Economic Development and the Division of Labor - Hardcover

"Economic Development and the Division of Labor is an exciting contribution that offers innovative perspectives on growth and development. It covers a void in the literature, and provides a rich and deep interpretation of the impact of endogenous specialization, institutions, and economic structure on growth. The text strikes a very good balance between the intuitive and analytical discussions, and relies constantly on references to contemporary data and the problems facing developing countries." Joshua Aizenman, Dartmouth College "Economists, whatever their speciality, will find the book rewarding to read and stimulating to teach." Merton J. Peck, Yale University "Xiaokai Yang is one of the world's most penetrating and exacting economic theorists, and one of the most creative minds in the economics profession." Jeffrey D. Sachs, Columbia University

This innovative new book from Xiaokai Yang introduces students to development economics through the lens of inframarginal and marginal analyses, and shows how this way of thinking has influenced a shift back to classical economic theory within the field of economic development. Yang offers a thorough analysis of trade and macroeconomics not to be found in comparable works, and focuses on institutional and transaction cost issues of critical interest to development economists.