ECN 503 Chapter Notes - Chapter 2: Critical Role, Longrun

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Most striking feature of the global economy is its extreme. This is reflected in such areas as: output per worker, real income per capita, life expectancy, health (e. g. , undernourishment, literacy/illiteracy rates (1) defining the developing world. Tribal, and religious conflicts): larger rural populations but rapid rural-to-urban. Migration. (table 2. 10): lower levels of industrialization and manufactured. Exports. (table 2. 11): adverse geography (south versus north, underdeveloped financial and other markets. Relations (5) how low-income countries today differ from developed. Development capabilities: efficacy of domestic institutions (6) are living standards of developing and developed. Nations converging? (figures 2. 8, 2. 9, and 2. 10: two reasons for expected convergence, you don"t have to reinvent the wheal, , the marginal product of capital and the. Than in the latters: reality (evidence) lends support to the presence of. Convergence (e. g. , china & india) as well as of. The critical role of: geography and resource endowments; and, institutions (i. e. , the rules of the game of economic life),

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