Economic Growth And Development Flashcards

1
Q

What does Amartya Sen view development as

A

Freedom

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2
Q

Who views development as freedom

A

Amartya Sen

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3
Q

What is an emerging economy

A

An economy in the process of rapid growth and industrialisation

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4
Q

Common features of emerging economies

A
  • primary sector dependence
  • industrialisation
  • fast long term economic growth
  • many still in poverty
  • struggle to access global market (trade barriers)
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5
Q

How can sustained growth spur development

A
  • incomes rise
  • higher profits (= investment)
  • shifting economy towards manufacturing and services
  • higher tax revenues
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6
Q

3 risks from rapid economic growth

A
  • higher inflation and higher interest rates
  • environmental effects
  • inequalities of income and wealth
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7
Q

How can rapid economic growth cause a risk of higher inflation and higher interest rates

A
  • fast growing demand = cost and demand inflation

- central bank may decide to raise interest rates to control inflation

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8
Q

How can rapid economic growth cause environmental effects

A
  • pollution and waste

- risk of unsustainable resource extraction of finite resources

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9
Q

How can rapid economic growth cause inequalities of income and wealth

A
  • rapid increases in RNO can lead to a higher level of inequality and social divisions
  • many of the gains form growth may go to only a few people
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10
Q

Reasons for positive medium-long-term GDP growth trends for emerging markets

A
  • urbanisation process continues
  • population growth
  • per capita income
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11
Q

Reasons for slow economic growth in many advanced countries

A
  • ageing population
  • high debt
  • fall in corporate spending
  • inequality in
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12
Q

What is human capital

A

The capital that is in human being rather than machines - physical, emotional, educational

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13
Q

What is human capital a measure of

A

Economic development

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14
Q

Ways of measuring the extent, durability and progress of improvements in human economic development

A
  • risk of extreme poverty
  • energy consumption
  • access to clean water
  • degree of primary export dependence
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15
Q

What is GNI per capita

A

GDP per capita plus net inflows of income for a country’s people from overseas investments and remittances

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