By Dwight H. Perkins
Economics of Development is well known for its accessibility and emphasis at the real-world views of constructing nations, utilizing concrete empirical facts and case reports to demonstrate key concepts.
Integrating new insurance of contemporary progress and human assets thought all through and with 5 fullyyt new chapters, the 6th version represents the main broad revision of this vintage textual content thus far.
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Additional resources for Economics of Development
The more popular classifications used today implicitly put all countries on a continuum based on their degree of development. Therefore, we speak of the distinctions between developed and underdeveloped countries, more and less developed ones, or—to recognize continuing change—developed countries and developing countries. The degree of optimism implicit in the words developing countries and the handy acronym LDCs (less-developed countries), make these widely used terms, although they suffer from the problem that developed implies the process is fully complete for wealthier countries.
In most countries the differences between GNP and GDP are much smaller. In part because it is easier to track economic activity within a nation’s borders, GDP has become the more widely used measure of national income by the International Monetary Fund (IMF), UN Development Programme, World Bank, and other multilateral agencies as well as by researchers engaged in analyzing cross-country data and trends. We follow this convention and refer primarily to GDP and GDP per capita as measures of national income from here on.
Much of the rest of this book is devoted to understanding what has caused these differences. Economic growth may be central to achieving economic development, but there is much more to economic development than growth alone. Not only the level of per capita income but how that income is produced, spent, and distributed within and between countries determines development outcomes. There is much debate about how to define and measure economic development. We introduce two widely cited indicators of economic development, the human development index and the millennium development goals, and consider their strengths and weaknesses.
Economics of Development by Dwight H. Perkins