ECON 2200 Lecture Notes - Lecture 2: The World Factbook
16 Dec 2016
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Analytical tools of economic historians, economic theory: see econ insight 1. 1 five propositions for economic reasoning . ), and evidence matters: data & empirical analysis. Applying facts (data) to explicit theory (model graphs or equations) Use of data for not just description, but for testing theories: continuous search for new & better data. Measuring and explaining economic development: measurement: economic development status is an attempt to measure the overall well- being of the people in a country. Complex to measure involves the consideration of many variables, each of which may be difficult to measure. Tends to take a historical perspective considers growth rates and trends in variables. Sources: walton & rockoff (2014) and cia world factbook (2015; https://www. cia. gov/library/publications/the- world-factbook/geos/us. html: first, some general info: Note: (1) real (adjusted for changes in price level; most important when talking about. Gdp) v. nominal figures; (2) purchasing power parity (ppp)
