SOC 3380 Lecture Notes - Lecture 5: Classical Liberalism, Kuznets Curve, Market Failure

• School: University of Guelph
• Department: Sociology
• Course: SOC 3380
• Professor: Anthony Winson

Document Summary

Economic growth is usually measured by rate of growth of the gnp or gdp, which the un support, became standard measurement of development in national income accounting after world war 2. Gnp measures total monetary value of all goods and services produced by a country"s resources, regardless of where production takes place. Gdp measures the total monetary value of goods and services produced within a countries territory. Hdi s a measure of development by performance on indicators related to longevity, knowledge and income. Life expectancy at birth is the indicator for measuring longevity. Educational attainment for knowledge (adult literacy and enrolment rations) and income in real gdp per capita. Global economic institutions such as the world bank and international monetary. Fund, both of which tend to hold market liberal outlooks on environmental issues, rely heavily on gnp and gdp figures to rank countries economic performance.