Multi-Factor Economic Growth: A Need for an Equitable Development

This paper aims to discuss the new requirements for understanding the economic change in terms of theory and practice. Starting from the new developments in the understanding the process of economic change by Douglass North, it tries to explain new approaches to the subject of economy due to the increasing complexity and uncertainty of the world where standard theories are of little help.

Clarifying the new conceptualizations of economic change with an emphasis on social and cultural aspects, the effects of applying these new conceptions on the development processes are discussed.

The importance of usefulness of social sciences theories in confronting human problems, as North underlines, should always be taken into consideration. In this sense, paying enough attention to individual characteristics of the society, in which the economic change is taking place, finds an imperative priority.

Taking into account justice as the core notion of this study, and by elucidating its different interpretations in the economic sense such as distributive justice, new considerations in applying economic policies with the purpose of having more just societies are conferred.