ECON 3508 Chapter Notes - Chapter 1, 2, 3, 5, 7, 9 : Mpla, Weighted Arithmetic Mean, Ethnocentrism

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Traditional economics: utility, profit maximization, market efficiency political economics: merge economic analysis with pratical politics development economics: a greater scope, also political, social, institutional mechanisms. The validity of economic analysis and correctness has to be evaluated in the light of the underlying assumptions of value. Economics and especially development economics has to be viewed in a context of the overall social system: the interdependent relationships between economic and noneconomic factors. Religion, cultural and historical factors are in play. Values, attitudes, institutions: the perspective to place growth policy in. No(cid:396)(cid:373)s, (cid:396)ules of (cid:272)o(cid:374)du(cid:272)t a(cid:374)d ge(cid:374)e(cid:396)all(cid:455) a(cid:272)(cid:272)epted (cid:449)a(cid:455)s of doi(cid:374)g thi(cid:374)gs. Traditional measures: - gni (gross national income) - gdp (gross domestic product) The new economic view of development: it is not only about growth! Development is multidimensional and involves major changes in social structures, popular attitudes and institutions, as well as economic growth, reduction of inequality and je eradication of poverty.

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