Author: Debraj Ray
Publisher: Oxford University Press
Year: 2014
Language: English
Pages: 848
ISBN/UPC (if available): 0195649001
Description
This work stresses that economic progress is not the result of a single factor, but is favored by a combination of elements, including the improvement of physical and human capital, the reduction of inequality, and the establishment of institutions.
‘Development Economics stresses’ that the economic progress is not the result of a single factor, but is favored by a combination of elements, including the improvement of physical and human capital, the reduction of inequality, and the establishment of institutions enabling the information flow essential to market performance. Debraj Ray presents in this volume:
• A comprehensive text for the study of development in low-income countries: A synthesis of recent and old literature, incorporating large strides in the subject over the past decade, is provided.
• A discussion of wide-ranging subjects and a demonstration of intriguing connections amongst them: The book considers vital topics, such as inequality, poverty, population, trade policy and credit markets, and raises important questions to help set the agenda for the future.
A fundamental textbook for students of development economics, it also contains important material for researchers and policy-makers dealing with complex issues of growth, inequality and social welfare.
REVIEWS:
An elegant, insightful and extremely effective textbook, combines astute theoretical reasoning with a firm grip on empirical circumstance, including institutional possibilities and limitations.
— Amartya Sen, Trinity College, Cambridge
His style is clear and ability to explain the most technical topics in a reader-friendly style is most uncanny.
— Lord Meghnad Desai, London School of Economics
Contents
Preface
CHAPTER 1
Introduction
CHAPTER 2
ECONOMIC DEVELOPMENT: OVERVIEW
Introduction
Income and growth
Income distribution in developing countries
The many faces of underdevelopment
Some structural features
Summary
Exercises
CHAPTER 3: ECONOMIC GROWTH
Introduction
Modern economic growth: Basic features
Theories of economic growth
Technical progress
Convergence?
Summary
Appendix
Exercises
CHAPTER 4: THE NEW GROWTH THEORIES
Introduction
Human capital and growth
Another look at conditional convergence
Technical progress again
Total factor productivity and the East Asian miracle
Summary
Appendix: Human capital and growth
Exercises
CHAPTER 5: HISTORY, EXPECTATIONS, AND DEVELOPMENT
Introduction
Complementarities
Increasing return
Competition, multiplicity, and international trade
Other roles for history
Summary
Exercises
CHAPTER 6: ECONOMIC INEQUALITY
Introduction
What is economic inequality
Measuring economic inequality
Summary
Exercises
CHAPTER 7: INEQUALITY AND DEVELOPMENT: INTERCONNECTIONS
Introduction
Inequality, income and growth
Summary
Appendix: Multiple steady states imperfect capital markets
Exercises
CHAPTER 8: POVERTY AND UNDERNUTRITION
Introduction
Poverty: First principles
Poverty: Empirical observations
The functional impact of poverty
Summary
Appendix: More on poverty measures
Exercises
CHAPTER 9: POPULATION GROWTH AND ECONOMIC DEVELOPMENT
Introduction
Population: Some basic concepts
From economic development to population growth
From population growth to economic development
Summary
Experience
CHAPTER 10
RURAL AND URBAN
Overview
Rural-urban interaction
Rural-urban migration
Summary
Experiences
CHAPTER 11
MARKETS IN AGRICULTURE: AN INTRODUCTION
Introduction
Some examples
Land, labor, capital, and credit
CHAPTER 12: LAND
Introduction
Ownership and tenancy
Land rental contracts
Land ownership
Summary
Appendix 1: Principal-agent theory and applications
Appendix 2: Screening and sharecropping
Exercises
CHAPTER 13: LABOR
Introduction
Labor categories
A familiar model
Poverty, nutrition, and labor market
Permanent labor markets
Summary
Exercises
CHAPTER 14: CREDIT
Introduction
Rural credit markets
Theories of informal credit markets
Interlinked transactions
Alternative credit policies
Summary
Exercises
CHAPTER 15: INSURANCE
Basic concepts
The perfect insurance model
Limits to insurance: Information
Limits to insurance: Enforcements
Summary
Exercises
CHAPTER 16: INTERNATIONAL TRADE
World trading patterns
Comparative advantage
Sources of comparative advantage
Summary
Exercises
CHAPTER 17: TRADE POLICY
Gains from trade?
Trade policy: Import substitution
Export promotion
The move away from import substitution
Summary
Appendix: The International Monetary Fund and the World Bank
Exercises
CHAPTER 18: MULTILATERAL APPROACHES TO TRADE POLICY
Introduction
Restricted trade
Issues in trade liberalization
Summary
Exercises
APPENDIX 1: ELEMENTARY GAME THEORY
Introduction
Basic concepts
Nash equilibrium
Games over time
APPENDIX 2: ELEMENTARY STATISTICAL METHOD
Introduction
Summary Statistics
Regression
References
Author Index
Subject Index