Development Economics

ISBN-10: 0691017069
ISBN-13: 9780691017068
Edition: 1998
Authors: Debraj Ray
List price: $115.00 Buy it from $30.15 Rent it from $18.31
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Description: The study of development in low-income countries is attracting more attention around the world than ever before. Yet until now there has been no comprehensive text that incorporates the huge strides made in the subject over the past  More...

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Book details

List price: $115.00
Copyright year: 1998
Publisher: Princeton University Press
Publication date: 2/1/1998
Binding: Hardcover
Pages: 872
Size: 7.50" wide x 10.25" long x 1.50" tall
Weight: 2.992
Language: English

The study of development in low-income countries is attracting more attention around the world than ever before. Yet until now there has been no comprehensive text that incorporates the huge strides made in the subject over the past decade.Development Economicsdoes precisely that in a clear, rigorous, and elegant fashion. Debraj Ray, one of the most accomplished theorists in development economics today, presents in this book a synthesis of recent and older literature in the field and raises important questions that will help to set the agenda for future research. He covers such vital subjects as theories of economic growth, economic inequality, poverty and undernutrition, population growth, trade policy, and the markets for land, labor, and credit. A common point of view underlies the treatment of these subjects: that much of the development process can be understood by studying factors that impede the efficient and equitable functioning of markets. Diverse topics such as the new growth theory, moral hazard in land contracts, information-based theories of credit markets, and the macroeconomic implications of economic inequality come under this common methodological umbrella. The book takes the position that there is no single cause for economic progress, but that a combination of factors--among them the improvement of physical and human capital, the reduction of inequality, and institutions that enable the background flow of information essential to market performance--consistently favor development. Ray supports his arguments throughout with examples from around the world. The book assumes a knowledge of only introductory economics and explains sophisticated concepts in simple, direct language, keeping the use of mathematics to a minimum. Development Economicswill be the definitive textbook in this subject for years to come. It will prove useful to researchers by showing intriguing connections among a wide variety of subjects that are rarely discussed together in the same book. And it will be an important resource for policy-makers, who increasingly find themselves dealing with complex issues of growth, inequality, poverty, and social welfare.

Preface
Introduction
Economic Development: Overview
Introduction
Income and growth
Historical experience
Measurement issues
Income distribution in developing countries
The many faces of underdevelopment
Human development
An index of human development
Per capita income and human development
Some structural features
Demographic characteristics
Occupational and production structure
Rapid rural--urban migration
International trade
Summary Exercises
Economic Growth
Introduction
Modern economic growth: Basic features
Theories of economic growth
The Harrod--Domar model
Beyond Harrod--Domar: Other considerations
The Solow model
Technical progress
Convergence?
Introduction
Unconditional convergence
Level convergence: Evidence or lack thereof
Unconditional convergence: A summation
Conditional convergence
Reexamining the data
Summary
The Harrod--Domar equations
Production functions and per capita magnitudes Exercises
The New Growth Theories
Introduction
Human capital and growth
Another look at conditional convergence
Technical progress again
Introduction
Technological progress and human decisions
A model of deliberate technical progress
Externalities, technical progress, and growth
Total factor productivity
Total factor productivity and the East Asian miracle
Summary
Appendix
History, Expectations, and Development
Introduction
Complementarities
Introduction: QWERTY
Coordination failure
Linkages and policy
History versus expectations
Increasing returns
Introduction
Increasing returns and entry into markets
Increasing returns and market size: Interaction
Competition, multiplicity, and international trade
Other roles for history
Social norms
The status quo
Summary Exercises
Economic Inequality
Introduction
What is economic inequality?
The context
Economic inequality: Preliminary observations
Measuring economic inequality
Introduction
Four criteria for inequality measurement
The Lorenz curve
Complete measures of inequality
Summary Exercises
Inequality and Development: Interconnections
Introduction
Inequality, income, and growth
The Inverted-U hypothesis
Testing the inverted-U hypothesis
Income and inequality: Uneven and compensatory changes
Inequality, savings, income, and growth
Inequality, political redistribution, and growth
Inequality and growth: Evidence
Inequality and demand composition
Inequality, capital markets, and development
Inequality and development: Human capital
Summary
Multiple steady states with imperfect capital markets
Poverty and Undernutrition
Introduction
Poverty: First principles
Conceptual issues
Poverty measures
Demographic features
Rural and urban poverty
Assets
Nutrition
The functional impact of poverty
Poverty, credit, and insurance
Poverty, nutrition, and labor markets
Poverty and the household
Summary
More on poverty measures Exercises
Population Growth and Economic Development
Introduction
Population: So

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