ECO 2114 Study Guide - Midterm Guide: Gross Domestic Product, Gross National Income, Millennium Development Goals
4 May 2016
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Eco 2117 - midterm 1 notes (comprehensive: what is development economics, study of how economies are transformed from stagnation to growth, from low income to high income & overcome absolute poverty, in developing countries: Commodity & resource markets are highly imperfect. Multiple equilibria rather than a single equilibrium are common. Disequilibrium situations often prevail (prices do not equate s&d) The important role of values: value premises are an inherent component of both economic analysis & economic policy. When there is agreement over subjective values, corresponding public policies (e. g. , compulsory schooling) based on objective theoretical & quantitative analyses can be pursued. Economics & development studies: economies as social systems: the need to go beyond simple economics, social systems. Interdependent relationships between economic & non-economic factors. Non-quantifiable" does not mean irrelevant: success or failure of development policy. Importance of taking account of institutional and structural variables along with more traditional economic variables. Focus on industrialization: new economic view of development.
