Textbook Notes (368,434)
Canada (161,878)
Economics (923)
ECN 503 (3)
Chapter 2

Chapter 2 Notes

3 Pages
174 Views
Unlock Document

Department
Economics
Course
ECN 503
Professor
Ibrahim Hayani
Semester
Fall

Description
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) (3) CHARACTERISTICS OF THE DEVELOPING WORLD: DIVERSITY WITHIN COMMONALITY 1. LOWER LEVELS OF LIVING AND PRODUCTIVITY (FIGURE 2.4 AND TABLE 2.7) 2. LOWER LEVELS OF HUMAN CAPITAL (TABLES 2.8, AND FIGURES 2.5 AND 2.6) 3. HIGHER LEVELS OF INEQUALITY AND ABSOLUTE POVERTY (FIGURE 2.7) 4. HIGHER POPULATION GROWTH RATES (TABLE 2.9) 5. GREATER SOCIAL FRACTIONALIZATION (GREATER ETHNIC, TRIBAL, AND RELIGIOUS CONFLICTS). 6. LARGER RURAL POPULATIONS BUT RAPID RURAL-TO-URBAN MIGRATION. (TABLE 2.10). 7. LOWER LEVELS OF INDUSTRIALIZATION AND MANUFACTURED EXPORTS. (TABLE 2.11). 8. ADVERSE GEOGRAPHY (SOUTH VERSUS NORTH) 9. UNDERDEVELOPED FINANCIAL AND OTHER MARKETS Six aspects of market underdevelopment are the lack of: (1) A legal system that enforces contracts and validates property rights; (2) A stable and trustworthy currency; and (3) An infrastructure of roads and utilitie
More Less

Related notes for ECN 503

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit