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The second, revised and updated, edition of Economics of Development: Toward Inclusive Growth continues to focus on the argument that rather than concentrating on growth, income distribution, and poverty reduction separately, the basic objective of development policies should be to achieve inclusive growth. This book looks at the issues of development in comparative light, and investigates and analyzes successful and unsuccessful policies implemented by developing economies. A result of decades of research and years of experience in policy formulation and implementation, the textbook lucidly elaborates upon the origin and progress of development revolution, the liberalist model, and the human development approach to inclusive growth. Key Features * The change in nature of world capitalism and its implications for growth possibilities of the developing countries. * The enlarged scope of globalization (essentially an international extension of capitalism) at the cost of the vital interests of the developing countries. * The "behavioral economics revolution" involving introduction of psychology in economics, which challenges the assumption of rationality in economic thinking.