Insightful and highly effective, Development Economics combines sound theoretical reasoning with solid empirical circumstances including institutional limitations and possibilities.
Summary Of The Book
Development Economics essentially discusses various studies on culture, science, and technology in India between the tenth century and the eighteenth century. Until recently this period was viewed by economists as a dark age for development science in the country. However, the intervening nine centuries was a period of powerful debate and significant advancement in different fields like science with many of the key principles of modern scientific thinking further enriched by the influence of Persian and Arabic scholars.
The field of development economics focuses on the factors that influence the economic growth of country, and looks into the various aspects that initiate the development of the country’s economy. The book analyzes numerous concepts like malnutrition, economic inequality, poverty, labor markets, trade policies, and also land and credit markets. The study of these concepts help economists better understand the factors that could slow down the economic progress of the country. This vital understanding will pave the way for faster growth by the formulation of better economic policies.
The book suggests that economic growth depends on a combination of various positive factors that can lead to faster economic growth such as development of human and physical capital, better facilities, and reduction of inequality. Development Economics is essentially a synthesis of older and recent literature in the specialized field of economics. The book also raises many vital questions that will help economists frame the agenda for future research.
Development Economics also deals with diverse topics such as moral hazards in land deals, theories of credit markets based on information, the new growth theory, and the macroeconomic repercussions of economic inequality. The book supports the various arguments presented in it with ample examples from around the world. The author assumes that the readers have a basic knowledge of economics, but he lucidly explains sophisticated ideas and concepts in simple and easy to understand language with minimum mathematical concepts.
About Debraj Ray
Debraj Ray is an economist and author.
His other books include A Game-Theoretic Perspective On Coalition Formation, Readings In The Theory Of Economic Development, and Contemporary Macroeconomics.
Ray was born in 1957. He completed his Bachelor of Arts degree in Economics in 1977 from the University of Calcutta. He later completed his master’s degree and a Ph.D from Cornell University. He is currently a Julius Silver Professor in the Faculty of Arts and Science, and also Professor of Economics at New York University. He has held various long term positions at the Indian Statistical Institute, Stanford University, and also at Boston University. He has also held visiting positions at Harvard University, the London School of Economics, and the People’s University of China. Ray is the recipient of many awards including the Mahalanobis Memorial Medal, and the Gittner Award for Teaching Excellence in Economics from Boston University. He is also the Co-editor of the American Economic Review.
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