Development Economics

by Debraj Ray

Book Overview

A landmark textbook on development economics

The study of development in low-income countries is attracting more attention around the world than ever before. Yet until now there has been no comprehensive text that incorporates the recent huge strides made in the subject. Development Economics does precisely that in a clear, rigorous, and elegant fashion.

Debraj Ray, one of the most accomplished theorists in development...

• Format: Hardcover
• Language: English
• ISBN: 0691017069
• ISBN13: 9780691017068
• Release Date: January 1998
• Publisher: Princeton University Press
• Length: 872 Pages
• Weight: 3.58 lbs.
• Dimensions: 1.6" x 7.4" x 10.3"

Customer Reviews

The best UNDERGRADUATE textbook on Development Economics

This is what I had to wait a long time for back in my days as an academic -- an UNDERGRADUATE textbook on Development Economics that is aimed squarely at economists. Most other textbooks on the subject are aimed at students with a general interest in development. While this makes them more accessible, they suffer from not seeing how useful a tool mainstream economic theory is when it comes to examining development issues. Importantly, Ray uses the analytical tools of economics without being too mathematical. This is the textbook I had my undergraduate students buy. For graduate students it's an excellent 'background' text, but not sufficiently advanced enough to serve as a core text to supplement journal articles.

solid textbook in scientific mode

This textbook was written for senior undergraduates or master's students with a minimum introduction to economics, which assumes that the student has assimilated the general features of the approach defining economics as a social science. Consequently, any student or reader who is well grounded in the social science paradigm will readily assimilate this excellent introduction to development economics, which is distinguished by the solid, I would even say, jam-packed expertise of Debraj Ray.The author gives an excellent overview in the four-page preface, where he acknowledges the limitations of his work and prepares the reader well by conveying a transparent framework for absorbing the rather dense exposition that follows.There is in the second chapter a concise discussion of the meaning of economic development, which defines it as a multifaceted concept for which per capita income is a robust but significantly incomplete operational measure.Throughout the book, the basic pattern of discussion is consistent. The author discusses theory and data in dynamic--the order of the two is interchangeable--identifying and discriminating what is substantiated, imperfect, or defective in theory, as well as what is informative, unexplained, or wanting in data, and then whenever possible drawing implications or conclusions for economic policy. The ultimate goal of author's analysis is to limn the "structural characteristics" of economic development, building upon the fundamental assumption that the key determinants of economic performance are a cohort of salient variables that affect the efficient functioning of markets.Some of the variables that are intensively discussed include inequality, poverty, population growth, rural-urban sector interaction, the functioning of land, labor, capital, credit, and insurance markets, and trade policy. Not all factors that affect economic development are adequately quantified, such as social norms or the status quo. Interestingly, the author accounts rather well for the "East Asian miracle" in terms of some of these variables.The two appendices at the end cover game theory and elementary statistical methods, both essential for the scientific understanding of economic development.Designed for an introductory course, the textbook is of course weakly regardful of new ideas or studies, so that it will not bring the reader to any eager appreciation of exciting issues in the discipline--or maybe economics inherently IS a dismal science?From the standpoint of social science, the textbook is surpassingly descriptive and analytical but to only a limited extent prescriptive. I highly recommend it to anyone who wishes to substantively understand economic development in an analytical and scientific mode.

aware of anything more important than this?

in my view, ray touches on - and on a quite satisfactory manner - the most important issue nowadays in economics in his book, namely, how to turn poor countries or poor individuals into rich ones. those who don't live in poor countries should become concerned about that plague called poverty hitting the globe as soon as possible. And the best way to do it is to purchase books like this or the elusive quest for growth. it's a clear, well-written, comprehensive and even fun reading. And the author's name guarantees you a good buy.

aware of anything more important than this?

in my view, ray touches on - and on a quite satisfactory way - the most important issue in economics in his book, namely, how to turn poor countries or poor individuals into rich ones. those who don't live in poor countries should become concerned about the poverty hitting the globe as soon as possible. And the best way to do it is to purchase this book. it's a clear, well-written, comprehensive and even fun reading.

Best of the best.

Ray wrote this book with the objective of being one of the classical text books for Development Economics. And he did it. This book is used in LSE, Ivy League, and Oxford. It requires a strong microeconomic background, as well as econometric skills. There aren't a lot of formulas but theory. Easy reading and broad contents.