MARK 462 Lecture Notes - Lecture 3: Amartya Sen, Gross National Income, Totalitarianism
9 Feb 2018
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What deter(cid:373)i(cid:374)es a cou(cid:374)try"s le(cid:448)el of eco(cid:374)o(cid:373)ic de(cid:448)elop(cid:373)e(cid:374)t: gross national income (gni) per person measures the total annual income received by residents of a nation (japan, sweden, switzerland, and us have a high gni. Why you can"t only judge from gn)/capita: nobel-prize winner amartya sen argues economic development should be seen as a. Innovation and entrepreneurship are the engines of long-run economic growth: innovation includes new products, new processes, new organizations, new management practices, and new strategies, entrepreneurs commercialize innovative new products and processes. Innovation and entrepreneurship help increase economic activity by creating new markets and products that did not previously exist: innovation in production and business processes result in more productive labour and capital further boosting economic growth rates. 1995 were also among the highest for economic growth (hong kong, canada, People in the west tend to associate a representative democracy with a market economic system, strong property rights protection, and economic progress.
