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The Concept of Development

The Concept of Development. What is the difference between development economics and mainstream economics?. Development Economics  enhancement of living conditions as the goal; expanding supply of food, housing, medical services, education; structural change in production process

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The Concept of Development

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  1. The Concept of Development

  2. What is the difference between development economics and mainstream economics?

  3. Development Economics  enhancement of living conditions as the goal; expanding supply of food, housing, medical services, education; structural change in production process • Neoclassical Economics  focus on supply and demand as determinant of outputs, prices, and distribution. Individuals are utility maximizers and firm seek profit. Based on available information and rational choice decisions over how factors of production are distributed.

  4. What is the difference between growth and development?

  5. Leaves out issues of distribution-- Egypt grew at over 6% 2005-2008 and per-capita rose from $1350 to $2030 but poverty increased from 19% to 24%. • Externality and non-marketability • Market bias • Length of life • Quality of life given means available

  6. Sen’s Definition • Functionings achieved which reflect commodities, public goods, possibility of using private goods freely provided by the state • Incorporate negative freedom not just achievements • How to give weight to various needs for a minimum living standard

  7. Why does Sen view values as integral to defining development?Implications?

  8. Would Collier agree? Why?

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