Development Economics 1st edition
Authors: Debraj Ray
Publisher: Princeton University Press
Details of the book:
The evolution of the markets of low income countries are one of the biggest factors affecting international economics today, yet for some reason the literature devoted to this phenomenon is strikingly sparse. In fact, most of the books which deal with international economics, including those which are sworn by most course instructors, mostly offer an unbalanced coverage of global economics, due to their bias towards the economy of the developed world. However, to get well rounded education in any subject one needs to be aware of both sides of the coin, and this can only happen when the information about both the developed and developing markets are provided equal coverage. Nonetheless, the numbers of books to have done so are almost non-existent. It was in such a dismal backdrop that Debraj Ray came out with his book 'Development Economics'.
One of the most well known and accomplished figures in the field of developmental economics today is, Debraj Ray, and his book reflects his academic stature. Till he came up with his work there was almost no proper text covering the works done and progresses made in the field of concern. His book is a provides a comprehensive, clear and concise recounting of all such progresses as well as set back, and that too in a clean and succinct manner.
Debraj Ray's 'Development Economics', is a contemporary text that provides an amalgamation of both kinds of information from the field, i.e. historical information as well as current traits and steps. The chapters in his book raise relevant and crucial issues that show the path which those studying the subject should take in the future. It serves as a beacon for the future of the subject itself.
Some of the most important topics dealt with in the text are economic inequality, malnutrition, poverty, economic and population growth, policies involved in various kinds of trades and other macroeconomic issues. While dealing with such issues a central theme which emerges in his book points out that the entire process of development is most well explained when shown and studied in the light of those very factors which hinder the proper functioning of equitable and well performing markets. Keeping this methodology in mind, Ray takes on such diverse theories and topics as, macroeconomic consequences of economic disparity, moral issues and problems involved in contracts regarding lands, credit market theories, theory regarding the issue of new growth etc.
The crux of the matter is that the one chief propellant behind economic development os that there isn't any one single cause, rather it is the combined effect of various factors which bring about the desired progressive changes. The arguments and points made by Ray in his book are thoroughly complemented with real world applications and examples, and that too from all around the world, thereby showcasing the relevance of the book worldwide. Further the textual content builds on only introductory or primary knowledge in the field, thereby making it increasingly accessible; it also tries to maintain a simplistic yet informative approach throughout while using as view mathematical formulae as possible.
Given the various highlights of the book like providing thought provoking connections between disparate subjects, raising questions and issues rarely addressed before, that too within the same text, Ray's book will remain the authoritative text on the subject of developmental economics for a long time. And not only will it be beneficial to students and researchers of the subject, but also to those in the policy making process, who regularly deal with the real world manifestations of the theory of development economics.
The book contains the following:
The text contains 18 broad chapters with various sub-parts within their folds.
- Beginning with an introduction to the subject and an overview of the process of development, the author moves on to tackle issues like Economic Growth, and the theories relating to the incident of new growth. One of the broad categories include the topics of expectations and development and the historical process involved, it also provides proper coverage of the phenomenon of economic inequality and its relation with development, undernutrition, poverty, inequality, economic and population growth, land, labour, credit, rural and urban issues, insurances, policies of trade and multilateral approaches involved, global trade etc.