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New Directions in Development Economics: Theory or Empirics? - Is There Too Little Theory in Development Economics?

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  • Dilip mookerhjee

    ()
    (Department of Economics, Boston University)

Abstract

In May 2004 a conference was held at Cornell University entitled “75 Years of Development Research.”. Apart from the usual array of theoretical and empirical papers on development, a number of panels took stock of the state of development economics and discussed a range of methodological issues. One commentary that stood out in the challenge it posed to the current state of development economics was, “Is there Too Little Theory in Development Economics Today?” by Dilip Mookherjee. He answered his own question in the affirmative. Given the debate it generated, after the conference it was circulated to a number of leading development economists who had been present at the conference, and responses were invited. Pranab Bardhan sent in a response, “Theory or Empirics in Development Economics,” as did Kaushik Basu, “The New Empirical Development Economics: Remarks on its Philosophical Foundations.” These papers were largely supportive of the position taken by Mookherjee. There then followed a response to all three of these papers by Abhijit Banerjee, “‘New Development Economics’ and the Challenge to Theory,” which mounted a defense of the current empirical methods in development economics. Ravi Kanbur then followed with his comments, “Goldilocks Development Economics.” Ravi Kanbur also took the responsibility of coordinating the contributions. These five papers are being brought together here in this symposium in Economic and Political Weekly.

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Bibliographic Info

Paper provided by Boston University - Department of Economics in its series Boston University - Department of Economics - Working Papers Series with number WP2005-028.

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Length: 45 pages
Date of creation: Aug 2005
Date of revision:
Publication status: published, A Symposium in Economic and Political Weekly
Handle: RePEc:bos:wpaper:wp2005-028

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  1. Lynn Wirch, Julia & Hardy, Mary R., 1999. "A synthesis of risk measures for capital adequacy," Insurance: Mathematics and Economics, Elsevier, vol. 25(3), pages 337-347, December.
  2. Philippe Artzner & Freddy Delbaen & Jean-Marc Eber & David Heath, 1999. "Coherent Measures of Risk," Mathematical Finance, Wiley Blackwell, Wiley Blackwell, vol. 9(3), pages 203-228.
  3. Breeden, Douglas T & Litzenberger, Robert H, 1978. "Prices of State-contingent Claims Implicit in Option Prices," The Journal of Business, University of Chicago Press, vol. 51(4), pages 621-51, October.
  4. Wang, Shaun S. & Young, Virginia R. & Panjer, Harry H., 1997. "Axiomatic characterization of insurance prices," Insurance: Mathematics and Economics, Elsevier, vol. 21(2), pages 173-183, November.
  5. Cox, John C. & Ross, Stephen A., 1976. "The valuation of options for alternative stochastic processes," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(1-2), pages 145-166.
  6. Carlo Acerbi & Dirk Tasche, 2001. "Expected Shortfall: a natural coherent alternative to Value at Risk," Papers cond-mat/0105191, arXiv.org.
  7. Philippe Jorion & William N. Goetzmann, 1999. "Global Stock Markets in the Twentieth Century," Journal of Finance, American Finance Association, vol. 54(3), pages 953-980, 06.
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Cited by:
  1. Ravi Kanbur, 2006. "What’s Social Policy Got To Do With Economic Growth?," Working Papers id:366, eSocialSciences.

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