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ECS 3013 – International Economic DevelopmentChapter 2Development Economics – all problems of developing countriesSocial Fractionalization – differences between race, age, etc. that after economic developmentPurchasing Power Parody – what money is really worth (buying/selling/etc.) rather than income across a nation. How strong a currency is.Income – total income/populationWorker productivity – total income/# of people in the labor forceChapter 3Problem of economic growth – trying to shift the LRAS curve in order to produce more employmentIncome rate = most recent year + (1 + growth rate in decimal) ^ years in a periodDevelopment of Growth: 5 Stages - Rostow1.Traditional society2.Preconditions for Takeoff3.Take Off4.Drive to Maturity – things become more sophisticated 5.Age of High Mass Communication – developed countries are today. All of the sophisticated products became available to the masses/publicThe stages don’t have set times for growth