Change, Transformation and Development

For as long as one can remember, the edifice of the neoclassical economic syn­ thesis has been under attack. Critiques have focused on the extreme unreality of the assumptions that underpin the Arrow-Debreu theorems of welfare economics. They have queried the excessive formalism of the edifice, and the lack of practical significance of many of the results.They have castigated the neoclassical synt...