World Bank chief urges rethink of development economics

World Bank President Robert Zoellick on Wednesday called on economists to rethink the way they look at issues affecting developing nations and said he was overhauling the way his institution approached research.Zoellick said development economics was often too narrowly focused and not transparent to those affected by policies that emerged from the analysis.He said the global financial crisis and the rise of developing countries had forced a rebalancing of the world economy and raised questions about policy approaches."Even before the crisis there was a questioning of prevailing paradigms and a sense that development economics needed rethinking," he said in a speech at Georgetown University. "The crisis has only made that more compelling."Zoellick, who is not an economist, said...

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