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Social Provision in Low-Income CountriesNew Patterns and Emerging Trends$
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Germano Mwabu, Cecilia Ugaz, and Gordon White

Print publication date: 2001

Print ISBN-13: 9780199242191

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199242191.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 20 August 2019

The Process of Economic Change

The Process of Economic Change

Chapter:
(p.14) (p.15) 1 The Process of Economic Change
Source:
Social Provision in Low-Income Countries
Author(s):

DOUGLASS C. NORTH

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199242191.003.0002

Economic change requires comprehensive analysis of potential sources, independent and dependent variables, and possible shortcomings. Understanding without basis would be insufficient so there must a reliable framework to capitalise on. The chapter starts by enumerating three significant signs—namely, the macro and micro economic fundamentals, the current organisational approach, and the cultural tradition of a society—of sound economy that must be integrated in the theoretical and conceptual paradigm. After identifying the essential factors that determine successful and sustainable growth, the next question that the chapter addresses pertains to how to employ developmental strategies considering these indicators, and how some poor countries are not able to achieve an optimal point of national welfare even with the understanding of these forces.

Keywords:   economic change, sustainable growth, development, institutional framework, culture, developing countries

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