Development
Broad improvements in living standards / health / education / freedoms not just income
Multidimensional nature of development
Requires economic / social / environmental progress
GDP or GNI per person at PPP
Income-based development proxy adjusted for cost-of-living
Health indicators
Measures like life expectancy and infant mortality reflecting living conditions
Education indicators
Measures like literacy and years of schooling reflecting human capital
Inequality indicators
Measures like Gini showing how benefits are distributed
Energy and environmental indicators
Measures like access to electricity / emissions / water quality
HDI
Composite index combining income / education / health
GII
Composite index measuring gender inequality across dimensions
IHDI
HDI adjusted for inequality lower when inequality is high
Happy Planet Index
A measure combining well-being and sustainability conceptually welfare per ecological cost
Limits of single indicators
Miss distribution / quality / non-market production / sustainability
Limits of composite indicators
Weighting choices and data quality can distort comparisons
Growth vs development
Growth can support development but development can lag if gains are unequal or unsustainable
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1.1 What is Economics?54
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1.2 How do Economists Approach the World?24
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2.1 Demand21
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2.2 Supply21
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2.3 Competitive Market Equilibrium18
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2.4 Critique of Maximizing Behaviour of Consumers and Producers23
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2.5 Elasticities of Demand23
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2.6 Elasticity of Supply10
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2.7 Role of Government in Microeconomics19
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2.8 Market failure—externalities and common pool/common access resources28
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2.9 Market failure—public goods7
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2.10 Market failure—asymmetric information (HL)7
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2.11 Market failure—market power (HL)24
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2.12 Market’s inability to achieve equity (HL)6
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3.1 Measuring economic activity14
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3.2 Variations in economic activity—aggregate demand and aggregate supply16
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3.3 Macroeconomic objectives + Unemployment41
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3.4 Economics of inequality and poverty15
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3.5 Demand management—monetary policy (HL included)12
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3.6 Demand management—fiscal policy (HL included)15
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3.7 Supply-side policies22
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4.1 Benefits of international trade9
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4.2 Types of trade protection8
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4.3 Arguments for and against trade control/protection16
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4.4 Economic integration11
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4.5 Exchange rates19
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4.6 Balance of payments (HL included)22
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4.7 Sustainable development3
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4.8 Measuring development14
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4.9 Barriers to economic growth and/or development17
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4.10 Growth and/or development strategies25
