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Exam (elaborations) ECS3707 - Development Economics January 2021 ECP Exam Memo
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Exam (elaborations) ECS3707 - Development Economics (ecs3707)
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ECS3707:ECP EXAM 2021UNIVERSITY EXAMINATIONS
June/July 2021
ECS3707
Development Economics
100 Marks
Duration: 2 Hours
First examiner: Ms K Nchoe
Second examiner: Mrs L Stone
External examiner: Dr S Gumede
CONFIDENTIAL ECS3707
Page 1 of 3 May/June 2021
, Question 1
1.1 Why do we not see a stronger relationship between income and happiness, especially once
income has risen above $20,000 a year per person? (5)
The belief that high income is associated with good mood is widespread but mostly illusory,” the
researchers wrote. “People with above-average income are relatively satisfied with their lives but are
barely happier than others in moment-to-moment experience, tend to be tenser, and do not spend more
time in particularly enjoyable activities. According to economic development indicators wellbeing of
individuals are also determined by life expect self-esteem, freedom and proper healthy facilities.
1.2 In what way is development economics greater in scope than traditional economics?
(5)
Traditional economics is an approach to economics that emphasizes utility, profit maximization, market
efficiency and determination of equilibrium while development economics is the study of how
economics are transferred from stagnation to growth and from low income to high income status,
and overcoming problems and absolute poverty. (Combine traditional and political
economics to eradicate poverty) .Development economics has a greater scope than traditional
economics. Development economics shall be able to bring in quick and significant improvement in the
standard of living of the poor and downtrodden defying all the issues of political, social, economic, and
institutional systems, whether public or private. This is achieved in addition to the efficient allocation of
already scared or idle productive resources and also provides sustained growth as it is achieved in the case
of the traditional economy. Development economics can rapidly transform the structure and institution
systems, as it addresses the economic issues arising due to the imperfect markets and lack of market
knowledge among businesses. It also addresses the political & social levels of culture and traditions of the
underdeveloped or less developed countries
1.3 What are the essential characteristics that have shaped Pakistan and Bangladesh’s economic
and social progress since the early 1970s? (10)
The different experiences of Bangladesh and Pakistan since 1971 are relevant for
understanding how aid can affect governance in vulnerable recipient countries where states
face serious economic and political challenges. Aid does affect the development prospects
of such countries but in more complex ways than is often assumed. The cases of
Bangladesh and Pakistan challenge the idea that aid can be used to achieve what is
described as “good governance.” However, the interaction between types of aid and
preexisting political and governance structures can result in positive or negative outcomes
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