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The aim of this paper is to sketch out the idea for a grand theory in development studies as the necessary research field for fruitful historical interdisciplinary, arguing that Mill’s stage theory provides such a powerful theoretical framework able to contextualize, develop, and integrate the multiple, diverse, and middle-range contemporary strands in development studies. Second, an attempt is made to reconstitute Mill’s stages theory of economic development placing it at the center of his political economy. We claim that Mill’s theory of economic development implies that the dialectical relation between knowledge/innovation (human capital) and nature (natural capital) accelerates the course of economic change. In Mill’s analysis, the dialectical relation between knowledge and nature penetrates through culture, which is regarded by Mill as a structural element of each stage of economic development. By highlighting the importance of knowledge in the transition between different stages of economic development, and by proposing a reassessed interpretation of Mill’s stages theory of economic development, we propose that in Mill’s political economy both innovation and nature play a pivotal role in accessing sustainable economic development.

The aim of this article is s to show that contrary to the common parlance and to the widespread belief that treats small business as “the backbone of the economy”, in the sense of being the prime motor of wealth and prosperity, therefore the underlying logic is what is good for small business will also help government achieves overall economic policy goals, the prevailing dominant idea that formulates and drives the Greek economic policy is quite the opposite. Based on textual analysis, from Greece’s Structural Adjustment Programs, to the various assessment reports, till the latest “Development Plan for the Greek Economy”, we attempt to reveal that the prevailing idea that penetrates the abovementioned texts is that “small is not beautiful”. Specifically, after indicating a policy paradox regarding the limited financial support that Greek small businesses received or expected to receive despite their vital importance to the Greek economy, we expose the “structural impediment” idea. According to the latter the existence of a large share of small business in the Greek economy is being considered as a structural impediment for economic growth and prosperity. The implication is a policy dictum that favours a form of an evolutionary natural selection process, whereby only those establishments successful enough to grow will be able to survive, thus the vast bulk of the remaining small firms will exit the market.

The creative economy sector is tightly associated with sustainable development and Sustainable Economic Goals (SDGs). The creative industries contribute to sustainability in a variety of ways. They are essential in accelerating sustainable consumption and production patterns and promoting regional sustainable development. This paper attempts to stress the role of the creative economy in promoting sustainable regional growth by focusing on smart specialization priority areas in the region of Attica. The latter has been accomplished by presenting the current regional policy model and the entrepreneurial discovery process (EDP) methodology in the region of Attica. This paper concludes that the EDP paves the way for the formulation of policy lessons enhancing the link between the creative economy and sustainable regional growth. In a nutshell, three major conclusions derived from the present paper include the following aspects: (i) the formulation of an integrated smart specialisation strategy requires an ongoing and well-structured process along the policy cycle (structured life-cycle approach); (ii) the deployment of a robust innovation ecosystem requires a comprehensive approach of engaging and mobilising regional actors and identifying their needs and priorities; (iii) the lessons observed through the exploration of the case study lead to concrete findings regarding the critical importance of long-term interactive institutional learning and policy co-design as a precondition for an effective regional ecosystem.

In recent years, the concept of “institutions” has become central in scientific and political discourse. This reflects an increasing awareness of the role of institutions in the functioning of economies and in economic development more generally. Many of the catchphrases articulated within new institutional economics such as “institutions,” “organisations,” “transaction costs,” “property rights,” and “contracts” have become very common in orthodox economics discourse. This development is intellectually stimulating and interesting because it raises some fundamental issues with regard to the role and functioning of institutions. These concepts are seated on Smith's idea of the “harmony of interests.” However, Smith sees power as dominant in the formation of institutional framework. This chapter aims to provide a Smithian critique based on the notion of power, arguing that the formation of institutions and institutional framework cannot be considered apart from the intrinsic power relations which are vested in society.