The State of Development Theory

Development economics, the study of the structure and behavior of economies where output per head is less than $2,000 (in 1980 terms), is in decline, both in number of participants and number of new ideas produced. While the study of development economics and the study of ''economics of th...

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Bibliographic Details
Published in:The American economic review 1984-03, Vol.74 (1), p.1-10
Main Author: Lewis, W. Arthur
Format: Article
Language:English
Subjects:
Developing countries
Development economics
Economic development
Economic growth models
Economic growth theories
Economic modeling
Economic models
Economic theory
Growth
Income distribution
Long term
Marxian economics
Resource allocation
Short term
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Summary:Development economics, the study of the structure and behavior of economies where output per head is less than $2,000 (in 1980 terms), is in decline, both in number of participants and number of new ideas produced. While the study of development economics and the study of ''economics of the developed'' overlap in numerous areas, there are still large differences between the 2. Matters relating to the allocation of resources in the short run and matters relating to long-term growth are examined to show why development economics needs to remain a separate branch of economics. While development economics is not at its most spectacular moment now, exciting work is being done on: 1. the labor market, 2. urbanization, 3. the monetary problems of an open economy, 4. the consequences of the Green Revolution, and 5. income distribution.
ISSN:0002-8282
1944-7981