Development Economics-Nature and Significance

Development economics has traditionally been looked down upon by neo-classical economic theorists. In this important book, professor Naqvi sets the record straight and maintains that development economics is actually a new paradigm, rich in predictive power and empirical content, which is both wider and deeper than mainstream economics. He holds that development economics has an innate comparative advantage because it asks relevant questions about the vital problems of human existence—inequity, social injustice, poverty and human deprivation—and offers feasible answers. Professor Naqvi stresses that the process of economic development is too complex to be left to simple single-remedy solutions favoured by traditional economists since they generally fail to produce the desired results and are often counter-productive. In an excellent treatment of the impact of globalization, he shows that it should be focused on people—particularly the poor, the deprived and the socially excluded. The book brings into sharp relief the constituent elements of development economics—namely, a commitment to high rates of economic and human development; an uncompromising emphasis on bringing ethics and economics into a logical framework wherein it is neither irrational to act morally nor immoral to act rationally; and a mixed-economy approach to economic development. It persuasively illustrates how the foundations of neo-classical economics have been shaken by numerous developments in recent years which has made it increasingly inadequate when it comes to tackling real-world problems. Written in a refreshing and easy to understand style, this book will be of considerable interest to both economic policy makers and lay persons is interested in the philosophical and ethical questions raised by economic development. It will also serve as a text at the postgraduate level and as supplementary reading at the undergraduate level in the economics departments of universities throughout the world, but especially in Asia, Africa and Latin America.