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Economic development and the adaptive economy

Working paper

Working paper

In its economic dimensions, development is concerned with raising peoples' material welfare. This, in turn, can be thought of as the product of three interrelated factors: the efficiency with which existing resources are employed; the growth of productive resources over time; and the ways in which the resulting output and income are distributed among the factors of production and different income groups. Underlying and influencing these basic determinants of welfare is a certain social and economic structure. It is this structure, how it changes and the relationship of these changes to economic development that is the subject of this paper.

Tony Killick