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.