Macroeconomics Review

11/01/2012 § Leave a comment

Hokay. Let’s get started.

Indicators for MEDCs (More Economically Developed Countries) and LEDCs (Less Economically Developed Countries)

  • infrastructure: the quality of the buildings and structures in the country
  • literacy rates: whether 100% of the country’s population (ages 15+) can read and write or not
  • levels and quality of educational institutes: if there are educational facilities available in the country
  • number of medical facilities: whether hospitals, clinics, and medical facilities are available in the country
  • rates of violence: the rate of violence in the country
  • status of the government: a corrupt government usually means an LEDC, a strong and fair government – MEDC
  • child labor evident in the country or not
  • infant/child mortality rate: deaths of infants aged 0 – 1 years old and children (including infants) 0 – 5 out of 1000
  • GDP: Gross Domestic Product, all the income a country makes inside its porters
  • GDP per capita: the Gross Domestic Product divided by the population (average $ for each person)
  • % of population under poverty line: population of people under the poverty line (1$ a day)
  • history of the country

Global Distribution of Wealth (a la Hans Rosling’s TED TALKS video)

  • There is a large percentage of people under the poverty line in terms of the entire world but the global wealth is distributed like 80% to the rich and 20% to the poor.
  • All countries have different distributions of wealth each, for example, the 20% richest in S. Africa have a GDP per capita of $30,4000 and the 20% poorest at less than $5000.
  • A country’s status improves faster if you are healthy first rather than wealthy first, which is proven in the movement of South Korea versus Brazil and Uganda since their improvements were much faster.

Christina and Yurika and Marie and Lynn and MEDCs

The group that presented used the following indicators to assess the countries: GDP per capita, literacy rate, % of population over the poverty line, life expectancy, infant mortality rate, geography, and brief histories. The group also made comparisons of their main three countries with other countries to make the point that they are MEDCs and are advanced. It was a good approach to explain an MEDC but their comparisons were too extreme. The data shows that although the USA, United Arab Emirates, and Qatar are high in the list of countries with the Top GDPs in the world, the stats are actually a little deceiving because of the population of the country. This means that for certain countries (like Qatar, because it is a small country with a lower population than the USA), it is important to use specific pieces of data, maybe things that address the state of women, children or men separately. The more taken apart the data, the more certain we can be that it can help determine whether the country is an MEDC or LEDC.

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