ECON313-chap1

ECON313-chap1 - Attitude: A state of mind or feeling of an...

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Attitude: A state of mind or feeling of an individual, group, or society regarding issues such as material gain, hard work, saving for the future, and sharing wealth. Capabilities: The freedoms that people have, given their personal features and their command over commodities. Developing countries: the present countries of Asia, Africa, the Middle East, Latin America, eastern Europe, and the former Soviet Union, mainly characterized by low levels of living, high rates of population growth, low income per capita, and general economic and technological dependence on developed economies. Development: the process of improving the quality of all human lives. Three equally important aspects of development are (1) raising people’s levels of living – their incomes and consumption levels of food, medical services, education etc. through relevant economic growth processes; (2) creating conditions conductive to the growth of people’s self-esteem through the establishment of social, political, and economic systems and institutions that promote human dignity and respect; and (3) increasing people’s freedom by enlarging the range of their choice variables, as by increasing varieties of consumer goods and services. Development economics: the study of how economies are transformed from stagnation to growth and from low-
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This note was uploaded on 10/09/2010 for the course ECON 313 taught by Professor Iforget during the Spring '10 term at McGill.

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ECON313-chap1 - Attitude: A state of mind or feeling of an...

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