Economics Notes: Development Economics
1. What is Economic Development?
Improvement in living standards, poverty reduction, better
health/education, and more equitable income distribution.
2. Measuring Development
GDP per capita (adjusted for PPP)
Human Development Index (HDI):
oCombines income, education, and life expectancy
Multidimensional Poverty Index (MPI)
3. Barriers to Development
Corruption
Poor infrastructure
Political instability
Debt
Dependence on primary products
4. Strategies for Development
Aid (bilateral/multilateral)
Debt relief
Investment in education and healthcare
Trade liberalisation
Microfinance and enterprise support
5. Role of Institutions
World Bank, IMF, WTO
Promote growth, financial stability, and fair trade
