Economic Growth

  • 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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