Economic Development: An Individualistic Methodology

This paper establishes two theoretical frameworks in the study
of economic development. These are constitutional analysis and interdisciplinary perspective. This study acknowledges that the economists are the ones to blame for lost of the underdevelopment in many parts of the world. These two theoretical frameworks are part of an individualistic methodology. The paper first, discusses individualism as an economic and political philosophy. Then it looks at the idea of methodology and its historical roots. Finally, it presents a brief overview of economic development theories. Then, it concludes by noting that in order to put an end to the cycle of poverty currently experienced by many developing nations, constitutional analysis and interdisciplinary perspective should be included in any analysis of economic development.