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Unformatted text preview: ECON 4411A, Fall 2011 Development Economics Summary notes Instructor: Dr Ruth Uwaifo Oyelere Overview of Economic Development: Week 1 Part A Quote of the day: Education is what survives when what has been learned has been forgotten . B. F. Skinner (1904 - 1990), New Scientist, May 21, 1964 The Nature of Development Economics The primary question to ask is what is Development Economics (DE) about? The key facts to remember is that Development Economics is concerned both with the efficient allocation and sustained growth of both scarce and idle pro- ductive resource. Development Economics also deals with the social, political, economic and institutional mechanisms both public and private necessary to bring about the significant improvement in living standards in countries not classed as developed. The Core Values of Development 1. Sustenance 2. Self esteem 3. Freedom from Servitude Why study Development Economics The primary reason we study DE is to gain insight into challenges facing a large part of the world. We also hope to get answers to questions on issues faced by developing countries. Questions that Arouse our Interest in Development Economics 1. What are the sources of economic and international growth? 2. What are the causes of extreme poverty and what policies are most effec- tive in dealing with it? 3. Is population growth threatening the economic progress of developing countries? 4. Why is there so much unemployment in developing countries? 5. What is the impact/role of health and education in LDC on economic progress ? 1 6. How did developing countries get into such a huge foreign debt problem? 7. What is globalization and how does it affect developing countries? Many other questions exist. Try to think of some questions related to devel- opment that interest you ? Key Objectives of Development 1. Given all people the basics ( health, food, shelter and protection). 2. To improve economic welfare of individuals. 3. Expand choice both economic and social. The Millennium Development Goals (MDG) The MDG’s were made in September 2000 by the 189 countries of the United Nations (UN). The goals center on eradicating poverty and achieving some other development goals by the year 2015. The MDG’s are the strongest statements, in the international community’s commitment, to ending poverty. Please check out these goals on the UN or World Bank Website. The Important Role of Values and Social Systems It is important to highlight two important issues that are needed when studying economic development. First, individuals values play an important role in the study of economics as a whole and especially of development economics. Note that what we consider as policy issues like eradication of poverty, universal primary education and grassroot democracy are based on peoples subjective judgement on what should be or what is desirable. In the same vein other values that sometimes do not fit well with our way of thinking need to be considered in the same way as...
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This note was uploaded on 01/26/2012 for the course ECON 4411 taught by Professor Ruth during the Fall '11 term at Georgia Tech.
- Fall '11