Economics, Econometrics and Finance
5 years ago

New theory revolutionizes economic development, addressing income gaps in developed countries.

Review of Development Economics
New general theory of economic development: Innovative growth and distribution
Yong‐Shik Lee

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Economic development involves the growth, distribution, and innovation in an economy. It's not just about developing countries anymore; even developed countries face economic challenges like slow growth and income inequality. Existing theories haven't fully explained how economic development works. This article introduces a new theory to better understand the process of economic development.