Download e-book for iPad: Economic Development, 11th Edition (The Pearson Series in by Michael P. Todaro, Stephen C. Smith

By Michael P. Todaro, Stephen C. Smith

ISBN-10: 0138013888

ISBN-13: 9780138013882

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Additional resources for Economic Development, 11th Edition (The Pearson Series in Economics)

Example text

And what about the poor family living in the dirt-floored shack on the side of the hill? They too can view the sea, but somehow it seems neither scenic nor relaxing. The stench of open sewers makes such enjoyment rather remote. There is no dinner table being set; in fact, there is usually too little to eat. Most of the four children spend their time out on the streets begging for money, shining shoes, or occasionally even trying to steal purses from unsuspecting people who stroll along the boulevard.

5 Development The process of improving the quality of all human lives and capabilities by raising people’s levels of living, self-esteem, and freedom. 1 The Experience of Poverty: Voices of the Poor When one is poor, she has no say in public, she feels inferior. She has no food, so there is famine in her house; no clothing, and no progress in her family. —A poor woman from Uganda For a poor person, everything is terrible—illness, humiliation, shame. We are cripples; we are afraid of everything; we depend on everyone.

Thus development economics, to a greater extent than traditional neoclassical economics or even political economy, must be concerned with the economic, cultural, and political requirements for effecting rapid structural and institutional transformations of entire societies in a manner that will most efficiently bring the fruits of economic progress to the broadest segments of their populations. It must focus on the mechanisms that keep families, regions, and even entire nations in poverty traps, in which past poverty causes future poverty, and on the most effective strategies for breaking out of these traps.

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Economic Development, 11th Edition (The Pearson Series in Economics) by Michael P. Todaro, Stephen C. Smith

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