lecture_3_f09w10 - Lecture 3 Slide 1 of 70 Economics 324...

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Unformatted text preview: Lecture 3 Slide 1 of 70 Economics 324 Economic Development Professor Gustavo J. Bobonis Department of Economics University of Toronto Lecture 3 Slide 2 of 70 Economics 324 Economic Development Lecture 3 September 29 th , 2009 Lecture 3 Slide 3 of 70 Lecture 3 : Economics 324 Lecturer: Prof. Gustavo J. Bobonis Email: gustavo.bobonis@utoronto.ca Office hours: 150 Saint George Street, Room 304 Tuesdays 3:00p 4:00p (by appointment) 4:00p 5:00p (drop-in) TA: Mr. Eik Leong Swee Email: eik.swee@utoronto.ca Office hours: Thursdays 10:00a 12:00p (drop-in) Lecture 3 Slide 4 of 70 Summary: Social Welfare Measurement Discussed the standard measures traditionally used by policy-makers (e.g., social welfare, inequality, and poverty) and related them to the theoretical framework on social welfare Learned some practical issues in the measurement of living standards Understood the robustness (or lack of) of these summary measures, and robust methods to analyze living standards Next steps Use these measures/constructs to carry out theoretical and empirical analyses of: o determinants of development, and o consequences of income/resources distribution on development outcomes Lecture 3 Slide 5 of 70 Today, we will review the debate on: The extent to which country-wide economic growth can reduce poverty. Application of: measures/constructs to carry out theoretical and empirical analyses of: o determinants of development o consequences of resources distribution on development outcomes To do so: We will discuss the main statistical technique used to help us determine causal behavioral relationships (e.g., income growth poverty): multivariate regression analysis Lecture 3 Slide 6 of 70 Readings for Today Besley, Timothy and Robin Burgess (2003). Halving Global Poverty, Journal of Economic Perspectives , 17(3), pp. 3-22 (Suggested) Meier, Gerald M., and James E. Rauch. (2005). Appendix: How to Read a Regression Table, Leading Issues in Economic Development, Eight Edition , pp. 633-638. Ray, Debraj (1998). Development Economics , Princeton, NJ: Princeton University Press. Appendix 2 (Elementary Statistical Methods), pp. 777-804. Lecture 3 Slide 7 of 70 Poverty and Social Welfare Among policymakers in developed and less-developed countries, attention is often focused less on social welfare and inequality than on poverty. E.g., the Millennium Development Goals Target 1: Halve, between 1990 and 2015, the proportion of people whose income is less than one dollar a day. (from around 30 percent of the developing worlds population in 1990 to 15 percent by 2015.) Sources: www.developmentgoals.com and Besley and Burgess (2003) Lecture 3 Slide 8 of 70 To what extent can economic growth reduce poverty?...
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lecture_3_f09w10 - Lecture 3 Slide 1 of 70 Economics 324...

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