journal, 1962, 72, 79-103.
[53] Chenery, H. B.; Strout, A. Foreign assistance and economic development. American Economic Review, 1966, 6, 679-733.
[54] Sandee, J. A Demonstration Planning Model for India, Bombay, Asia Publishing House, 1960.
[55] Todaro, M. P. A model of labor migration and urban unemployment in less developed countries. American Economic Review, 1969, 59 (1), 138-48.
[56] Harris, R.; Todaro, M. Migration, unemployment and development: a two-sector analysis. American Economic Review, 1970, 60, 126-142.
[57] Mirrlees,J. A pure theory of under-developed economies. In Agriculture in Development Theory, New Haven: Yale University Press, 1976.
[58] Stiglitz, J. E. The efficiency wage hypothesis, surplus labor and the distribution of income in L.D.C.s. Oxford Economic Papers, 1976, 28 (2), 185-207.
[59] Bliss C. J.; Stern, N. H. Productivity, wages and nutrition. Journal of Development Economics, 1978, 5 (4), 33-62.
[60] Dasgupta, P. S.; Ray, D. Inequality as a determinant of malnutrition and unemployment theory. Economic Journal, 1987, 97 (385), 7-83.
[61] Stiglitz J. E.; Weiss, A. Credit rationing in markets with imperfect information. American Economic Review, 1981, 71 (3), 393-410.
[62] Newby, D. M. G. The theory of food price stabilization. University of Cambridge Economic Theory, 1988, Discussion Paper No. 133.
[63] Berck, P.; Cechetti, S. G. Portfolio diversification, futures markets, and uncertain consumption prices. American Journal of Agricultural Economics, 1985, 67 (3), 497-507.
[64] Ravallion, M. Expected poverty under risk-induced welfare variability. Economic Journal, 1988, 98, 1 171-82.
[65] Bigman, D. Coping with Hunger: Towarda System of Security and Price Stabilisation. Cambridge, Mass: Balinger, 1982
[66] Turnovsky, S. J.; Shalit, H.; Schmitz, A. Consumers surplus, price instability, and consumer welfare. Econometrica, 1980, 48 (1), 135-52.
[67] Ravallion, M. Markets and Famines. Oxford: Oxford University Press, 1987.
[68] Amartya Sen, Human Development Index. The World Bank, 1988.
[69] Loubaki, D. Optimal growth with corruption and under development in poorest developing countries. American Journal of Economics, 2012, 2(7), 185-194.
[70] Loubaki, D. Economic Development, a theoretical approach. IOSR Journal of Economics and Finance, 2016, 7(6), 30-42.
[71] Loubaki, D. Refugee Mobility, Globalization and Economic Development. International Journal of Development Research, 2017, 7 (2), 11571-11584.
[72] Aghion, P. Howitt, P. A Model of Growth through Creative Destruction, Econometrica, 1992, 60 (2): 323–351.
[73] Azariadis, C.; A. Drazen. Threshold Externalities in Economic Development. The Quarterly Journal of Economics, 1990.
[74] Schumpeter, J. A. Capitalism, Socialism and Democracy. New-York University Press, 1942.
[75] Stockey, N. Learning by Doing and the Introduction of New Goods. Journal of Political Economy, 1988, 96, 701-708.
[76] Bovenberg, A. Lans; S. Smulders. Environmental quality and pollution-augmenting technological change in a two-sector endogenous growth model. Journal of Public Economics, 1995, 57, 369-391.
[77] King, R.G.; S. Rebelo. Business Cycles with Endogenous Growth. Working paper, University of Rochester, 1987.
[78] Benhabib, J.; M. Spiegel. The Role of Human Capital in Economic Development: Evidence from Agregate Cross-Country Data. Journal of Monetary Economics, 1994, 34(2), 143-173.
[79] Rebelo, S. Long-Run Policy Analysis and Long-Run Growth. Journal of Political Economy, 1991, 3, 500-521.
[80] Becker, G.; K. Murphy; R. Tamura. Human Capital, Fertility and Economic Growth. Journal of Political Economy, 1990, 98(5), S12-S38.
[81] Young, A., Learning by Doing and Dynamic Effect of International Trade. The Quarterly Journal of Economics, 1991, 106(2), 369-406.
[82] Segerstrom, P. S.; Anant, T.; Dinopoulos, E. A Schumpeterian Model of Product Life Cycle. American Economic Review, 1990, 80, 1077-1092.
[83] Gideon Y.; Rosin, O.; Tobol, Y. Junk-food, home cooking, physical activity and obesity: The effect of the fat tax and the thin subsidy. Journal of Public Economics, 2009, 93 (5), 823-830.
[84] Rashad, I.; Grossman, Chou, S.Y. The Super Size of America: an economic estimation of body mass index and obesity in adults. Eastern Economic Journal, 2006, 32 (1), 133-148.
[85] Barro R.; Sala-i-Martin, X. Economic Growth, The MIT Press, 2004.
[86] Perla, J.; C. Tonetti; M. E. Waugh. Equilibrium Technology Diffusion, Trade and Growth. NYU mimeo, 2014.
[87] Grossman, G. M.; Helpman, E. Growth, Trade and Inequality. NBER WP 20502, 2014.
[88] Sampson, T. Dynamic Selection: An Idea Flows Theory of Entry, Trade and Growth. Quarterly Journal of Economics, 2016, 131 (1), 315-380.
[89] Alvarez E. F.; Buera, E. J.; Lucas, R.E. Ideas Flows, Economic Growth and Trade. WP 19667, NBER, 2013.
[90] Eaton, J.; Kortum, S. 2002, Technology, Geography and Trade, Econometrica, 2002, 70 (5), 1741-1779.
[91] Loubaki, D. Marriages, Polygamous, Early Fertility and Development in Congo. Journal of Human Resource and Sustanability Studies, 2017, 5, 193-213.