Economic growth Flashcards

1
Q

How does Thomas (2000) define development?

A

Thomas (2000) defines development as a “positive change in society”
This change is often discussed in several forms

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2
Q

What are the 9 forms of development which we study in sociology?

A
  • Economic growth
  • Education
  • Health
  • Democracy
  • Human rights
  • Gender equality
  • Happiness and wellbeing
  • Sustainability
  • Poverty rates
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3
Q

What is economic growth?

A

Economic growth means the monetary value of the country’s produce increases over time, relative to other countries

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4
Q

What are the stages of economic growth?

A
  1. Subsistence
  2. Mass production and consumption
  3. Service industries
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5
Q

How is economic growth measured?

A

Economic development is usually measured using gross national income (GNI) per capita
This means the total value of all goods and services produced by a country in a financial year

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6
Q

What is the problem with GNI or GNI per capita as a measure of development?

A

Fast development is rarely sustainable - economically or environmentally
Failing to invest in sustainability leads to “boom and bust”, where those unable to save or buy assets will suffer

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