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Chapter 2

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


Department
Economics
Course Code
ECN 503
Professor
Ibrahim Hayani
Chapter
2

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COMPARATIVE ECONOMIC DEVELOPMENT
INTRODUCTION
MOST STRIKING FEATURE OF THE GLOBAL ECONOMY IS ITS EXTREME
CONTRAST. THIS IS REFLECTED IN SUCH AREAS AS:
1. OUTPUT PER WORKER
2. REAL INCOME PER CAPITA
3. LIFE EXPECTANCY
4. HEALTH (E.G., UNDERNOURISHMENT)
5. LITERACY/ILLITERACY RATES
(1) DEFINING THE DEVELOPING WORLD
WORLD BANK CLASSIFICATION: (GNI PER CAPITA IN 2008):
1. LOW-INCOME COUNTRIES (LICs): $976 OR LESS
2. LOWER-MIDDLE-INCOME COUNTRIES (LMCs): $976-$3,855
3. UPPER-MIDDLE-COUNTRIES (UMCs): $3,856-$11,906
4. HIGH-INCOME COUNTRIES: $11,907 +
(TABLES: 2.1, 2.2, AND 2.3)
(2) BASIC INDICATORS OF DEVEOPMENT: REAL INCOME, HEALTH, AND
EDUCATION
1. GNI PER CAPITA (OFFICIAL EXCHANGE RATES VERSUS PPP)
2. INDICATORS OF HEALTH AND EDUCATION
(3) HOLISTIC MEASURES OF LIVING LEVELA AND CAPABILITIES
1. THE TRADITIONAL HUMAN DEVELOPMENT INDEX (HDI):
1) LONGEVITY: LIFE EXPECTANCY
2) KNOWLEDGE: ADULT LITERACY
3) STANDARD OF LIVING: REAL PER CAPITA GDP
(TABLES 2.4, 2.5, AND FIGURE 2.3)
2. THE NEW HUMAN DEVELOPMENT INDEX
(TABLE 2.6)
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