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Summary ECS3707 SUMMARISED NOTES 2022/2023

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ECS3707 - Development Economics

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University Of South Africa

ECS3707 SUMMARISED NOTES 2022/2023 1 | P a g e Development economics Study unit 1 Notes developed by Leigh-Ann Bailie and Chris Langeveldt An economy in which production is mainly for personal consumption and the standard of living yields little more than basic necessities of life – food,...

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ecs3707 summarised notes 20222023 1 | p a g e development economics study unit 1 notes developed by leigh ann bailie and chris langeveldt an economy in which production is mainly for personal consump

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University of South Africa
Course
ECS3707 - Development Economics

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ECS3707
SUMMARISED NOTES
2022/2023

, lOMoARcPSD|15424936

Development economics
Study unit 1

Notes developed by Leigh-Ann Bailie and Chris Langeveldt

An economy in which production is mainly for personal consumption and the standard of living yields
little more than basic necessities of life – food, shelter, and clothing.

Development
The process of improving the quality of all human lives and capabilities by raising people’s levels of
income, self-esteem and freedom.

Distinguish between: traditional, political and development economics

Traditional economics
An approach to economics that emphasizes utility, profit maximization, market efficiency and
determination of equilibrium.

Political economics
The attempt to merge economic analysis with practical politics-to view economic activity in its
political context. (use of traditional economics to merge political ideologies.

Development economics
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).

Less developed countries- a synonym for developing countries

Discuss the important role of values in development economics
Development economics is a social science and is concerned with human beings, the social systems
they use to satisfy basic material needs. Ethical and normative value premises about what is or not

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desirable are central features of the economic discipline in general. The identification of problems
and the choice of goals are governed by value premises. Subjective-variables, opinions, values.

Unlike natural sciences (maths and physics) development economics is not based on universal truths.
In maths 1+1 is 2(fact) but in development economics the importance of education over equal
distribution is not a fact but based on the value system of the society. Objective-facts

What do we mean by development?
Explain the traditional meaning of development and indicate how development was
measured.
In a traditional sense economic development meant achieving sustained rates of growth of income
per capita which was measured by the GNI. Industrialization was the order of the day. (As
population increased the GNI needed to increase with it.)

Amartya Sen’s capability Approach
The capabilities approach is defined by its choice of focus upon the moral significance of individuals
capabilities of achieving the kind of lives they have reason to value. This distinguishes it from more
established approaches to ethical evaluation, such as utilitarianism or resourcism, which focus
exclusively on subjective well-being or the availability of means to the good life, respectively. A
persons capability to live a good life is defined in terms of the set of valuable “beings and doings” like
being in good health or having a loving relationships with others to which they have real access.
or control.

Five factors that affect national happiness
People are happier when they are:
 Not unemployed
 Not divorced or separated
 Have a high trust in society
 Enjoy high government quality
 Have religious faith

 And financial security

The 3 core values of development as described by the new economic view of development
Sustenance -the basic goods and services, such as food clothing and shelter that are necessary to
sustain an average human being at the bare minimum of living.

Self Esteem - The feeling of worthiness that a society enjoys when its social, political and economic
systems and institutions promote human values such as respect, dignity, and self-determination.

Freedom -A situation in which a society has at its disposal a variety of alternatives from which to
satisfy its wants and individuals enjoy real choices.

The eight MDG’s
1. Eradicate extreme poverty and hunger
2. Achieve universal primary education
3. Promote gender equality and empower woman
4. Reduce child mortality
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