This book examines various facets of the development process such as aid, poverty, caste networks, corruption and judicial activism. It explores the efficiency of and distributional issues related to agriculture and the roles of macro models and financial markets, with a special emphasis on bubbles, liquidity traps and experimental markets. The importance of finite changes in trade and development, as well as that of information technology and issues related to energy and ecosystems, including sustainability and vulnerability, are analyzed.The book presents papers that were commissioned for the Silver Jubilee celebrations at the Indira Gandhi Institute of Development Research (IGIDR). The individual contributions address related development problems, ensuring a homogeneous reading experience and providing a thorough synthesis and understanding of the authors? research areas. The reader will be introduced to various aspects of development thought by leading and contemporary researchers. As such, the book represents an important addition to the literature on economic thought by leading scholars and will be of great value to graduate students and researchers in the fields of development studies, political economy and economics in general. About the Author S. Mahendra Dev is Director, Indira Gandhi Institute of Development Research (IGIDR), Mumbai, India. After obtaining his Ph.D. from Delhi School of Economics (New Delhi, India), he did his post-doctoral research at Yale University, USA. He is also the Chair of the Committee on Terms of Trade on Agriculture constituted by the Indian Ministry of Agriculture. He previously chaired the Commission for Agricultural Costs and Prices at the Ministry of Agriculture and served as Director of the Centre for Economic and Social Studies (CESS) in Hyderabad. His research interests include Development economics, Indian economy, Macro policies, Inclusive growth, Agricultural policies, Poverty and inequality and Rural development.P G Babu is Professor at IGIDR, Mumbai coordinator of the Erasmus Mundus European Graduate Programs in Law and Economics and Managing Editor of Journal of Quantitative Economics, official journal of The Indian Econometric Society (TIES) published by Springer. He has held visiting professorships at the Universities of Aix-Marseille, Bayreuth (as Adam Smith Chair Guest Professor of Philosophy and Economics), Hamburg, IIM Ahmedabad, Madras School of Economics, Erasmus University Rotterdam and Warsaw School of Economics. He obtained his Ph.D. from Indian Institute of Science, Bangalore, India. His research interests include Microeconomics and Game Theory with interdisciplinary applications to environment, law, philosophy and politics.About Contributors:Dilip Abreu, Princeton University, Princeton, USADilip R. Ahuja, National Institute of Advanced Studies, Bangalore, IndiaP. Binswanger-Mkhize , China Agricultural UniversityArka Roy Chaudhuri, University of British Columbia, Vancouver, CanadaAvinash K. Dixit, Princeton University, Princeton, USAProbal P. Ghosh, IRADe, Delhi, IndiaPriyank Jindal, IRADe, Delhi, IndiaRavi Kanbur, Cornell University, Ithaca, USAAshok Kotwal, University of British Columbia, Vancouver, CanadaSugatoMarjit, CSSS, Kolkata, IndiaAnil Markandya, University of Bath, Bath, UK; Basque Centre for Climate Change, Bilbao, SpainKaivanMunshi, University of Cambridge, Cambridge, UKMilindMurugkar, PragatiAbhiyan, Nasik, IndiaJyoti K. Parikh, IRADe, Delhi, IndiaKirit S. Parikh, IRADe, Delhi, IndiaMihirRakshit, ICRA, Kolkata, IndiaBharat Ramaswami, Indian Statistical Institute Delhi, New Delhi, IndiaGeeta Sandal, IRADe, New Delhi, IndiaNirvikar Singh, University of California, Santa Cruz, USAT.N. Srinivasan, Yale University, New Haven, USAMarti G. Subrahmanyam, New York University, New York, USAShyam Sunder, Yale University, New Haven, USADragon Yongjun Tang, University of Hong Kong, Hong KongSarah Q