Traditional Culture Encyclopedia - Traditional virtues - What is Madar's attitude toward traditional economic theory?
What is Madar's attitude toward traditional economic theory?
Madar emphasized "realism" as a yardstick for economic theory, race relations, and the problem of world poverty. He exposed and criticized everything that did not conform to realism. As early as the early 1930s, Midal attacked traditional economic theories, and after the 1940s and 1950s, his fighting spirit was even more renewed. His works such as The Drama of Asia: a Study of Poverty in Some Countries (1968) and Collected Essays on Critical Currents in Economics (1973) focus on this feature. Myrdal pointed out that conventional economic theory was totally inapplicable to underdeveloped countries. Myrdal advocated the institutional approach, which analyzes all aspects of a country's situation in an integrated manner and identifies their interrelationships. He points out that "in an interdependent social system, there are no independent economic, political or social problems".
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