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Economic Development

Economic Development

12th Edition

Michael Todaro, Stephen Smith

Aug 2014, Paperback, 892 pages
ISBN13: 9781292002972
ISBN10: 1292002972
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For courses on economic development

Accessible theory, relevant policy issues, and the latest data and research, in the context of a thorough introduction to the developing world.

Economic Development, - the leading textbook in this field - provides students with a complete and balanced introduction to the requisite theory, driving policy issues, and latest research. Todaro and Smith take a policy-oriented approach, presenting economic theory in the context of critical policy debates and country-specific case studies, to see how theory relates to the problems and prospects of developing countries.

New to this edition

· Findings Boxes – new intuitive introductions to important recent research

· Global Crisis – up-to-date challenges and opportunities for developing countries

· Policy Analysis and case studies – review great progress in many developing countries, plus big challenges such as violent conflict and climate change; insights from comparative case studies such as Costa Rica, Guatemala and Honduras.

Part One Principles and Concepts 1

1 Introducing Economic Development; A Global Perspective

2 Comparative Economic Development

3 Classic Theories of Economic Growth and Development

4 Contemporary Models of Development and Underdevelopment

Part Two Problems and Policies: Domestic

5 Poverty, Inequality, and Development

6 Population Growth and Economic Development: Causes, Consequences, and Controversies

7 Urbanisation and Rural-Urban Migration: Theory and Policy

8 Human Capital: education and Health in Economic Development

9 Agricultural Transformation and Rural Development

10 The Environment and Development

11 Development Policymaking and the Roles of Market, State, and Civil Society

Part Three

12 International Trade Theory and Development Strategy

13 Balance of Payments, Debt, Financial Crises, and Stabilization Policies

14 Foreign Finance, Investment, Aid and Conflict: Controversies and Opportunities

15 Finance and Fiscal Policy for Development

Economic Development is the leading textbook in this field, providing a complete and balanced introduction to the requisite theory, the driving policy issues, and the latest research.

Todaro and Smith take a policy-oriented approach, presenting economic theory in the context of critical policy debates and country-specific case studies so students see how theory relates to the problems and prospects of developing countries.

  • The hallmark approach, shaped by the authors’ personal experience and extensive research:
    • Teaches economic development within the context of country-specific examples so that theory is demonstrated through real-world issues.
    • Adopts a problem- and policy-oriented presentation to foster students’ ability to understand contemporary economic problems and to reach independent and informed conclusions.
    • Uses the best and most recent available data and the appropriate theoretical tools to illuminate common problems of developing countries.
    • Focuses on a wide range of developing countries, not only as independent nation-states but also in relation to one another and in their interactions with rich nations.
    • Recognizes the necessity of treating the problems of development and underdevelopment from institutional, structural, and market perspectives.
    • Views development and underdevelopment in both domestic and international contexts, stressing the increasing interdependence of the world economy.
    • Considers the economic, social, and institutional problems of underdevelopment as closely interrelated and requiring coordinated solutions at local, national, and international levels.
  • Country-specific Case Studies at the end of each chapter reflect and illustrate specific problems discussed in the chapter.
  • Voices of the Poor boxes give students perspective on the issues faced by citizens in developing and underdeveloped nations.
  • The text is organized into three distinct parts:
    • Part One focuses on the nature and meaning of development and underdevelopment, and its various manifestations in developing nations. The growth experience of now-developed countries is examined, four classic theories of development are presented, and recent development models are introduced.
    • Parts Two and Three focus on major domestic and international development problems and policies, such as economic growth, poverty and income distribution, population, migration, and urbanization.
    • The book concludes with the authors’ look ahead at key emerging issues in economic development.
  • Coverage of topics is structured to allow instructors to adapt lecture topics based on their individual course.
  • Essential principles of economics relevant to understanding development problems are highlighted in boldface and are explained in detail where appropriate.
  • The material is sufficiently broad in scope and rigorous in coverage to be used in any undergraduate and some graduate development economics courses.

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