Abstract
The paper reviews the joint contribution by Celso Furtado and Juan Noyola Vásquez from the perspective of the complexity approach. We present the analytical framework of both authors, highlighting the presence of feedback mechanisms within a dynamic interaction amongst social groups that engender emerging properties of the economic system, such as low economic growth, technological backwardness and persistent inflation, thereby contributing to the reinforcement of the “underdevelopment trap”.
Keywords:
Furtado; Celso; 1920-2004; Noyola Vásquez; Juan; 1922-1962; Complexity approach; Underdevelopment trap