Critique of Conventional Economics and Its Impact on Development Discussions: Towards an Alternative Approach
DOI:
https://doi.org/10.5281/zenodo.14501920Abstract
As we delve deeper into the prevailing economic model, doubts arise about its ability to provide socially just, environmentally sustainable, and politically democratic solutions for a broad spectrum of people. In this context, it is necessary to question whether the assumptions of conventional economics are truly adequate to guide development in the 21st century.
This essay is based on a review of the literature, case studies, and documentary analysis, with the aim of conducting a critical analysis of the obsession with growth and the belief in the spontaneous redistribution of the market. It is argued that these assumptions lead to inadequate public policies and an unsustainable development model, with a high human and environmental cost.
This work seeks to contribute to a deeper understanding of the limitations of conventional economics and to outline some characteristics that an alternative development proposal should have. Based on the available evidence and discussions gathered, it is concluded that the foundations of conventional economics are profoundly inadequate to guide a process of sustainable and equitable development.
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