Economic Development, 12th Edition by Michael P. Todaro and Stephen C. Smith is a comprehensive and authoritative book that provides an in-depth exploration of the economic, social, and political factors influencing development in low- and middle-income countries. Published by Pearson Education, this globally recognized book is an essential resource for students, educators, researchers, and policymakers seeking to understand the complexities of economic growth, poverty reduction, inequality, and sustainable development.
The 12th edition has been thoroughly updated to reflect the latest global trends, data, and policy debates, ensuring relevance in today’s rapidly changing economic landscape. The book combines classic theories with contemporary models, offering a balanced perspective on development economics. It integrates real-world case studies, empirical evidence, and policy analysis, making it an invaluable tool for those studying international development, economics, public policy, and related fields.
Key Features of Economic Development, 12th Edition
1. Global Perspective on Development—The book begins with an overview of economic development, comparing different countries' growth trajectories and examining key indicators such as GDP, HDI, and inequality measures.
2. Theoretical Foundations—It covers classic and modern theories of economic growth, including Harrod-Domar, Solow, endogenous growth models, and structuralist approaches, helping readers understand the evolution of development thought.
3. Critical Development Issues—The text addresses pressing challenges such as poverty, inequality, population growth, urbanization, education, health, and environmental sustainability, providing policy-oriented solutions.
4. Agricultural and Rural Development—A dedicated chapter explores the role of agricultural transformation in reducing poverty and stimulating economic progress.
5. International Trade and Finance—The book examines trade policies, balance of payments, foreign debt, financial crises, and foreign aid, offering insights into global economic integration.
6. Role of Institutions—It analyzes the interplay between markets, governments, and civil society in shaping development outcomes.
7. Updated Data and Case Studies—The latest edition includes current statistics, global comparisons, and case studies from Africa, Asia, Latin America, and other developing regions.
8. Pedagogical Enhancements—Each chapter features learning objectives, key terms, discussion questions, and further reading suggestions to reinforce understanding.
Why Choose This Book?
1. Trusted Authors: Michael P. Todaro and Stephen C. Smith are renowned experts in development economics, ensuring academic rigor and practical relevance.
2. Comprehensive Coverage: From microeconomic issues like education and health to macroeconomic policies such as trade and debt, the book provides a holistic view of development.
3. Student-Friendly: Clear explanations, diagrams, tables, and review questions make complex concepts accessible.
4. Ideal for Courses: Used in undergraduate and graduate programs in economics, development studies, international relations, and public policy.
Whether you are a student, professor, researcher, or development practitioner, Economic Development, 12th Edition is an indispensable guide to understanding the challenges and opportunities facing developing economies today.
