Journal of Economic Literature
Book Reviews
2026-08-28
Deepak Lal of UCLA reviews “Biography of a subject: An evolution of development economics” by Gerald M. Meier,. The EconLit Abstract of the reviewed work begins “Tells the story of the evolution of development economics over the past fifty years. Considers how development economists have tried to understand the forces of development and design appropriate policies in support of these forces; examines the interplay between economic thought and development policy; and relates that evolution of development thought and policy to the achievements and disappointments in the development record. Reviews the heritage of classical growth economics. Examines the analytics of early development economics; early attempts to draw lessons from historical growth experiences in a variety of countries; early development economists' advocacy of centralized government interventions to remedy market failures and an orthodox reaction focusing on government failure and its antidote of neoclassical economics; modern growth theory; the new development economics, which strengthens the microeconomics of development through its emphasis on the economics of information, institutions, and incentives; the role of culture, social capital, and institutions in explanations of economic development; the response of development economics to concerns about globalization, international financial crises, and global economic governance; and the treatment of global trade issues. Considers the future of development economics. Meier is Konosuke Matsushita Professor of International Economics and Policy Analysis, Emeritus, at Stanford University's Graduate School of… Index.”