EC207 Lecture Notes - Lecture 3: Poverty Threshold, Human Capital, Human Development Index
Document Summary
Website for learning about economic development: www. econlit. com: world development, journal of development economies, journal of development studies institute of development wider other websites that will be used. *in terms of the market within a developing country, you typically see a high and low equilibrium and a lack of market power / invisible hand to guide to one center equilibrium. Market failure: markets mail due to market power (monopoly, externalities, pollution, garbage, urban slums. *why is development economics larger than classical economics classical economics does not address the various problems of development. We need a broader view, so therefore developmental economics is larger. Economic development is a broader and long term policy. Economic growth is short, and focuses pm gdp per capita growth. The main difference between economic growth and economic development is that economic growth is short term and economic development is long term. If social welfare does not increase that than development is not taking place.
