Economic Development: Theory and Policy Applications

Economic Development: Theory and Policy Applications

Economic Development: Theory and Policy Applications

Economic Development: Theory and Policy Applications

Synopsis

Economists are being asked to provide explanations and prescriptive policy for addressing the questions of chronic poverty and underdevelopment in the world. Answers are needed not only for the questions of how and why these problems arise, but also whether the problems can be prevented and how the problems can be approached. This book is an exposition to the student, the researcher, and the practitioner in the field of economic development giving an approach from the basic rudiments to the advanced level and bridging the gap between the neoclassical models of growth and development and the modern structuralist approaches to the study and analyses of economic development.

Excerpt

Often researchers and practitioners in the field of economic development fail to find a single source of adequate material that provides exhaustive coverage of both the key theoretical construct on economic development, and the major strands in the process(es) of sustained economic growth and development of nations. As a result, while the bulk of the existing sources may be effective, there is still a noticeable gap that demands to be filled. This gap is felt because while the theoretical models, on their own, do not realistically address themselves to the real-world structural problems of development and underdevelopment, the structuralist case-oriented approaches also prove inadequate in scope and exposition for policy applications. There is a need to provide a synthesis in the above regard.

This book addresses the dual challenges of providing comprehensive and complete coverage of the theories of economic development, and offering exhaustive treatment of the issues involved in the proves of sustained economic growth and development of nations. Economic development is an evolving subdiscipline that may have been the most misunderstood in the wide body of studies that is economics. As the problems of poverty, income inequality, and economic stagnation continue to beset many countries in Asia and Latin America, and most countries of sub-Saharan Africa, economists are increasingly looked upon the provide explanations and prescribe policy solutions.

The study of economic development must provide answers for not only how, but also why, these problems arise, whether or not they can be prevented, and how to effectively address them. Practitioners and students of economic development must have a ready source of explanations and expositions of the issues surrounding underdevelopment, in some analytical depth, within a single volume. This is the essence of the present volume, which is a compilation of the mix of research in development theory and policy issues. This work is geared toward meeting the need for a more complete source of guidance and explanation on the issues of economic underdevelopment of societies. Specifically, it seeks to provide a more complete source of both theoretical and . . .

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