History of Economics

sparings 515 Midterm 1 1.Economic growth vs. frugal development, demarcate extensive growth & intensive growth Economic growth is the keep up cast up in the outfit of goods/services of a guild. Economic development is economic growth plus changes in proficient and institutional arrangements by with output are produced. Extensive growth- increase in output due to increase in inputs (labor big businessman grows, land stock increases) Intensive growth- increase in output per unit of input productivity increases (technological change) 2.List 2 info sources researchers use to estimate historical stocks of living; three indicators of economic development other than National Income casts of interest to economists Data sources: ?Census, survey- population, demographic info, occupational distri onlyion ?Tax records-production info, shipping info, exports/imports, wealth ?Church records- births, deaths, life expectancy ? highschool/skeletal remains- Indicators of economic development: ?Life expectancy at birth- measure of well being ?Adult literacy (female and in total)- measure of humanity capital, how productive is labor force oChild labor- high literacy = clinical depression child labor oFemale literacy- measure of how egalitarian society is 3.

Explain 3 weaknesses of per capita GNP (or GDP) as a measure of economic well-being Weaknesses: ?Doesnt capture all economically distinguished activities oblack/informal mkt (larger in less true countries), agriculture (own consumption), housework (diff goods/services more often provided in home (not mkt) ?Dollar value of good doesnt forever = social value oindustrial revolution (wages? but pollution/disease rates?), war (?GDP w/out making better off), education (?spending.. yield ?standard of living beyond $ value) ?Welfare depends not only on size of national income but on its distribution ?Doesnt account for differences in cost of living across time/space ocost of living- cost of... If you want to get a full essay, order it on our website: Orderessay

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