Austrian School of Economics (4)

In this blog my purpose is to propose a new definition, paradigm, and even a model of economic development or a review I should say of what development especially economic development should imply and poses. Issues that are typically discussed within the intellectual paradigm of economic development range from the role of government, institutions, and individuals to the role of globalization and the constitution in economic development. What's important in the process of creating theories and models and applying them to economies around the world in this branch of economics called development economics is the idea of individualism and interdisciplinary perspective that are the main and essential elements of the methodology of economic science within the theories of this branch of economics. Remember that we are not here to list the theories of a series of economists or intellectuals and make ideological conclusions at the end nor we are here for establishing harsh and discontinuous mathematical and econometrics models based on a series of data. However, we are here to make conclusions based on a realistic foundation of ideas that developed throughout history and make decisions based on the experiences that can be inferred from the human action. Having this in mind we can establish a series of scenarios for starting a new chapter in the field of development economics.