Abstract
Abstract. The paper carries out a context specific debate on why the real sector of the economy is important to look into to establish a framework of effective development. While doing that the paper highlights that the economic policy in the real sector is to be complemented by intervening in the progress of the society by developing social, political and legal institutions. This paper presents a post Washington consensus intellectual debate that eventually made the Prelog for first Millenium Development Goals (MDGs) and now Sustainable Development Goals (SDGs).
Keywords: Role of economics, Relation of economics to social values, Sociology of economics.
JEL. A10, A13, A14.
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