Analytical Development Economics: The Less Developed Economy Revisited / Edition 1

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Overview

Virtually all industrialized nations have annual per capita incomes greater than$15,000; meanwhile, over three billion people, more than half the worlds population, live in countries with per capita incomes of less than $700. Development economics studies the economies of such countries and the problems they face, including poverty, chronic underemployment, low wages,rampant inflation, and oppressive international debt. In the past two decades, the international debt crisis, the rise of endogenous growth theory, and the tremendous success of some Asian economies have generated renewed interest in development economics, and the field has grown and changed dramatically.Although Analytical Development Economics deals with theoretical development economics, it is closely grounded in reality. The author draws on a wide range of evidence,including some gathered by himself in the village of Nawadih in the state of Bihar, India, where—in huts and fields, and in front of the village tea stall—he talked with landlords, tenants,moneylenders, and landless laborers. The author presents theoretical results in such a way that those doing empirical work can go out and test the theories.The book is a revision of Basu's TheLess Developed Economy: A Critique of Contemporary Theory (Blackwell, 1984). The new edition, which has several new chapters and sections, incorporates recent theoretical advances in its comprehensive, up-to-date treatment of the subject. It is intended primarily as a textbook for a one-semester graduate course, but will also be of interest to researchers in economic development and to policymakers.

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What People Are Saying

From the Publisher
"An admirable combination of introductory helpfulness and state-of-the-art coverage.

And fun to read!" Amartya Sen, Lamont University Professor, and Professor of Economics andPhilosophy, Harvard University

"The appearance of a revised version of Basu's splendid book is greatly to be welcomed, particularly by those who believe that the economics of underdevelopment should not imply the underdevelopment of economics. This volume provides excellent material for a theoretically oriented course in development economics at an advanced undergraduate or graduate level."Christopher Scott, London School of Economics and Political Science

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Product Details

  • ISBN-13: 9780262523448
  • Publisher: MIT Press
  • Publication date: 4/1/2003
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 386
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.80 (d)

Meet the Author

Kaushik Basu is Professor of Economics and holds a chair at Cornell University.

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Table of Contents

Preface
Preface to The Less Developed Economy, 1984
I Preliminaries 1
1 Introduction 3
II Macro Perspectives 15
2 The Vicious Circle of Poverty 17
3 Growth and Development 43
4 Inflation and Structural Disequilibrium 65
5 Foreign Exchange and Trade: Some Considerations 83
6 International Debt 103
III The Dual Economy 149
7 The Structure of a Dual Economy 151
8 Migration 163
9 The Rural-Urban Wage Gap 183
10 Unemployment and Surplus Labor 197
IV The Rural Economy 223
11 Stagnation in Backward Agriculture 225
12 Tenancy and Efficiency 251
13 Rural Credit Markets 267
14 Interlinkage in Rural Markets 281
V Concluding Remarks 317
15 The Limits of Economic Analysis 319
References 331
Name Index 355
Subject Index 361
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