Traditional development economics has been revolutionized by the application of economic tools and concepts. This text looks at the entire spectrum of development economics issues, combining the strengths of conventional developmental thought with the insights of contemporary mainstream economics. The main new conceptual tool used is the application of the theory of imperfect information and the effects this has on the the behaviour of economic agents. This helps to explain why perfect competition models rarely have success ...
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Traditional development economics has been revolutionized by the application of economic tools and concepts. This text looks at the entire spectrum of development economics issues, combining the strengths of conventional developmental thought with the insights of contemporary mainstream economics. The main new conceptual tool used is the application of the theory of imperfect information and the effects this has on the the behaviour of economic agents. This helps to explain why perfect competition models rarely have success when dealing with developing economies. The authors also stress the necessity of balance in dealing with many of the classic problems in development studies - the importance of both the individual as economic agent and cultural norms as the framework of social behaviour; the dual relationship between equity and efficiency in economic policy-making; the importance of market rivalry; and the potential of market breakdown. Designed specifically for graduate students, this book analyzes the key microeconomic problems facing the very poorest sectors of developing economies.
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