Основы экономики. Земскова Л.П. - 25 стр.

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KEY TERMS
Production function
Human capital
Living standard
Technical progress
Per capita income
Per person GDP
Growth rate
Depletable resources
Invention and innovation
Research and development (R&D)
Labor productivity
Productivity slowdown
PROBLEMS
1. What are the difficulties in making long-term comparisons of living
standards?
2. Why, if the return to R&D spending is so high, does the private sector not
undertake most of it? Is there any case for government support of R&D? For
what kinds of R&D, if any, is the case strongest?
3. Suppose you had the job of designing a set of policy measures to increase the
economy’s growth rate. Describe steps you take and give your arguments to
support them.
LECTURE 13. DEVELOPING COUNTRIES
IN THE WORLD ECONOMY
1. The distribution of income in the world is extremely uneven. Careful
comparisons of average incomes in different countries and other welfare
indicators all show substantial inequality between countries.
2. The discussion between rich and poor countries is put in terms of the north-
south dialogue and the south’s demand for a new international economic
order (NEO). This emphasizes the differences between high-income and
low-income countries regardless of political organization.
3. The south’s complaints are that (a) the markets for their primary products are
controlled by the north, (b) the prospects for their being able to industrialize
and thus grow fast are hampered by northern protectionism, (c) financing for
the south is too expensive, and (d) it is a matter of justice that the north take
practical steps to close the enormous gaps that currently exist between north
and south.
4. LDCs (less developed countries) that export primary commodities face two
serious problems. First, commodity prices are volatile because supply and

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