GEO 702 Lecture Notes - Lecture 2: Dual Economy, Grameen Bank, Infant Mortality
21 Mar 2016
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Document Summary
Dual economy the existence of two different economies in the same geographical region at the same time. Development is having people realize their full potential. Development can be measured by monetary and other aspects, e. g. quality of life. 80% income 10% people; 90% people generate 20% word income half the worlds population lives at under a dollar a day. Productivity, amount of goods or products produced per hour. Skills of people, amount of machine, quality of machine determines the productivity. Diminishing return on capital why poor countries grow faster. Human capital is the amount of knowledge in each person. Migration of skilled people from poor to rich countries. However, being a colony in the past doesn"t make a country poor eg. us, canada. Most unequal countries in the world would be in latin america. New countries are rich due to agriculture, but there are labour flows into the cities. Poor countries have a less structured financial institution.
