Economic Development 13th Edition by Michael P Todaro, Stephen C Smith ISBN 9781292291154 129229115X

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ISBN 10: 129229115X
ISBN 13: 9781292291154
Author: Michael P Todaro, Stephen C Smith

Economic Development 13th Edition Table of contents:

1 Introducing Economic Development: A Global Perspective

1.1 Introduction to Some of the World’s Biggest Questions

1.2 How Living Levels Differ Around the World

1.3 How Countries Are Classified by Their Average Levels of Development: A First Look

1.4 Economics and Development Studies

1.4.1 Wider Scope of Study

1.4.2 The Central Role of Women

1.5 The Meaning of Development: Amartya Sen’s “Capability” Approach

1.6 Happiness and Development

1.7 The Sustainable Development Goals: A Shared Development Mission

1.7.1 Seventeen Goals

1.7.2 The Millennium Development Goals, 2000–2015

1.7.3 Implementing the Sustainable Development Goals

1.8 Some Critical Questions for the Study of Development Economics

Case Study 1: Comparative Economic Development: Pakistan and Bangladesh

2 Comparative Economic Development

2.1 An Introduction

2.2 What is the Developing World? Classifying Levels of National Economic Development

2.2.1 Conventional Comparisons of Average National Income

2.2.2 Adjusting for Purchasing Power Parity

2.2.3 Other Common Country Classifications

2.3 Comparing Countries by Health and Education, and the Human Development Index

2.3.1 Comparing Health and Education Levels

2.3.2 Introducing the Human Development Index

2.3.3 Human Development Index Ranking: How Does it Differ from Income Rankings?

2.3.4 Human Development Index: Alternative Formulations

2.4 Key Similarities and Differences Among Developing Countries

2.4.1 Levels of Income and Productivity

2.4.2 Human Capital Attainments

2.4.3 Inequality and Absolute Poverty

2.4.4 Population Growth and Age Structure

2.4.5 Rural Economy and Rural-to-Urban Migration

2.4.6 Social Fractionalisation

2.4.7 Level of Industrialisation and Manufactured Exports

2.4.8 Geography and Natural Resource Endowments

2.4.9 Extent of Financial and Other Market Development

2.4.10 Quality of Institutions and External Dependence

2.5 Are Living Standards of Developing and Developed Nations Converging?

2.5.1 The Great Divergence

2.5.2 Two Major Reasons to Expect Convergence

2.5.3 Perspectives on Income Convergence

2.6 Long-Run Causes of Comparative Development

2.7 Concluding Observations

Case Study 2: Institutions, Colonial Legacies, and Economic Development: Ghana and Cote d’Ivoire

Appendix 2.1 The Traditional Human Development Index (HDI)

Appendix 2.2 How Low-Income Countries Today Differ from Developed Countries in Their Earlier Stages

3 Classic Theories of Economic Growth and Development

3.1 Classic Theories of Economic Development: Four Approaches

3.2 Development as Growth and the Linear-Stages Theories

3.2.1 Rostow’s Stages of Growth

3.2.2 The Harrod-Domar Growth Model

3.2.3 Obstacles and Constraints

3.2.4 Necessary Versus Sufficient Conditions: Some Criticisms of the Stages Model

3.3 Structural-Change Models

3.3.1 The Lewis Theory of Economic Development

3.3.2 Structural Change and Patterns of Development

3.3.3 Conclusions and Implications

3.4 The International-Dependence Revolution

3.4.1 The Neocolonial Dependence Model

3.4.2 The False-Paradigm Model

3.4.3 The Dualistic-Development Thesis

3.4.4 Conclusions and Implications

3.5 The Neoclassical Counter-Revolution: Market Fundamentalism

3.5.1 Challenging the Statist Model: Free Markets, Public Choice, and Market-Friendly Approaches

3.5.2 Traditional Neoclassical Growth Theory

3.5.3 Conclusions and Implications

3.6 Classic Theories of Development: Reconciling the Differences

Case Study 3: Classic Schools of Thought in Context: South Korea and Argentina

Appendix 3.1 Components of Economic Growth

Appendix 3.2 The Solow Neoclassical Growth Model

Appendix 3.3 Endogenous Growth Theory

4 Contemporary Models of Development and Underdevelopment

4.1 Underdevelopment as a Coordination Failure

4.2 Multiple Equilibria: A Diagrammatic Approach

4.3 Starting Economic Development: The Big Push

4.3.1 The Big Push: A Graphical Model

4.3.2 Other Cases in Which a Big Push May Be Necessary

4.3.3 Why the Problem Cannot Be Solved by a Super-Entrepreneur

4.4 Further Problems of Multiple Equilibria

4.4.1 Inefficient Advantages of Incumbency

4.4.2 Behaviour and Norms

4.4.3 Linkages

4.4.4 Inequality, Multiple Equilibria, and Growth

4.5 Michael Kremer’s O-Ring Theory of Economic Development

4.5.1 The O-Ring Model

4.5.2 Implications of the O-Ring Theory

4.6 Economic Development as Self-Discovery

4.7 The Hausmann-Rodrik-Velasco Growth Diagnostics Framework

4.8 Conclusions

Case Study 4: China: Understanding a Development “Miracle”

5 Poverty, Inequality, and Development

5.1 Measuring Inequality

5.1.1 Size Distributions

5.1.2 Lorenz Curves

5.1.3 Gini Coefficients and Aggregate Measures of Inequality

5.1.4 The Ahluwalia-Chenery Welfare Index (ACWI)

5.2 Measuring Absolute Poverty

5.2.1 Income Poverty

5.2.2 Multidimensional Poverty Measurement

5.3 Poverty, Inequality, and Social Welfare

5.3.1 What is it About Extreme Inequality That’s So Harmful to Economic Development?

5.3.2 Dualistic Development and Shifting Lorenz Curves: Some Stylised Typologies

5.3.3 Kuznets’s Inverted-U Hypothesis

5.3.4 Growth and Inequality

5.4 Absolute Poverty: Extent and Magnitude

5.4.1 The Multidimensional Poverty Index (MPI)

5.5 Economic Characteristics of High-Poverty Groups

5.5.1 Children and Poverty

5.5.2 Women and Poverty

5.5.3 Ethnic Minorities, Indigenous Populations, and Poverty

5.6 Growth and Poverty

5.7 Labour, the Functional Distribution of Income, and Inclusive Development

5.7.1 The Functional Distribution

5.7.2 Labour and Inclusive Development

5.8 Policy Options on Income Inequality and Poverty: Some Basic Considerations

5.8.1 Areas of Intervention

5.8.2 Altering the Functional Distribution of Income Through Relative Factor Prices: Minimum Wage an

5.8.3 Modifying the Size Distribution Through Increasing Assets of the Poor

5.8.4 Progressive Income and Wealth Taxes

5.8.5 Direct Transfer Payments and the Public Provision of Goods and Services

5.8.6 Applying Insights from Behavioural Economics to Address Poverty

5.9 Summary and Conclusions: The Need for a Package of Policies

Case Study 5: India: Complex Challenges and Compelling Opportunities

Appendix 5.1 Appropriate Technology and Employment Generation: The Price Incentive Model

Appendix 5.2 The Ahluwalia-Chenery Welfare Index

6 Population Growth and Economic Development: Causes, Consequences, and Controversies

6.1 The Basic Issue: Population Growth and the Quality of Life

6.2 Population Growth: Past, Present, and Future

6.2.1 World Population Growth Throughout History

6.2.2 Structure of the World’s Population

6.2.3 Demographic Structure and the Hidden Momentum of Population Growth

6.3 Demographic Structure and the Demographic Transition

6.4 The Causes of High Fertility in Developing Countries: The Malthusian and Household Models

6.4.1 The Malthusian Population Trap

6.4.2 Criticisms of the Malthusian Model

6.4.3 The Microeconomic Household Theory of Fertility

6.4.4 The Demand for Children in Developing Countries

6.4.5 Implications for Development and Fertility

6.5 The Consequences of High Fertility: Some Conflicting Perspectives

6.5.1 It’s Not a Real Problem

6.5.2 It’s a Deliberately Contrived False Issue

6.5.3 It’s a Desirable Phenomenon

6.5.4 It Is a Real Problem

6.5.5 Goals and Objectives: Toward a Consensus

6.6 Some Policy Approaches

6.6.1 What Developing Countries Can Do

6.6.2 What the Developed Countries Can Do

6.6.3 How Developed Countries Can Help Developing Countries with Their Population Programmes

6.6.4 Policy for Still-Developing Countries Facing Population Declines

Case Study 6: “Twins” Growing Apart: Burundi and Rwanda

7 Urbanisation and Rural–Urban Migration: Theory and Policy

7.1 Urbanisation: Trends and Living Conditions

7.2 The Role of Cities

7.2.1 Industrial Districts

7.2.2 Efficient Urban Scale

7.3 Understanding Urban Giants: Causes and Consequences

7.3.1 First-City Bias

7.3.2 The Political Economy of Urban Giants

7.4 The Urban Informal Sector

7.4.1 Policies for the Urban Informal Sector

7.4.2 Women in the Informal Sector

7.5 Migration and Development

7.6 Toward an Economic Theory of Rural–Urban Migration

7.6.1 A Verbal Description of the Todaro Model

7.6.2 A Diagrammatic Presentation

7.6.3 Policy Implications

7.7 Conclusion: A Comprehensive Urbanisation, Migration, and Employment Strategy

Case Study 7: Rural–Urban Migration and Urbanisation in Developing Countries: India and Botswana

Appendix 7.1 A Mathematical Formulation of the Todaro Migration Model

8 Human Capital: Education and Health in Economic Development

8.1 The Central Roles of Education and Health

8.1.1 Education and Health as Joint Investments for Development

8.1.2 Improving Health and Education: Why Increasing Income Is Not Sufficient

8.2 Investing in Education and Health: The Human Capital Approach

8.2.1 Social Versus Private Benefits and Costs

8.3 Child Labour

8.4 The Gender Gap: Discrimination in Education and Health

8.4.1 Education and Gender

8.4.2 Health and Gender

8.4.3 Consequences of Gender Bias in Health and Education

8.5 Educational Systems and Development

8.5.1 The Political Economy of Educational Supply and Demand: The Relationship Between Employment Op

8.5.2 Distribution of Education

8.6 Health Measurement and Disease Burden

8.6.1 HIV/AIDS

8.6.2 Malaria

8.6.3 Parasitic Worms and Other “Neglected Tropical Diseases”

8.7 Behavioural Economics Insights for Designing Health Policies and Programmes

8.8 Health, Productivity, and Policy

8.8.1 Productivity

8.8.2 Health Systems Policy

Case Study 8: Pathways Out of Poverty: Progresa/Oportunidades in Mexico

9 Agricultural Transformation and Rural Development

9.1 The Imperative of Agricultural Progress and Rural Development

9.2 Agricultural Growth: Past Progress and Current Challenges

9.2.1 Trends in Agricultural Productivity

9.2.2 Market Failures and the Need for Government Policy

9.2.3 Agricultural Extension

9.3 The Structure of Agrarian Systems in the Developing World

9.3.1 Three Systems of Agriculture

9.3.2 Traditional and Peasant Agriculture in Latin America, Asia, and Africa

9.3.3 Agrarian Patterns in Latin America: Progress and Remaining Poverty Challenges

9.3.4 Transforming Economies: Problems of Fragmentation and Subdivision of Peasant Land in Asia

9.3.5 Subsistence Agriculture and Extensive Cultivation in Africa

9.4 The Important Role of Women

9.5 The Microeconomics of Farmer Behaviour and Agricultural Development

9.5.1 The Transition from Traditional Subsistence to Specialised Commercial Farming

9.5.2 Subsistence Farming: Risk Aversion, Uncertainty, and Survival

9.5.3 The Economics of Sharecropping and Interlocking Factor Markets

9.5.4 Intermediate Steps to Mixed or Diversified Farming

9.5.5 From Divergence to Specialisation: Modern Commercial Farming

9.6 Core Requirements of a Strategy of Agricultural and Rural Development

9.6.1 Improving Small-Scale Agriculture

9.6.2 Institutional and Pricing Policies: Providing the Necessary Economic Incentives

9.6.3 Conditions for Rural Development

Case Study 9: The Need to Improve Agricultural Extension for Women Farmers: Kenya and Uganda

10 The Environment and Development

10.1 Environment and Development: The Basic Issues

10.1.1 Economics and the Environment

10.1.2 Sustainable Development and Environmental Accounting

10.1.3 Environment Relationships to Population, Poverty, and Economic Growth

10.1.4 Environment and Rural and Urban Development

10.1.5 The Global Environment and Economy

10.1.6 Natural Resource–Based Livelihoods as a Pathway Out of Poverty: Promise and Limitation

10.1.7 The Scope of Domestic-Origin Environmental Degradation

10.1.8 Rural Development and the Environment: A Tale of Two Villages

10.1.9 Environmental Deterioration in Villages

10.2 Global Warming and Climate Change: Scope, Mitigation, and Adaptation

10.2.1 Scope of the Problem

10.2.2 Mitigation

10.2.3 Adaptation

10.3 Economic Models of Environmental Issues

10.3.1 Privately Owned Resources

10.3.2 Common Property Resources

10.3.3 Public Goods and Bads: Regional Environmental Degradation and the Free-Rider Problem

10.3.4 Limitations of the Public-Good Framework

10.4 Urban Development and the Environment

10.4.1 Environmental Problems of Urban Slums

10.4.2 Industrialisation and Urban Air Pollution

10.4.3 Problems of Congestion, Clean Water, and Sanitation

10.5 The Local and Global Costs of Rain Forest Destruction

10.6 Policy Options in Developing and Developed Countries

10.6.1 What Developing Countries Can Do

10.6.2 How Developed Countries Can Help Developing Countries

10.6.3 What Developed Countries Can Do for the Global Environment

Case Study 10: A World of Contrasts on One Island: Haiti and the Dominican Republic

11 Development Policymaking and the Roles of Market, State, and Civil Society

11.1 A Question of Balance

11.2 Development Planning: Concepts and Rationale

11.2.1 The Planning Mystique

11.2.2 The Nature of Development Planning

11.2.3 Planning in Mixed Developing Economies

11.2.4 The Rationale for Development Planning

11.3 The Development Planning Process: Some Basic Models

11.3.1 Three Stages of Planning

11.3.2 Aggregate Growth Models: Projecting Macro Variables

11.3.3 Multisector Models and Sectoral Projections

11.3.4 Project Appraisal and Social Cost–Benefit Analysis

11.4 Government Failure and Preferences for Markets Over Planning

11.4.1 Problems of Plan Implementation and Plan Failure

11.4.2 The 1980s Policy Shift Toward Free Markets

11.4.3 Government Failure

11.5 The Market Economy

11.5.1 Sociocultural Preconditions and Economic Requirements

11.6 The Washington Consensus on the Role of the State in Development and Its Subsequent Evolution

11.6.1 Toward a New Consensus

11.7 Development Political Economy: Theories of Policy Formulation and Reform

11.7.1 Understanding Voting Patterns on Policy Reform

11.7.2 Institutions and Path Dependency

11.7.3 Democracy Versus Autocracy: Which Facilitates Faster Growth?

11.8 Development Roles of NGOs and the Broader Citizen Sector

11.9 Trends In Governance and Reform

11.9.1 Tackling the Problem of Corruption

11.9.2 Decentralisation

11.9.3 Development Participation

Case Study 11: The Role of Development NGOs: BRAC and the Grameen Bank

12 International Trade Theory and Development Strategy

12.1 Economic Globalisation: Meaning, Extent, and Limitations

12.2 International Trade: Some Key Issues

12.2.1 Five Basic Questions about Trade and Development

12.2.2 Importance of Exports to Different Developing Nations

12.2.3 Demand Elasticities and Export Earnings Instability

12.2.4 The Terms of Trade and the Prebisch-Singer Hypothesis

12.3 The Traditional Theory of International Trade

12.3.1 Comparative Advantage

12.3.2 Relative Factor Endowments and International Specialisation: The Neoclassical Model

12.3.3 Trade Theory and Development: The Traditional Arguments

12.4 The Critique of Traditional Free-Trade Theory in the Context of Developing-Country Experience

12.4.1 Fixed Resources, Full Employment, and the International Immobility of Capital and Skilled Lab

12.4.2 Fixed, Freely Available Technology and Consumer Sovereignty

12.4.3 Internal Factor Mobility, Perfect Competition, and Uncertainty: Increasing Returns, Imperfect

12.4.4 The Absence of National Governments in Trading Relations

12.4.5 Balanced Trade and International Price Adjustments

12.4.6 Trade Gains Accruing to Nationals

12.4.7 Some Conclusions on Trade Theory and Economic Development Strategy

12.5 Traditional Trade Strategies and Policy Mechanisms for Development: Export Promotion Versus Imp

12.5.1 Export Promotion: Looking Outward and Seeing Trade Barriers

12.5.2 Import Substitution: Looking Inward but Still Paying Outward

12.5.3 Tariffs, Infant Industries, and the Theory of Protection

12.5.4 The IS Industrialisation Strategy and Results

12.5.5 Foreign-Exchange Rates, Exchange Controls, and the Devaluation Decision

12.5.6 Trade Optimists and Trade Pessimists: Summarising the Traditional Debate

12.6 The Industrialisation Strategy Approach to Export Policy

12.6.1 Export-Oriented Industrialisation Strategy

12.6.2 The New Firm-Level International Trade Research and the Developing Countries

12.7 South–South Trade and Economic Integration

12.7.1 Economic Integration and Development Strategy

12.7.2 Regional Trading Blocs and Prospects for South–South Cooperation

Case Study 12: Pioneers in Development Success through Trade and Industrialisation Strategy: South K

13 Balance of Payments, Debt, Financial Crises, and Sustainable Recovery: Principles, Cases and Poli

13.1 Introduction

13.2 The Balance of Payments Account

13.2.1 General Considerations

13.2.2 A Hypothetical Illustration: Deficits and Debts

13.3 The Issue of Payments Deficits

13.3.1 Some Initial Policy Issues

13.3.2 Trends in the Balance of Payments

13.4 Accumulation of Debt and Developing-Country Crises: The 1980s Debt Crisis, and its Resolutions

13.4.1 External Debt Accumulation and Crisis: The Basic Transfer Framework

13.4.2 The 1980s Crisis: Background and Analysis

13.4.3 Attempts at Alleviation: Classic IMF Stabilisation Policies, and Strategies for Debt Relief

13.5 The 2000s Global Financial Crisis: Economic Development Impacts and Lessons

13.5.1 Causes of the Crisis and Challenges to Lasting Recovery

13.5.2 Economic Impacts on Developing Countries

13.5.3 Differing Impacts across Regions and Developing Country Groups

13.5.4 Conditions Affecting Prospects for Stability and Growth

Case Study 13: Brazil: Meaningful Development or Middle-Income Trap?

14 Foreign Finance, Investment, Aid, and Conflict: Controversies and Opportunities

14.1 The International Flow of Financial Resources

14.2 Private Foreign Direct Investment and The Multinational Corporation

14.2.1 Private Foreign Investment: Some Pros and Cons for Development

14.2.2 Private Portfolio Investment: Benefits and Risks

14.3 The Role and Growth of Remittances

14.4 Foreign Aid: The Development Assistance Debate

14.4.1 Conceptual and Measurement Problems

14.4.2 Amounts and Allocations: Public Aid

14.4.3 Why Donors Give Aid

14.4.4 Why Recipient Countries Accept Aid

14.4.5 The Role of Nongovernmental Organisations in Aid

14.4.6 The Effects of Aid

14.5 Conflict and Development

14.5.1 The Scope of Violent Conflict and Conflict Risks

14.5.2 The Consequences of Armed Conflict

14.5.3 The Causes of Armed Conflict and Risk Factors for Conflict

14.5.4 The Resolution and Prevention of Armed Conflict

Case Study 14: The Roots of Divergence Among Developing Countries: Costa Rica, Guatemala, and Hondur

15 Finance and Fiscal Policy for Development

15.1 The Role of the Financial System in Economic Development

15.1.1 Differences Between Developed- and Developing-Country Financial Systems

15.2 The Role of Central Banks and Alternative Arrangements

15.2.1 Functions of a Fully-Fledged Central Bank

15.2.2 The Role of Development Banking

15.3 Informal Finance and the Rise of Microfinance

15.3.1 Traditional Informal Finance

15.3.2 Microfinance Institutions: How They Work

15.3.3 MFIs: Three Current Policy Debates

15.3.4 Potential Limitations of Microfinance as a Development Strategy

15.4 Formal Financial Systems and Reforms

15.4.1 Financial Liberalisation, Real Interest Rates, Savings, and Investment

15.4.2 Financial Policy and the Role of the State

15.4.3 Debate on the Role of Stock Markets

15.5 Fiscal Policy for Development

15.5.1 Macrostability and Resource Mobilisation

15.5.2 Taxation: Direct and Indirect

15.6 State-Owned Enterprises and Privatisation

15.6.1 The Nature and Scope of SOEs

15.6.2 Improving the Performance of SOEs

15.6.3 Privatisation: Theory and Experience

15.7 Public Administration: The Scarcest Resource

Case Study 15: How Two African Success Stories Have Addressed Challenges: Botswana and Mauritius

Glossary

Name Index

Subject Index

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