Development Economics – Debraj Ray

Debraj Ray is a well-known development economist who has made significant contributions to the field through his research and teaching. He is currently the Silver Professor of Economics at New York University where he has been teaching since 1997. In addition to that, he is also a visiting professor at Indian Statistical Institute in Kolkata, India.

Ray received his Bachelor’s degree in Economics from Delhi University and his PhD from Cornell University. Before joining NYU, he held teaching positions at Boston University and Harvard University. His work has focused on various topics in development economics such as microfinance, social norms, contract theory, and inequality.

One of Ray’s most influential contributions to the field is his research on social norms and their impact on economic development. In his book Development Economics he discusses how social norms can create barriers to development and how they can be changed through social interactions and institutions. He also argues for the need to incorporate social norms into economic analysis in order to better understand the behavior of individuals in developing countries.

Another important area of Ray’s research is contract theory, where he has studied the relationship between institutions and economic development. His work has shown how contracts play a crucial role in facilitating economic transactions and promoting growth, especially in low-income countries. He has also highlighted the importance of informal agreements and contracts in the absence of formal legal systems.

In addition to his research, Ray is also known for his popular textbook Development Economics, which is widely used in universities around the world. The book provides a comprehensive introduction to the field and has been praised for its clear and engaging writing style.

Ray has received numerous awards and honors for his work, including the John Bates Clark Medal in 1999, which is given to the most outstanding economist under the age of 40. He is also a fellow of the Econometric Society and the American Academy of Arts and Sciences.

In conclusion, Debraj Ray’s contributions to development economics have greatly advanced our understanding of the complex economic issues facing developing countries. His work has shed light on the role of social norms and institutions in promoting economic growth and has influenced policies and programs aimed at reducing poverty and inequality. As a leading figure in the field, Ray continues to inspire and mentor the next generation of development economists through his teaching and research.