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ECON Notes.docx

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University of Ottawa

Developmental Economics Lecture Notes Lecture 1 Development EconomicsDevelopment Economics the study of how economies are transformed from stagnation to growth from low income to high income and overcome absolute povertyWithin Developing Countries Commodity and resource markets are highly imperfectConsumers and producers have limited information Multiple equilibriums rather than single Disequilibrium situations often prevailthis means that prices do not equate supply and demandValues value premises are an inherent component of both economic analysis and economic policyDevelopment goals do not arise out of an objective empirical or positive analysis of what is but ultimately from a subjective or normative value judgement about what should be Therefore development goals reflect what should be When there is agreement over subjective values corresponding public policies based on objective theoretical and quantitative analysis can be pursued Economics and Development StudiesNeed to go beyond simple economics Social Systems independent relationships between economic factors and noneconomic factors Success or failure of development policy depend on the importance of taking account of institutional and structural variables along with more traditional economic variablesnonquantifiable does not mean irrelevantWhat is DevelopmentTraditional economic measuresGNIGross National IncomeIncome Per CapitaFocus on IndustrializationDevelopmental Economics Lecture Notes New economic view of DevelopmentDevelopment is a multidimensional processFocus on redistribution from economic growth Capabilities Approach Amartya SenDevelopment is the expansion of peoples capabilities Freedom to do the things they have reason to value Capability has the ability and freedom to do the things he or she values doing Functioning is what a person can do with the resources controlled and possessed Transformations of resources into capabilities depends on Differences between individuals in terms of religion institution relation perspectives distribution within the familyThree Core Values of Development 1Sustenance the ability to meet basic needs2SelfesteemTo be a person3Freedom from servitude to be able to chooseWhat we mean by development 3 objectives Increase availability of life sustaining goodsRaise living standards Expand range of economic and social choicesThe central role of women To make a large impact in development we must empower women To achieve the Millennium Development Goals 1Eradicate extreme poverty and hunger2Achieve universal primary education 3Promote gender equality and empower women Developmental Economics Lecture Notes 4Reduce child mortality5Improve Maternal Health6Combat HIVAIDS7Ensure Environmental Sustainability8Develop a Partnership for development Lecture 2 Economic DevelopmentLong run causes of comparative development What explains the extreme variations in development achievement to date among developing and developed countriesSchematic framework summarizing recent research on the major longrun causes of comparative developmentthink of institutions as rules of the game1Direct impact of physical geographyFactors such as malaria prevalence or landlocked status may play a direct role in development Not all recent studies agree on that2Acemoglu Johnson and Robinson 2001Geography determined potential settlers morality Steal fast and get out when morality rates were high settlers avoided longterm settlements and establish institutions favouring extraction over production incentivesLow quality institutions tend to persistInstitutions influence economic activity and civil society mobilization which affect development3Engerman and Sokoloff 2005When climate was suitable for a production structure featuring plantation agriculture slavery and mass exploitation of indigenous labour were introduced When indigenous people survived contact in large numbers of Europeans took advantage in human capital and assets
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