Introduction to Development Economics,9780415280754

Introduction to Development Economics

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Edition: 4th
ISBN13: 9780415280754
ISBN10: 0415280753
Format: Hardcover
Pub. Date: 2003-12-29
Publisher(s): Routledge
List Price: $219.35

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Summary

Development Economics is arguably the most important field within economics. Charged with analyzing and criticizing the way economies develop and grow, development economists play a vital role in attempting to reduce inequality across the world. The new edition of this excellent textbook introduces students to this vital field. Also new in this book is the introduction of endogenous growth theory. Defined, this is growth that occurs from within the economy, which is not reliant on trade, and can include improvements in education, health and technology. With vastly improved and updated pedagogical features such as new topical case studies and questions for discussion, Subrata Ghatak introduces what can be a difficult topic with a welcome clarity.

Author Biography

Subrata Ghatak is Research Professor in Economics and Director of Research Studies in Economics at Kingston University, England.

Table of Contents

Preface to the fourth edition xi
Preface to the third edition xii
Preface to the second edition xiii
Preface to the first edition xiv
Acknowledgements xvi
Introduction
1(34)
Introduction
1(1)
Characteristics of the less developed countries
1(19)
Types of markets in less developed countries
20(1)
Production conditions in less developed countries
20(3)
Growth and development
23(3)
Human development index
26(9)
Appendix 1.1 Measurement of income inequality
28(2)
Appendix 1.2 A note on production functions
30(5)
PART I The economic theory of growth and development
35(62)
Growth Theories and Their Relevance to Less Developed Countries
37(42)
Introduction
37(1)
Classical scenario
37(2)
The Keynesian theory and less developed countries
39(3)
The Harrod--Domar model and its applications
42(1)
The neoclassical theory and less developed countries
43(4)
Marx's theory and less developed countries
47(5)
The Kaldor--Mirrlees model
52(3)
The neoclassical growth accounting formula and the new endogenous growth theory
55(5)
Differences in economic growth
60(19)
Appendix 2.1 The basic equations of the neoclassical economic growth model
71(2)
Appendix 2.2 Endogenous growth models
73(6)
Dual Economy Models
79(18)
Introduction
79(1)
The `surplus' labour and its contribution to development
79(4)
The Fei--Ranis model
83(4)
The Jorgenson model
87(3)
Some extensions of the dual economy models: the Dixit--Marglin model
90(1)
The Kelly et al. model
91(1)
Dual economy models: a critique
91(6)
Appendix 3.1 Employment and growth
94(3)
Part II Investment, saving, foreign resources and industrialization in less developed countries
97(130)
Allocation of Resources: Investment Criteria
99(16)
The need for investment criteria in less developed countries
99(1)
The capital turnover criterion
100(1)
The social marginal productivity criterion
101(1)
The maximization of the rate of creation of investible surplus principle
101(2)
The reinvestible surplus criterion
103(6)
Balanced and unbalanced growth
109(6)
Appendix 4.1 The dichotomy between savings and output maximization and its solution
112(3)
Domestic Resources for Development
115(31)
Introduction
115(1)
The nature of money markets in less developed countries
115(1)
Money and economic growth
116(1)
Inflation and economic growth
117(7)
Financial liberalization in LDCs: causes and consequences
124(2)
Objectives of fiscal policy in less developed countries
126(1)
Fiscal policy and growth
127(4)
Deficit financing and less developed countries
131(1)
The tax structure in less developed countries
132(6)
Taxation and domestic resource mobilization in less developed countries: the evidence
138(2)
Tax reforms in less developed countries in the 1980s
140(1)
Budgetary deficits and Ricardian equivalence: the case of India
141(5)
Foreign Resources and Economic Development
146(44)
Introduction
146(1)
The concept of foreign resources
146(1)
Criteria for distribution of foreign resources
147(3)
Different types of foreign resource
150(4)
Dual-gap analysis and its evaluation
154(3)
Gains and losses of investment by multinational corporations in less developed countries: some theoretical issues
157(5)
Private foreign investment and the transfer of technology to less developed countries
162(8)
Special drawing rights and the `link'
170(6)
Foreign aid and economic growth
176(14)
Appendix 6.1 Less developed countries and world trade
180(10)
Industrialization, Protection and Trade Policies
190(37)
Major reasons for industrialization in less developed countries
190(100)
The role of tariffs in economic development
290
The optimum tariff argument
191(2)
The infant industry argument
193(3)
Distortions in the factor markets
196(1)
The balance of payments argument
197(1)
The employment argument
197(1)
`Nominal' and `effective' rates of protection
198(5)
The `cost' of protection
203(2)
Economic growth and trade
205(1)
Terms of trade between developed countries and less developed countries
206(2)
Export instability and economic growth in less developed countries
208(2)
The role of the United Nations Conference on Trade and Development and some trade policies to help less developed countries
210(2)
Non-tariff barriers and the generalized system of preferences
212(1)
Regional co-operation among less developed countries
213(1)
Trade liberalization and industrialization
214(5)
The North--South models and intra-industry trade
219(1)
Conclusion
220(7)
Appendix 7.1 Indices of instability of exports
223(4)
Part III Sectoral development and planning
227(136)
Sectoral Allocation of Resources: Agriculture
229(17)
Introduction
229(1)
The role of agriculture in economic development
229(2)
The concept of `marketed surplus'
231(4)
A model to mobilize agricultural surplus
235(3)
Acreage response to prices
238(1)
Marketed surplus, size-holdings and output
238(6)
Limitations of price policy and some alternatives
244(1)
Conclusion
245(1)
Green Revolution and Income Distribution
246(25)
Introduction
246(1)
The nature of the Green Revolution
246(5)
Causes of the Green Revolution
251(4)
Effects of the Green Revolution on income: a simple theory
255(1)
Effects of the Green Revolution on relative factor shares
255(3)
Problems and prospects of the Green Revolution
258(2)
The basic needs approach
260(2)
Growth theory and basic needs
262(3)
A note on famines
265(6)
Population, Poverty, Income Distribution, Employment and Migration
271(40)
Population and economic development
271(2)
Population explosion in less developed countries and the theory of demographic transition
273(1)
Low-level equilibrium trap
274(1)
Fertility and population growth in less developed countries
275(6)
Poverty and income distribution
281(1)
Income inequality
281(3)
Absolute poverty
284(3)
Redistribution with growth
287(2)
The employment problem
289(2)
The Todaro model
291(5)
Migration theory and evidence: an assessment
296(2)
Stark's model
298(1)
Employment policy
299(1)
Poverty, inequality and financial development
300(11)
Appendix 10.1 The definition of a poverty line
304(2)
Appendix 10.2 Migration
306(1)
Appendix 10.3 Schultz's model of the household production approach to fertility
307(3)
Appendix 10.4 Poverty and nutrition
310(1)
Development Planning
311(40)
Concept of economic planning
311(1)
Types of planning
311(1)
Economic models and economic planning
312(1)
The case for and against planning
313(1)
Development planning models
314(2)
Application of the Harrod--Domar model in development planning: India's first five year plan
316(1)
A two-sector Harrod--Domar model for planning: the Kenyan case
317(1)
Feldman--Mahalanobis sectoral planning and the Indian second five year plan
318(2)
Macroeconometric models in development planning
320(2)
Input--output analysis in development planning
322(4)
Linear programming and development planning
326(5)
Micro-planning: aims of cost--benefit analysis
331(4)
The Little and Mirrlees method of project evaluation in less developed countries
335(5)
The United Nations Industrial Development Organization (1972) guidelines
340(3)
Social accounting and development planning
343(8)
Barbara M. Roberts
Appendix 11.1 The Feldman--Mahalanobis model
347(4)
Structural Adjustment and Development
351(12)
Structural adjustment and economic growth
351(1)
The structural adjustment and stabilization policies of the IMF
351(2)
Trade adjustment
353(1)
Structural adjustment, stabilization and trade policies
354(2)
Exchange rate and trade reforms
356(3)
Structural adjustment programmes: the experience of sub-Saharan African countries
359(2)
Conclusion
361(2)
Part IV A new deal in commodity trade?
363(53)
The New International Economic Order
365(13)
Introduction
365(1)
The evolution of the new international economic order
366(2)
The main objectives of a new international economic order
368(1)
The theory of commodity price stabilization: demand/supply shifts
369(2)
Commodity price stabilization: gains and losses
371(2)
Implications of international commodity agreements, buffer stocks and compensatory finances
373(2)
Conclusion
375(3)
The International Debt Crisis
378(20)
Nigel M. Healey
Introduction
378(1)
The evolving debt position of the developing world
378(3)
Why do developing countries become indebted?
381(1)
Sources of external finance
382(1)
Why do debt servicing problems arise?
383(1)
The external dimensions of the 1982 crisis
384(1)
Phase one: `muddling through' the debt crisis, 1982--9
385(6)
Phase two: debt forgiveness and the Brady Plan
391(7)
Environment and Development
398(18)
Introduction
398(1)
Deforestation and macroeconomic environment
399(2)
The `tragedy of the commons'
401(1)
Externalities, natural resource degradation and economic policies
402(4)
A case study: the importance of fuelwood in household energy consumption
406(6)
An alternative farming system: alley cropping in humid West African agriculture
412(1)
Conclusion
413(3)
Bibliography 416(36)
Index 452

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