Week1Summary - Week 1 Summary and Notes Why are some...

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Week 1 Summary and Notes Why are some nations rich and others poor? Use of the historical approach —focus on the “origins of unequal development” —and the “fundamentals of development” Economic History is a historical approach to the question of economic development that also takes advantage of quantitative techniques of the economist. Need a measure of income and welfare across countries and over time: Basic concepts and questions— Can you measure all the things that you care about? E.g. income, health, education, etc. What belongs in this list? This is a matter of judgment, and what is feasible in terms of data collection. Also required are internationally comparable measures of any variable. E.g. international purchasing power parity. Even if we agree on a list of things that we care about, and can arrive at internationally comparable statistics, there remains the question of how important are different variables relative to each other.
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