Attached. Please let me know if you have any questions or need revisions.Running Head: ECON 1571Homework Istudent’s N ameInstInstitution AffiliationCourseDateECON 1572Homework I1. In defining development to include more than just the growth of per capita income, thereis an implicit assumption that the growth of per capita income alone is not sufficient toguarantee the reduction of poverty and the growth of self-esteem. Is it possible that therecould be a growth of per capita income without achieving these other objectives?Indeed, increases in per capita income are not enough to alleviate poverty and help increase selfesteem. The explanation is that per capita income is calculated as total resources/total populace,which is only the average income. This does not assess the rise of living conditions in developednations since we do not know whether wealth is fairly distributed. Often, if a nation has a strongeconomy but low health care and education, this is not a positive indicator; it is called “growthwithout progress.”2. Make a case that development economics might be merely a combination of all the othersubfields of economics, only applied to low-income countriesEconomic development should include studying institutional, political, social, and economicprocesses to revitalize an economy while reducing real hardship and improving physical andmental conditions. While GDP per capita as assessed may make economic well-being look lowerthan in some developing countries. In an industrialized country where citizens may conductmany higher-value services beyond financial transactions than housekeeping or homeconstruction as gifts or in their own homes, such as counseling, lifestyle coaching, the differencecan still be greater.3. Explain how low levels of living can turn into a vicious cycle in developing countries.ECON 1573Low living standards will create a vicious circle where low revenues result in lower investmentsin schooling, health, facilities, equipment, and infrastructure, resulting in reduced competitiveadvantage and organizational inflation, which is a bridge to poverty.4. Explain why purchasing power parity measures of income levels tend to show a smallerdifference between poor and rich countries.PPP metrics demonstrate the amount of developed world currency units that must be exchangedin the development country economy for a basket of products and services that costs the US $1.Prices for most facilities in developed countries tend to be much lower than in the United States.5. If countries are first ranked by level of real GDP per capita and then by the value of theHuman Development Index, would you expect the ranking of countries to be similar ordifferent? Explain.The ranking would be very different because GDP per capita will indicate growth, even thoughonly one segment of the population is increasing. At the same time, HDI offers deeper insightinto the country’s progress by looking at data such as education and health levels.6. What are the main differences between the linear stages and international dependencymodels of development?In the linear stage model, the shortage of growth is created internally and is triggered by theinability to make savings and investments. On the other hand, in the regional dependence model,the lack of development is triggered externally and is prompted by the behavior of a moredeveloped nation7. Describe one important criticism of Rostow’s stages of economic growth theory.The phases of economic growth listed by Rostow are not mutually exclusive and may overlap.The attributes of the early stages are considered to be combined with the attributes of the laterECON 1574stages. The phases of economic growth listed by Rostow are not mutually exclusive and mayoverlap. The attributes of the early stages are considered to be combined with the attributes ofthe later stages. A later stage may have some traces of the previous stage. The separation of themechanism of economic growth into separate phases is thus prone to harsh limitations8. Why have poor nations invested so much money in education and health? Evaluate thesoundness of these reasons?Developing countries are spending too much money on schooling and health to attempt to breakaway from the deprivation loop where people are stuck in poverty since they are required towork on low-level employment instead of education so that they can take on higher-payingoccupations. Investment in education and health will create healthy citizens who will yield aprosperous economy in exchange.9. Explain some of the reasons why developing countries have not realized a greaterpositive development impact from their higher education programs.When approaching human capital problems and issues in their countries, many developingnations concentrate on higher education. However, where higher education increases are notmatched with the increased need for college-educated people in the workforce, these investmentswill not pay off as anticipated. Many colleges educated individuals pursue jobs elsewherewithout the need for these skills, thereby contributing to the labor shortage in the region,generally decreasing the community’s value that would be recognized if they were working intheir native countries.10. Is child labor a problem in developing countries? Explain.Yes. Kids would also have to work in advancing countries to add to the family’s income in orderfor the family to survive. This is because children cannot go to school to get the education thatECON 1575would have contributed to getting them out of deprivation if they study. This crisis is terrible.They are instead obliged to accept a cycle of poverty11. How can an increase in human capital lead to an increase in GDP? Why might it not leadto an increase in GDP?The growth in human capital contributes to an increase in productivity, resulting inhigher revenue and increasing GDP. Naturally, edge c…
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