The document discusses key topics in development economics including definitions of economic growth, development, and measures of development such as GDP per capita and the Human Development Index. It also covers traditional, political economy, and development economics perspectives and compares characteristics of developed and developing countries. The three basic goals and objectives of development are outlined as are the Millennium Development Goals and Sustainable Development Goals. Common characteristics of developing countries are also summarized.
A brief study on the measures of income distribution for both analytic and quantitative purposes in terms of size distribution and functional distribution.
The study includes discussion on following concepts-
Lorenz Curve
Gini Coefficient
Absolute Poverty
Foster Greer Thorbecke Measure
A brief study on the measures of income distribution for both analytic and quantitative purposes in terms of size distribution and functional distribution.
The study includes discussion on following concepts-
Lorenz Curve
Gini Coefficient
Absolute Poverty
Foster Greer Thorbecke Measure
The economic literature ever since the dawn of modern economics has been much preoccupied with the issue of economic growth Economic growth has also been understood to establish the conditions for economic development The better-known models of economic growth such as the Lewis, Rostow Harrod Domar Solow, and Romer growth models are discussed
Liquidity Preference Theory suggests that investors demand higher interest rates or additional premiums for medium or long-term maturities and investments. Simply put, interest rates directly indicate the price of the money.
https://efinancemanagement.com/investment-decisions/liquidity-preference-theory
The economic literature ever since the dawn of modern economics has been much preoccupied with the issue of economic growth Economic growth has also been understood to establish the conditions for economic development The better-known models of economic growth such as the Lewis, Rostow Harrod Domar Solow, and Romer growth models are discussed
Liquidity Preference Theory suggests that investors demand higher interest rates or additional premiums for medium or long-term maturities and investments. Simply put, interest rates directly indicate the price of the money.
https://efinancemanagement.com/investment-decisions/liquidity-preference-theory
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
1. Chapter One
Topics Included:
Nature of Economics and Dev’t. Economics
Economic Growth vs Economic Development:
Definition and Measurement
Goals and Objectives of Economic Dev’t.
Millennium Development Goals (MDGs)
Sustainable Development Goals
2. Discuss Issues
What is your understanding on the
following issues:
Traditional economics (Neoclassical )
Political economy
Development economics
3. Nature of Development Economics
Traditional economics (Neo classical )
Deals with the issues of utility and profit
maximization behavior of economic agents,
market efficiency and equilibrium analysis.
It believes that efficient allocation of scarce
resources can be realized through market
mechanism (with no any government
intervention).
Political economy
Economic and political elites (the influential
and powerful few) directly influence the
allocation of scarce resources.
This this deals with the role of political power
in economic decision making.
4. Development economics
Goes beyond efficient allocation of existing
scarce resources and;
requires economic, social, political, and
institutional changes necessary to bring
rapid and large-scale improvements in
levels of living of the peoples;
Involves transformations of the entire
society to a better level of living.
5. It is thus, the study of how economies/
countries are transformed from stagnation
to growth and from low income to high-
income status, and overcome problems of
absolute poverty.
It studies world development patterns
and disparities and how better
performance are achieved.
6. World development patterns and disparities
Why some countries achieved a higher level of
living and well-being while many others are
largely trapped in poverty?
There are many Less Developed Countries
(LDCs) than Developed Countries (DCs) in the
world.
A few DCs (dark black on the map) with only
15% of the world population produces 50% of the
world’s goods (GDP) while many more LDCs
(dark gray on the map) with 50% of the world’s
population produce only 15% of the world GDP.
8. Meaning of Development
Have you ever visited a foreign country
(developed country in Europe or North
America)? Anyone!
How does life differ in such countries as
compared to that of LDCs?
What do you think has brought such
difference in living standards?
What does development mean to you?
9. Economic Measures Dev’t
• Traditionally development means;
achieving sustained rates of growth of real
income per capita to enable a nation to
expand its output at a rate faster than the
growth rate of its population.
Note the concept of ‘per capita national
income and “real per capita national
income”.
The term per capita income is used to capture the
effect of population growth
The term “real” is used to capture the effect of
inflation.
10. It requires growth of per capita income in
excess of inflation (π)- called as growth of
real per capita income
Growth in GDPpc - π > 0, where inflation
rate is π = ΔPrice/Price
If π > Growth in GDPpc then purchasing
power is falling even when income is
increasing.
So “development” may not occur even if
GDPpc is growing when inflation growing
even faster.
11. The New Economic View of Development
Development is defined as a
multidimensional process involving major
changes in:
- Social structures, popular attitudes,
national institutions, Acceleration of
economic growth, reduction of inequality
and eradication of extreme poverty.
If income is increasing in a country but
poverty, unemployment, and/or inequality
worsen “it would be strange to call the result
‘development’” (Seers, 1996).
12. Thus, Development
must represent the whole change by which the
entire social system moves away from a
condition of life widely perceived as
unsatisfactory toward a condition of life
regarded as materially and spiritually better.
Reading Assignment!
Why Study Development Economics? Some
Critical Questions that necessitated the Study
of Development Economics are listed on
Michael P. Todaro and Stephen C. Smith
Economic Development, 12th edition (2015),
Page 11.. Go through it and you will share the
whole list of the questions in calss.
13. Consequently, development economics must
be concerned with the formulation of
appropriate public policies designed to
effect major economic, institutional, and
social transformations of entire societies
in a very short time.
Economic development strategies that seek to
raise agricultural output, create employment,
and eradicate poverty have often failed in the
past because policy advisers neglected to view
the economy as an interdependent social
system in which economic and noneconomic
forces work together.
14. Amartya Sen’s Capability Approach to
Define Development
According to Amartya Sen Capabilities are
the freedoms that people have, given their
personal features and their command over
commodities.
Amartya Sen (1999) pointed out that
“Development requires the removal of major
sources of unfreedom; poverty as well
domination, poor economic opportunities as
well as systematic social deprivation, neglect of
public facilities as well as intolerance or over
activity of repressive states”.
15. Development as Freedom
Development consists of the
removal of various types of lack
of freedom that leave people with
littel choice and little opportunity
for exersicing their reasoned
agency.
Human freedom tends to
promote freedoms of other kinds:
many different interconnections
between distinct instrumental
freedoms
16. Three Basic Goals of Development
Sustenance: The ability to meet basic needs (
food, clothing, and shelter), that are necessary
to sustain an average human being at the bare
minimum level of living.
Self-esteem: A sense of self-worth or self-
respect and dignity that society enjoys.
Freedom of choice( to be able to choose) A
situation in which a society has a variety of
alternatives from which to satisfy its wants
and individuals enjoy real choices according
to their preferences.
17. Three Objectives of Development
to Achieve the Basic Goals
1. To increase the availability and widen the
distribution of basic life-sustaining goods
(food, shelter, health, protection)
2. To raise the levels of living (higher
incomes, more jobs, better education,
etc.)
3. To expand the range of economic and
social choices available
18. The New Human Development Index
Human Development Index (HDI) An index
measuring national socioeconomic development,
based on measures of education, health, and
adjusted real income per capita.
It ranks each country on a scale of 0 (lowest
human development) to 1 (highest human
development), with:
Low human development (index of 0.0 – 0.499)
Medium human development (index of 0.5 –
0.799);
High human development (index of 0.80 – 1.0.)
19. The Index is based on three goals or end
products of development:
Longevity:- a long and healthy life as
measured by life expectancy at birth;
knowledge as measured by a combination of
average schooling attained by adults and
expected years of schooling for school-age
children; and
a decent standard of living as measured by
real per capita gross
20. Millennium Development Goals (MDGs)
In September 2000, the 189 member
countries of the United Nations at that time
adopted eight Millennium Development
Goals (MDGs), committing themselves to
making substantial progress toward the
eradication of poverty and achieving other
human development goals by 2015.
The question is do the Millennium
Development Goals fit with meanings of
Development we discussed? What about the
targets?(See Todaro page 25)
21. Millennium Development Goals (MDGs)
The eight MDGs
Goal 1: Eradicate extreme poverty and hunger
Goal 2: Achieve universal primary education
Goal 3: Promote gender equality and empower women
Goal 4: Reduce child mortality
Goal 5: Improve maternal health
Goal 6: Combat HIV/AIDS, malaria and other diseases
Goal 7: Ensure environmental sustainability
Goal 8: Develop a Global Partnership for Development
Data on all countries and their progress toward the MDG
goals at: http://www.mdgmonitor.org/
22. From MDGs…
The greatest achievement of the MDGs was to
mobilize broad support for a global development
agenda
While there was progress on many of the MDGs
in certain areas, the global promise went
unfulfilled by 2015
Three major criticisms of the MDGs are
(1) it was developed by a small group of experts
and was not member state driven
(2) it is too aid focused/donor driven and
(3) it completely overlooked the issue of inequality
23. Sustainable Development Goals
The UN intergovernmental process planned to
begin in September 2014 to agree the successor
framework to the MDGs which were set expire in
2015
The Post 2015 SDGs go beyond aid and will
address three pillars of Sustainable
Development: Economic, Social, Environmental
There are currently 17 Focus areas that serve as
the foundation from which the SDG
recommendations will be prioritized
24. The SDGs are …
A set of 17 goals for the world’s future,
through 2030
Backed up by a set of 169 detailed Targets
Negotiated over a two-year period at the
United Nations
Agreed to by nearly all the world’s nations,
on 25 Sept 2015
25. What is new and different about the 17 SDGs?
First, and most important, these goals apply to
every nation … and every sector. Cities,
businesses, schools, organizations, all are
challenged to act. This is called Universality
Second, it is recognized that the goals are all
inter-connected, in a system. The aim is not to
achieve just one goal, but all. This is called
Integration
Finally, it is widely recognized that achieving
these goals involves making very big,
fundamental changes in how we live on Earth.
This is called Transformation
26. 1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved
nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all
at all age
4. Ensure inclusive and quality education for all and
promote lifelong learning
5. Achieve gender equality and empower women and
girls
6. Ensure access to water and sanitation for all
7. Ensure access to affordable, reliable, sustainable
and modern energy for all
8. Promote inclusive and sustainable economic
growth, employment and decent work for all
27. 9. Build resilient infrastructure, promote sustainable
industrialization and foster innovation all
10. Reduce inequality within and among countries
11. Make cities inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production
patterns
13. Take urgent action to combat climate change and its
impacts
14. Conserve and sustainably use the oceans, seas and
marine resources
15. Sustainably manage forests, combat desertification, halt
and reverse land degradation, halt biodiversity loss
16. Promote just, peaceful and inclusive societies
17. Revitalize the global partnership for sustainable
development
28. Question for discussion
Q1. Evaluate the SDGs in accordance with
the meaning of Development we discussed.
Do they fit with meanings and definition of
Development discussed above?
Q2. Evaluate the SDGs in accordance with
GTP of Ethiopia? Are the goals in line with
the SDGs (You can discuss goals by
contextualizing them to the country
situation)?
29. Characteristics of Developing World
Defining the Developing World
Common Characteristics of LDCs
Duality and the Nature of Markets in LDCs
Agrarian economy and the need for its
transformation
30. Defining the developing world and
characteristics of Developing countries
Per capita income
Several international agencies, including
the World Bank offer classifications of
countries by their economic status.
The most common way to define the
developing world is by per capita income.
31. In the World Bank’s classification system,
213 economies are ranked by their levels of
gross national income (GNI) per capita.
The cutoff points are:
Low-income countries- per capita gross
national income in 2011 of $1,025 or less;
Lower-middle-income countries with
$1,026- $4,035;
Upper-middle-income countries have
incomes between $4,036 - $12,475; and
High-income countries have incomes of
$12,476 or more
32. Common Characteristics of Developing
Countries
Despite the great diversity of developing nations,
most share common problems that define their
underdevelopment.
1. Low levels of living
- Low total and per capita incomes relative to DCs
- Widespread poverty given low incomes and poor
distribution of income.
- Poor health and education; high infant mortality,
low levels of literacy, significant school dropouts,
inadequate and often irrelevant educational
curricula and facilities.
32
33. Common Characteristics ----continued
2. Low levels of labor productivity : The
explanations:
1. In some LDCs, poor attitudes towards to
work and self-improvement, manual labor,
discipline, low levels of adaptability, work
ethic, and general drive to innovate and
experiment.
2.Poor health and nutrition levels
33
34. Common Characteristics ----continued
High levels of population growth and
dependency burdens
Substantial dependence on agricultural
production and primary-product exports
Most LDCs oriented to production and
export of primary products rather than
manufactured goods or services.
Why? What is the implication of this to
economic development?
34
35. Common Characteristics ----continued
3. Prevalence of imperfect markets and
incomplete information
- Markets do not efficiently function to
equilibrate supply and demand and
determine prices.
- Limited access to necessary information to
make informed economic decisions -
production, consumption, marketing, etc.
35
36. Common Characteristics ----continued
4. Dependence and vulnerability in international
relations
- Many are small countries with little global economic or
political power which are price-takers in world
markets.
- Subject to “Westernization” pressures (education,
cultural and moral values, food diets and habits). Why
might this be a problem?
- Dependent on imports of food, fuel, and other critical
materials making LDCs vulnerable and being held
economic hostage by developed countries as well as
rich dominating groups within LDCs
36
37. Lower Levels of Human Capital
Human capital—health, education, and
skills—is vital to economic growth and
human development.
We have already noted the great disparities
in human capital around the world while
discussing the Human Development Index.
38. Higher Levels of Inequality and
Absolute Poverty
Absolute poverty, which is the situation of
being unable or only barely able to meet the
subsistence essentials of food, clothing,
shelter, and basic health care is common to
all developing countries.
39. Greater Social Fractionalization
Low-income countries often have ethnic,
linguistic, and other forms of social
divisions, sometimes known as
fractionalization.
This is sometimes associated with civil
fighting and even violent conflicts, which
can lead developing societies to divert
considerable energies to working for
political accommodations if not national
consolidation.
40. Larger Rural Populations but Rapid
Rural-to-Urban Migration
One of the hallmarks of economic
development is a shift from agriculture to
manufacturing and services.
In developing countries, a much higher
share of the population lives in rural areas
and massive migration from rural to
urban migration.
41. Lower Levels of Industrialization and
Manufactured Exports
Industrialization is associated with high
productivity and incomes and has been a
hallmark of modernization and national
economic power.
It is not accident that most developing-
country governments have made
industrialization a high national priority,
with a number of prominent success stories
in Asia.
42. Underdeveloped Markets
Imperfect markets and incomplete
information are far more prevalent in
developing countries, with the result that
domestic markets, notably but not only
financial markets, have worked less
efficiently.
In many developing countries, legal and
institutional foundations for markets are
extremely weak.
43. Underdevelopment of markets is due to lack of:
legal system that enforces contracts and validates
property rights;
a stable and trustworthy currency;
an infrastructure of roads and utilities that results
in low transport and communication costs;
a well-developed and efficiently regulated system of
banking and insurance;
substantial market information for consumers and
producers about prices, quantities etc.
social norms that facilitate successful long-term
business relationships.
44. As conclusion:
Economic and social development will often be
impossible without corresponding changes in the
social, political, legal, and economic institutions of a
nation such as;
land tenure systems,
forms of governance,
educational structures,
labor market relationships,
property rights and contract law,
civic freedoms, the distribution and control of
physical and financial assets,
laws of taxation and inheritance, and provision of
credit.
45. But fundamentally, every developing country
confronts its own constraints on feasible
policy options and other special
circumstances, and each will have to find its
own path to effective economic and social
institutions.
Besides to all those factors, Physical size and
population, Historical background of
countries, Physical and human resource
endowment, Ethnic and religious
composition and the relative importance of
the public and private sectors also matters a
lot for economic development.
46. Individual Assignment
Instructions
Write on all of the following questions (Next
slide)
Try to be very specific(write to the point)
Use maximum of 8 pages ; more than 8 pages is
not totally acceptable, less is possible.
Date of Submission on 01/08/2019 or
It will carry a total mark of 20%
47. Q2. Why is a strict economic definition of development
inadequate? What do you understand economic development to
mean? Can you give hypothetical or real examples of situations in
which a country may be developing economically but may still be
underdeveloped?
Q2. How does the capability approach to development help us
gain insight into development goals and achievements? Is money
enough? Why or why not?
Q3. Discuss the Human Development Index as an indicator of
development What are strengths and weaknesses of the Human
Development Index as a comparative measure of human welfare?
Q4. For all of their diversity, many less developed countries are
linked by a range of common problems. What are these
problems? Which do you think are the most important? Why?