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- 2. Lecture 1 - Introduction Economic Development
- 3. Dr. Gale L. Pooley, Ph.D. Email: gpooley@byuh.edu Phone: 675-3587 Office: HGB 226 Office Hours: Monday ,Wednesday, and Friday 9:30am to 11:00am or by appointment
- 6. Why are some countries so rich and others so poor?
- 10. 20161 AD $2 $100 $30 World 15x Northern Europe North America 50x 1820
- 12. 1820 2016 Change Population 1 billion 7.5 billion 7.5 x Life Expectancy 26 years 72 years 46 + Income Per Capita Per Day $2 $30 15 x
- 13. Globalization
- 14. Globalization Trading with anybody anywhere anytime
- 15. Globalization Trading with anybody anywhere anytime
- 17. Quiz 1
- 22. 33%
- 23. Gross National Product GNP = Gross National Income GNI
- 24. Gross National Income GNI Gross National Income Per Capita GNI per Capita
- 25. GNI % Low <$1,000 12% Lower-Middle $1,000 - $4,000 36% Upper- Middle $4,000 - $12,500 54% High > $12,500 16% World $10,000
- 27. Purchasing Power Parity PPP Adjusting to local prices and incomes
- 28. Purchasing Power Parity PPP I have less money but things cost less So I have the same purchasing power
- 30. Average or Mean Total ÷ N Median or Middle Center
- 31. $0 ÷ 10 = 0 Average = 0 Median = 0
- 32. Average $100 billion ÷ 10 = $10 billion each $100 billion Median $0, $0, $0, $0, $0, $0, $0, $0, $0, $100 billion, $0
- 33. Average does not say anything about distribution
- 34. You can have Economic Growth But not Economic Development
- 35. You must have Economic Growth If you want Economic Development
- 37. As things get cheaper People get richer Buy more with same income
- 40. Test Theories with Empirical Evidence Need both
- 43. Quiz 2
- 44. -87.6% -83.1% -82.4% -81.5% -81.4% -80.9% -79.9% -78.1% -77.3% -75.0% -73.9% -73.1% -72.4% -72.2% -71.9% -71.5% -71.4% -70.4% -69.8% -68.7% -68.5% -68.3% -68.2% -68.2% -67.7% -66.7% -65.6% -65.6% -65.1% -64.0% -63.3% -62.5% -59.9% -58.1% -57.9% -57.8% -57.6% -57.1% -54.4% -53.4% -53.4% -50.4% -46.6% -42.5% -42.4% -39.0% -37.2% -36.3% -36.0% -14.5% -100% -90% -80% -70% -60% -50% -40% -30% -20% -10% 0% Uranium Sugar, Average Cocoa Silver Coffee Pork Cotton Rice Wheat Aluminum Fish, Salmon Tin Palm Oil Maize Barley Sorghum Hides Shrimp Natural Gas, Europe Soybeans, Meal, and Oil Platinum Rubber Liquefied Natural Gas, Japan Groundnuts and Oil Crude Oil Logs, Hard Beef Fertilizer Rapeseed Nickel Pulpwood Sawnwood Plywood Natural Gas, US Tea Wool Lamb Tungsten Orange Tobacco Gold Coal Coconut Oil and Copra Iron Ore Lead Fish Meal Chicken Copper Banana Zinc Simon 50 1980 - 2017 Percentage Change in Time Price All time prices fell Average -63.4% 2.73 times as much
- 45. 33%
- 46. As things get cheaper People get richer Buy more with same income