Economic Development, 12th edition

Published by Pearson (July 14, 2021) © 2015

  • Michael P. Todaro New York University and The Population Council
  • Stephen D. Smith University of Winnipeg
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For courses on economic development

A complete, balanced introduction to the theory, issues, and latest research.

Economic Development,Twelfth Edition—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 so students see how theory relates to the problems and prospects of developing countries.

Teaching and Learning Experiences


This program presents a better teaching and learning experience–for you and your students.

  • Use the text’s Hallmark Approach to presenting engaging information: Shaped by the authors’ personalities, this approach is backed up with extensive research and travel to provide the best data possible.
  • Teach with strong pedagogy tools: The text reinforces central key concepts by presenting a clear learning path for students.
  • Give students a real-world global perspective: Students are able togain a unique perspective about world issues from two authors who strive to address different sides to problems.

Brief Contents

I. Principles and Concepts

  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

II. Problems and Policies: Domestic

  1. Poverty, Inequality, and Development
  2. Population Growth and Economic Development: Causes, Consequences, and Controversies
  3. Urbanization and Rural-Urban Migration: Theory and Policy
  4. Human Capital: Education and Health in Economic Development
  5. Agricultural Transformation and Rural Development
  6. The Environment and Development
  7. Development Policymaking and the Roles of Market, State, and Civil Society

III. Problems and Policies: International and Macro

  1. International Trade Theory and Development Strategy
  2. Balance of Payments, Debt, Financial Crises, and Stabilization Policies
  3. Foreign Finance, Investment, Aid, and Conflict: Controversies and Opportunities
  4. Finance and Fiscal Policy for Development

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