EC207 Lecture Notes - Lecture 10: Newly Industrialized Country, Human Development Index, Debt Crisis
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Format: 25 m/c questions worth 2 marks each, 2 short answers with multiple parts (a,b). (12. 5 marks) General review with emphasis on certain parts. General ideas: what does it mean by (cid:862)de(cid:448)elopi(cid:374)g (cid:272)ou(cid:374)tries? (cid:863: use slides. Only use three or four parts and then explain this. Example: low standard of living, low per capita income, low level of education, poverty. What does (cid:862)brai(cid:374) drai(cid:374)(cid:863) (cid:373)ea(cid:374): educated people leave to go to other developed countries. Why did development economics rise as a response to neoclassical econ: neoclassical focuses on market clearing (supply & demand curves), development economics must deal with the economic, social, political and institutional mechanisms. Traditional measure of economic development: emphasis on gdp, Example: does not account income inequality, poverty, informal markets. How can you compare the standard of the living in canada and india: use gdp ppp to compare the two.
