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
The Less 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
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