Development economics

Economics of developing economies / From Wikipedia, the free encyclopedia

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Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.[1]

Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.[2] This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.[3] Common topics include growth theory, poverty and inequality, human capital, and institutions.[4]

Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans.[5] Also unlike many other fields of economics, there is no consensus on what students should know.[6] Different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.[7]

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