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...

Our purpose here is to describe and illustrate in the simplest possible way a multiple-phase theory of economic growth and development that helps explain why human evolution has not been characterized by steady progress but by fluctuating growth and changing forms, sometimes progressing to...