Chapte16 - Chapter 16 I Development A Developing Nations 1 Economic Development is defined as the long-term process of significantly increasing the

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 16 I. Development A. Developing Nations 1. Economic Development is defined as the long-term process of significantly increasing the material well-being of a society’s people. 2. Material well-being is the measure of economic development because an increase in a society’s consumption is generally associated with more choices. Economic freedom, the choice of many alternative goods, improves social and political freedoms. 3. For the poorest countries whose people have barely enough to survive, it is not hard to imagine that social and political freedoms are secondary to issues of having enough basic necessities. 4. Causes and effects of development are both economic and non-economic. This is one reason why simply adapting technology and processes from developed nations for use in developing countries does not yield identical results. Another way of saying this is “pure economic determinism” does not exist. If it did, people would respond only to changes in economic reality and a cookie-cutter cure for a low GDP per capita could be easily prescribed. 5. Real GDP/population or “real per capita GDP” is the best measure of material well-being, however it is far from perfect, because: a. It is an average, so an imbalanced income distribution could appear as a
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/04/2008 for the course ECON 1A taught by Professor Patyk during the Spring '08 term at Foothill College.

Page1 / 3

Chapte16 - Chapter 16 I Development A Developing Nations 1 Economic Development is defined as the long-term process of significantly increasing the

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online