The new development economics |
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| Affiliation: | 1. Department of Pharmacy, Xiangya Hospital, Central South University, Changsha 410008, China;2. Institute of Hospital Pharmacy, Xiangya Hospital, Central South University, Changsha, 410008, China;3. Key Laboratory of Hunan Province for Traditional Chinese Medicine in Obstetrics and Gynecology Research, Hunan Provincial Maternal and Child Health Care Hospital, No. 53 XiangChun Road, Changsha 410008, China;4. Department of Neurology, Xiangya Hospital, Central South University, Changsha 410008, China;5. Institute of Clinical Pharmacy, Jining First People’s Hospital, Jining Medical University, Jining 272000, China;1. Department of Tourism Management, Guangxi University, Nanning, China;2. College of Business and Public Management, Wenzhou-Kean University, Hangzhou, China;3. College of Tourism and Service Management, Nankai University, Tianjin, China;1. Division of Social Science, Division of Environment and Sustainability, and Department of Economics, Hong Kong University of Science and Technology, Hong Kong SAR, China;2. Department of Economics, University of California, Riverside, USA;3. State Key Laboratory of Pollution Control & Resource Reuse, School of Environment, Nanjing University, China;4. Population Research Institution, School of Business, Nanjing University, China;1. School of Economics and Management, Harbin Institute of Technology Shenzhen, Nanshan District, Shenzhen 518055, Guangdong, China;2. Faculty of Tourism, Anadolu University, Eskişehir 26210, Turkey;3. Esai Business School, Universidad Espíritu Santo, Samborondon 091650, Ecuador;4. Department of Economics, University of South Florida, Tampa, FL, USA |
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| Abstract: | The theory of rural organization based on rational peasants in environments where information is imperfect and costly provides a simple explanation for a wide variety of phenomena in LDCs. It provides insights into both why sharecropping is so widespread and why it takes on the particular forms that it does; it provides an explanation of the interlinkage of credit and land markets, and of cost sharing. The paper argues that this theory provides a better explanation of these phenomena than do the competing theories. This theory can be viewed as an important application of a more general paradigm, the “Imperfect Information Paradigm,” which has been useful in explaining economic phenomena under a wide variety of settings: under competition, oligopoly, and monopoly; in labor markets, capital markets, in insurance markets, and product markets; and in developed and less developed countries. |
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