Over at Phys.org, in a newly published paper Calestous Juma highlights the work of Joseph Schumpeter
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Unfortunately and to great cost the "architects of early international development" thought otherwise:...whose 1911 book, "The Theory of Economic Development," advanced the notion that innovation and individual entrepreneurship are the dynamic foundations of a nation's economic evolution, that "creative destruction" and the renewal of tools and processes within an economy continuously refreshes the system and results in rising prosperity,
"pessimism" prevailed in early development economics, resulting in an emphasis on "the use of basic or 'appropriate technologies,' central planning, role of bureaucracies as sources of economic stability, and food aid" for developing nations, rather than innovation, entrepreneurship and industrial development.Most of Asia resisted these destructive recommendations and the evidence is self evident.
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