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ECO 2117 Final Exam Review.docx

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ECO2117FinalExamReviewChapter1About 40 percent of people live in poverty on less than 2 per dayDevelopment Economics is concerned witheconomic cultural and political requirements for effecting rapid structural and institutional transformations Government and some degree of coordinated economic decision making roleNongovernmental organisations NGOs are also gaining prominenceLDCs have potential for multiple equilibria rather than single equilibrium price does not always equate supply and demand info is asymmetric between consumers and producersEthical and normative values attitudes and institutions are importantTraditional economic measures were to increase gross national income GNI by 5 to 7 percent per year New View of DevelopmentA multidimensional process that involves major changes in social structure popular attitudes and national institutions as well as the acceleration of economic growth reduction in inequality and eradication of poverty Sens Capabilities ApproachCapability function is what mattersPoverty is not measured by income or utilityWhat matters is not what someone has but what they can do with what they haveoExan illiterate person cannot read a book
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