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Lecture Development economics - Lecture 2: Comparative Economic Development

After completing this unit, you should be able to: See how economists apply the methods of science, consider how assumptions and models can shed light on the world, learn two simple models - the circular flow and the production possibilities frontier, distinguish between microeconomics and macroeconomics,. | Lecture 2 Comparative Economic Development Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Common Characteristics of developing countries Lower levels of living and productivity Lower levels of human capital Higher levels of inequality and absolute poverty Higher population growth rates Greater social fractionalization Larger rural population- rapid migration to cities Lower levels of industrialization and manufactured exports Adverse geography Underdeveloped financial and other markets Colonial legacies- poor institutions etc. Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Defining the Developing World World Bank Scheme- ranks countries on GNP/capita LIC ($975 or less) LMC (between $976 and $3855) UMC (between $3856 and $11906) High income countries – OECD- Organisation for Economic Co-operation and Development ($11907 or more) Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Table 2.1 Classification of Economies by Region and Income, 2007 Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Table 2.1 Classification of Economies by Region and Income, 2007 (continued) (Latin America and the Caribbean) (Sub-Saharan Africa) Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Table 2.1 Classification of Economies by Region and Income, 2007 (continued) Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Figure 2.1 Nations of the World, Classified by GNI Per Capita Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Measuring Development for Quantitative Comparison across Countries Gross National Income (GNI) Gross Domestic Product (GDP) PPP (Purchasing Power Parity – Calculation of GNI using a common set of international price for all goods and services, to provide more accurate comparisons of living standards) method instead of exchange rates as conversion factors (see | Lecture 2 Comparative Economic Development Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Common Characteristics of developing countries Lower levels of living and productivity Lower levels of human capital Higher levels of inequality and absolute poverty Higher population growth rates Greater social fractionalization Larger rural population- rapid migration to cities Lower levels of industrialization and manufactured exports Adverse geography Underdeveloped financial and other markets Colonial legacies- poor institutions etc. Copyright © 2009 Pearson Addison-Wesley. All rights reserved. 2- Defining the Developing World World Bank Scheme- ranks countries on GNP/capita LIC ($975 or less) LMC (between $976 and $3855) UMC (between $3856 and $11906) High income countries – OECD- Organisation for Economic Co-operation and Development ($11907 or more) Copyright © 2009 Pearson Addison-Wesley. .