The Revolution in Development Economics
For decades, development economists believed that central planning, not economic freedom, was the key to economic growth in developing countries. The Revolution in Development Economics contains 20 essays, many of which were originally published in the Cato Journal. It covers the idea of adaptive efficiency, which judges markets on how well they adapt to change. It also discusses the free-market development policies and centrally planned development policies and how they are based on two competing theories of justice.
Praise for The Revolution in Development Economics
“This book properly celebrates the achievement of Peter Bauer, whose ideas have been vindicated by a half-century of history.”
— James M. Buchanan, Nobel laureate
“…a brilliant survey of timeless, classical economic wisdom, a long-awaited tribute to Peter Bauer’s prescient voice in the wilderness 40 years ago.”
— Anastasia O’Grady, Editor, Wall Street Journal
“This welcome volume not only acquaints the reader with some of Peter Bauer’s most penetrating essays but also draws together a wealth of insight from the almost three generations of scholars and policy analysts who have been influenced by his thinking.”
— Nicholas Eberstadt, Harvard University