Economic growth

Question 1

How does Thomas (2000) define development?

Answer 1

Thomas (2000) defines development as a “positive change in society”
This change is often discussed in several forms

Question 2

What are the 9 forms of development which we study in sociology?

Answer 2

• Economic growth
• Education
• Health
• Democracy
• Human rights
• Gender equality
• Happiness and wellbeing
• Sustainability
• Poverty rates

Question 3

What is economic growth?

Answer 3

Economic growth means the monetary value of the country’s produce increases over time, relative to other countries

Question 4

What are the stages of economic growth?

Answer 4

1. Subsistence
2. Mass production and consumption
3. Service industries

Question 5

How is economic growth measured?

Answer 5

Economic development is usually measured using gross national income (GNI) per capita
This means the total value of all goods and services produced by a country in a financial year

Question 6

What is the problem with GNI or GNI per capita as a measure of development?

Answer 6

Fast development is rarely sustainable - economically or environmentally
Failing to invest in sustainability leads to “boom and bust”, where those unable to save or buy assets will suffer