First published in 1972, this is a book of essays offered in honour of Paul Rosenstein-Rodan, the distinguished economist whose career started in mid-1920s Vienna and subsequently spanned Europe, Britain, the USA and many of the less developed countries of the world.The book includes reviews of past developments, chapters on development trade and value theory, an assessment of contemporary emerging economic patterns, development and trade policy, and investment policy. Further essays cover the intellectual history of development economics, general aspects of growth and economic policy in underdeveloped countries and the problems of income distribution and sectoral and regional development.

Part I: Growth of Development Economics 1. Development Economic Before 1945 2. The World Bank's Concept of Development - An In-House Part II: Development and Planning 3. Should Growth Rates be Evaluated at International Prices 4. Economic Growth with Unlimited Foreign Exchange and No Technical Progress 5. Absorptive Capacity as a Constraint due to Maturation processes 6. A Model of Growth Capitalism in a Dual Agrarian Economy 7. Short-term Economic Policy Part III: Income Distribution and Regional Development 8. Income Distribution and Agricultural Development 9. Trade-off Curves and Regional Gaps 10. Tendencies and Determinants of Income Distribution in Western Countries - a Note 11. The Process of Industrialisation of an Overpopulated Agricultural Area - the Italian Experience Part IV: Development and International Trade 12. Restrictions on Direct Investment in Host Countries 13. Adjustment Under the Bretton Woods Code with Special Reference to the Less Developed Countries 14. International Capital Movements, Fixed Parities, and Monetary and Fiscal Policies Part V: Cost-Benefit Analysis 15. Further Reflections on the OECD Manual of Project Analysis in Developing Countries Part VI: Labour Productivity and Other Characteristics of Cement Plants - An International Comparison 17. Some Evidence on the Short-Run Productivity Puzzle VII: Value Theory 1*. A Quantum-Theory Model of Economics: Is the Co-ordinating Entrepreneur Just Worth His Profit?