MGEC81H3 Final: Final Exam Study Review

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Income/capita, not very good measure; we discussed reasons why. Development more than income, as noted by sen the notion of human freedom. Human freedom: not only democracy, but capability to be educated, freedom in health. sen: influential in holistic view of development and the human development index. Human development index: measure of income, health and education. Not a full measure of human welfare or different industries. Does not capture human development for developed countries. when studying development, interested in separating income, education, health etc. Useful to look at 2 of these dimensions helps explain lots of differences in development. we also took a look at economic growth, analyzing different models (just need to know manipulations no derivations needed) 2 assumptions: constant savings rate and a capital output model. Technology can help improve long run growth rate. Short-run growth depends on steady-state of a country. but in the real world, we see positive long-run growth.

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