Development: Not By Economics Alone. Non-Economic Factors in Development,
by Dr. Nimal Sanderatne, Ph.D, M.A. (Wisconsin), M.Sc (Saskatchewan), B.Sc (London).
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Introduction
In the realm of economic development studies, many books focus solely on economic indicators—GDP growth, savings and investment rates, the functioning of markets—as the primary engines of progress. However, the book by Dr. Sanderatne goes beyond economics narrowly defined and argues that economic development is a multifaceted process shaped not only by economics, but also by culture, society, ethics, and other non-economic factors. This holistic perspective urges policymakers, scholars, and citizens alike to reconsider what drives true, sustainable development.
Central Thesis
Dr. Sanderatne contends that economic success cannot be adequately explained by financial models and market dynamics alone. Instead, the book shows that the values, traditions, social norms, and ethical frameworks of countries and communities play a decisive role in shaping their development experiences and outcomes. The book also traces the evolution of development thinking, from the early days of development economics which focused on exogenous growth and dual economy models, to endogenous growth, welfare economics, human development, and institutional economics, and demonstrates how development can be successfully driven in societies with strong ethical foundations, vibrant cultures, and cohesive social networks.
Dr. Sanderatne draws on personal experience of development during his own remarkable career as the Director of Economic Research and the Director of Statistics of the Central Bank of Sri Lanka, Chairman of the Bank of Ceylon, Chairman of the National Development Bank, President of the Sri Lanka Associations of Economists, and a consultant to the World Bank, UNDP, UNICEF, Harvard Institute of International Development, SIDA, ODI, and ILO.
Conclusion
Overall, this book is an invaluable contribution to the study of economic development. It reminds us that prosperity is not simply a matter of numbers, but of values, positive relationships, and collective cooperation. For policymakers, academics, researchers and scholars seeking deeper answers to the challenges of development, this book is both enlightening and thought-provoking.
Development: Not By Economics Alone. Non-Economic Factors in Development has been published by the Gamani Corea Foundation, Colombo, Sri Lanka.
(Review by Dr. Harsha Aturupane, Lead Economist, The World Bank.)
