Although there have been significant warnings against the forthcoming Industrial Revolution, no one is able to confidently predict the future of convergence technologies and innovations. Nevertheless, states must be prepared for this uncertain future and be ready to mark new paths of innovation...

Whether technological progress amplifies or mitigates inequality remains a subject of heated debate. On the one hand, technological innovation has improved our lives, and many have undoubtedly benefitted from such innovation. In addition, the poorer segments of society have been partly able to...

This chapter examines whether rising income inequality is the stylised fact for the process of structural transformation by revisiting classical accounts on various theories of normative inequality dynamics, modernisation, and endogenous growth. In addition, a complex interaction between...

A newly emerged normative development idea of sustainability has been evolving, which was institutionalised by the UN in 2015, and which strongly reinforced, as an exogenous factor, all the responsible and accountable governments and other society actors within a country. In this context,...

The primary purpose of this introductory chapter is to raise a question about why the development of the Third World has evolved over the past five decades in a direction that deviates from the developmental path assumed by the orthodox economic schools of thought. The underlying background to...

In recent years several African countries have embarked on reforms aimed at structurally transforming their economies to minimize their dependence on primary exports and generate greater employment opportunities through value-addition. Meanwhile, the recently adopted 2030 Agenda for Sustainable...

The causal relationships between country-level economic development and inequality remain a matter of considerable debate and policy interest. This chapter contributes to the literature on this topic by presenting the results of short-run and long-run Granger causality tests in both directions....

The purpose of this paper is to construct a structural macroeconomic model to design monetary and fiscal policies aimed at attaining macroeconomic objectives. The study further attempts to simulate a baseline and policy scenario to evaluate the impact of such monetary and fiscal policy...