Development economics in retrospect and prospect

Development economics has changed radically since 1990. The very concept of 'developing countries' has become antiquated as most previously poor countries have converged on rich ones, becoming less distinctive in consequence. The remaining domain of a distinctive development economics is the minority of poor countries that are not securely on a path to convergence. In addition, intellectual fashions have radically shifted. The previous focus on macro-structural issues has given way to new economic geography, quantitative empiricism, and new political economy, with considerable opportunities for economic psychology.