Development economics is a branch of economics which deals with economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example, through health and education and workplace conditions, whether through public or private channels.
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. This may involve restructuring market incentives or using mathematical methods like inter-temporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.
Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans. Also unlike many other fields of economics, there is "no consensus" on what students should know. Different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.
Read more about Development Economics: Topics of Research, Growth Indicator Controversy, Recent Developments, Prominent Development Economists
Famous quotes containing the words development and/or economics:
“As a final instance of the force of limitations in the development of concentration, I must mention that beautiful creature, Helen Keller, whom I have known for these many years. I am filled with wonder of her knowledge, acquired because shut out from all distraction. If I could have been deaf, dumb, and blind I also might have arrived at something.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“I am not prepared to accept the economics of a housewife.”
—Jacques Chirac (b. 1932)