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Analytical Development Economics The Less Developed Economy Revisited

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ISBN-10: 0262523442

ISBN-13: 9780262523448

Edition: 2003

Authors: Kaushik Basu

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Although Basu deals with theoretical development economics, his work is closely grounded in reality and draws on a wide range of evidence, including some gathered by himself in the village of Nawadih in the state of Bihar, India.
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Book details

Copyright year: 2003
Publisher: MIT Press
Publication date: 1/24/2003
Binding: Paperback
Pages: 386
Size: 6.00" wide x 9.00" long x 0.75" tall
Weight: 1.144
Language: English

Kaushik Basu is Professor of Economics and Carl Marks Professor of International Studies in the Economics Department at Cornell University. He is Editor of Social Choice and Welfare and Associate Editor of The Journal of Economic Perspectives and The Journal of Development Economics. He is author of many books and articles, including The Less Developed Economy, (Blackwell, 1984), Lectures in Industrial Organization Theory (Blackwell, 1993), and Analytical Development Economics (1997).

Preface to The Less Developed Economy, 1984
The Scenario
Economic Rationality and Norms
On Weighing Scales Known to Be Biased
From Analysis to Prescription
Macro Perspectives
The Vicious Circle of Poverty
The Idea of the Vicious Circle
The Vicious Circle, Industrialization, and Balanced Growth
The O-Ring Theory of Low Productivity
Manifestations of Unemployment
Growth and Development
The Harrod-Domar Legacy
The Neoclassical Model
Endogenous Growth
Distribution and Development
Inflation and Structural Disequilibrium
Employment Policy and the Inflation Barrier
Notes on Michal Kalecki
Structural Disequilibrium
Foreign Exchange and Trade: Some Considerations
Closed and Open Economies
Foreign Exchange Constraints and Growth: A Two-Gap Model
Aid and Welfare: A Paradoxical Theorem
The Terms of Trade in the Long Run
International Debt
The Agenda
The Background
Sovereign Risk and Rationality
Some Standard Models
Loan Pushing
Debt Forgiveness
Buybacks and Debt-Equity Swaps
The Dual Economy
The Structure of a Dual Economy
The Lewis Model
Migration and Urban Unemployment
The Harris-Todaro Model
Policy Issues
The Monotonicity Proposition
The Rural-Urban Wage Gap
The Labor Turnover Model
Extensions and Critique
Labor Turnover and Duopsony: A Digression
Unemployment and Surplus Labor
Preliminary Remarks
The Wage-Productivity Model
Surplus Labor and the Efficiency Wage
Surplus Labor in the Casual Labor Market
A Comment on Dualism
A Collusive Theory of Unemployment
The Rural Economy
Stagnation in Backward Agriculture
A Theory of Stagnation
The Debt Trap: By Chance or by Design?
Stagnation and Tenurial Laws
Alternative Explanations of Stagnation
Tenancy and Efficiency
Forms of Agricultural Land Tenure
Share Tenancy
Screening and Entrepreneurial Ability
Scale, Productivity, and Tenancy
Rural Credit Markets
The Lender's Risk Hypothesis
Monopolistic Markets
Market Fragmentation
Credit Policy
Interlinkage in Rural Markets
Potential Risk and the Emergence of Interlinkage
Partial Equilibrium in an Interlinked Market
Market Equilibrium
The Structure of Wages and Interest
The Intertemporal Earnings Approach
Response to Exogenous Changes
Moral Hazard and Interlinkage
Triadic Interactions
The Algebra of the Intertemporal Earnings Approach
Concluding Remarks
The Limits of Economic Analysis
On Power, Custom, and Social Institutions
Some Comments on Method
Concluding Remarks
Name Index
Subject Index