This innovative new text from Jeffrey Sachs and Xiokai Yang
introduces students to development economics from the perspectives
of inframarginal analysis and marginal analysis. The book
demonstrates how the new-found emphasis on inframarginal analysis
has influenced a shift back to an interest in Classical Economics
from Neoclassical Economics.
- Inframarginal Analysis vs. Marginal Analysis is presented as a
consistent theoretical framework throughout.
- Shows how the relationship of Inframarginal Analysis to
Marginal Analysis has influenced the shift back to an interest in
Classical Economics from Neoclassical Economics with regard to
- Allows economists to reduce their overall reliance on marginal
analysis, which may be less relevant to development economics than
it is to the economics of development countries.
- Brings considerable analytic machinery to bear on important
- A focus on institutions and transaction costs that is very
relevant to development economics.
- Offers a thorough analysis of trade (CHs. 3 - 7) and
macroeconomics (CHs. 16 - 19), both of which are not dealth with in
depth by comparable textbooks.