Cut to the chase. What sort of theory of political economy is "correct"?
[It makes sense] from the developmentalist's point of view, to ask for theories that are relevant. By relevant I mean theories that contain or can easily be translated into direct relationships of cause and effect and that indicate where action is likely to be effective and where it is not. (p. 196)
He suggests that very comprensive and sophistacted theories may fail because they are too comprehensive and sophisticated to provide a clear course of action in the form of immediate and limited programs and policies. But even in the stripped down models, two or more may be applicable; how to choose which one? Well, you need political feasibility.
Politicians, then, are likely to be the prisoners of old theories, as Lord Keynes remarked.... Most theories have both an ideological and a specifically intellectual, logical content. To provide the basis for a successful development strategy, they have to be ideologically appealing as well as intellectually sound. They have to incorporate an objective that is politically or culturally attractive as well as a strategy that is technically and politically workable. (p. 197)
Finally:
First, I suggest that an interest in culture and context is helpful to understanding the apparent paradox mentioned in chapter 5 -- namely that theories which are intellectually unsophisticated, even crude, may nevertheless be more popular and, in their basic conception, more relevant than theories that are complex, elegant, and rigorous.
Very advanced societies require more complex theories than do more primitive societies.
Second, a recognition oof the impact of cultural diversity implies a skepticism toward theories that are closed and dogmatic. In particular, it suggests the need to resist claims to authority on the basis of superior "scientific" or "technical" credentials.
Here, here.
Staniland, M. (1985). Conclusions. in What is Political Economy?: A Study of Social Theory and Underdevelopment. New Haven, CT: Yale University Press.