GCSE Economics Unit 12b: Development EQ: What is economic development and how can we measure it?

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Presentation transcript:

GCSE Economics Unit 12b: Development EQ: What is economic development and how can we measure it?

Can we define development? Do increases in GDP per capita mean that we have had development? What do mean when we talk about development? –Multidimensional nature of development –FREEDOM –Reduction in poverty –Education / Health / Law and Order –Civil liberties and participation Economic development can be defined as the development of economic wealth of countries or regions for the well-being of their inhabitants. It is the process by which a nation improves the economic, political, and social well being of its people. From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes.

Human Development Index (HDI) Ways to improve HDI A long an healthy life Improved Education Increased GDP per capita (PPP US$) Measuring HDI Life expectancy at birth Adult literacy rates and availability/enrolment in school GDP per capita (PPP US$) HIGH HDI countries Norway (Rank # 1) Sweden (Rank # 6) USA (Rank # 10) Italy (Rank # 34) MEDIUM HDI countries Macedonia (Rank # 59) Saudi Arabia (Rank # 77) South Africa (Rank # 120) LOW HDI countries Haiti (Rank # 153) Nigeria (Rank # 158) Niger (Rank # 177)

Purchasing Power Parity (PPP) How do people in Nigeria survive on 428 USD per year? Purchasing power of currency needs to be considered 428 USD becomes 1050 USD with differences in cost of living taken into account The BIG MAC index The Big Mac Index is an informal way of measuring the purchasing power parity (PPP) between two currencies and provides a test of the extent to which market exchange rates result in goods costing the same in different countries. As stated in The Economist, it "seeks to make exchange-rate theory a bit more digestible”

More measures of development Why do we need more? Gender Related Development Index Gender Empowerment Index The Human Poverty Index Lorenz curve and Gini coefficient

More indicators of development Infant mortality rates Under 5yrs mortality rates Material mortality rates Children underweight for age Water access Levels of sanitation Nourishment Immunisations Educational enrolment Literacy Internet usage Telephone lines per 1000 people