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Power point slide #1 - Winter 2016 ONLINE ECO 330(1215 1228...

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Winter 2016 ONLINE ECO 330 (1215, 1228 and 1290): ECONOMICS OF DEVELOPMENT Instructor : Sandwip Das Email : [email protected] Textbook : Economic Development by Micahel P.Todaro and Stephen C. Smith (10th edition) Prentice Hall.
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All course materials such as syllabus; extra reading materials and announcements can be accessed through the Blackboard Learning System (BLS). Grading : The final grade (A to E) will be determined on the basis of the total points scored out of assignments, tests and discussion posts. Normally, the top grade (A) will be awarded to those scoring 90% and above.
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Slide #1: Concepts and Approached in Development Economics Development vs. Underdevelopment 1. Comparison between a typical American familiy ($50,000 income per year) and the extended family in a poor country (8 or more members, $250-$300 per year) 2. Poverty and inequality within a poor country where a few are almost as well off as the American family: Contrasts are found in all major cities in Latin America, Africa and Asia 3. Subsistence economy : Where goods are produced mostly for consumption by those who produce them. Very little marketable surplus. Poor infrastructure is a disincentive for production for the market which does not exist
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Meaning of Development A new road that is built passes through a village– causes immense economic and social change A new source of water, closer to the village A school A hospital
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Development Economists Arthur Lewis (Princeton) Theodore Schultz (Chicago) They were jointly awarded the Nobel prize in 1979 Amartya Sen (1989), now in Harvard Joseph Stiglitz (2001), Columbia
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Paradigms in Economics Traditional Economics What you learn in standard microeconomics or macroeconomics Deals with a market economy--- rational decision making--- profit maximization--- utility maximization--- perfect competition--- Consumer sovereignty---markets allocate resources and achieves efficiency
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Political Economy Studies how social and political groups may influence resource allocation for their own benefits. Social and political groups put pressure on the government to intervene in the market forces. Economic outcomes cannot be explained or understood without looking at the political and social structure of the nation.
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Development Economics Development economics includes traditional economics and political economy and goes beyond both. The approach is eclectic . Eclecticism is a conceptual approach that does not hold rigidly to a single paradigm or set of assumptions, but instead draws upon multiple theories, styles, or ideas to gain complementary insights into a subject, or applies different theories in particular cases.
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The purpose of development economics is to study how social, economic, political and institutional mechanisms can bring about rapid changes in the living standards of the people in Latin America, Africa and Asia.
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