This collection provides a complete introduction to new ways of thinking about economic development. Emphasizing economic theory, each article has been selected for its theoretical completeness, accessibility and clarity as well as its value as a contribution to the field. A thorough introductory essay summarizes the state of the field for those new to the field and explains the importance of the articles selected.
Acknowledgments vii Introduction 1(28) Part I: Underdevelopment as Market Incompleteness: Economy-Wide Implications 29(2) A: Coordination Failures and Underdevelopment 31(64) Industrialization and the Big Push 33(20) Kevin M. Murphy Andrei Shleifer Robert W. Vishny Increasing Returns and Long-run Growth 53(31) Paul M. Romer History and Coordination Failure 84(11) Alicia Adsera Debraj Ray B: Inequality and Underdevelopment 95(62) Income Distribution and Macroeconomics 97(20) Oded Galor Joseph Zeira Occupational Choice and the Process of Development 117(21) Abhijit V. Banerjee Andrew F. Newman Economic Underdevelopment: The Case of a Missing Market for Human Capital 138(19) Lars Ljungqvist C: Slow Convergence 157(42) Was Prometheus Unbound by Chance? Risk, Diversification, and Growth 159(40) Daron Acemoglu Fabrizio Zilibotti Part II: Market Incompleteness and Informal Institutions: Microeconomic Analysis 199(2) A: Agrarian Organization 201(20) Access to Capital and Agrarian Production Organisation 203(18) Mukesh Eswaran Ashok Kotwal B: Labor 221(60) Part 1: Inequality as a Determinant of Malnutrition and Unemployment: Theory 223(37) Part 2: Inequality as a Determinant of Malnutrition and Unemployment: Policy 248(12) Partha Dasgupta Debraj Ray A Theory of Two-tier Labor Markets in Agrarian Economies 260(21) Mukesh Eswaran Ashok Kotwal C: Credit and Land 281(82) Credit Rationing in Developing Countries: An Overview of the Theory 283(19) Parikshit Ghosh Dilip Mookherjee Debraj Ray Sharecropping and the Interlinking of Agrarian Markets 302(29) Avishay Braverman Joseph E. Stiglitz Informational Rents and Property Rights in Land 331(32) Dilip Mookherjee D: Cooperatives and the Informal Economy 363(108) Reciprocity without Commitment: Characterization and Performance of Informal Insurance Arrangements 365(21) Stephen Coate Martin Ravallion The Economics of Rotating Savings and Credit Associations 386(25) Timothy Besley Stephen Coate Glenn I.Oury The Economics of Lending with Joint Liability: Theory and Practice 411(30) Maitreesh Ghatak Timothy W. Guinnane Learning by Doing and Learning from Others: Human Capital and Technical Change in Agriculture 441(30) Andrew D. Foster Mark R. Rosenzweig Index 471
Dilip Mookherjee is Professor of Economics and Director of the Institute for Economic Development at Boston University. Debraj Ray is Professor of Economics at New York University. He is the author of Development Economics (1998).
