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Development economics
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 development, 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.〔Bell, Clive (1987). "development economics," The New Palgrave: A Dictionary of Economics, v. 1, pp. 818, 825.〕
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.〔Arndt, H.W. (1981). "Economic Development: A Semantic History," ''Economic Development and Cultural Change'', 29(3), p (p. 457 )–66. Chicago: The Chicago University Press.〕 This may involve restructuring market incentives or using mathematical methods such as inter-temporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.〔Bell, Clive (1987). "development economics," The New Palgrave: A Dictionary of Economics, v. 1, p. 825.〕
Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans.〔Todaro, Michael and Stephen Smith. Economic Development. 9th ed. Addison-Wesley series in economics, 2006〕 Also unlike many other fields of economics, there is no consensus on what students should know.〔Meier, Gerald M. and James E. Rauch. Leading Issues in Economic Development. 8th ed. Oxford University Press, 2005〕 Different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.〔Ray, Debraj (2008). "development economics." ''The New Palgrave Dictionary of Economics'', 2nd Edition. (Abstract. )〕
==Theories of development economics==
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