Ch_1 - Lecture Note-Chapter 1 Economics Institutions and...

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Click to edit Master subtitle style 9/28/11 Copyright © 2009 Pearson Addison- Lecture Note-Chapter 1 Economics, Institutions, and Development: University of Waterloo Department of Economics Fall 2011
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9/28/11 Copyright © 2009 Pearson Addison- Preview Methodological Approach in Studying Economic Development. The Nature and Scope of Development Economics Why Study Development Economics? Some Critical Questions The Important Role of Values in Development Economics What Do We Mean by Development? Traditional Economic Measures o The New Economic View of Development o Amartya Sen’s “Capability” Approach
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9/28/11 Copyright © 2009 Pearson Addison- Methodological Approach We will pick the relevant topics and chapters to study economic development and follow the text fairly closely. We will also discuss journal articles to provide an extensive and in-depth coverage of the topics. We will study economic theory to understand development process and apply the theories to developing countries. We will highlight development problems
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9/28/11 Copyright © 2009 Pearson Addison- Methodological Approach We will select countries to use as examples. We will discuss important problems and policy issues with recent events in the developing world. Issues may include growth in microcredit organizations, climate change and its impact on developing nations, controversies over structural adjustment packages, export success of East Asia,
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9/28/11 Copyright © 2009 Pearson Addison- Two Opposing Problems of all developing countries can be understood best with reference to the international environment of which they are part of vs. the problems can be understood by looking at the internal structure of the developing countries. Market failure and government intervention approach vs. international dependence approach.
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9/28/11 Copyright © 2009 Pearson Addison- Some Important Questions??? Why does affluence coexist with dire poverty not only on different continents but also within the same country or even the same city? Can traditional, low-productivity, subsistence societies be transformed into modern, high-productivity, high-income nations? To what extent are the development aspirations of poor nations helped or
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9/28/11 Copyright © 2009 Pearson Addison- Some Important Questions By what process and under what conditions do rural subsistence farmers in the remote regions of Nigeria, Brazil, or the Philippines evolve into successful commercial farmers? These and many other questions concerning international and national differences in standards of living, in areas including health and nutrition, education, employment, environmental
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9/28/11 Copyright © 2009 Pearson Addison- Some Important Questions This course is designed to help students obtain a better understanding of the major problems and prospects for economic development by focusing specifically on the plight of the half or more of the world’s population for whom low levels of living are a fact of life.
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9/28/11
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