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How Lives ChangePalanpur, India, and Development Economics$
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Himanshu, Peter Lanjouw, and Nicholas Stern

Print publication date: 2018

Print ISBN-13: 9780198806509

Published to Oxford Scholarship Online: September 2018

DOI: 10.1093/oso/9780198806509.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 January 2022

Theory and India

Theory and India

(p.116) 4 Theory and India*
How Lives Change


Peter Lanjouw

Nicholas Stern

Oxford University Press

This chapter examines theories of economic development and growth and asks how these can help in our understanding of the dynamics of changing individual circumstances in Palanpur. The core ideas of the Palanpur study, namely of non-farm diversification, evolving mobility and inequality, the responsiveness of institutions to change, sluggish progress in human development, and the critical role of entrepreneurship and initiative, are explored through the lens of conventional theories of development. Deficiencies in our conceptual understanding are identified (ways forward are suggested in Chapter 13). The chapter notes, however, that the rapidly growing fields of institutional and behavioural economics are particularly relevant to the Palanpur study and may come to offer important insights.

Keywords:   theories of economic development, institutions, behavioural economics, human development, entrepreneurship, non-farm diversification

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