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Economic Development > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Define:

Hunger

A

Insufficient calorie intake

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2
Q

Name the characteristics of the following:

Urban Slum

A
  • Lack of legal ownership
  • Lack of infrastructure
  • High number of persons per room
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3
Q

What is one of the newest branches of economics and political economy?

A

The study of economic development.

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4
Q

How long has the systematic study of economic development in developing countries been emerging?

A

Over the past five decades.

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5
Q

In what type of countries has the systematic study of economic development recently emerged?

A

In developing countries.

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6
Q

Which two broader disciplines does the study of economic development belong to?

A

Economics and political economy.

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7
Q

The Nature of Development Economics:

What is the primary concern of Traditional Economics?

A

The efficient allocation of scarce resources, utility calculation, profit maximization, equilibrium outcomes, and rationality.

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8
Q

The Nature of Development Economics:

How does Political Economy view economic activity differently from Traditional Economics?

A

Political Economy views economic activity in its political context and focuses on the role of power in economic decision-making, specifically how elites influence the allocation of scarce resources.

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9
Q

The Nature of Development Economics:

What additional aspects is Development Economics concerned with, besides the efficient allocation of scarce resources?

A

Development Economics focuses on sustained growth over time and aims to understand the economic, social, political, and institutional mechanisms necessary to bring about rapid and large-scale improvements in living standards, especially in developing economies.

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10
Q

The Nature of Development Economics:

What is the ultimate purpose of Development Economics?

A

The ultimate purpose of Development Economics is to help improve the material lives of the majority of the global population, especially in developing economies.

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11
Q

The Nature of Development Economics:

What are the key mechanisms Development Economics examines to improve living standards in developing countries?

A

Economic, social, political, and institutional mechanisms, both public and private.

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12
Q

How has development traditionally been measured in economic terms?

A

By achieving sustainable rates of growth of per capita income (real per capita GNI) or increased output (GDP).

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13
Q

What does the New Economic View of Development, introduced in the 1970s, emphasize?

A

It emphasizes the reduction or elimination of poverty, inequality, and unemployment within the context of a growing economy.

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14
Q

How is development generally defined according to the New Economic View?

A

Development is a multidimensional process where populations move away from a condition of life perceived as unsatisfactory toward a better condition of life.

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15
Q

What is the relationship between traditional economic measures of development and the overall economic wellbeing of a population?

A

Traditional economic measures of development are focused on sustainable growth in per capita income or GDP, which reflects the overall economic wellbeing of a population.

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16
Q

According to Amartya Sen, what cannot properly measure poverty?

A

Income or utility cannot properly measure poverty; what matters is capability—what a person is or can be and does or can do.

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17
Q

What does Sen argue is more important for well-being than the characteristics of commodities?

A

What is more important is the use that a person can make of commodities, not just their characteristics.

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18
Q

In Sen’s Capability Approach, why might a book be of little value?

A

A book is of little value to an illiterate person because they cannot use it, even if they possess it.

19
Q

What does Sen’s concept of “functionings” refer to?

A

Functionings refer to what a person does or can do with the commodities they possess or control.

20
Q

According to Sen, what must we consider beyond the availability of commodities?

A

We must consider how commodities are used and the functionings they enable, beyond just their availability.

21
Q

How does Amartya Sen define “capabilities”?

A

Capabilities are the freedom a person has in terms of their choice of functionings, considering their personal features and command over commodities.

22
Q

Why do development economists emphasize health and education according to Sen’s perspective?

A

Because to convert the characteristics of commodities into functionings requires health and education as well as income.

23
Q

What are the five sources of disparity between measured real income and well-being identified by Sen?

Sen believes there are five factors influencing how well people are doing

A

The five sources are:
1. Personal heterogeneities
1. Environmental diversities
1. Variations in social climate
1. Distribution within the family
1. Differences in relational perspectives

24
Q

Why is real income considered essential but not sufficient in Sen’s Capability Approach?

A

Because real income alone is not enough; health and education are also required to convert commodities into functionings.

25
Q

What role do personal features play in determining capabilities according to Sen?

A

Personal features influence the conversion of commodities’ characteristics into functionings, affecting a person’s capabilities.

26
Q

What are the three core values of development?

A

Sustenance, self-esteem, and freedom.

27
Q

What does “sustenance” refer to in the context of development?

A

Sustenance refers to the ability to meet basic needs like food, shelter, health, and protection, which are necessary to sustain a minimum level of living.

28
Q

What is meant by “self-esteem” as a core value of development?

A

Self-esteem refers to a sense of worth and self-respect, where individuals are not used as tools by others for their own ends.

E.g. Decent Work, Education

29
Q

How is “freedom” defined as a core value of development?

A

Freedom is a situation where a society has a variety of alternatives to satisfy its wants, and individuals have real choices according to their preferences.

30
Q

What condition exists when basic needs like food, shelter, and health are critically short in supply?

A

A condition of “absolute underdevelopment” exists when basic needs are absent or in critically short supply.

31
Q

What does the second objective of development aim to achieve besides higher incomes?

A

To raise levels of living by providing more jobs, better education, and other means to enhance material wellbeing and generate greater individual and national self-esteem.

31
Q

What is the first objective of development in all societies?

A

To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health, and protection.

32
Q

How does the third objective of development expand individual and national freedom?

A

By expanding the range of economic and social choices available to individuals and nations, freeing them from servitude and dependence

33
Q

Why is the provision of better jobs and education an important aspect of development?

A

Because it enhances material wellbeing and contributes to greater self-esteem for individuals and nations.

34
Q

When were the Millennium Development Goals (MDGs) adopted, and by how many United Nations member countries?

A

The MDGs were adopted in September 2000 by 189 United Nations member countries.

35
Q

What was the main commitment of the Millennium Development Goals?

A

The main commitment was to make substantial progress toward the eradication of poverty and achieving other human development goals by 2015.

36
Q

What was the first of the eight Millennium Development Goals?

A

The first goal was to eradicate extreme poverty and hunger.

37
Q

What were the goals related to health in the Millennium Development Goals?

A

The health-related goals were to reduce child mortality, improve maternal health, and combat HIV/AIDS, malaria, and other diseases.

38
Q

What goal focused on gender equality in the Millennium Development Goals?

A

The goal was to promote gender equality and empower women.

39
Q

What was the environmental objective in the Millennium Development Goals?

A

To ensure environmental sustainability.

40
Q

How did the Millennium Development Goals aim to foster global cooperation?

A

By developing a global partnership for development.

41
Q

What issue did the UN MDG report highlight regarding progress across regions and countries?

A

The report highlighted uneven progress across regions and countries, leading to gaps in achieving some MDG targets, especially for the poorest and those disadvantaged due to sex, age, disability, or geographic location

42
Q

What was the main focus of the Sustainable Development Goals (SDGs)?

A

The SDGs focused on building upon the progress of the MDGs and addressing gaps by setting a broader agenda of 17 goals for sustainable development by 2030.

Economic Development (4 decks)

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