The neoclassical models of economics seem to have eluded the concept of physical limits to growth by assuming that the market and the technological advances evoked by it will make it possible to tap new resources and create substitution of production factors. They have also rarely addressed...

This paper revisits the problem of economic development questioning the implicit premise that developing economies are nascent systems on their way to maturity. It is proposed that the developing countries should instead be viewed as mature systems in a low-welfare homeostasis reached under...