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Why are some countries richer than others? Why do some economies grow so much faster than others do? Do economies tend to converge at similar levels of per capita income? Or is catching up simply impossible? These questions have vast implications for human welfare. After a period of lack of interest in growth theory, they are back on the research agenda of mainstream economics. They have also been at the heart of development economics since its inception some decades ago. This book endeavors to answer such questions by blending classical contributions to development theory with recent developments in the economics of growth. The unifying theme is that early theoretical insights and accumulated empirical knowledge of development economics have much to offer to research in the theory and empirics of economic growth. With the help of a number of recent contributions, the ideas and insights of the classical literature in development economics can be given simple and rigorous formulations. Together, they amount to an approach to growth theory that can overcome the long-recognized empirical shortcomings of neoclassical growth economics, while being free from the objections that can be raised against the new brand of endogenous growth theory. In addition to an original thesis on the contribution that early development theory can make to the research program of modern growth economics, the book provides professional and research economists and graduate students with an evaluation of the strengths and limitations of the different strands of inquiry in the modern economics of growth. In addition it presents findings on comparative growth performance across countries. Jaime Ros is Professor of Economics and Faculty Fellow of the Helen Kellogg Institute of International Studies, University of Notre Dame.
The growth and development fields have expanded in the last twelve years in welcome directions that aim to deepen our understanding of the fundamental determinants of comparative development. This new book evaluates these new directions, including developments in endogenous growth theory and economic geography as well as the rise and challenge of the new institutional economics, in the light of the earlier, classical contributions to developmenttheory.The professional economist and researcher will find in the present book original theses on the contributions that early development theory can make to the research program of the economicsof growth and comparative development. Graduate and advanced undergraduate students in economics will find a balanced theoretical treatment and an assessment of the empirical evidence provided by new and earlier approaches to economic growth and development.
"Ezeala-Harrison successfully bridges the gap between the theoretical and policy appraoches to economic development in this compact volume....Highly recommended for students, researchers, and practitioners of development economics." Choice
This second edition of a classic text provides an introductory and interdisciplinary review of the theories of social and economic development.
Neoclassical economic theory and development economics have failed to deliver the much higher rates of growth and overall development that they promised would result from the freeing up of markets. This book takes issue with the nostrums that underlie free market policies in both developing countries and the rich industrial nations. The contributors want to rethink economics as a discipline and development as a process. Economics needs to redefine many of its concepts to reflect the complex realities of functioning economies. And development needs to be reconceived as a process of social change, in which each country's particular history and institutional workings take centre stage. They point the way to a much more sophisticated understanding of economic development. The ultimate prize, if theory can be grounded in a more accurate analysis of social change, is policies that really will deliver higher economic growth and greater social justice worldwide.
The economic and social development of the world’s poorest countries, and the eradication of primary poverty, is one of the greatest challenges facing the world. This tenth edition of Tony Thirlwall’s classic textbook Economics of Development, now co-written with Penélope Pacheco-López, provides a clear, comprehensive and rigorous introduction to the theory ofdevelopment economics and the experience of developing countries. Highlights of the new edition include:• A brand new chapter on human capital: education, nutrition, health, and the role of women in development• New material on the Sustainable Development Goals, the measurement of poverty, and the multidimensional poverty index• Discussion of randomized control trials • The role of structural change in economic development• New IMF lending facilities An ideal textbook for students of economics and other social sciences, this edition contains up-to-date statistics and data, case examples and website references. A companion website is available at, which includes PowerPoint slides for lecturers, as well as web links to additional resources and videos on development issues. ‘The first edition of this classic text was in 1972, now in 2017 we have a tenth edition. No scholarly work survives for almost half a century without continuing to be current, relevant and authoritative; a considerable task in our fast changing world. Edition number 10 does not disappoint, and will continue to be of great value to current generations of students interested in the economics of development. It is stimulating, informative and comprehensive; as with previous editions, it also maintains rigour whilst continuing to be accessible.’ – Sir David Greenaway, University of Nottingham, UK ‘Economics of Development is by far the best undergraduate textbook in development economics. The new edition expands coverage of the material to include important and relevant topics such as the Sustainable Development Goals, multidimensional poverty, health and nutrition, microcredit, climate change and randomised control trials, and should be an essential reference for students and scholars alike.’ – Kunal Sen, University ofManchester, UK ‘Successive editions of Tony Thirlwall’s textbook on the economics of development have become classic guides to the subject – comprehensive, clear and dispassionate. This updated edition is again outstanding, an essential contemporary introduction to the topic.’ – Frances Stewart, University of Oxford, UK ‘This splendid book, which has gone from strength to strength through ten comprehensive editions, is unquestionably the finest available introduction to the challenging and ever-evolving subject of economic development.’ – Prema-chandra Athukorala, Australian National University, Australia A.P. THIRLWALL is Professor of Applied Economics at the University of Kent, UK. He has lectured widely in developing countries and has been a consultant to several international development agencies. He has also written a number of other books in the field of growth and development, and is Series Editor of Great Thinkers in Economics, published by Palgrave Macmillan. PENÉLOPE PACHECO-LÓPEZ teaches economics at the University of Kent, UK, and has been Consultant to the United Nations Conference on Trade and Development (UNCTAD), the International Trade Centre, and the United Nations Industrial Development Organization (UNIDO). With A.P. Thirlwall she is co-author of Trade Liberalization and the Poverty of Nations.
Growth theory provides a rich and versatile analytical framework through which fundamental questions about economic development can be examined. This book is an introduction to the newer features of growth theory that are particularly useful in examining the issues of economic development. Structural transformation, in which developing countries transition from traditional production in largely rural areas to modern production in largely urban areas, is an important causal force in creating early economic growth, and as such, is made central in this approach. Towards this end, the authors augment the Solow model to include endogenous theories of saving, fertility, human capital, institutional arrangements, and policy formation, creating a single two-sector model of structural transformation. Based on applied research and practical experiences in macroeconomic development, the model in this book presents a more rigorous, quantifiable, and explicitly dynamic dual economy approach to development. Common microeconomic foundations and notation are used throughout, with each chapter building on the previous material in a continuous flow. With its single model and focus on data and policy analysis, this text is intended for beginning graduate students and policy makers interested in economic development.
Regional economics – an established discipline for several decades – has undergone a period of rapid change in the last ten years resulting in the emergence of several new perspectives. At the same time the methodology of regional economics has also experienced some surprising developments. This fully revised and updated Handbook brings together contributions looking at new pathways in regional economics, written by many well-known international scholars. The aim is to present the most cutting-edge theories explaining regional growth and local development. The authors highlight the recent advances in theories, the normative potentialities of these theories and the cross-fertilization of ideas between regional and mainstream economists. It will be an essential source of reference and information for both scholars and students in the field.
A critique of economic conventional wisdom about rent-seeking, corruption and the development process.
This book develops a new theoretical framework to examine the issues of economic growth and development. Providing analysis of economic dynamics in a competitive economy under government intervention in infrastructure and income distribution, the book develops a unique analytical framework under the influence of traditional neoclassical growth theory. However, in a departure from neoclassical growth theory it examines both the Solow-Swan and the Ramsey growth models, introducing a utility function which treats consumer choices in ways critically different to previous approaches. Using practical examples and models the book demonstrates how this new direction can effectively analyze the key issues of economic growth, in a compact and comprehensive manner.
The Handbook of Alternative Theories of Economic Development explores the theories and approaches which, over a prolonged period of time, have existed as viable alternatives to today’s mainstream and neo-classical tenets. With a total of 40 specially commissioned chapters, written by the foremost authorities in their respective fields, this volume represents a landmark in the field of economic development. It elucidates the richness of the alternative and sometimes misunderstood ideas which, in different historical contexts, have proved to be vital to the improvement of the human condition. The subject matter is approached from several complementary perspectives. From a historical angle, the Handbook charts the mercantilist and cameralist theories that emerged from the Renaissance and developed further during the Enlightenment. From a geographical angle, it includes chapters on African, Chinese, Indian, and Muslim approaches to economic development. Different schools are also explored and discussed including nineteenth century US development theory, Marxist, Schumpeterian, Latin American structuralism, regulation theory and world systems theories of development. In addition, the Handbook has chapters on important events and institutions including The League of Nations, The Havana Charter, and UNCTAD, as well as on particularly influential development economists. Contemporary topics such as the role of finance, feminism, the agrarian issue, and ecology and the environment are also covered in depth. This comprehensive Handbook offers an unrivalled review and analysis of alternative and heterodox theories of economic development. It should be read by all serious scholars, teachers and students of development studies, and indeed anyone interested in alternatives to development orthodoxy.
Development Economics: theory and Practice provides students and practitioners with the perspectives and the tools they need to think analytically and critically about the current major economic development issues in the world. Alain de Janvry and Elisabeth Sadoulet identify seven key dimensions of development; growth, poverty, vulnerability, inequality, basic needs, sustainability, and quality of life, and use them to structure the contents of the text. This book gives a historical perspective on the evolution of thought in development. It uses theory and empirical analysis to present readers with a full picture of how development works, how its successes and failures can be assessed, and how alternatives can be introduced. The authors demonstrate how diagnostics, design of programs and policies, and impact evaluation can be used to seek new solutions to the suffering and violence caused by development failures. This text is fully engaged with the most cutting edge research in the field, and equips readers with analytical tools for the impact evaluation of development programs and policies, illustrated with numerous examples. It is underpinned throughout by a wealth of student-friendly features including case studies, quantitative problem sets, end-of-chapter questions, and extensive references. This unique text aims at helping readers learn about development, think analytically about achievements and alternative options, and be prepared to compete on the development job market.
Mainstream economic theories today are logical, consistent and even explanatory in many ways, when their relevance is tested in real economic situations, they often fail to correctly explain normal economic transactions. Thus they are only successful in explaining a fictional world and fictional economic relations that are largely based on unrealistic assumptions. <I>Economic Growth is a study of new and alternative theories and models to replace the <I>parables of these mainstream ideologies and hopes to appeal to open minded economists as a constructive contribution for the further development of new economic ideas.
This textbook includes discussions of such topics as the environment, the debt case, export-led industrialization, import substitution industrialization, growth theory and technological capability.
This work treats economic growth and development in terms of a theory which is applicable to the post-industrial, developing, and emerging economies.
The essays are concise, yet comprehensive, and each essay contains a substantial set of references, which an interested researcher or student could follow up. . . In addition to representing multidisciplinary interactions, this collection encompasses several different perspectives within development economics, so the reader can learn, for example, both about neoclassical approaches and dependency theories in the same volume. This makes the collection unique and all the more valuable. . . This is a very good reference collection, as the individual essays are informative and provide a good overall perspective on the topic that they set out to address. The extensive bibliography at the end of each essay adds further value to this collection. Ashwini Deshpande, Economic and Political Weekly These new volumes impress along two dimensions. First, they highlight important connections between economic development and variables such as culture, warfare, and ethnicity, which are sometimes ignored by mainstream economists. Second, they analyze the economic development experience of different regions such as Africa, Latin America, and East Asia. . . a valuable reference for scholars and practitioners in the field. Highly recommended. H.A. Faruq, Choice This two-volume original reference work provides a comprehensive overview of development economics and comprises contributions by some of the leading scholars working in the field. Authors are drawn from around the world and write on a wide range of topics. After providing an introduction to the subject (by examining issues like the meaning and measurement of development, historical and interdisciplinary approaches, empirical regularities and data problems), the contributors provide a wealth of perspectives on, and analyses of, development economics. They discuss alternative approaches to development, the macroeconomics of growth, factors and sources of economic development (such as capital, labor, entrepreneurship, resources and technology), major sectors of concern (such as agriculture, industry, services and the informal sector) and international issues (such as trade, capital and labor flows and technology transfers). Income distribution and poverty, the state and other institutions, and actual development experiences are explored. The contributors provide analytical contributions, as well as the relation between these contributions and real world and policy issues from a variety of alternative perspectives. Scholars, students, policymakers and other development practitioners will all find this comprehensive reference invaluable.
Featuring survey articles by leading economists working on growth theory, this two-volume set covers theories of economic growth, the empirics of economic growth, and growth policies and mechanisms. It also covers technology, trade and geography, and growth and socio-economic development.
This collection brings together a collection of theoretical and empirical findings on aspects of financial development and economic growth in developing countries. The book is divided into two parts: the first identifies and analyses the major theoretical issues using examples from developing countries to illustrate how these work in practice; the second part looks at the implications for financial policy in developing countries.

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