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Part 1 Preliminaries: introduction - the scenario, prospectus, economic rationality and norms, on weighing scales known to be biased, from analysis to prescription. Part 2 Macro perspectives: the vicious circle of poverty - the idea of the vicious circle, the vicious circle, industrialization and balanced growth, the o-ring theory of low productivity, manifestations of unemployment; growth and development - the Harrod-Domar legacy, the neoclassical model, endogenous growth, distribution and development, limitations; inflation and structural disequilibrium - employment policy and the inflation barrier, notes on Michal Kalechi, structural disequilibrium; foreign exchange and trade - some considerations - closed and open economies, foreign exchange constraints and growth - a two-gap model, aid and welfare - a paradoxical theorem, the terms of trade in the long run; international debt - the agenda, the background, sovereign risk and rationality, some standard models, loan pushing, debt forgiveness, buybacks and debt-equity swaps. Part 3 The dual economy: the structure of a dual economy - the Lewis model, critiques; migration - migration and urban unemployment, the Harris-Todaro model; policy issues, appendix - the monotonicity proposition; the rural-urban wage gap - the labour turnover model, extensions and critique, labour turnover and duopsony - a digression; unemployment and surplus labour - preliminary remarks, the wage-productivity model, surplus labour and the efficiency wage, surplus labour in the casual labour market, a comment on dualism, a collusive theory of unemployment. Part 4 The rural economy: stagnation in backward agriculture - a theory of stagnation, the debt trap - by chance or by design?, stagnation and tenurial laws, alternative explanations of stagnation, desiderata; tenancy and efficiency - forms of agricultural land tenure, share tenancy, screening and entrepreneurial ability, scale, productivity and tenancy; rural credit markets - the lender's risk hypothesis, monopolistic markets, market fragmentation, credit policy; interlinkage in rural markets - antecedents, potential risk and the emergence of interlinkage, partial equilibrium in an interlinked market, market equilibrium, the structure of wages and interest, the intertemporal earnings approach, response to exogenous changes, moral hazard and interlinkage, triadic interactions, appendix - the algebra of the intertemporal earnings approach. Part 5 Concluding remarks: the limits of economic analysis - on power, custom and social institutions, some comments on method, concluding remarks.
Professor Basu's 1984 Less Developed Economy has been a teaching classic to show students the power of rigorous economic modeling in explaining the fundamental issues of the development problem and exploring alternative policy options. This new edition extends this approach to a number of the issues and debates that are currently dominating the field. While its primary contribution is in offering a way of thinking, it also provides an encyclopedic survey of the field and importantly rests on Professor Basu's own research contributions. It will again be one of the best texts in development economics for years to come. -- Alain de Janvry, Professor, University of California The book bears the marks of Basu's customary lucidity of exposition and sharpness of analysis. The earlier version was widely used as a development text; this revised and enhanced version will be even more useful for students and teachers. -- Pranab Bardhan, Professor of Economics, University of California Analytical Development Economics stands in a category of its own. Giving one's personal view on eseentially all of development economic theory is quite a challenge. What makes the book valuable and interesting are Basu's perceptiveness and breadth of knowledge. In a nutshell, the book is a monster of scholarship that manages to be fresh and stimulating. Through Basu's style, we perceive a searching mind, an individual searching mind, and that's what makes the book very human. This is a book that many development economists, seasoned ones as well as apprentices, will continue to peruse in search of stimulation and advice. -- Marcel Fafchamps, Assistant Professor of Economics, Stanford Unviersity DEvelopment economics was born in the forties and fifties, then languished for the next two decades and has been radically transformed in the course of the last two. Basu's book is the most kind and thorough exposition of the evolution of the subject over this span of time that is currently available. -- Ronald Findlay, Ragnar Nurkse Professor of Economics, Columbia University Kaushik Basu's immense talent for concise and elegant treatments of important problems is fully displayed in this book. Also in evidence are his constant concern about connecting analytical issues with real life situations and his balanced appraisal of both the strengths and limitations of economic theory in development matters. -- Jean-Philippe Platteau, Namur University The first edition of this book provided the best single treatise on theoretical aspects of economic development. With the recent additions, Basu takes readers to the frontier of recent research on economic institutions, growth, and inequality. In describing new academic work, Basu displays a rare capacity for elegant and reasoned exposition. The result is not just intellectually exciting --- the book suggests new ways of thinking about alleviating poverty and fostering economic progress in the world's poorest countries. -- Jonathan Morduch, Associate Professor, Department of Economics, Harvard University Kaushik Basu is one of the leading development economists of his generation. His book is an ideal text for a graduate course and would be of value to all those who wish to understand what vigorous applied theory can do in this area. -- Nicholas H. Stern, Chief Economist, European Bank; Sir John Hicks Professor of Economics, London School of Economics An admirable combination of introductory helpfulness and state-of-the-art coverage. And fun to read! -- Amartya Sen, Lamont University Professor, and Professor of Economics and Philosophy, Harvard University The appearance of a revised version of Basu's splendid book is greatly to be welcomed, particularly by those who believe that the economics of underdevelopment should not imply the underdevelopment of economics. This volume provides excellent material for a theoretically oriented course in development economics at an advanced undergraduate or graduate level. -- Christopher Scott, London School of Economics and Political Science
Kaushik Basu is Professor of Economics and holds a chair at Cornell University.
"An admirable combination of introductory helpfulness and state-of-the-art coverage. And fun to read!" Amartya Sen, Lamont University Professor, and Professor of Economics and Philosophy, Harvard University "The appearance of a revised version of Basu's splendid book is greatly to be welcomed, particularly by those who believe that the economics of underdevelopment should not imply the underdevelopment of economics. This volume provides excellent material for a theoretically oriented course in development economics at an advanced undergraduate or graduate level." Christopher Scott, London School of Economics and Political Science