Comments on: Lesson Plan: Visualizing Economic Growth and Economic Development http://welkerswikinomics.com/blog/2009/12/09/1419/ for students and teachers of Economics Wed, 23 May 2012 04:39:58 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Michael Mayer http://welkerswikinomics.com/blog/2009/12/09/1419/comment-page-1/#comment-22177 Michael Mayer Thu, 01 Mar 2012 19:28:33 +0000 http://welkerswikinomics.com/blog/2009/12/09/1419/#comment-22177 Mitchell, You answer the questions well. When you mention literacy rates, life expectancy, etc. as indicators for economic development..... Are you sure those are indicators in and of themselves? It seems to me like those numbers must be analyzed in order to come to a conclusion about the economic development in a country whereas the HDI (human development index) is a more straightforward indicator for economic development. Mitchell,

You answer the questions well. When you mention literacy rates, life expectancy, etc. as indicators for economic development….. Are you sure those are indicators in and of themselves? It seems to me like those numbers must be analyzed in order to come to a conclusion about the economic development in a country whereas the HDI (human development index) is a more straightforward indicator for economic development.

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]]> By: Michael http://welkerswikinomics.com/blog/2009/12/09/1419/comment-page-1/#comment-22176 Michael Thu, 01 Mar 2012 19:26:36 +0000 http://welkerswikinomics.com/blog/2009/12/09/1419/#comment-22176 What is human development and what factors contribute to this development? Human development is the increase in education and living conditions of the citizens of a country. More money spent on education, health, and infrastructure can lead to a country's human development. What does it mean to have an improvement in the standard of living? It means that the things around a citizen of a country are of a higher caliber than before. Newer roads, lamp posts, buildings are examples of things that can be improved. Also, access to health care must be easy and effective for a high standard of living. What is the difference between economic growth and development? Growth is more numbers-oriented whereas development measures the actual living conditions of the average citizen. You can have growth, where revenue increases, but no development, if the growth for example came from a decrease in minimum wage that contributes to a worsened living condition for the average citizen. What indicators are used to measure the economic development of nations? The human development index is used to measure the economic development of nations. How can data help us to better understand LDC’s while developing more effective strategies to improve their development. Numbers are only numbers, but they can help get a picture of the condition of people in general. If there simply is not enough money going into a certain aspect of a country like health, it is easy to see where the development needs improvement. What are obstacles that stand in the way of development? The risk of debt in borrowing money to aid development is a huge barrier to economic development. Development comes at a cost that is sometimes insurmountable. That is why foreign aid is sometimes so important to the well-being of a country. What is human development and what factors contribute to this development?
Human development is the increase in education and living conditions of the citizens of a country. More money spent on education, health, and infrastructure can lead to a country's human development.
What does it mean to have an improvement in the standard of living?
It means that the things around a citizen of a country are of a higher caliber than before. Newer roads, lamp posts, buildings are examples of things that can be improved. Also, access to health care must be easy and effective for a high standard of living.
What is the difference between economic growth and development?
Growth is more numbers-oriented whereas development measures the actual living conditions of the average citizen. You can have growth, where revenue increases, but no development, if the growth for example came from a decrease in minimum wage that contributes to a worsened living condition for the average citizen.
What indicators are used to measure the economic development of nations?
The human development index is used to measure the economic development of nations.
How can data help us to better understand LDC’s while developing more effective strategies to improve their development.
Numbers are only numbers, but they can help get a picture of the condition of people in general. If there simply is not enough money going into a certain aspect of a country like health, it is easy to see where the development needs improvement.
What are obstacles that stand in the way of development?
The risk of debt in borrowing money to aid development is a huge barrier to economic development. Development comes at a cost that is sometimes insurmountable. That is why foreign aid is sometimes so important to the well-being of a country.

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]]> By: Mitchell_Broughton http://welkerswikinomics.com/blog/2009/12/09/1419/comment-page-1/#comment-21457 Mitchell_Broughton Wed, 08 Feb 2012 02:14:25 +0000 http://welkerswikinomics.com/blog/2009/12/09/1419/#comment-21457 1.What is human development and what factors contribute to this development? Human development is the growth of a person’s choices in life. It is the ability for humans to make choices that impact their lives. The factors that contribute to it are the general health and life expectancy of the people, political freedom and equality, and general knowledge and education. 2.What does it mean to have an improvement in the standard of living? The standard of living is made up of many things. An improvement would mean that equality has increased, as well as education, housing, food quality, and overall quality and choice in goods. 3.What is the difference between economic growth and development? Economic growth spokes mostly to a rise in GDP of a country, while economic development speaks more to the standard of living of its consumers. 4.What indicators are used to measure the economic development of nations? Economic development is measured by health, education, life expectancy, literacy rates, etc… 5.How can data help us to better understand LDC’s while developing more effective strategies to improve their development? Data can help see which are of the economy a LDC is having the most problems with. For example, an LDC may have a very high literacy rate; however, the life expectancy is very short. This might indicate that the country has a good education system, but lacks good health care. 6.What are obstacles that stand in the way of development? A lot of times LDCs are very reliant upon trade of primary goods to developed countries. The prices of primary goods are constantly decreasing, earning the LDCs less money, as well as the fact that a sudden economic crash could cause the demand of primary goods to significantly drop, crippling the LDC’s economy. 1.What is human development and what factors contribute to this development?

Human development is the growth of a person’s choices in life. It is the ability for humans to make choices that impact their lives. The factors that contribute to it are the general health and life expectancy of the people, political freedom and equality, and general knowledge and education.

2.What does it mean to have an improvement in the standard of living?

The standard of living is made up of many things. An improvement would mean that equality has increased, as well as education, housing, food quality, and overall quality and choice in goods.

3.What is the difference between economic growth and development?

Economic growth spokes mostly to a rise in GDP of a country, while economic development speaks more to the standard of living of its consumers.

4.What indicators are used to measure the economic development of nations?

Economic development is measured by health, education, life expectancy, literacy rates, etc…

5.How can data help us to better understand LDC’s while developing more effective strategies to improve their development?

Data can help see which are of the economy a LDC is having the most problems with. For example, an LDC may have a very high literacy rate; however, the life expectancy is very short. This might indicate that the country has a good education system, but lacks good health care.

6.What are obstacles that stand in the way of development?

A lot of times LDCs are very reliant upon trade of primary goods to developed countries. The prices of primary goods are constantly decreasing, earning the LDCs less money, as well as the fact that a sudden economic crash could cause the demand of primary goods to significantly drop, crippling the LDC’s economy.

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]]> By: Russell http://welkerswikinomics.com/blog/2009/12/09/1419/comment-page-1/#comment-9674 Russell Thu, 24 Dec 2009 00:54:21 +0000 http://welkerswikinomics.com/blog/2009/12/09/1419/#comment-9674 A great idea. I found the group assignment to be confusing to read. I'm assuming the group structure is two people per PhotoStory presentation. One member of the group is an "A" (focus is on the Growth part of the text) while the other person is a "B" (focus is on the Development part of the text). "A" people read about Growth. "B" people read about Development. (After reading) They share their knowledge and discuss differences. The groups each plan their presentation - perhaps create a story board with the kinds of images they would show (if Internet is down, or students lack PhotoStory skills, this might be an acceptable alternative end to this part of the activity.) Armed with a plan, a deadline, and a shared vision, the two members search for the images they need. In another session, each group sits down to compose their photostory and do the music/voice production. 10 images are required - no more than five minutes - leave the audience wanting more! Each pair presents their final work to the class. A great idea. I found the group assignment to be confusing to read.

I'm assuming the group structure is two people per PhotoStory presentation. One member of the group is an "A" (focus is on the Growth part of the text) while the other person is a "B" (focus is on the Development part of the text).

"A" people read about Growth. "B" people read about Development. (After reading) They share their knowledge and discuss differences.

The groups each plan their presentation – perhaps create a story board with the kinds of images they would show (if Internet is down, or students lack PhotoStory skills, this might be an acceptable alternative end to this part of the activity.)

Armed with a plan, a deadline, and a shared vision, the two members search for the images they need.

In another session, each group sits down to compose their photostory and do the music/voice production.

10 images are required – no more than five minutes – leave the audience wanting more!

Each pair presents their final work to the class.

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