One of the world's leading experts in developmental economics has called for the adoption of five-year plans to enhance long-term decision making when it comes to infrastructure investment and other forms of public spending.

Jeffrey Sachs, Professor of Sustainable Development at Columbia University as well as special adviser to the United Nations Secretary-General on the Millennium Development Goals, says prevailing theories are no longer applicable to modern economic development, and that new approaches, which in fact depend upon methods long thought to be discredited, may…