Economic development of nations: a new expectation?

Abstract

The conceptual framework of economic theory at large is considered inadequate to deal with the long run effects of such phenomena as those of production, economic development or international trade. A new conceptual framework emphasizing the role of the human factor is proposed redefining Wealth and the causal factors of production, by reconceptualizing Capital and Labour and introducing a third factor, Steering. All these concepts are dealt with as vectors in a three dimensional space and not as scalars. Within this framework new theories about these phenomena should be constructed.