• Table of Contents
    • Abstract
    • Keywords
    • Article
      • 1 Development from the viewpoint of convergence
      • 2 Development from the viewpoint of non-convergence
        • 2.1 Expectations and development
        • 2.2 Aspirations, mindsets and development
        • 2.3 Markets and history dependence
        • 2.4 History, aggregates and the interactive world
        • 2.5 Institutions and history
        • 2.6 Institutions and the interactive world
      • 3 Digging deeper: the microeconomics of development
        • 3.1 The credit market
        • 3.2 Collective action for public goods
        • 3.3 Conflict
        • 3.4 Legal matters
      • 4 A concluding note: theory and empirics
    • See Also
    • Bibliography
    • How to cite this article

development economics

Debraj Ray
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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This article surveys the current state of development economics, a subject that studies growth, inequality, poverty and institutions in the developing world. The article is organized around a view that emphasizes the role of history in creating development traps or slow progress. This ‘non-convergence’ viewpoint stands in contrast to a more traditional view, also discussed, based on the notion of economic convergence (across individuals, regions or countries). Some specific research areas in development economics receive closer scrutiny under this overall methodological umbrella, among them political economy, credit markets, legal issues, collective action and conflict.
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How to cite this article

Ray, Debraj. "development economics." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 11 December 2017 <http://www.dictionaryofeconomics.com/article?id=pde2008_D000105> doi:10.1057/9780230226203.0385

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