Interdisciplinary Lenses On Economic Development
Attaining economic development goes beyond the lessons and insights from econometric methods and mathematical models. Considering that this issue is diverse, characterized by both contingency and narrativeness, an interdisciplinary approach to it is an indispensable way of learning about it. The quantitative rigor and logic of economics need to be supplemented with knowledge from the respective historical, humanities, natural and applied and social sciences lenses.
A historical lens on economic development is necessary to understand the economic decisions that are currently being made. Economics has been determined to be only as good as its ability to explain the current economy. This is attained through economic theory that depicts the causal connections and underlying social processes (Colvin, 2019). However economic theory is feasible only when the economic history has provided one of the approaches of testing theory. For instance, when determining the incentive impacts of unemployment benefits, one important area of docs is establishing when and where they were first introduced and the respective impact.
The humanities lens in economic development broadened the focus of this subject on understanding how diverse cultures view economic development. Considering the different cultures are dealing with distinct economic issues, their economic policies that will foster development should be tailored as per these circumstances. Subsequently, economic development models end up being very realistic and the predictions made are more accurate.
The natural and applied science lens on economic development is based on the notion that there is an intricate network of reciprocal relationships between knowledge, services, environment and finances. In particular, economic development is a virtuous cycle that is driven by the ability of a country to exploit their multiple resources following a scientific approach. Science favors economic development by providing society with a more rational atmosphere that allows implementing sound policies and institutions (Jaffe, 2014). It is an actual fact that rational societies with successful economic policies are the ones that have prioritized basic natural and applied sciences in their approaches.
The social science lens on economic development provides important insights focussed on understanding the different problems faced in implementing economic development. An understanding of the social and demographic indicators that are required in linking macroeconomic and social policies with economic and social outcomes at the micro level of individuals and households is done. This approach will consider central structural social conditions in population, human capital formation and health, examining constraints and opportunities related to economic development.
References
Colvin, C. L. (2019). Why economists need economic history. Queen’s Policy Engagement. Retrieved 7 May 2022, from http://qpol.qub.ac.uk/why-economists-need-economic-history/.
Jaffe, K. (2014). The Relevance of Science in Development: Scientific Development Favors Economic Prosperity, but Not Necessarily through its Effect on Technological Knowledge in Middle Income Countries. In Economic Behavior, Game Theory, and Technology in Emerging Markets (pp. 1-17). IGI Global.
