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Combines life expectancy, education (mean and expected years of schooling), and per capita income.

Gaining dominance in the 1980s, this school of thought attributed underdevelopment to poor domestic resource allocation, heavy state intervention, corruption, and inefficient economic regulations. It championed the "Washington Consensus," promoting three primary pillars:

Paradoxically, countries rich in non-renewable natural resources (like oil or minerals) often experience slower economic growth and worse development outcomes due to corruption, currency overvaluation, and civil conflict.

Agrarian economy with limited technology.

Development economics emerged as a distinct field of study in the 1950s and 1960s, with the publication of works such as Walt Rostow's "The Stages of Economic Growth" (1953) and Gunnar Myrdal's "Economic Theory and Underdeveloped Regions" (1957). Initially, development economics focused on the role of capital accumulation, technological progress, and institutional factors in promoting economic growth.

The most significant recent shift in development economics has been the transformation of the field from a primarily theoretical discipline to a rigorous, evidence-based science. This evolution is largely driven by the methodological revolution in , a systematic approach to measuring the actual causal effects of development programs and policies.

By providing a comprehensive overview of development economics, theory, and practice, we hope to contribute to a better understanding of the complex issues surrounding economic development, and to inspire further research and policy innovations in this field.

Modern texts often structure development around seven key dimensions identified by leading scholars like Alain de Janvry and Elisabeth Sadoulet : [PDF] Development Economics by Alain de Janvry - Perlego

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Some key concepts in development economics include:

Agriculture remains the primary source of employment and livelihood for the vast majority of the world's poor populations. Rural development is therefore an essential precursor to broad-based urban industrialization. The Green Revolution and Beyond

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