Development Economics

Development economics is the application of economics to the study of low- and middle-income countries, which are typically characterized by more agricultural and less industrial economies and account for five-sixths of the world’s population. This broad definition of development economics encompasses a wide variety of topics and approaches. Most applied economics topics (and some theoretical ones) are relevant in the study of developing countries so that development economics overlaps with labor economics, industrial organization, monetary policy, public economics, environmental economics, and so on. Work in growth theory and information economics is also essential for the study of development. Some topics such as structural transformation and informal markets are relatively unique to the study of development, while others such as household models and the diffusion of ...