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Synopsis This work stresses that economic progress is not the result of a single factor, but is favored by a combination of elements, including the improvement of physical and human capital, the reduction of inequality, and the establishment of institutions. 'Development Economics stresses' that the economic progress is not the result of a single factor, but is favored by a combination of elements, including the improvement of physical and human capital, the reduction of inequality, and the establishment of institutions enabling the information flow essential to market performance. Debraj Ray presents in this volume: A comprehensive text for the study of development in low-income countries: A synthesis of recent and old literature, incorporating large strides in the subject over the past decade, is provided. A discussion of wide-ranging subjects and a demonstration of intriguing connections amongst them: The book considers vital topics, such as inequality, poverty, population, trade policy and credit markets, and raises important questions to help set the agenda for the future. A fundamental textbook for students of development economics, it also contains important material for researchers and policy-makers dealing with complex issues of growth, inequality and social welfare.