Transcription of Notes for a Course in Development Economics
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Notes for a Course in Development Economics
Notes for a Course in Development EconomicsDebrajRayVersion , 1 IntroductionOpen a book any book on the Economics of developing countries, and it will begin withthe usual litany of woes. Developing countries, notwithstanding the enormous strides theyhave made in the last few decades, display fundamental economic inadequacies in a widerange of indicators. Levels of physical capital per person are small. Nutrition levels are indicators of human capital such as education both at the primary and secondaylevels are well below developed-country benchmarks. So are access to sanitation, safewater and housing.
important to refer to a venerable tradition in economics that has convergence as its very core prediction. The idea is based — roughly — on the argument that countries which are poor will have higher marginal products of capital, and consequently a higher rate of return to capital.
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