The conceptual framework of economic theory at large is considered inadequate to deal with the long run effects of such phenomena as those of production, economic development or international trade. A new conceptual framework emphasizing the role of the human factor is proposed redefining Wealth and the causal factors of production, by reconceptualizing Capital and Labour and introducing a third factor, Steering. All these concepts are dealt with as vectors in a three dimensional space and not as scalars. Within this framework new theories about these phenomena should be constructed.
|Translated title of the contribution||Economic development of nations: a new perspective?|
|State||Published - Jan 1986|
- Desarrollo económico
- Teoría económica