Economic Development Series: Sources of Economic Growth

Hey Everyone, This is video 2 of 6 videos in “The Economic Development Series”. Watch the entire series right here: https://www.youtube.com/playlist?list=PLNI2Up0JUWkEhlr-c4dpa1xqQf-Sq2BXv The List! Here is the “The List” for “The Economic Development Series”: For an explanation of the logic of “The Lists” click here: https://youtu.be/dE0fbsgXlFE What is economic development? Sources of economic growth 1. Natural factors 2. Human capital factors 3. Physical capital and technological factors 4. Institutional factors Does economic growth lead to economic development? 1. Higher incomes 2. Improved economic indicators of welfare 3. Higher government revenues 4. Creation of inequality 5. Negative externalities and lack of sustainability Common characteristics of developing countries 1. Low standard of living, low incomes, inequality, poor health, and inadequate education 2. Low levels of productivity 3. High rates of population growth and dependency burdens (child and old age ratios) 4. High and rising levels of unemployment and underemployment 5. Substantial dependence on agricultural production and primary market exports 6. Prevalence of imperfect markets and limited information 7. Dominance, dependence, and vulnerability in international relations Diversity among developing nations 1. Resource endowment 2. Historical background 3. Geographic and demographic factors 4. Ethnic and religious breakdown 5. The structure of industry 6. Per capita income levels 7. Political structure International development goals 1. Goal 1: Eradicate extreme poverty and hunger 2. Goal 2: Achieve universal primary education 3. Goal 3: Promote gender equality and empower women 4. Goal 4: Reduce child mortality 5. Goal 5: Improve maternal health 6. Goal 6: Combat HIV/AIDS, malaria, and other diseases 7. Goal 7: Ensure environmental sustainability 8. Goal 8: Develop a Global Partnership for Development I hope you find these videos helpful to your study of Economics. Enjoy! Brad Cartwright