- Economic growth and development
- Why are national growth rates so similar?
- Why do some countries experience spectacular levels of growth?
- What are the determinants of growth?
Economic Growth and Development 1/2
We were concerned with growth last week but how do we define and measure development?
- The Human Development Index (HDI) is a summary measure of human development that is published by the United Nations Development Programme (UNDP). The HDI provides an alternative to the common practice of evaluating a country’s progress in development based on per capita Gross Domestic Product (GDP)
- HDI = 1/3 (life expectancy index) + 1/3 (education index)+ 1/3 (GDP index)
- A long and healthy life, as measured by life expectancy at birth.
- Knowledge, as measured by the adult literacy rate (with two-thirds weight) and the combined primary, secondary and tertiary gross enrollment ratio (with one-third weight).
- A decent standard of living, as measured by GDP per capita in purchasing power parity (PPP) terms in US dollars.
- The HDI has had a significant impact on drawing the attention of governments, corporations and -international organizations to aspects of development that focus on the expansion of choices and freedoms, not just income
Economic Growth and Development 2/2
- Is there, empirically, any fixed correspondence between growth and development?
- see appendix 2.1: look for examples with
- high p.c.GDP/low development
- high development/low p.c.GDP
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