Concept of Economic Development in Contemportary Economic Theory: Mechanistic and Evolutionary Viewpoint

Neoclassical comprehension of economic development, based on the models of economic growth, represents powerfull theoretical framework. However,mechanistic views that dominate this approach are the source of some theoretical constrains. In the paper major elements are scatched of those theories, that analyze economic development as the interplay of different evolutionary mechanisms. Evolutionary concepts of economic development can have significant contribution to traditional development economics. Furthermore,evolutionary approach must be incorporated into the modern paradigm of economic development