Economic Development (11th Edition) by Michael P. Todaro, Stephen C. Smith

By Michael P. Todaro, Stephen C. Smith

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Economic improvement is the major textbook during this box, supplying an entire and balanced advent to the needful thought, the using coverage matters, and the most recent research.

Todaro and Smith take a policy-oriented process, featuring financial concept within the context of serious coverage debates and country-specific case reviews so scholars see how idea pertains to the issues and clients of constructing international locations.

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Extra resources for Economic Development (11th Edition)

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In recent years, activities of nongovernmental organizations, both national and international, have grown rapidly and are also receiving increasing attention (see Chapter 11). Because of the heterogeneity of the developing world and the complexity of the development process, development economics must be eclectic, attempting to combine relevant concepts and theories from traditional economic analysis with new models and broader multidisciplinary approaches derived from studying the historical and contemporary development experience of Africa, Asia, and Latin America.

The Three Objectives of Development We may conclude that development is both a physical reality and a state of mind in which society has, through some combination of social, economic, and institutional processes, secured the means for obtaining a better life. Whatever the specific components of this better life, development in all societies must have at least the following three objectives: 1. To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health, and protection 2.

1 Principles and Concepts World Income Distribution Regional percentage of the population for each 20% of income Richest World income distributed by percentiles of the population, 2000 1 2 3 4 5 6 Richest Poorest Poorest 1 High-income OECD Per capita income 2 Eastern and central Europe and CIS (a) 3 Latin America and the Caribbean 4 East Asia and the Pacific 5 South Asia (b) 6 Sub-Saharan Africa Part (a) shows world income distribution by percentile. ” Part (b) shows the regional shares of global income.

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