THE DEFINITION OF ECONOMIC DEVELOPMENT
Before setting out on these inquiries, I ought perhaps to state explicitly what I intend to mean by development. This is a term which quite obviously is capable of a…
WHAT IS ECONOMIC DEVELOPMENT, THEN?
Economic development has different meanings in different contexts. In rich countries, it is pretty much equated with growth. Picture the urban developer who makes skyscrapers sprout from vacant lots in…
Trusting Markets
The 1980s saw the beginning of a backlash against too much state involvement in the economy. This was the era of Ronald Reagan and Margaret Thatcher, in which we recognized…
Rethinking Growth: Inequality and Poverty
The United Nations declared the 1960s to be the decade of development. In 1961, it “called on all member states to intensify their efforts to mobilize support for measures required…
THE EVOLUTION OF DEVELOPMENT ECONOMICS
Economics classes rarely spend much time on history. But the brief history of development economics is instructive. Appreciating how economists have come to understand economic development helps us understand the…
What Development Economics Is All About
Description of development economics • Evolution of development economics • Import substitution and export promotion • Market failures • Inseparability of efficiency and equity • Millennium Development Goals Malawi is…
Investment in human capital
Improvements in education, health and nutrition are important for intrinsic reasons as source of pleasure to individuals – as well as instrumental ones due to potential effects on future labor…
Growth: Back to the Future
The ultimate objective of research on economic growth is to explain cross‐country differences in growth experience and to determine whether such explicable differences carry any useful implications for raising poor…
Development, poverty and welfare dynamics
The necessary first step in introducing the field of development economics is to define the elusive concept of development. Sen won a Nobel Prize for his path‐ breaking efforts in this…
Applied Economics
Applied economics is a field that applies of economic theories and principles to real-world situations with the desired aim of predicting potential outcomes. The use of applied economics is designed…
