Poverty Traps

"Much of traditional economics was based on the precept that poverty is largely the fault of the poor. But it is now recognized that an individual's economic success or failure depends to a great extent on the setting in which he or she is born. I believe that this topic will dominate the research agenda of economics in the coming years, and "Poverty Traps" is one of the best introductions to the subject. For lucid and critical evaluation of new ideas and models such as the 'membership theory' of an individual's economic well-being, the emergence of 'dysfunctional institutions, ' and the role of 'kin systems' and 'neighborhood effects' in perpetuating poverty, it is hard to think of a better single reference."--Kaushik Basu, Carl Marks Professor of International Studies and Professor of Economics, Cornell University"The sources and consequences of persistent inequality within and across countries have been at the center of public and academic debates for decades. In this thought-provoking book leading researchers in the field highlight some of the most significant mechanisms for the emergence of poverty traps. An outstanding contribution."--Oded Galor, Brown University and Hebrew University"The book is fascinating and will be read. The editors do a delightful job of introducing and articulating the purpose of the book--to introduce the concept of poverty traps to the social sciences as a way to understand persistence economic inequality within and between countries. The volume makes numerous significant contributions, and all of the papers are likely to be recognized within and outside of their own fields."--Yannis Ioannides, Max and Herta Neubauer Chair and Professor ofEconomics, Tufts UniversityDurlauf, Steven N. is the author of 'Poverty Traps ', published 2006 under ISBN 9780691125008 and ISBN 0691125007.