In Quest for Alternatives of Development Economics in the 21st Century

The main aim of the current paper is to provide an insight into the most significant tendencies as well as changes or possible problem solutions in  frames of Development Economics including the thorough analysis of its potential reform campaigns. Which are the main dimensions of the discipline that has been already existing for more than 70 years since the 1950s, which would need a crucial revision in order to meet the constantly varying challenges of the 21st century, to get closer to the realistic demonstration of development as well as catching-up and also, to create efficient action plans to achieve the latter targets for the involved economies, regions and even social groups? The research is also focusing on some potential solutions that must be excluded from the scope of the reform activities as being unscientific or rather populist. After presenting and evaluating the main phases, schools of Development Economics, the author is investigating current theoretical and empirical approaches including such areas as the income and wealth inequalities, typology of poverty, the phenomenon of the middle-income trap and also, the most important recommendations developed by international organizations based on the most recent data published by suchorganizations as the World Bank, the OECD or the Eurostat.