IDSB01 - Lecture 2

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University of Toronto Scarborough
International Development Studies
Liang Chen

IDSB01 Lecture 2: What is Development? Intro Stuff - Tutorial next week + next after o Essay discussion o 2 weeks from today = 1 movie What is Development? - How can economic change be beneficial to a good society? o When does increasing productive capacity contribute to a good society o good society subjective, hard to conclude Theres general common views - The way economists measure progress (development) o Average Income Increase in national income (central scale) Natural indicator; approximately the same as GDP (gross domestic product) Standard measure Drawbacks: just gives average, doesnt account for money made overseas, current price measures Can take crisis into account; inflation, prices divide nominal income (current) by increase in income (i.e. 1.05 if 5% increase) to find real increase in GDP Always uses REAL GDP in class o Income Distribution Average can get very misleading i.e. Real income can increase when poverty increases
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