INTB 1209 Study Guide - Midterm Guide: Jeffrey Sachs, Amartya Sen, Gross National Income
18 Feb 2020
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Economic growth rates used for a more dynamic representation. Cash transactions not accounted for (major in developing nations) Amartya sen: development should be measured by human quality of life. Human development index (hdi): created by un. The ability of average income to cover basic needs. Innovation: development of new products, processes, organizations, management styles, strategies . Entrepreneurs: individuals who commercialize and ideate innovations. Only possible in a market economy (e. g. us, hk, sg ) If no freedom, then low levels of capital and fdi. In democratic regimes, these allow for long term growth. Low levels of human freedom: suppress development and progress. Geography affects economic policies and development (adam smith) The more countries trade the more their economies grow (jeffrey sachs) States in transition: started in the 1980s: democratic revolutions and the collapse of totalitarianism. Totalitarianism failed to bring economic benefit to all. Better communications make it harder for states to censor.
