The Future, Development Economics and Global Policy Actions

Abstract

The notion of international development has evolved giving new meanings to the discipline of development economics. This evolution has been the product of the flux in the global economy affecting both ‘developing’ and ‘developed’ countries. Three broad areas of concern are: First, the extent to which there is any type of consensus around which ‘current issues’ are most important—and why. Second, whether there is any consensus about the analytical methods which are appropriate for an understanding of the main characteristics of the ‘issues’ within economics or ‘political economy’. Third, whether there is any consensus about the nature of economic policies (and strategies) which can be used to address these issues effectively. There is need for a heterodox lens to address the mega-questions that both developed and developing countries will have to contend with in the next few decades: climate change; issues of development financing and cooperation; artificial intelligence, innovations and the world of work; pandemics and public health; population, migration and demographic dividends; human rights and (de)globalisation.