ECO 2117 Lecture Notes - Lecture 1: Subsistence Economy, Consumer Sovereignty, Capability Approach
12 Mar 2018
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Document Summary
Developing world = group of countries w/ low-middle incomes. Population of high-income developed world is 1 billion. Low-and middle-income countries generate approximately 6 trillion dollars (2001) of national income. Approximately 25 trillion dollars is generated by high-income countries. Development economics: the study of how economies are transformed from stagnation to. Poverty = no food, medicine, clothes, freedoms, etc. Poverty is more than a lack of income multidimensional, as is economic development growth and from low-income to high-income status, and how they overcome problems of absolute poverty. Absolute poverty: a situation of being unable to meet the minimum levels of income, food, clothing, health care, shelter, and other essentials. Developing countries (less developed countries): countries of asia, africa, the middle east, Latin america, eastern europe, and the former soviet union that are presently characterized by low standards of living and other development deficits. More developed countries (mdcs): the now economically advanced capitalist countries of.
