Development Economics I

Course Code: Econ-3071

Credit Hours: 3
Instructor: Adane. A(MSc)

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 Chapter One
Economics of Development:
Concepts and Approaches

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1.1. Basic Concepts and Definitionof Development Economics

• Development : the process of improving the quality of all human

lives and capabilities by raising people’s levels of living, self-
esteem, and freedom.
• Economics : is concerned with human beings and the social
systems by which they organize their activities to satisfy basic
material needs ( food, shelter, clothing) and nonmaterial wants
(education, knowledge, spiritual fulfillment) and recognize from
the outset that ethical or normative value premises about what is
or is not desirable are central features of the economic discipline
in general and of development economics in particular.

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 Basic concepts and definition of development economics

Development economics: the study of how

economies are transformed from stagnation to
growth and from low income to high-income
status, and overcome problems of absolute
poverty.
The study of economic development is one of
the newest, most exciting, and most challenging
branches of the broader disciplines of economics
and political economy.
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 Cont..,

• Adam Smith was the first “development economist” and

that his Wealth of Nations, published in 1776, was the
first treatise on economic development, the systematic
study of the problems and processes of economic
development in Africa, Asia, and Latin America.
• Development economics often draws on relevant
principles and concepts from other branches of
economics in either a standard or modified form, for the
most part it is a field of study that is rapidly evolving its
own distinctive analytical and methodological identity.

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1.2. The Scope and Nature of Development Economics
• Developing countries (less developed): Countries of Asia, Africa,
the Middle East, Latin America, eastern Europe, and the former
Soviet Union, presently characterized by low levels of living
standards.
• More developed countries (MDCs) : The now economically
advanced capitalist countries of western Europe, North America,
Australia, New Zealand, and Japan.
• Unlike the more developed countries, in the less developed
countries, most commodity and resource markets are highly
imperfect, consumers and producers have limited information,
major structural changes are taking place in both the society and
the economy, the potential for multiple equilibrium rather than a
single equilibrium is more common, and disequilibrium situation.
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 The scope and nature of development economics

 The Nature of Development Economics

• Traditional economics: an approach that emphasizes on
utility, profit maximization, market efficiency, and
determination of equilibrium. It is concerned primarily
with the efficient, least-cost allocation of scarce
productive resources and with the optimal growth.
• Traditional neoclassical economics: an advanced
capitalist world of perfect markets; consumer
sovereignty; automatic price adjustments; decisions
made on the basis of marginal, private-profit, and utility
calculations; and equilibrium outcomes in all product
and resource markets
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 The Scope and Nature of Development Economics

• Political economy: the attempt to merge economic

analysis with practical politics—to view economic activity
in its political context. It goes beyond traditional
economics to study, among other things, the social and
institutional processes through which certain groups of
economic and political elites influence the allocation of
scarce productive resources now and in the future, either
for their own benefit exclusively or for that of the larger
population as well. It therefore concerned with the
relationship between politics and economics, with a
special emphasis on the role of power in economic
decision making.
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 The scope and nature of development economics

• Development economics: has an even greater

scope and concerned with the efficient allocation
of existing scarce productive resources and with
their sustained growth over time.
• It must also deal with the economic, social,
political, and institutional mechanisms, both
public and private, necessary to bring about
rapid (at least by historical standards) and large-
scale improvements in levels of living for the
peoples economies.
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 The Scope and Nature of Development Economics

• Thus development economics, to a greater extent than

traditional neoclassical economics or even political
economy, must be concerned with the economic cultural,
and political requirements for effecting rapid structural and
institutional transformations of entire societies.
• It must focus on the mechanisms that keep families, and
even entire nations in poverty traps, in which past poverty
causes future poverty, and on the most effective strategies
for breaking out of these traps.
• A larger government role and some degree of coordinated
economic decision making directed toward transforming the
economy are usually viewed as essential components of
development economics
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 Why Study Development Economics? Some Critical Questions

• To understand the nature and characteristics of the

developing countries;
• To analyze the economic problems of developing
countries, especially problems related to slow growth,
stagnation, high poverty rates, high income inequality,
high unemployment and;
• To discuss strategies for accelerating growth, attaining
sustainable development, reducing unemployment
and income inequality, eradicating absolute poverty,
and decreasing external imbalances.
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 1.3. Interests and Evolution of Development Economics

1) Academic interest in development

2) The awareness of developing countries about their
backwardness and their demand for a new international
economic order
3) The awareness of the world in general and developed countries
in particular about the mutual interdependence of the world
economy
• The very concepts of economic development and modernization
represent implicit as well as explicit value premises about
desirable goals for achieving what Mahatma Gandhi once called
the “realization of the human potential.”

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 Cont..,
Concepts or goals such as economic and social
equality, the elimination of poverty, universal
education, rising levels of living, national
independence,
modernization of institutions, rule of law and
due process, access to opportunity, political and
economic participation, grassroots democracy,
self-reliance, and personal fulfillment all derive
from subjective value judgments about what is
good and desirable and what is not.
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 Interests and evolutions of development economics

 Though the study of economic development in general has attracted the

attention of economist’s right from the mercantilist school, classical school
down to Marx and Keynes.
 It is also after the end of the II world War that the majority of the
international bodies with the aim of promoting development that exist today
such as the World Bank and its affiliates, and agencies of the UN all have been
established.
 Before the war, there was little preoccupation with the economic and social
problems of developing countries with which we are concerned today.
 One of the reasons for this little preoccupation may be that the poor countries
were colonies.
 The development of underdeveloped countries and primarily the eradication of
absolute poverty are now regarded as one of the greatest social and economic
challenges facing humankind.
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 1.4. Economic Growth and Economic Development

• We will begin our discussion of development economics by defining the

concepts of development and economic growth.
• The meaning of economic growth is unambiguous. Almost all
economists would accept the increase in the output of goods and
services of a country per unit time.
• Output is measured by the gross national product (GNP) or gross
domestic product (GDP). Growth in GNP/GDP can be calculated either
at market price or factor cost.
• In order to measure the effect of growth on the standard of living of
the population, the GNP/GDP per capital is taken, which is also known
as per capital income.
• Per capital income can be measured in terms of home currency and for
international comparisons in terms of US dollar.
• However, the US dollar has different purchasing power in the market of
different countries especially for non-traded goods.
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 Economic Growth and Economic Development

•But development has been understood differently in different time

periods and by different persons.
•Its meaning has evolved progressively to have the present meaning.
•In the 1950s and 1960s, for example, development was considered
as synonymous to economic growth. Accordingly, in this period, it
has been defined as the capacity of the economy to generate and
sustain fast growth rate of GDP (per capital income).
•Others tried to explain development in terms of the process of
structural transformation of the economy.
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 Economic Growth and Economic Development
 Later on concerns are accorded to poverty, unemployment,
inequalities of income, and other economic, institutional, social and
political factors owing to the failure of developing countries to improve
the standard of living of the poor.
 Many developing countries experienced relatively high rates of growth
of per capita income during the 1960s and 1970s.
 But the countries showed little or no improvement or even an actual
decline in employment, equality, and the real income of the poorest
part of their population.
 Consequently, in addition to economic growth, Dudley Seers – British
19th, “the focus on national income as a target for achieving poverty
reduction avoided the real problems of development” and
recommended “redefining how development was measured”, he
argues on the need of looking on what has been happening to poverty,
unemployment, and inequality as a determinant of development rather
than mere growth of per capita income.
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 Economic Growth and Economic Development
• Presently, Todaro puts the definition of
development as “conceived as a multi
dimensional process involving major changes
in social structures, popular attitudes, and
national institutions, as well as the
acceleration of economic growth, the
reduction of inequality (and unemployment),
and the eradication of absolute poverty”.

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 1.5. Three core values of Development
• Denis Goulet distinguishes three basic components or core values in this wider
meaning of development, which he calls life-sustenance, self-esteem and
freedom.
• Life - sustenance: The Ability to Meet Basic Needs . All people have certain
basic needs without which life would be impossible. These life-sustaining basic
human needs include food, shelter, health, and protection. When any of these is
absent or in critically short supply, a condition of “absolute underdevelopment”
exists.
• No country can be regarded as fully developed if it cannot provide its entire
people with such basic needs as housing, clothing, food and minimum
education.
• A major objective of development must be to raise people out of primary
poverty and to provide basic needs simultaneously without which there is
absolute under development.
• Hence, economic development is a necessary condition (but not sufficient
condition) for the improvement of the quality of life in providing these life
sustenance needs and bringing development.
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 Three core values of Development

• Self-Esteem: is concerned with the feeling of self-respect and

independence.
• All peoples and societies seek some basic form of self-esteem,
although they may call it authenticity, identity, dignity, respect,
honor, or recognition.
• No country can be regarded as fully developed if it is exploited by
others and does not have the power and influence to conduct
relations on equal terms.
• Now days, economic wealth and technological power have become
almost universal measures of worth. Developing countries seek
development for self-esteem; to eradicate the feeling of dominance
and dependence which is associated with inferior economic status.
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 Three core values of Development
• Freedom from servitude: Freedom is ability of people to determine their
destiny. It involves an expanded range of choices for societies and their
members together with a minimization of external constraints in the pursuit
of devolvement.
• No man is free if s/he cannot choose; if s/he is imprisoned by living on the
margin of subsistence with no education and no skills.
• Amartya Sen writes of “development as freedom.” W. Arthur Lewis stressed
the relationship between economic growth and freedom from servitude
when he concluded that “the advantage of economic growth is not that
wealth increases happiness, but that it increases the range of human choice.”
• Although attempts to rank countries with freedom indexes have proved
highly controversial, studies do reveal that some countries that have
achieved high economic growth rates or high incomes, such as China,
Malaysia, Saudi Arabia, and Singapore, have not achieved as much on human
freedom criteria.

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 Three core values of Development
• At least these three basic components or core values
serve as a conceptual basis and practical guideline for
understanding the inner meaning of development.
• Without sustained and continuous economic progress at
the individual as well as the societal level, the realization
of the human potential would not be possible. One clearly
has to “have enough in order to be more.”
• Rising per capita incomes, the elimination of absolute
poverty, greater employment opportunities, and lessening
income inequalities therefore constitute the necessary but
not the sufficient conditions for development.
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 The Three Objectives of Development
• Development is both a physical reality and a state of mind in which
society has, through some combination of social, economic, and
institutional processes, secured the means for obtaining a better life.
1. To increase the availability and widen the distribution of basic life-
sustaining goods such as food, shelter, health, and protection
2. To raise levels of living, including, in addition to higher incomes, the
provision of more jobs, better education, and greater attention to
cultural and human values,
3. To expand the range of economic and social choices available to
individuals and nations by freeing them from servitude and
dependence not only in relation to other people and nation-states but
also to the forces of ignorance and human misery

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 1.6. Measurement and international comparison of growth and development

• Different methods of measuring development

and making international comparisons have so
far been devised.
• Among these the Income Measures, the Physical
Quality of Life Index, the Human Development
Index, and the Human Poverty Index are the
widely employed indicators.
• In this section we will discuss each of these
measures of development and their limitations.
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 1.6.1. Conventional Measures of Development & their
Limitations
 Conventional Measures of Development:
• GNP is calculated as the total domestic and foreign value added claimed by a
country’s residents without making deductions for depreciation of the domestic
capital stock.
• GDP measures the total value for final use of output produced by an economy, by
both residents and non-residents.
• Thus GNP comprises GDP plus the difference between the income residents
receive from abroad for factor services (labor and capital) less payments made to
non residents who contribute to the domestic economy.
• These national income (GNP/GDP) measures are used for the measurement of
economic development in several ways.
• For a given country over two or more years, the absolute value of national income
or per capita income is compared for different years. The difference between the
values for various years then reflects the growth rate over the period.
• The level of per capita income is taken as a measure of the average standard of
living of the population, while the growth rate measures improvements in the
standard of living.
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 Conventional Measures of Development and their Limitations
• This income measure of development is also used to compare the economic performance of
different countries.
• Thus, the level of national income or per capita income and their growth rates can be compared
internationally.
• The poverty datum line, as the measure of the critical minimum level of per capita income below
which individuals are deemed to be living in absolute poverty, is also derived from the income
measure of development.
• Limitations of conventional income measures:
• Development ultimately refers to the quality of life and of human welfare.
• Thus, in essence income indictors are incomplete and limiting measures of development.
• Aside from their defects as indicators of development, the calculations of the GNP/GDP based
measures suffer from a number of shortcomings.
• These include the following;
• The GNP/GDP measure excludes non-market activities, transactions and subsistence production. This
leads to the distortions of the GNP/GDP figures.
• National income accounting is also subject to a number of statistical problems. These include the
risk of double counting of intermediate inputs; the underestimation and exclusion of unrecorded
transactions, the statistical problems arising from the non-quantifiabile of important economic
variables and activities.
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 Conventional Measures of Development and their Limitations

• The other problem in international comparison relates to the problem of

conversion of national incomes measured in national currencies into the US
dollar at the official exchange rate.
• The concern is the underestimation of the living standard of developing
countries. If the US dollar is used as a unit of account, the national per capita
income of a given country in US dollar is given by GNP/Population x exchange
rate.
• However, official exchange rates between currencies of two countries are not
good measures of the purchasing power parity (PPP) between the countries,
especially between countries at different levels of development.
• PPP, however, depends not only on the price of traded goods but also on the
prices of non-traded goods.
• The prices of traded goods are largely determined by unit labor cost which tend
to be lower the poorer the country.
• PPP is, therefore, the number of units of a foreign country’s currency required
to purchase the identical quantity of goods and services in the developing
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country’s local market as $1 would buy in the United States.
 Conventional Measures of Development and their Limitations

• Two commodities, TV set and haircut, which are respectively one traded and the
other is non-traded. Suppose the dollar price of a particular TV in USA is $500
and the exchange rate of one dollar is Birr 10. Without taking account of
transport cost, tariff, etc, the price of the TV in Ethiopia will be equal to Br. 5000.
• Suppose in USA, haircut costs $5. At the official exchange rate of Birr 10 to the
dollar, the service in Ethiopia should be $50.
• But the actual cost of this service in Ethiopia may be Birr 10. This would mean
that as far as haircut is concerned, the value of the Birr is underestimated by a
value of five times.
• Clearly, if domestic prices in markets of developing countries are lower, PPP
measures of GNP per capita will be higher than estimates using foreign
exchange rates as the conversion factor.

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 Conventional Measures of Development and their Limitations

• For example, China’s 1997 GNP per capita was only

2.7% of that of the United States using the
exchange-rate conversion. But it rises to 12.5% when
estimated by the PPP method of conversion.
• In 1997, the ratio of the highest per capita income of
Switzerland ($44,320) and Ethiopia ($110) at foreign
exchange rate was 403 to 1.
• But in PPP, these two countries had respectively a
per capita income of $26,320 and $510 and the ratio
is decreased significantly to 51.6 to 1. Hence, the
income gaps between rich and poor nations thus
tend to be less when PPPs are used.
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 1.6.2. Alternative development Indicators
• The inability of the GNP/GDP measures to reflect the welfare
impact of the goods and services produced as well as the likely
costs to society of certain patterns of growth.
• The invalidity of the GNP/GDP indicator as a measure of well being
in situations where growth has actually deepened poverty and
income inequalities, increased unemployment and affected the
environment adversely.
• Therefore, the most important factor influencing the search for
alternative indictors has been the marked shift in thinking among
development economists, organizations and practitioners since the
beginning of the 1970s.

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 Alternative development Indicators
• Some evolved around the modification of GNP/GDP based
measures to incorporate some of their glaring omissions, e.g.
environmental impact, health conditions, activities in the
non-monetized sector, etc.
• Some others tried to construct an explicit index of welfare to
replace the use of income measures.
• And others gave up the idea of a single indicator or index in
favor of a set of indictors that show the different elements of
welfare separately.
• Among the developed alternative indicators the major are the
physical quality of life index (PQLI) developed by Morris
(1979), the Human Development Index (HDI) developed by
UNDP, and the Human Poverty Index.
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 Alternative development Indicators
a. The physical Quality of Life Index (PQLI)
• This composite index is based on three simple indicators: Infant mortality, life
expectancy, and literacy.
• For each indicator, the performances of individual countries are rated on a scale
of 1 to 100, where 1 represents the worst performance and 100 the best
performance.
• For life expectancy the upper limit of 100 was assigned to 77 years (achieved by
Sweden in 1973) and the lower limit of 1 was assigned to 28 years (the life
expectancy of Guinea Bissau in 1950). Each country’s life expectancy figure is
ranked from 0 to 100.
• Similarly, for infant mortality, the upper limit was set at 9 per 1,000 (achieved by
Sweden in 1973) and the lower limit at 229 per 1000 (Gabon 1950).
• Literacy rates measured as percentages from 0 to 100 provide their own direct
scale. The PQLI of each country is given by the following formula.
• PQLI = Life expectancy index + infant mort. index + literacy index
3
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 Alternative development Indicators

• The PQLI indirectly reflects the effects on human development of investment in

health service, water and sewage systems, quality of food and nutrition,
education, housing, and changes in income distribution.
• One positive aspect of the PQLI is, therefore, that it helped redirecting attention
away from growth, toward a broader concept of human development.
• Its Limitations;
• PQLI has been criticized as an indicator of social development in relation to both
the choice of indicators as well as the weight assigned to the different indicators.
• It is handicapped by the limited data availability
• It gives disproportionate weight to longevity as two of the three indicators, infant
mortality and life expectancy are related to it.
• It gives equal weight to each indicator arbitrarily without obvious rationale
• It treats economic and social indictors separately, instead of combining them in a
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composite index.
 Alternative development Indicators
b. Human Development Index (HDI)
• HDI is ranking various countries according to the relative success they have had with
the human development of their population.
• UNDP is offering the HDI as an alternative to the GNP for measuring the relative
socio-economic progress of nations.
• HDI has also attempted to take account of some of the limitations of the PQLI.
• HDI is based on three variables: longevity:- as measured by life expectancy at birth
educational attainment:- as measured by a condition of adult literacy (two third
weight) and a combined primary, secondary, and tertiary school enrollment ratios
(one third weight) Standard of living measured by real per capita income at PPP.
• To construct the index fixed minimum and maximum values are taken for each of the
variables. For life expectancy at birth the range is 25-85 years. For adult literacy, the
range is 0 – 100 percent. For real per capita income the range is $100 – 40,000.
• For any component of the HDI, the individual indices can be computed according to
the general formula of:
HDI = Actual value – Minimum value
Maximum value – Minimum value
Eg. Let us take life expectancy of Ethiopia 62.9 years. If we put this value to the above
formula we get: (62.9-25)/(85-25)=37.9/60= 0.63
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 Alternative development Indicators
• The index thus ranges from 0 to 1. If the actual value is equal to maximum the index is
one.
• The HDI ranks countries into three groups: low human development (0.0 to 0.49),
medium human development (0.50 to 0.79) and high human development (0.80 to 1.00).
• For any given year, HDI measures relative not absolute level of human development and
that its focus is on the ends of development (longevity, educational achievement and
standard of living).
• One of the major innovations of HDI over the past few years has occurred through
disaggregating the country’s overall HDI into separate components to distinguish
between Man and Women, different social classes reflecting skewed income
distributions, and different regions and ethnic groups.
• Hence, the UN HDI has made a major contribution in improving our understanding of
what constitutes development, which countries are succeeding and the share of different
groups and regions within countries.
• By combining social and economic data also, the HDI allows nations to take a broader
measure of their development performance, both relatively and absolutely and thus to
focus their social and economic policies more directly on those areas in need of
improvement.
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 Alternative development Indicators
• Limitations
• It does not include non-quantitative elements of human development such as human
freedom, the existence of civil liberties and the degree of political participation
• It is biased in the choice of indications
• Its assumption of the rapidly diminishing marginal value of money income above the
world average threshold of $ 5120 real GDP per capita distorts some HDI estimates and
limits its applicability.
• Its statistical methodology may also be compromised by insufficient or inaccurate data.
 With all these criticisms, the fact remains that the HDI when used in conjunction with
the traditional economic measure of development greatly increases our understanding
of which countries are really experiencing development and which are not.
 More importantly, by examining each of the three major components of the HDI and
by disaggregating a country’s overall HDI to reflect income distribution, gender,
regional and ethnic differentials, we are now able to identify not only whether a
country is developing but also whether various groups within that country are
participating in that development.

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 Alternative development Indicators
C. Human Poverty Index (HPI)
• The UN has constructed human poverty indices for developing
countries.
• The composite measure focuses on dimensions of deprivations.
The HPI for developing countries is based on three main indices:
• The percentage of the population not expected to survive to the
age of 40 (P1)
• The adult illiteracy rate (P2)
• A deprivation index based on an average of three variables: the
percentage of the population without access to safe water; the
percentage of population without access to health service; and
the percentage of the under weight children under five years old
(P3).
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• The formula is given by: HPI = [1/3(P1 + P2 + P3 )]
3 3 3 1/3
1.7. Basic Requirements and Obstacles to Development

1. The Vicious Circle of Poverty

Low Income

Low production/
productivity
Low savings
Low demand

Low capital
formation

Low investment

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 Basic Requirements and Obstacles to
Development
• The Vicious Circle of Poverty operates both on the
demand side (inner circle) and supply side (outer circle).
• Until a country manages to break this vicious circle and
come out of poverty, poverty itself is an obstacle to the
growth and development of the country.
• Low income (subsistence) leads to low demand for goods
and services (limited market for producers) and low
savings (implying limited supply of loanable fund for
individuals and businesses).

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 Basic Requirements and Obstacles to Development

• This in turn provides low incentive and

opportunity for investment (both domestic
and FDI) and increases the country’s
dependency for capital (which is not easy to
get from donors/lenders and has been limited
to humanitarian activities such as food aid)
(poverty).
• The result will be low production/productivity
and low income
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 Basic Requirements and Obstacles to Development

2. Low Rate of Capital Formation

• The most pertinent obstacle to growth and economic
development is the shortage of capital-both physical and
human capital.
• Physical capital refers to the plant and machinery and
equipment used in the production of output.
• Human capital refers to the skills and expertise embodied
in the labor force through education and training.
• Low levels of capital accumulation are a cause of low
productivity and poverty, but are also a function of
poverty, because capital accumulation requires investment
and saving and it is not easy for a poor society to save. 41
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Basic Requirements and Obstacles to Development

• So, poverty is both a cause and a consequence

of a country’s low rate of capital formation.
• LDCs lack people possessing critical skills and
knowledge required for all round
development of the economy.
• Hence, physical capital cannot be productively
utilized because:
– Machines Breakdown and wear out soon
– Materials and components are wasted
– The quality of production falls and costs rise.
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Basic Requirements and Obstacles to Development

3. Socio- Cultural Constraints

• Include traditional belief’s and society’s attitudes,
which are not conducive to economic development.
• For example: Money is hoarded in Gold, jewelry, etc
or is spent on ceremonial occasions to maintain
status and meet social obligations.
• Society’s attitude towards educating girls and women
is weak.
• Giving more value to some types of work (example
office work) and giving less value/bad image to other
important jobs (mainly technical).
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 Basic Requirements and Obstacles to
Development
4. Agricultural Constraints
• The constraints on agricultural growth are found
in the environment in which farmers operate:
• The technology available to them
• The incentives for production and investment
• The availability and price of agricultural inputs
• The provision of irrigation infrastructure
• The natural environment/climate

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 Basic Requirements and Obstacles to Development
• It has to be noted that these factors are only a few of the obstacles
to the growth and development of LDCs.
• In addition to these factors, there are others that have directly or
indirectly contributed to their underdevelopment.
• These include:
• Inappropriate government policies and strategies that failed to
bring sustainable economic growth and development that reduce
poverty and inequality (inequality in income, resource distribution,
distribution of basic services, etc).
• Resource endowments followed by conflicts, civil wars,
displacement and human poverty (This is known as ‘resource
curse’).
• Lack of strong institutions, democracy, good governance, etc
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The Effects of Colonial Rule 45
 1.8. Development Gap

• Development gap: the widening difference in levels of

development b/n the world richest and poorest countries
• The main indicators are;
• Gross Domestic Product
• Gross National Product
• Gross National Product per Capita
• Birth and death rate
• The Human Development Index
• Infant mortality rate
• Literacy rate
• Life expectancy
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