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Econ Dev 2 - ECON 314 Sept 13 What Do We Mean by...

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ECON 314 Sept. 13 What Do We Mean by Development? Traditionally we have ranked countries based on level of development -> Developed, developing, underdeveloped In economics we are dealing with quantifiable processes: formulate them based on mathematical formulas -> seek solutions from mathematical formulized economic theories Traditional measures are based on national incomes-> Income per capital-> the amounts of good and services available in a society for individuals, households ext New philosophical approaches to development based on: • Amartya Sen’s “Capability” Approach What matters to a individual is a persons capability to function, not growth of income > Includes the ability to derive utility form things-> services and good -> Capabilities -: what a person is and can be and what a person does and can do Development is disengaged fro the materialistic view of the goal of attaining a higher income level but rather includes freedoms and capabilities that a person can attain > Control over capabilities * Less quantifiable, less subjective to comparisons, evaluations ext
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