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File: Macroeconomics Pdf 126059 | Economic Growth And Development(file 2)
macroeconomics series 3 economic growth and development dr charles kwong school of arts and social sciences the open university of hong kong 1 teaching tips y define clearly the concept ...

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                                   Macroeconomics Series (3): 
                                         Economic Growth and 
                                                    Development
                                                      Dr. Charles Kwong
                                              School of Arts and Social Sciences
                                              The Open University of Hong Kong
                                                                                                      1
                                Teaching Tips:
                                y Define  clearly  the  concept  of  economic  growth  and 
                                   development (Economic growth can simply be defined as a 
                                   rise in GDP or GDP per capital. Economic development is a 
                                   broad  concept  encompassing  economic  growth  and  other 
                                   developmental  dimensions.  It  can  be  defined  as  “a 
                                   multidimensional process involving major changes in social 
                                   structure, popular attitudes, and national institutions, as well
                                   as  the  acceleration  of  economic  growth,  the  reduction  of 
                                   inequality, and the eradication of poverty (Todaro and Smith 
                                   2009: 16).”
                                                                                                      2
                                 Teaching Tips:
                                  z Tell  student  why  we  concern  economic  growth  and 
                                     development (about 3 billion of population is in a state of 
                                     underdevelopment.  The  world  population  is  about  6.8 
                                     billion in 2009).
                                  z Use empirical data and cases as far as possible to illustrate 
                                     your discussion.
                                                                                                          3
                                                                                                          4
                                           z Change in real GDP
                                           z Change in real GDP per capita 
                                           „ Real GDP per capita: A measure of living standard
                                           „ Real GDP per worker: A measure of productivity
                                           z Human Development Index: A comprehensive measure 
                                               of socioeconomic development
                                                                                                                           5
                                          ‹ Human Development Index (HDI) is developed by the United 
                                              Nations      Development        Program       (UNDP)      to    analyze 
                                              systematically  and  comprehensively  the  comparative  status 
                                              of socioeconomic development in different countries. 
                                                                                                                           6
                                         ‹ The HDI attempts to rank all countries on a scale of 0 (lowest 
                                             human development) to 1 (highest human development) based 
                                             on three goals or end products of development: 
                                         1.  longevity as measured by life expectancy at birth;
                                         2.  knowledge as measured by a weighted average of adult literacy (two‐
                                             thirds) and mean years of schooling (one‐third), and
                                         3.  standard  of  living  as  measured  by  real  per  capita  gross  domestic 
                                             product adjusted for the differing purchasing power parity (PPP) of 
                                             each  country’s  currency  to  reflect  cost  of  living  and  for  the 
                                             assumption  of  diminishing  marginal  utility  of  income  (well‐‐being 
                                             increases with income but at a decreasing rate). 
                                                                                                                          7
                                         ‹ Using  these  three  measures  of  development  and 
                                             applying a formula to data for 177 countries, the HDI 
                                             ranks  countries  into  three  groups:  low  human 
                                             de‐velopment          (0.0    to     0.499),     medium  human 
                                             development  (0.50  to  0.799),  and  high  human 
                                             development (0.80 to 1.0).
                                                                                                                          8
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...Macroeconomics series economic growth and development dr charles kwong school of arts social sciences the open university hong kong teaching tips y define clearly concept can simply be defined as a rise in gdp or per capital is broad encompassing other developmental dimensions it multidimensional process involving major changes structure popular attitudes national institutions well acceleration reduction inequality eradication poverty todaro smith z tell student why we concern about billion population state underdevelopment world use empirical data cases far possible to illustrate your discussion change real capita measure living standard worker productivity human index comprehensive socioeconomic hdi developed by united nations program undp analyze systematically comprehensively comparative status different countries attempts rank all on scale lowest highest based three goals end products longevity measured life expectancy at birth knowledge weighted average adult literacy two thirds ...

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