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Lecture

Outliers or Models: Dependent Development
Outliers or Models: Dependent Development

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School
University of Toronto St. George
Department
Political Science
Course
POL101Y1
Professor
Jeffrey Kopstein
Semester
Winter

Description
POL101 Outliers or Models? February 7 2011 Dependent Development What is Development? Human development Looking at the micro level, individual human beings and their experiences of reality Interested in health, education, literacy, infant mortality, etc. Indicators that are important to the individual lived experience Equitable development Interested in terms of the redistributive consequences of development Not just looking at national economic growth rates but how this wealth and prosperity is distributed through the political economic system through the highest income households to the lowest income households Capacity Having the skills and education and experience and technology in order to continually develop over time So, not just about growing your economy but having the economic capacity to sustain that growth Sustainable development Often thought of in economic degradation About sustaining over the long term economic development Ensuring that as we are developing as economic societies we arent at the same time destroying the very foundations of that growth Political development How the system develops and reformats So development can be defined along all of these dimensions, but generally a sense of progress and improvement over time www.notesolution.comPOL101 Outliers or Models? February 7 2011 Dependent Development For the purpose of todays lecture, were going to focus on aggregate economic growth How economies grow Why economies grow How economies in the aggregate improve over time How to explain growth? How do we explain aggregate economic growth? Many different theories, but what is the role of theory? Theories help explain the world, they also prescribe, and they endeavour to predict Theories then, as explainers, prescriptions, and predictors thus represent different vantage points of how we understand the world A Theoretical Conversation The Cosmopolitical View How do you understand the world? Smiths cosmopolitical view is that the invisible hand should guide the market According to the cosmopolitical view of the world, the key to the global economy is specialization Its also in this view that human effort is important Capitalism isnt good for lazy people Capitalism rewards those who work hard, those who are rational This, then, will lead to global productivity and through global productivity there will be global prosperity and thus global peace So, its a positive sum view, meaning that everyone will benefit as long as you arent lazy or behave irrationally The Mercantilist View List and Hamilton would disagree www.notesolution.com
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