Class Notes (835,730)
Canada (509,354)
Economics (965)
ECO2117 (43)
Lecture

ECO2117 #1.docx

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Department
Economics
Course
ECO2117
Professor
Fernanda Estevan
Semester
Spring

Description
Development economics  • Study of how economics are transformed from stagnation to growth, from low  income to high income and overcome absolute poverty • In developing countries: o Commodity and resource markets are highly imperfect o Consumers and producers have limited information  o Multiple equilibriums rather than a single equilibrium are common o Disequilibrium situations often prevail (prices do not equate supply and  demand)  The Important Role of Values  • Value premises are an inherent component of both economic analysis and  economic policy  Ex. Should child labour be banned? • Development goals (e.g. ban child labour) do not arise out of an objective  empirical or positive analysis of what is, but ultimately from a subjective or  normative value judgment about what should be • When there is agreement over subjective values, corresponding public policies  (e.g. compulsory schooling) based on “objective” theoretical and quantitative  analyses can be pursued  Economies as Social Systems: The Need to Go Beyond Simple Economics • Social Systems o Interdependent relationships between economic and non­economic factors • Success or failure of development policy  o Importance of taking account of institutional and structural variables along  with more traditional economic values  What is Development? Changing Views  • Traditional economic measures  o Gross National Income (GNI) o Income per capita  o Focus on industrialization • New economic view of development  o Development as a multidimensional process  o Focus on redistribution from economic growth  • Capabilities approach (Amartya Sen)  o Development is the 
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