Economics of Development

ISBN-10: 0393123529
ISBN-13: 9780393123524
Edition: 7th
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Description: This classic text has been aggressively revised to incorporate the latest research defining the Development Economics field today.

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Book details

Edition: 7th
Publisher: W. W. Norton & Company, Incorporated
Publication date: 11/2/2012
Binding: Paperback
Pages: 880
Size: 7.00" wide x 10.25" long x 1.25" tall
Weight: 3.058
Language: English

This classic text has been aggressively revised to incorporate the latest research defining the Development Economics field today.

Dwight H. Perkins is Harold Hitchings Burbank Professor of Political Economy, Emeritus, at Harvard University.

Steven Radelet joined Economics of Development for its fifth edition. At the time he was a fellow at Harvard's Institute for International Development and taught in both Harvard's economics department and the Kennedy School of Government. He subsequently was deputy assistant secretary of the U.S. Treasury for Africa, the Middle East, and South Asia; a Senior Fellow at the Center for Global Development; and Senior Advisor on Development for Secretary of State Hillary Clinton. He is an expert on foreign aid, developing country debt and financial crises, and economic growth, and he has extensive experience in West Africa and Southeast Asia. He currently serves as Chief Economist for the U.S. Agency for International Development (USAID).

David L. Lindauer is the Stanford Calderwood Professor of Economics at Wellesley College, where he has taught since 1981. He has frequently served as a consultant to the World Bank and was a faculty associate of the Harvard Institute for International Development. Professor Lindauer's area of expertise is in labor economics. His research and policy advising has included work on industrial relations, labor costs and export potential, minimum wages, poverty and unemployment, public sector pay and employment, and racial affirmative action. He has worked on labor market issues in East and Southeast Asia, Sub-Saharan Africa, and elsewhere. Professor Lindauer, an award-winning teacher of economics, brings his considerable experience teaching undergraduates to this edition.

Steven A. Block is Professor of International Economics and head of the International Development Program at the Fletcher School of Law and Diplomacy, Tufts University. He joins Economics of Development beginning with the seventh edition and has been teaching development economics at the Fletcher School since 1995. Professor Block also holds a faculty appointment at the Friedman School of Nutrition Science and Policy at Tufts University, and has been a visiting scholar at the Harvard University Center for International Development and at Harvardrsquo;s Weatherhead Center for International Affairs. He has published numerous scholarly articles in the areas of agricultural development and political economy, and worked extensively on policy advisory teams across Sub-Saharan Africa and in Southeast Asia.

Preface
International Development Resources on the Internet
Development and Growth
Patterns of Development
Three Vignettes
Malaysia
Ethiopia
Ukraine
Development and Globalization
Rich and Poor Countries
Growth and Development
Diversity in Development Achievements
Approaches to Development
The Study of Development Economics
Organization
Summary
Measuring Economic Growth and Development
Measuring Economic Growth
Measuring GDP: What Is Left Out?
Exchange-Rate Conversion Problems
Economic Growth around the World: A Brief Overview
Jared Diamond: Guns, Germs, and Steel
Economic Growth, 1970-2010
What Do We Mean by Economic Development?
Measuring Economic Development
Human Development Defined
Why Use Logarithms?
What Can We Learn from the Human Development Index?
Millennium Development Goals
Targets of the Millennium Development Goals
Is Economic Growth Desirable?
Summary
Economic Growth: Concepts and Patterns
Divergent Patterns of Economic Growth since 1960
Botswana's Remarkable Economic Development
Factor Accumulation, Productivity, and Economic Growth
Calculating Future Values, Growth Rates, and Doubling Times
Saving, Investment, and Capital Accumulation
Sources of Growth Analysis
Characteristics of Rapidly Growing Countries
Macroeconomic and Political Stability
Investment in Health and Education
Effective Governance and Institutions
Institutions, Governance, and Growth
Favorable Environment for Private Enterprise
Trade, Openness, and Growth
Favorable Geography
Summary
Theories of Economic Growth
The Basic growth Model
The Harrod-Domar Growth Model
The Fixed-Coefficient Production Function
The Capital-Output Ratio and the Harrod-Domar Framework
Strengths and Weaknesses of the Harrod-Domar Framework
Economic Growth in Thailand
The Solow (Neoclassical) Growth Model
The Neoclassical Production Function
The Basic Equations of the Solow Model
The Solow Diagram
Changes in the Saving Rate and Population Growth Rate in the Solow Model
Population Growth and Economic Growth
Technological Change in the Solow Model
Strengths and Weaknesses of the Solow Framework
Diminishing Returns and the Production Function
Explaining Differences in Growth Rates
The Convergence Debate
Beyond Solow: New Approaches to Growth
Summary
States and Markets
Development Thinking after World War II
Market Failure
Fundamental Changes in the 1970s and 1980s
Ghana after Independence
The Declining Effectiveness of Government Intervention in the Market: Korea, 1960s-2010
Structural Adjustment, the Washington Consensus, and the End of the Soviet Model
Soviet Command Model to Market Economies: The Great Transition
Was the Washington Consensus a Success or Failure?
Summary
Distribution and Human Resources
Inequality and Poverty
Measuring Inequality
Patterns of Inequality
Growth and Inequality
What Else Might Cause Inequality?
Why Inequality Matters
Measuring Poverty
Poverty Lines
National Poverty Lines in Bangladesh, Mexico, and the United States
Why $1.25 a Day?
Dissenting Opinions on the Extent of Absolute Poverty
Who is not Poor?
Poverty Today
Who Are the Poor?
Living in Poverty
Strategies to Reduce Poverty
Growth is Good for the Poor
Sometimes Growth May Not Be Enough
Pro-Poor Growth
Why Should Development Strategies have a Poverty Focus?
Improving Opportunities for the Poor
Income Transfers and Safety Nets
Global Inequality and the End of Poverty
Summary
Population
A Brief History of World Population
The Demographic Transition
The Demographic Situation Today
Total Fertility Rates
The Demographic Future
Population Momentum
The Causes of Population Growth
Thomas Malthus, Population Pessimist
Why Birth Rates Decline
Population Growth and Economic Development
Population and Accumulation
Population Growth, Age Structure, and Dependency Ratios
Population and Productivity
Population and Market Failures
Population Policy
Family Planning
Authoritarian Approaches
Missing Girls, Missing Women
Population Issues for the Twenty-First Century
Summary
Education
Trends and Patterns
Stocks and Flows
Boys versus Girls
Schooling versus Education
Education as an Investment
The Rate of Return to Schooling
Estimated Rates of Return
First-Generation Estimates
Estimating Rates of Return from Wage Equations
Second-Generation Estimates
Puzzles
Returns to Schooling and Income Opportunities
Making Schooling More Productive
Underinvestment
Misallocation
Improving Schools
Reducing the Costs of Going to School
Mexico's Progresa
Inefficient Use of Resources
It Is about More than the Money
Combating Teacher Absence
Summary
Health
What Is Health?
Life Expectancy
Transitions in Global Health
The Epidemiologic Transition
The Determinants of Improved Health
Health, Income, and Growth
Income and Health
How Beneficent is the Market? A Look at the Modern History of Mortality
Health and Productivity
Health and Investment
Three Critical Diseases
Malaria, Yellow Fever, and the Panama Canal
HIV/AIDS
HIV/AIDS, Malaria, and Tuberculosis: Some Basics
Malaria
Making Markets for Vaccines
Tuberculosis
What Works? Some Successes in Global Health
Preventing HIV/AIDS in Thailand
Controlling Tuberculosis in China
Eradicating Smallpox
Eliminating Polio in Latin America
Preventing Deaths from Diarrheal Disease
Lessons Learned
Health Challenges
Summary
Macroeconomic Policies for Development
Investment and Savings
Using Investment Productively: Cost-Benefit Analysis
Present Value
Opportunity Costs
Shadow Prices
Welfare Weights
Barriers to Productive Public and Private Investment
Barriers to Doing Business
Foreign Direct Investment
FDI Patterns and Products
Benefits and Drawbacks of FDI
FDI and Growth
Policies Toward Foreign Direct Investment
Savings
Household Saving and consumption
Corporate Saving
Government Saving
Foreign Saving
Summary
Fiscal Policy
Government Expenditures
Categories of Government Expenditures
Reining in Fiscal Decentralization in Brazil and China
Government Revenue and Taxes
Tax Rates and Smuggling: Colombia
Taxes on International Trade
Sales and Excise Taxes
Personal and Corporate Income Taxes
New Sources of Tax Revenues
Changes in Tax Administration
Fundamental Tax Reform
Tax Administration in India and Bolivia in the 1980s
Indonesian Tax Reform
Taxes and Income Distribution
Personal Income Taxes
Taxes on Luxury Consumption
Corporate Income and Property Taxes: The Incidence Problem
Economic Efficiency and the Budget
Sources of Inefficiency
Neutrality and Efficiency: Lessons from Experience
Summary
Financial Development and Inflation
The Functions of a Financial System
Money and the Money Supply
Financial Intermediation
Transformation and Distribution of Risk
Stabilization
Inflation
Inflation Episodes
Hyperinflation in Peru, 1988-90
Monetary Policy and Price Stability
Monetary Policy and Exchange-Rate Regimes
Sources of Inflation
Controlling Inflation through Monetary Policy
Reserve Requirements
Credit Ceilings
Interest-Rate Regulation and Moral Suasion
International Debt and Combating Recessions
Financial Development
Shallow Finance and Deep Finance
Shallow Financial Strategy
Deep Financial Strategy
Informal Credit Markets and Micro Credit
Does Micro Credit Reduce Poverty?
Summary
Foreign Debt and Financial Crises
Advantages and Disadvantages of Foreign Borrowing
Debt Sustainability
Debt Indicators
From Distress to Default
A Short History of Sovereign Lending Default
The 1980s Debt Crisis
Causes of the Crisis
Impact on the Borrowers
Escape from the Crisis, for Some Countries
The Debt Crisis in Low-Income Countries
Debt Reduction in Low-Income Countries
The Heavily Indebted Poor Country Initiative
Odious Debt
Debt Relief in Uganda
Emerging Market Financial Crises
Domestic Economic Weaknesses
Short-Term Capital Flows
Creditor Panic
Model of Self-Fulfilling Creditor Panics
Stopping Panics
Lessons from the Crises
Summary
Foreign Aid
Donors and Recipients
What Is Foreign Aid?
Who Gives Aid?
The Marshall Plan
The Commitment to Development Index
Who Receives Foreign Aid?
The Motivations for Aid
China's Foreign Aid
Aid, Growth, and Development
Although Not Always Successful, on Average, Aid Has a Positive Impact on Economic Growth and Development
Controlling River Blindness in Sub-Saharan Africa
Aid Has Little or No Effect on Growth and Actually May Undermine Growth
Food Aid and Food Production
Aid Has a Conditional Relationship with Growth, Stimulating Growth Only Under Certain Circumstances, Such as in Countries with Good Policies or Institutions
Donor Relationships with Recipient Countries
The Principal-Agent Problem
Conditionality
Improving Aid Effectiveness
Summary
Managing Short-Run Crises in an Open Economy
Equilibrium in a Small, Open Economy
Internal and External Balances
Real Versus Nominal Exchange Rates
The Phase Diagram
Equilibrium and Disequilibrium
Pioneering Stabilization: Chile, 1973-84
Stabilization Policies
Applications of the Australian Model
Dutch Disease
Recovering from Mismanagement: Ghana, 1983-91
Debt Repayment Crisis
Stabilization Package: Inflation and a Deficit
The Greek Debt Crisis of 2010-12
Drought, Hurricanes, and Earthquakes
Summary
Appendix to Chapter 15: National Income and the Balance of Payments
Agriculture, Trade, and Sustainability
Agriculture and Development
Unique Characteristics of the Agricultural Sector
Structural Transformation
Two-Sector Models of Development
The Labor Surplus Model
Surplus Labor in China
The Neoclassical Two-Sector Model
Debates over Surplus Labor
Evolving Perspectives on the Role of Agriculture in Economic Growth and Poverty Alleviation
Agriculture and Economic Growth
The Nutrition Linkage to Economic Growth
Agriculture and Poverty Alleviation
Agricultural Growth as a Pathway out of Poverty
Summary
Agricultural Development: Technology, Policies, and Institutions
Characteristics of Traditional Agriculture and Agricultural Systems
Agricultural Systems
Diagnosing the Constraints to Agricultural Development
Raising the Technical Ceiling
The Green Revolution
Recent Trends in Agricultural Productivity
A Model of Induced Technical Change in Agriculture
Raising the Economic Ceiling
Food Production Analysis
What to Produce? The Product-Product Decision
How to Produce It? The Factor-Factor Decision
How Much to Produce? The Factor-Product Decision
Fertilizer Subsidies in Malawi
Market Access
Cell Phones and Agricultural Development
Institutions for Agricultural Development
Land Reform
The World Food Crisis of 2005-08
Causes of the Crisis
Consequences of the Crisis
Summary
Trade and Development
Trade Trends and Patterns
Who Traders?
Comparative Advantage
The Benefits of Trade
Winners and Losers
Trading Primary Products
Empirical Evidence on Primary Export-Led Growth
Export Pessimism
Declining Terms of Trade?
Dutch Disease
Dutch Disease: A Geometric Presentation
Nigeria: A Bad Case of Dutch Disease
Indonesia: Finding a Cure
The Resource Trap
Breaking the Resource Curse
Summary
Trade Policy
Import Substitution
Protective Tariffs
Import Quotas
Effective Rates of Protection
Trade Protection and Politics
The Two-Country Model with a Tariff
Production Subsidies
Exchange-Rate Management
Outcomes of Import Substitution
Export Orientation
Removing the Bias against Exports
Favoring Exports
Building Export Platforms
Is China's Exchange-Rate Policy Unfair?
Trade Strategy and Industrial Policy
Trade, Growth, and Poverty Alleviation
Trade Reforms and Poverty Alleviation
Key Issues on the Global Trade Agenda
Increased Global Competition and the Rise of China (and India)
Does Outward Orientation Create Sweatshops?
Labor Activists and Labor Outcomes in Indonesia
Expanding Market Access
Multilateral Trade Negotiations and the WTO
Temporary Migration: Another Dimension of International Trade
Summary
Sustainable Development
Will Economic Growth Save or Destroy the Environment?
Concept and Measurement of Sustainable Development
Saving for a Sustainable Future
The Malthusian Effect of Population Growth on Adjusted Net Savings in Ghana
Market Failures
Externalities and the Commons
Policy Solutions
Property Rights
Government Regulation
Taxes, Subsidies, and Payments for Environmental Services
Taxes Water Pollution in Colombia
Marketable Permits
Informed Regulation
Policy Failures
Policy Failures and Deforestation in Indonesia
Poverty-Environment Linkages
Global Climates Change
Summary
Index

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