Lecture Notes: Introduction to Economic Development
Overview
- Relevance: Economic development is a significant component of both A2 macroeconomics and IB development economics courses.
- Importance: The field is growing within economics, making it crucial for exams and understanding global economic science.
Definitions of Economic Development
- General Understanding: Economic development is not a singular, precise concept but involves various aspects.
Key Contributors
- Amartya Sen and Michael Todaro are pivotal figures in development economics.
Amartya Sen's Definition
- Process: Development is a process, not a singular event.
- Focus Areas:
- Improving well-being and quality of life
- Reducing poverty
- Improving health and education
- Increasing freedom and economic choice
- Broad View: Quality of life involves more than just income; it encompasses a variety of factors.
Michael Todaro's Definition
- Three Core Areas:
- Life Sustaining Goods:
- Availability and distribution of essentials like food, shelter, and health.
- Standard of Living:
- Access to education and decent jobs for material and non-material well-being.
- Freedom of Choice:
- Social and economic choices to escape misery, prevent coercion, and enhance happiness.
- Alignment with Sen: Both emphasize freedom of choice.
Key Takeaways
- Understanding and being able to define these concepts are crucial for writing strong essays on development.
- Normative Concept: Economic development cannot be defined neatly but can be guided by Sen and Todaro’s frameworks.
- Exam Preparedness: Referencing these definitions can improve the quality of exam essays.
Conclusion: Economic development is multifaceted, and studying the perspectives of these key figures helps in achieving a comprehensive understanding.
Next Steps: Continue exploring the broader implications and applications of development economics in subsequent lectures.