ECON 1202 Lecture Notes - Lecture 19: Human Capital, Industrial Revolution, Skilled Worker
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Document Summary
Dev; d/l econ of scale/hc: longer life expectancy -> human capital formulation. Increase: higher fertility rate -> human capital formulation. Decrease: increasing population = greater market specialization, increasing population; increasing lfpr, ppc, labor. *malthusian world may still apply in certain parts of the world. Before: everyone was poor, average world income per person (1990 dollars) Slide 7: catching up process happening in china, share of chinese gdp increasing. Been seeing: rapid economic growth, increase in per capita gdp, varies from region to region, despite progress, we still have billions of those living under poverty. Growth: increases in per capita income, necessary but not su cient condition for development, di erent than development. Poverty as capability deprivation: poverty as a deprivation of basic capabilities, variety of factors that impacts our ability to develop as individuals that are beyond income, unique characteristics can greatly range.
