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,...

The upheavals of recent decades show us that traditional models of understanding processes of social and economic change are failing to capture real-world risk and volatility. This has resulted in flawed policy that seeks to capture change in terms of the rise or decline of regimes or regions....

"The analytical challenge in such constantly shifting environments, explained Friedrich Hayek in his 1974 Nobel acceptance speech, is to understand an economy as an 'organized complexity.' Although the term 'complex systems' wasn't yet well established, Hayek recognized structures of 'essential...