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Ch. 1 Economic Development Terms
08/31/2016
Absolute poverty: A situation of being unable to meet the minimum
levels of income, food, clothing, health care, shelter, and other essentials.
Subsistence economy: An economy in which production is mainly for
p

Modern Theories of Development
New Model Features
Individual actors no longer just aggregates
Positive and negative externalities
Complementarities
Congestion and Pollution
Non-competitive markets
Specific Technological changes
Overview:
Coordina

First Exam
Will run through inequality
poverty will be on next exam
Series of short answer questions:
Define a topic
Discuss a specific model
Discuss a graph that we have seen in class
Bring 2 blue books to class
No notes or texts allowed closed b

Measuring Poverty: Indexes
Designed to measure the incidence of poverty in
a given country.
Allows us to compare countries
Allows us to measure changes within the same
country
Challenges similar to inequality indexes
Multiple measures
They can yield

Housekeeping
Questions about the exam?
Kuznets Ratio
Based on quintiles of the income distribution
Definition
Ratio of the income share held by the top 20 percent and
the bottom 40 percent of the population.
Ratio = top20/bot40
Example from previous

Organizational Culture Case Study: Google
Name & Student #
Jason Gregory
50134976
Google is one of the best-known and most admired companies around the world, so much so
that googling is the term many use to refer to searching information on the Web. What

Lewis Two-Sector Model
History:
Primary focus of development efforts in 60s and 70s.
Still seems relevant to some countries such as Chinas recent growth
experiences.
General assumptions:
Two-Sectors: Urban manufacturing and rural agriculture.
Rural

Multi-Dimensional Measures
Have the additional problem of aggregating multiple
outcomes
How does one trade off between the literacy rate and infant
mortality?
Examples
Happiness Index?
Human Development Index
Scale from 0 to 1
Aggregate of three di