Issues in Development Economics

Ass. Prof. Ligang Song, an ANU lecturer, has a view that development economics has evolving in this decade with a broader issues than ever. He argues that in the Past, development economics were dealt with growth and its sources, macro-stability, trade liberalization, poverty reduction and government intervention. Environmental issue, which is the popular topic due to increasing response of many countries, was a part of past issues.
Meanwhile, present issues in development economics consist of globalization and localization, environmental degradation, demo graphical change, food and water security and a new way of urbanization.
He suggests that in the future, development economics will deal with a mixed of governance and regulation in one side and management of human and natural resource in another side.
The Professor who regularly edits some issues in Economy of China convinces that interdisciplinary researches are needed, in line with Douglas North’s view. As North (1990 and 1997) contends, cultural beliefs are a basic determinant of institutional structure. Not economics, but psychology, sociology, political science, anthropology, law, and history must provide the answers regarding the origins of cultural beliefs and how they lead to institutional change and the formation of social capital over time.
Some people may disagree with Song’s view. But I remember Kevin Kelly’s statement as follows: “Science will continue to surprise us with what it discovers and creates; then it will astound us by devising new methods to surprises us.”