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Development Economics

by
ISBN13:

9780691017068

ISBN10:
0691017069
Format:
Hardcover
Pub. Date:
1/12/1998
Publisher(s):
Princeton Univ Pr
List Price: $115.00

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Summary

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.

Table of Contents

Preface XV
Chapter 1: Introduction
3(4)
Chapter 2: Economic Development: Overview
7(40)
2.1 Introduction
7(3)
2.2 Income and growth
10(11)
2.2.1 Measurement issues
10(6)
2.2.2 Historical experience
16(5)
2.3 Income distribution in developing countries
21(4)
2.4 The many faces of underdevelopment
25(8)
2.4.1 Human development
25(2)
2.4.2 An index of human development
27(2)
2.4.3 Per capita income and human development
29(4)
2.5. Some structural features
33(9)
2.5.1. Demographic characteristics
34(1)
2.5.2. Occupational and production structure
34(2)
2.5.3. Rapid rural-urban migration
36(2)
2.5.4. International trade
38(4)
2.6. Summary
42(2)
Exercises
44(3)
Chapter 3: Economic Growth
47(52)
3.1. Introduction
47(1)
3.2. Modern economic growth: Basic features
48(3)
3.3. Theories of economic growth
51(20)
3.3.1. The Harrod-Domar model
51(7)
3.3.2. Beyond Harrod-Domar: Other considerations
58(6)
3.3.3. The Solow model
64(7)
3.4. Technical progress
71(3)
3.5. Convergence?
74(14)
3.5.1. Introduction
74(1)
3.5.2. Unconditional convergence
74(1)
3.5.3. Unconditional convergence: Evidence or lack thereof
75(5)
3.5.4. Unconditional convergence: A summary
80(2)
3.5.5. Conditional convergence
82(2)
3.5.6. Reexamining the data
84(4)
3.6. Summary
88(2)
Appendix
90(4)
3.A.1. The Harrod-Domar equations
90(1)
3.A.2. Production functions and per capita magnitudes
91(3)
Exercises
94(5)
Chapter 4: The New Growth Theories
99(32)
4.1. Introduction
99(1)
4.2. Human capital and growth
100(5)
4.3. Another look at conditional convergence
105(2)
4.4. Technical progress again
107(12)
4.4.1. Introduction
107(1)
4.4.2. Technological progress and human decisions
108(1)
4.4.3. A model of deliberate technical progress
109(3)
4.4.4. Externalities, technical progress, and growth
112(5)
4.4.5. Total factor productivity
117(2)
4.5. Total factor productivity and the East Asian miracle
119(4)
4.6. Summary
123(2)
Appendix: Human capital and growth
125(1)
Exercises
126(5)
Chapter 5: History, Expectations, and Development
131(38)
5.1. Introduction
131(1)
5.2. Complementarities
132(15)
5.2.1. Introduction: QWERTY
132(4)
5.2.2. Coordination failure
136(2)
5.2.3. Linkages and policy
138(5)
5.2.4. History versus expectations
143(4)
5.3. Increasing returns
147(5)
5.3.1. Introduction
147(1)
5.3.2. Increasing returns and entry into markets
148(2)
5.3.3. Increasing returns and market size: Interaction
150(2)
5.4. Competition, multiplicity, and international trade
152(3)
5.5. Other roles for history
155(4)
5.5.1. Social norms
155(1)
5.5.2. The status quo
156(3)
5.6. Summary
159(2)
Exercises
161(8)
Chapter 6: Economic Inequality
169(28)
6.1. Introduction
169(1)
6.2. What is economic inequality?
170(3)
6.2.1. The context
170(1)
6.2.2. Economic inequality: Preliminary observations
171(2)
6.3. Measuring economic inequality
173(19)
6.3.1. Introduction
173(1)
6.3.2. Four criteria for inequality measurement
174(4)
6.3.3. The Lorenz curve
178(6)
6.3.4. Complete measures of inequality
184(8)
6.4. Summary
192(1)
Exercises
193(4)
Chapter 7: Inequality and Development: Interconnections
197(52)
7.1. Introduction
197(2)
7.2. Inequality, income, and growth
199(39)
7.2.1. The inverted-U hypothesis
199(2)
7.2.2. Testing the inverted-U hypothesis
201(8)
7.2.3. Income and inequality: Uneven and compensatory changes
209(2)
7.2.4. Inequality, savings, income, and growth
211(7)
7.2.5. Inequality, political redistribution, and growth
218(2)
7.2.6. Inequality and growth: Evidence
220(3)
7.2.7. Inequality and demand composition
223(3)
7.2.8. Inequality, capital markets, and development
226(11)
7.2.9. Inequality and development: Human capital
237(1)
7.3. Summary
238(3)
Appendix: Multiple steady states with imperfect capital markets
241(3)
Exercises
244(5)
Chapter 8: Poverty and Undernutrition
249(46)
8.1. Introduction
249(1)
8.2. Poverty: First principles
250(6)
8.2.1. Conceptual issues
250(3)
8.2.2. Poverty measures
253(3)
8.3. Poverty: Empirical observations
256(11)
8.3.1. Demographic features
257(2)
8.3.2. Rural and urban poverty
259(1)
8.3.3. Assets
259(2)
8.3.4. Nutrition
261(6)
8.4. The functional impact of poverty
267(21)
8.4.1. Poverty, credit, and insurance
268(4)
8.4.2. Poverty, nutrition, and labor markets
272(7)
8.4.3. Poverty and the household
279(9)
8.5. Summary
288(2)
Appendix: More on poverty measures
290(2)
Exercises
292(3)
Chapter 9: Population Growth and Economic Development
295(50)
9.1. Introduction
295(2)
9.2. Population: Some basic concepts
297(5)
9.2.1. Birth and death rates
297(3)
9.2.2. Age distributions
300(2)
9.3. From economic development to population growth
302(24)
9.3.1. The demographic transition
302(1)
9.3.2. Historical trends in developed and developing countries
303(4)
9.3.3. The adjustment of birth rates
307(11)
9.3.4. Is fertility too high?
318(8)
9.4. From population growth to economic development
326(12)
9.4.1. Some negative effects
326(6)
9.4.2. Some positive effects
332(6)
9.5. Summary
338(2)
Exercises
340(5)
Chapter 10: Rural and Urban
345(58)
10.1. Overview
345(8)
10.1.1. The structural viewpoint
345(1)
10.1.2. Formal and informal urban sectors
346(2)
10.1.3. Agriculture
348(1)
10.1.4. The ICRISAT villages
349(4)
10.2. Rural-urban interaction
353(19)
10.2.1. Two fundamental resource flows
353(1)
10.2.2. The Lewis model
353(19)
10.3. Rural-urban migration
372(23)
10.3.1. Introduction
372(1)
10.3.2. The basic model
373(1)
10.3.3. Floors on formal wages and the Harris-Todaro equilibrium
374(5)
10.3.4. Government policy
379(7)
10.3.5. Comments and extensions
386(9)
10.4. Summary
395(3)
Exercises
398(5)
Chapter 11: Markets in Agriculture: An Introduction
403(12)
11.1. Introduction
403(1)
11.2. Some examples
404(5)
11.3. Land, labor, capital, and credit
409(6)
11.3.1. Land and labor
409(3)
11.3.2. Capital and credit
412(3)
Chapter 12: Land
415(68)
12.1. Introduction
415(1)
12.2. Ownership and tenancy
416(4)
12.3. Land rental contracts
420(25)
12.3.1. Contractual forms
420(3)
12.3.2. Contracts and incentives
423(8)
12.3.3. Risk, tenancy, and sharecropping
431(5)
12.3.4. Forms of tenancy: Other considerations
436(5)
12.3.5. Land contracts, eviction, and use rights
441(4)
12.4. Land ownership
445(17)
12.4.1. A brief history of land inequality
445(1)
12.4.2. Land size and productivity: Concepts
446(7)
12.4.3. Land size and productivity: Empirical evidence
453(3)
12.4.4. Land sales
456(1)
12.4.5. Land reform
457(5)
12.5. Summary
462(1)
Appendix 1: Principal-agent theory and applications
463(11)
12.A.1. Risk, moral hazard, and the agency problem
463(3)
12.A.2. Tenancy contracts revisited
466(8)
Appendix 2: Screening and sharecropping
474(4)
Exercises
478(5)
Chapter 13: Labor
483(46)
13.1. Introduction
483(1)
13.2. Labor categories
484(2)
13.3. A familiar model
486(3)
13.4. Poverty, nutrition, and labor markets
489(15)
13.4.1. The basic model
489(10)
13.4.2. Nutrition, time, and casual labor markets
499(1)
13.4.3. A model of nutritional status
500(4)
13.5. Permanent labor markets
504(18)
13.5.1. Types of permanent labor
504(1)
13.5.2. Why study permanent labor?
505(2)
13.5.3. Permanent labor: Nonmonitored tasks
507(8)
13.5.4. Permanent labor: Casual tasks
515(7)
13.6. Summary
522(2)
Exercises
524(5)
Chapter 14: Credit
529(62)
14.1. Introduction
529(3)
14.1.1. The limits to credit and insurance
529(2)
14.1.2. Sources of demand for credit
531(1)
14.2. Rural credit markets
532(11)
14.2.1. Who provides rural credit?
532(8)
14.2.2. Some characteristics of rural credit markets
540(3)
14.3. Theories of informal credit markets
543(18)
14.3.1. Lender's monopoly
543(1)
14.3.2. The lender's risk hypothesis
544(1)
14.3.3. Default and fixed-capital loans
545(1)
14.3.4. Default and collateral
546(2)
14.3.5. Default and credit rationing
548(5)
14.3.6. Informational asymmetries and credit rationing
553(2)
14.3.7. Default and enforcement
555(6)
14.4. Interlinked transactions
561(11)
14.4.1. Hidden interest
563(1)
14.4.2. Interlinkages and information
564(1)
14.4.3. Interlinkages and enforcement
564(1)
14.4.4. Interlinkages and creation of efficient surplus
565(7)
14.5. Alternative credit policies
572(12)
14.5.1. Vertical formal-informal links
573(5)
14.5.2. Microfinance
578(6)
14.6. Summary
584(2)
Exercises
586(5)
Chapter 15: Insurance
591(30)
15.1. Basic concepts
591(5)
15.2. The perfect insurance model
596(4)
15.2.1. Theory
596(1)
15.2.2. Testing the theory
597(3)
15.3. Limits to insurance: Information
600(5)
15.3.1. Limited information about the final outcome
601(1)
15.3.2. Limited information about what led to the outcome
602(3)
15.4. Limits to insurance: Enforcement
605(10)
15.4.1. Enforcement-based limits to perfect insurance
606(2)
15.4.2. Enforcement and imperfect insurance
608(7)
15.5. Summary
615(2)
Exercises
617(4)
Chapter 16: International Trade
621(26)
16.1. World trading patterns
621(6)
16.2. Comparative advantage
627(3)
16.3. Sources of comparative advantage
630(13)
16.3.1. Technology
630(1)
16.3.2. Factor endowments
631(5)
16.3.3. Preferences
636(2)
16.3.4. Economies of scale
638(5)
16.4. Summary
643(1)
Exercises
644(3)
Chapter 17: Trade Policy
647(64)
17.1. Gains from trade?
647(9)
17.1.1. Overall gains and distributive effects
647(3)
17.1.2. Overall losses from trade?
650(6)
17.2. Trade policy: Import substitution
656(20)
17.2.1. Basic concepts
657(3)
17.2.2. More detail
660(16)
17.3. Export promotion
676(8)
17.3.1. Basic concepts
677(1)
17.3.2. Effect on the exchange rate
678(1)
17.3.3. The instruments of export promotion: More detail
679(5)
17.4. The move away from import substitution
684(15)
17.4.1. Introduction
684(1)
17.4.2. The eighties crisis
685(5)
17.4.3. Structural adjustment
690(9)
17.5. Summary
699(2)
Appendix: The International Monetary Fund and the World Bank
701(4)
Exercises
705(6)
Chapter 18: Multilateral Approaches to Trade Policy
711(46)
18.1. Introduction
711(3)
18.2. Restricted trade
714(11)
18.2.1. Second-best arguments for protection
714(1)
18.2.2. Protectionist tendencies
715(2)
18.2.3. Explaining protectionist tendencies
717(8)
18.3. Issues in trade liberalization
725(28)
18.3.1. Introduction
725(2)
18.3.2. Regional agreements: Basic theory
727(3)
18.3.3. Regional agreements among dissimilar countries
730(5)
18.3.4. Regional agreements among similar countries
735(11)
18.3.5. Multilateralism and regionalism
746(7)
18.4. Summary
753(2)
Exercises
755(2)
Appendix 1: Elementary Game Theory
757(20)
A1.1. Introduction
757(1)
A1.2. Basic concepts
757(2)
A1.3. Nash equilibrium
759(8)
A1.4. Games over time
767(10)
Appendix 2: Elementary Statistical Methods
777(28)
A2.1. Introduction
777(1)
A2.2. Summary statistics
778(5)
A2.3. Regression
783(22)
References 805(24)
Author Index 829(6)
Subject Index 835


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