This collection of papers in honor of the renowned development economist K.N. Raj includes papers by Amartya Sen, T.N. Srinivasan, Pranab Bardhan, Kaushik Basu, Shigeru Ishikawa, Edmar Bacha, Debraj Ray, and Amit Bhaduri. These, and the many other distinguished authors included in this volumehave contributed significantly to development theory and policy, and have greatly influenced the course of development economics over a long period of time. The essays fall into three sections: development theory, comparative development experience, and Indian development experience. The majority ofthe essays illustrate the tensions and challenges that arise in the process of interaction between economic development and institutional change. They provide a fresh look at development issues and the experiences of the last thirty years. This important collection will be widely read not only bydevelopment economists, but also by policy planners and practitioners.