Seminar in Development Economics
This seminar explores the interconnections between income inequality, poverty, and economic vulnerability. We start with the microeconomics of welfare analysis examining how resources are distributed amongst identical agents who have the freedom to choose, and how inequality arises in the presence of asymmetries of power, differences in identities (race, caste, gender and ethnicity), disparities in geographic settlements, and incomplete information (risks and uncertainties). In this, we discuss how inequality, deprivation, and vulnerability constitute each other. We present alternative measures of poverty, inequality, and vulnerability, and study how these concepts relate to different countries and communities. In addition, we examine the issues of efficiency, equity and justice that arise in the context of income distribution.