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12 days of innovation | Global development | The Guardian

12 days of innovation | Global development | The Guardian | Development Economics | Scoop.it
From disease-eating prawns in Senegal to a new model of foreign aid where no money is handed out until the results are in, we profile 12 innovations that caught the eye in 2012
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A twelve day journey through some examples of how innovation can promote sustainable development and extreme poverty reduction

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Development Economics
Regularly updated news articles, research features and revision resources on Unit 4 macro development economics
Curated by Geoff Riley
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Why our happiness and satisfaction should replace GDP in policy making

Why our happiness and satisfaction should replace GDP in policy making | Development Economics | Scoop.it
Since 1990, GDP per person in China has doubled and then redoubled. With average incomes multiplying fourfold in little more than two decades, one might expect many of the Chinese people to be dancing…
Geoff Riley's insight:

If you are studying economic growth, the standard of living and economic well-being, this is a hugely important article to read and I recommend it you in the strongest possible terms.

 

The Easterlin Paradox concerns whether we are happier and more contented as our living standards improve. In the mid 1970s Richard Easterlin drew attention to studies that showed that, although successive generations are usually more affluent that their parents or grandparents, people seemed to be no happier with their lives? It is an interesting paradox to study when you are writing about measuring economic welfare and the standard of living.


What is the Easterlin Paradox?

1) Within a society, rich people tend to be much happier than poor people.
2) But, rich societies tend not to be happier than poor societies (or not by much).
3) As countries get richer, they do not get happier.

 

Easterlin argued that life satisfaction does rise with average incomes but only up to a point. Beyond that the marginal gain in happiness declines. 

 

Easterlin and others including Professor Richard Layard and Daniel Kahneman have spawned a huge amount of research into the economics of happiness and well-being - Layard in particular has written extensively on the economic and human costs of worsening mental health across a number of countries.

 

One of Easterlin’s conclusions was that relative income can weigh heavily on people’s minds.

 

Faced with this choice what would you rather have?

 

You get £5,000 and a friend gets £3,000

 

or

 

You get £10,000 and a friend gets £15,000

 

Economists such as Justin Wolfers have challenged the Easterlin Paradox - see this recent article: 

 

There is a continuous debate about whether we can actually get accurate and reasonably objective measures of our well-being. Clearly income is just one of many factors that influences how satisfied we are with our lives.

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Sharda Dean's curator insight, October 21, 10:12 AM

Another contribution to the debate on Happiness vs GDP.

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Sugar cane offers sweet prospects for Mauritius

Sugar cane offers sweet prospects for Mauritius | Development Economics | Scoop.it

A2 development economists 

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A2 development economists will read this article with great interest and ought to be able to extract plenty from it. Extraction lies at the heart of the piece because instead of simply growing sugar, Mauritius has successfully invested in capacity and capabilities to create more value from the basic crop. Their economy has prospered in recent years with strong increases in real GDP per capita (PPP adjusted). But there are fears that the relaxation of sugar production quotas in the European Union from 2017 onwards will be a competitive threat for her sugar exporters. EU sugar growers are likely to expand and perhaps crowd out Mauritian exports. 

 

 

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John Kay - Economic growth allows us to choose longer lives - surely that's a good thing?

John Kay - Economic growth allows us to choose longer lives - surely that's a good thing? | Development Economics | Scoop.it
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IMF declines new loans to Zimbabwe

IMF declines new loans to Zimbabwe | Development Economics | Scoop.it
Geoff Riley's insight:

Beloved of students when discussing basket-case economies - but persistent economic decline brings a human cost which ought never to be discounted. Hopefully Biology will take care of Zimbabwe's largest hurdle to progress in the not to distant future.

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Bruce Fellowes's curator insight, September 27, 12:53 PM

As mentioned in A2 Economics

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For Poor Countries, China Is No Model

For Poor Countries, China Is No Model | Development Economics | Scoop.it
State-centered growth may seem like an answer to popular unrest, but the long-term costs are too high, writes Dambisa Moyo.
Geoff Riley's insight:

Dambisa Moyo comes to this issue from a strongly pro-market, trade liberalising perspective. Read through her article - do you agree with the sentiments expressed? Or do you want to take issue with her examples?

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New opportunities for Africa as global apparel manufacturer

New opportunities for Africa as global apparel manufacturer | Development Economics | Scoop.it
garments produced in over 45 African countries do not have to pay import duties in the US.
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Insight into some of the global shifts in textile manufacturing taking place - is Africa well placed?

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Vietnam Levies Its First Anti-Dumping Duties

Vietnam Levies Its First Anti-Dumping Duties | Development Economics | Scoop.it
Tax-News.com delivers news headlines and features on international tax, law, politics, economics and trade.
Geoff Riley's insight:

What is dumping? Is a counter-vailing tariff justified for a country such as Vietnam?

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Publishers condemn introduction of 50% tariff, import duty on books

Publishers condemn introduction  of 50% tariff, import duty on books | Development Economics | Scoop.it
Guardian News Website for Breaking News and In depth News Analysis of Issues From Nigeria and Africa
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Why would a country impose a 50% tariff on imported books? is this a tax on learning? What lies beneath the decision?

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In the Balance - BBC World Service

In the Balance - BBC World Service | Development Economics | Scoop.it
The weekly discussion show from the Business Daily team
Geoff Riley's insight:

In the Balance is a weekly programme on the changing dynamics of the global economy broadcast by the BBC World Service. Have a check through their episode listings, there is much here for students looking for extension and enrichment listening and for teachers passionate about their subject, not least in the fields of growth and development economics.

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Guest post: whatever happened to globalisation?

Guest post: whatever happened to globalisation? | Development Economics | Scoop.it
By Eric Lascelles of RBC Global Asset Management Globalisation was an unstoppable force over the past quarter century, marked by trade flows that grew at almost twice the clip of the global economy and by surging international capital flows, unleashing a torrent of demand and productive capacity. Emerging markets basked in outsized economic growth and rising standards of living. The developed world benefited from low prices, greater selection and cheap borrowing costs.
Geoff Riley's insight:

A superb article to use when teaching the economics of globalisation. Full of evaluative comment and good examples.

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Dom Tomkins's curator insight, September 6, 1:55 PM

I enjoyed this article discussing why global trade is currently slowing. Is this more than a cyclical trend? The author asserts so, arguing (amongst other things) that growing competitive parity between countries (for example rising wages/lower productivity in China in contrast to stagnant wages in the West) are reducing the comparative advantange of trade between countries. Definitely worth a read.

 

Thanks to G Riley (Tutor2u) for link.

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Brazil must target smallholders to curb rising deforestation

Brazil must target smallholders to curb rising deforestation | Development Economics | Scoop.it
While the largest landowners have cut their contribution to deforestation by two-thirds, that of smallholders has increased
Geoff Riley's insight:

If you are studying Brazil as part of your A2 macroeconomics course, this article will be of direct interest. Which incentives make most difference in the long run to curbing deforestation rates? 

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Growth and Development in Ethiopia

Ethiopia is a fascinating country to use as a case study in economic growth and development

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30 years on from the famine, Ethiopia is a fast-growing country making progress in reducing extreme poverty.

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Female entrepreneurs ‘an amazing engine for economic growth’ | Mark Anderson and Sabine Cessou

Female entrepreneurs ‘an amazing engine for economic growth’ | Mark Anderson and Sabine Cessou | Development Economics | Scoop.it
Economically empowering women benefits community as businesswomen reinvest profits in social goods, says head of international trade body. Mark Anderson and Sabine Cessou report
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Liberian rain forests protected under Norway deal

Liberia is expected to become the first African country to stop cutting down its forests in a landmark deal with Norway.
Geoff Riley's insight:

Excellent example here of cooperation between one of the poorest countries in the world and - by some measures - the richest. 

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The gated globe

The gated globe | Development Economics | Scoop.it
According to Global Trade Alert, a monitoring service, at least 400 new protectionist measures have been put in place each year since 2009, and the trend is on the increase.
Geoff Riley's insight:

A year back now - but tremendously useful for econ4 students to build their context

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China to cut cotton import quotas to boost demand for domestic fibre

China to cut cotton import quotas to boost demand for domestic fibre | Development Economics | Scoop.it
By Dominique Patton BEIJING, Sept 22 (Reuters) - China, the world's top consumer of cotton, will slash its import quotas for 2015 to boost demand for domesti...
Geoff Riley's insight:

Use supply and demand analysis to consider the impact of this quota cut on the Chinese market and exporters from outside China. Look a little deeper to see other ways in which the domestic industry is being supported.

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East Africa Agrees Draft EU Trade Pact to Avoid Tax Charges

East Africa Agrees Draft EU Trade Pact to Avoid Tax Charges | Development Economics | Scoop.it
The East African Community
negotiated a draft agreement to extend preferential trade access
with the European Union, intended to replace an interim accord
expiring next week, Kenya’s Foreign Ministry said.
Geoff Riley's insight:

Consider the importance here of tariff and quota free access to EU markets for countries such as Kenya. What are the mutual gains from trade in this example?

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From Adversity to Opportunity: How the Aftermath of a Disaster Can Lead to a Safer Future

From Adversity to Opportunity: How the Aftermath of a Disaster Can Lead to a Safer Future | Development Economics | Scoop.it
This week, hundreds of experts, policymakers and practitioners will gather in Washington, D.C., for the second World Reconstruction Conference to explore how to use post-disaster recovery and reconstruction processes to create better lives and livelihoods.
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Global Fairtrade sales reach £4.4bn following 15% growth during 2013

Global Fairtrade sales reach £4.4bn following 15% growth during 2013 | Development Economics | Scoop.it
UK continues as largest international market for Fairtrade products with total reaching £1.8bn
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Could vertical farms feed the world?

The challenge of ensuring adequate, nutrient-rich food for an expanding global population is a daunting one, especially given constraints on key resources like water and agricultural land. As it stands, the two leading approaches to enriching and enlarging the world’s food supply are genetic engineering and industrial processing with additives and chemicals. Now, a third […]
Geoff Riley's insight:

Raising farm yields in a sustainable way not least because of the challenges of water scarcity is one of the biggest challenges for lower income countries (and advanced nations too!). This blog from the World Economic Forum explores innovative vertical farming. Will this type of farming get the finance to be scaled up? What are the possible consequences for employment in farming sectors traditionally have absorbed a high percentage of employment? This is a good article to read to build your contextual awareness.

 

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