Economic 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. In the Tenth Edition, the authors integrate new discussions of hot topic research areas such as gender, colonialism, and natural resources, and they update the extensive applications, data, and country-specific case studies throughout.


Features

-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.

Michael P. Todaro was Professor of Economics at New York University for eighteen years and Senior Associate at the Population Council for thirty years. He lived and taught in Africa for six years. He appears in Who's Who in Economics and Economists of the Twentieth Century. He is also the author of eight books and more than fifty professional articles. 

In a special February 2011 centenary edition, the American Economic Review selected Todaro’s article “Migration, Unemployment and Development: A 2-Sector Analysis” (with J. Harriss) as one of the twenty most important articles published by that journal during the first hundred years of its existence.

Stephen C. Smith is Professor of Economics and International Affairs at George Washington University. He received his PhD in economics from Cornell University. Smith is author of Ending Global Poverty: A Guide to What Works, co-editor of NGOs and the Millennium Development Goals: Citizen Action to Reduce Poverty, and author or coauthor of some three dozen journal articles.