Economic Development By Michael P. Todaro – Stephen C. Smith | 11th edition
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New to This Edition (Economic Development By Michael P. Todaro – Stephen C. Smith)
• Global crisis. Amajor new section of the text addresses potential longer-term impacts of the recent global financial crisis on economic development, examining conditions that caused the crisis, its aftermath, and possible broader implications and potential differences for developing nations and regions.
• Violent conflict. The Eleventh Edition provides an entirely new major section on the causes and consequences of violent conflict, postconflict recovery and development, and prevention of conflict through an improved understanding of its major causes. In the last several years, substantial advances have been made in theory, empirical studies, and policy analysis regarding civil war and civil conflict, one of the leading obstacles to human development and economic growth. The section examines what has been learned about consequences for people and for economic development, causes and prevention of violent conflict, and strategies for post-conflict recovery, reconstruction, and sustained development.
• Findings boxes.Anew textbook feature reports empirical findings in boxes that are wide-ranging in both methods and topics. They address both specific policy concerns—such as improving child health, education, and microfinance design—and a broader understanding of the sources of disparities in the world’s economies that can inform the strategy of economic development. And with these findings, they illustrate methods ranging from the use of instruments; randomized control trials; painstaking design, implementation, and robust analysis of survey data; growth diagnostics; and systematically applied qualitative research. The Findings boxes in this edition are listed on pages xvii–xviii. As economic development research findings are published and become influential, they will be reported on the textbook Web site between editions.
• New comparative case studies. Two new full-length end-of-chapter comparative case studies are introduced to address current topics and findings and to broaden geographic coverage. An in-depth comparison of Ghana and Côte d’Ivoire appears at the end of Chapter 5, examining themes of the origins of comparative development and of the analysis of poverty causes and remedies. (The updated Grameen case is moved to Chapter 15.) An in-depth comparative study of Haiti and the Dominican Republic is introduced at the end of Chapter 10, demonstrating the influence of environment on development and vice versa, but revealing how environmental degradation stems from deeper causes. All the other case studies have been updated to reflect current conditions and status.
• New measures. Measurement is an ever-present issue in the field of economic development. The United Nations Development Program released its Multidimensional Poverty Index in August 2010 and its New Human Development Index in November 2010. The text examines the index formulas, explains how they differ from earlier indexes, reports on findings, and reviews issues surrounding the active debate on these measures.
• Applications of contemporary models to new topics. Insights from multi pleequilibria models (explained in detail in Chapter 4) are used to help explain the staying power of violent ethnic conflict and the persistence of harmful cultural practices such as female genital mutilation. The way these insights have helped inspire strategies for ending these practices are explained.
• Expanded glossary, with definitions in margins where terms are first used. Each key term is defined in the text at the spot where it is first used. Each of these definitions are also collected alphabetically in the Glossary near the end of the book.
• Updated statistics. Change continues to be very rapid in the developing world. Throughout the text, data and statistics have been updated to reflect the most recent available information.
• Additional updates. Other updates include an expanded section on microfinance, including new designs, potential benefits, successes to date, and some limitations; Amartya Sen’s latest thinking on capability; new evidence on the extent and limits of convergence; expanded coverage of China and the stubborn chronic poverty among hundreds of millions of people despite otherwise impressive global progress; a streamlined Malthus trap model presentation; development implications of new and proposed environmental agreements for developing countries; and growing challenges of adaptation to climate change with examples of efforts that are already underway; as well as topics such as trends in central banking in developing economies. The end-of-chapter case studies have been updated.
• Convenient numbered subsections. The introduction of numbered subsections facilitates a tailored course design and extended class focus on selected topics. The text features a 15-chapter structure, convenient for use in a comprehensive course. But the chapters are now subdivided, usually into six to ten numbered subsections in each chapter. This makes it more straightforward to assign topical areas for a class session. It also makes it convenient to use the text for courses with different emphases.
About the Author (Economic Development By Michael P. Todaro – Stephen C. Smith)
Michael P. Todaro was Professor of Economics at New York University for eighteen years and Senior Associate at the Population Council for twenty 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. Harris) as one of the twenty most important articles published by that journal during the first one hundred years of its existence.
Stephen C. Smith is Director of the Institute for International Economic Policy and 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.
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