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This collection provides a complete introduction to new ways of thinking about economic development. Emphasizing economic theory, each article has been selected for its theoretical completeness, accessibility and clarity as well as its value as a contribution to the field. A thorough introductory essay summarizes the state of the field for those new to the field and explains the importance of the articles selected.
Part I: Underdevelopment As Market Incompleteness: Economy-WideImplications.
A: Coordination Failures and Underdevelopment.
1. Industrialization and the Big Push. (Kevin M. Murphy, AndreiShleifer and Robert W. Vishny).
2. Increasing Returns and Long-Run Growth. (Paul M. Romer).
3. History and Coordination Failure. (Alícia Adseràand Debraj Ray).
B: Inequality and Underdevelopment.
4. Income Distribution and Macroeconomics. (Oded Galor andJoseph Zeira).
5. Occupational Choice and the Process of Development. (AbhijitV. Banerjee and Andrew F. Newman).
6. Economic Underdevelopment: The Case of a Missing Market forHuman Capital. (Lars Ljungqvist).
C: Slow Convergence.
7. Was Prometheus Unbound by Chance?: Risk, Diversification andGrowth. (Daron Acemoglu and Fabrizio Zilibotti).
Part II: Market Incompleteness And Informal Institutions:Microeconomic Analysis.
A: Agarian organization.
8. Access to Capital and Agrarian Production Organization.(Mukesh Eswaran and Ashok Kotwal).
9. Part 1: Inequality as a Determinant of Malnutrition andUnemployment: Theory Part 2 Inequality as a Determinant ofMalnutrition and Unemployment: Policy (Partha Dasgupta and DebrajRay).
10. A Theory of Two-Tier Labor Markets in Agrarian Economies.(Mukesh Eswaran and Ashok Kotwal.
C: Credit and Land.
11. Credit Rationing in Developing Countries: An Overview of theTheory. (Parikshit Ghosh, Dilip Mookherjee and Debraj Ray).
12. Sharecropping and the Interlinking of Agrarian Markets.(Avishay Braverman and Joseph E. Stiglitz).
13. Informational Rents and Property Rights in Land. (DilipMookherjee).
D: Cooperatives and the Informal Economy.
14. Reciprocity without Commitment: Characterization andPerformance of Informal Insurance Arrangements. (Stephen Coate andMartin Ravallion).
15. The Economics of Rotating Savings and Credit Associations.(Timothy Besley, Stephen Coate and Glenn Loury).
16. The Economics of Lending with Joint Liability: Theory andPractice. (Maitreesh Ghatak and Timothy W. Guinnane).
17. Learning by Doing and Learning from Others: Human Capitaland Technical Change in Agriculture. (Andrew D. Foster and Mark R.Rosenzweig).