ECODEV NOTES 2 faces/waves of industrial revolution

- Imperialism (1st wave of colonialism)

CHAPTER 1: ECONOMIC DEVELOPMENT South America: Portugal-Brazil
Spain-West Coast (hand operation to
THE NATURE OF DEVELOPMENT machine operation)
ECONOMICS South America: PH (1754)
2nd wave of colonialism
Development Economics Africa and the rest of Asia
- focuses on developing countries (Global
South countries) How did this help the west?
- multidisciplinary/multidimensional > had the resources to fuel their resources for
approach free
- the study of how economies are > allowed them to get developed and get ahead
transformed from stagnation to growth
and from low-income to high-income FACTORS OF UNDERDEVELOPED
status, and overcome problems of COUNTRIES
extreme poverty (book)
- ultimate purpose: to help us 1. Exploitation/Colonial History
understand how to improve the lives of 2. Lack of trust/Low level of trust
global population (book) Trust is very important for economic
- involves history, sociology, economics, development.
political, institutional, social values that
affect development GDP (Gross Domestic Product) defines the
- development is defined by education economic standing of a country. Products that
attainment, hospital accessibility, good are made within the country.
governance, equality
- economic growth enjoyed by everybody How to increase GDP?
Through economic transactions.
HOW COLONIALISM SHAPED THE
COUNTRIES TODAY How to increase economic transactions?
- industrial revolution (18th century): Through trusting. That is how to enter into
1st Industrial Revolution: 1760-1830 economic transactions. Business transactions
→ Standard of living was awful; means trusting.
2nd Industrial Revolution: 1850-1914
→ Standard of living was bad yet SELF DETERMINATION (after WW1) and
improving DECOLONIZATION (after WW2)
- resource curse (when king charles of - Liberalism, freedom and other Enlightenment
UK was crowned, same gold from Ideals (applied by only to Europe)
Africa, a paradox from colonization) Reasons for Decolonization:
- colonizers reduced the trust between - Economically and Militarily Spent
colony countries - Cold War (focus on fight against
- colonial history explains our communism, no ODA)
underdevelopment Aftermath:
- Political Independence
 economies. And in some cases,
THE LAW OF DIMINISHING RETURNS became the owners and
The smaller (higher) the return from investment, operators of the industry.
the higher (lower) the income of the country. - ISI eventually fell from favor, in
part because manufacturers
ROSTOW’S STAGES OF DEVELOPMENT often found that they still had to
1. Traditional Society: Limited technology rely on Global North technology
and static society to produce goods for their
2. Preconditions for Take-off: Commercial domestic markets.
exploitation of agriculture and extractive 2. Export-Led Industrialization
industry - “What had enriched that rich was
3. Take-off: Development of a not their insulation from imports
manufacturing sector but their success in
4. Drive to Maturity: Development of Wider manufacturing exports, where
Industrial and Commercial Base higher prices could be
5. High-Mass Consumption: Increase of commanded than for raw
consumers and more profit materials from the Global South
countries.” (Sklair, 1991)
DEPENDENCY THEORY
- An external factor of undeveloped FOUR ASIAN TIGERS
countries ● Hongkong
- How advanced nations continue to ● Singapore
flourish at the expense of ● South Korea
underdeveloped nations. ● Taiwan
- Core: Dominant Countries, Colonizers
- Periphery: Subordinate countries, THE (ORIGINAL) NICS (Newly Industrialized
Colonies Countries)
- The periphery countries produce raw - The term came into use around 1970.
materials, natural resources and are - Refers to the four asian tigers that rose
exploited by core countries. to become globally competitive in
- The core countries then sell the finished science, technological innovation and
goods to the poor nations. economic prosperity in the 1970s and
- 1980s,
ATTEMPTED SOLUTIONS OF PH TO - Exceptionally fast industrial growth since
RECOVER the 1960s.
1. Import Substitution Industries (ISI) - Graduated into high-tech industrialized
- Encourage domestic developed countries with high-income
entrepreneurs to manufacture economies.
products traditionally imported - High GNI per capita and a thriving,
from abroad. (eg. Concepcion export-oriented economic policy has
Industrial Corporation) shown that these East Asian economic
- Governments (often tiger countries have now not only
dictatorships) become heavily reached but surpassed the technological
involved in managing their development of the developed countries
 in Western Europe, Canada, Japan, HUMAN DEVELOPMENT INDEX
Australia, New Zealand, and the United - A summary measure of key dimensions
States. of human development: a long and
healthy life, a good education and
THE CHALLENGE OF CLOSING THE GAP having a decent standard of living.
- Global South have been unable to - Looks at other factors: health, life
develop indigenous technology expectancy, education, standard of
appropriate to their own resources and living
have been dependent on powerful - Measured in percentage
global north MNCs to transfer technical
know-how. DEVELOPED VS. DEVELOPING
- Faced with seemingly endless conflict at - The process in developing countries
home or abroad (a legacy of cannot be analyzed realistically without
colonialism), and a desire to address also considering the role of
military insecurity on their own terms, it economically developed nations in
is not surprising that the Global South directly or indirectly promoting or
countries have joined the rest of the retarding development
world’s quest to acquire modern - The future of all people on “Spaceship
weapons of war (Who becomes rich in Earth” are becoming increasingly
this process?) independent. (trade and climate
- Global south countries were born into a change)
political-economic order with rules that - Realization of a common future for all
they had no voice in creating. humankind as the context of the study of
- The ODA that flows to the Global South economic development.
is replete with issues (insufficient, ties,
conditionalities, no entrepreneurship) MAINSTREAM/TRADITIONAL ECONOMICS
VS. DEVELOPMENT ECONOMICS
AN EXTRAORDINARY MOMENT - Traditional economics only focuses on
- But since 1992, we have moved from a the efficient utilization of limited
sharp dualism between a rich Center productive resources and with their
and a backward Global South periphery sustained growth over time. Unlikely,
to a mere dynamic and complex development economics also deals with
relationship. economic, social, political and
- Asia has been growing at an average institutional mechanisms, both public
rate almost triple that of high-income and private, necessary to bring about
Western countries, and growth has rapid (at least by historical standards)
returned to Africa, heralding the promise and large-scale improvements in all
of an era of global convergence. levels of living for the people of Asia,
- Still, sustained growth is not assured. Africa, Latin America and the Socialist
- Many of the world’s poorest people have transition economies.
benefited little, if at all, from the new - Consequently, a larger government role
global prosperity. and some degree of coordinated
economic decision making is essential
 - Development economics must be - Patterns of kinship and religion; cultural
eclectic, combining relevant concepts traditions; systems of land and tenure;
and theories from traditional economic the authority and integrity of government
analysis with new models and broader agencies (housing for the urban poor:
multidisciplinary approaches derived 4PH Pambansang Pabahay)
from studying the historical and - We should always try to be mindful of
contemporary development experience the crucial roles that values, attitudes
of Africa, Asia, and Latin America and institutions, both domestic and
international, play in the overall
THE ROLE OF VALUES development.
- The more that a value is strongly shared
among a wider range of people, the “Understanding Economics is important in
faster we can pursue development Understanding Society.”
plans.
- Values dictate the plans a government WHAT HAS BEEN THE TRADITIONAL GOAL
will pursue. OF ECONOMIC DEVELOPMENT?
- Conversely, the more that there is - Sustained rate of growth of income per
conflict as to which values are important capita: enables a nation to expand its
or not, the more difficult it is to pursue out of rate faster than the growth rate of
something its population
- Worse, if you do not know the values - Rapid Industrialization
you are trying to uphold, then you will - Trickle down Effect: inequality, poverty,
not even begin to know what to do. discrimination and unemployment were
- In any case, the pursuit and belief in of secondary concern.
development is a value itself.
WHY WAS THERE A MOVE TO A NEW VIEW
ECONOMICS AS A SOCIAL SYSTEM OF DEVELOPMENT?
- Economics as a social system that deals - Because despite economic growth in
with the production, distribution and some economies, the levels of living of
consumption of goods and services to the masses of people remained for the
meet the needs of society. For example, most part unchanged.
building public schools to provide quality - Economic growth is not enough
education. - Unequal distribution of benefits form
- Economics as a social system is the prosperity
production, distribution, consumption of - Development must therefore be
goods and services to meet the needs conceived of as a multidimensional
of the society and to unify them process involving major changes in
social structures, popular attitudes, and
Why do we need to look at Social Systems? national institutions as well as the
- Non-economic factors play a great role acceleration of economic growth, the
as much as economic factors reduction of inequality and the
- Values and Attitudes also need to be eradication of poverty. (Example: Brazil,
considered because the economy is Philippines)
embedded as a social system.
 - Emancipation of life and from social
servitude to nature, other people,
ROLE CENTRAL OF WOMEN misery, oppressive institutions and
- Women comprise at least half of the dogmatic beliefs
population (important agents of
development) OBJECTIVES OF DEVELOPMENT
- Responsible for child-rearing (income, - Development is a physical reality and
values) state of mind in which the society has,
- Most neglected and vulnerable through some combination of social,
economical, and institutional processes,
CAPABILITY APPROACH OF AMARTYA secured the means for obtaining a better
SEN life.
- Poverty is not just about the lack of 1. Increase the availability and widen
availability of income or material goods. the distribution of basic life-
- Functionings: what a person does or sustaining goods
can do with the commodities of given 2. Raise levels of living which will serve
characteristics that they come to not only to enhance material well-being
possess or control but also to generate greater self-
- One may have income, but certain esteem.
commodities essential for well-being, 3. Expand the range of economic and
such as foods, may be unavailable and social choices available to
will not support the functioning valued individuals and nations by freeing
by individuals them from servitude and dependence.
- Functionings also depend on social
conventions, position of the person, the SUSTAINABLE DEVELOPMENT GOALS
presence or absence of festivities and CRITICISM:
physical distance. - Trying to do everything at first
- Fails to look at root causes of poverty
DEVELOPMENT AND HAPPINESS - Weak evidence linking the means of
- Happiness is part of human well-being, implementation to outcomes
and greater happiness may expand an - Western conceptions of development
individual’s capacity to function.
STRONG POINTS:
3 CORE VALUES OF DEVELOPMENT - Received broad support from NGOs
- Emphasizes the interconnected
1. Sustenance environmental, social, and economic
- ability to meet the basic needs aspects of development
- Necessary but not sufficient
2. Self-Esteem CROWDED PLANET (SPACESHIP EARTH)
- to be respected as a person - The Earth has limited resources.
- Sense of worth and self-respect - Finite Earth
3. Freedom from Servitude - Closed-system
- to be able to choose
3 DIMENSIONS OF SD
 1. Social (People) - The continued increase in urbanization,
2. Economic (Prosperity) especially the rapid pace in developing
3. Environment (Planet) countries, has placed the urban space
at the forefront of global policy debate
GOALS: - Cities have emerged on the radar of
1. Social Inclusion international development partly due to
2. Economic Prosperity unprecedented demographic growth,
3. Environmental Protection impacts of climate change, increased
4. Good Governance human exposure to natural hazards and
other urban risks.
- Social and Economic promotes
EQUITY. The benefits of economic CHAPTER 2: COMPARATIVE ECONOMIC
prosperity must be equally distributed. DEVELOPMENT
“No one should be left behind.”
- Economics and Environment promotes WHY DO WE NEED TO COMPARE?
VIABILITY. Development must not be - to know where you are in terms of
achieved at the expense of the development
environment. - to know your achievements, asa
- Social and Environment promotes nagkulang, and aha makabawi in terms
LIVABILITY for people and the future of development
generation. - have a sense of the gap between the
SUSTAINABLE DEVELOPMENT development of countries
- Development that meets the needs of - to learn from others
the present generation without
compromising the ability of future WORLD BANK GROUP (development
generations to meet their own needs. indicators)
(Brundtland 1987, 41) - probably the best-known system for
income comparisons is used by the
SD AS THREE-PART VISION IN THE largest multilateral development bank
FUTURE WE WANT (book)
- an organization known as an
We reaffirm the need to achieve sustainable “international financial institutions”
development by: that provides development funds to
- promoting sustained, inclusive and developing countries in the form of
equitable economic growth, more interest-bearing loans, grants, and
opportunities for all, raising the basic technical assistance
standards of living.
- fostering equitable social development *GDP divided by total number of population =
and inclusion GDP per capita (income average per person)
- promoting integrated and sustainable
management of natural resources and MEASUREMENTS OF ECONOMIC
ecosystems. DEVELOPMENT
- to be able to evaluate a country whether
URBANIZATION AND DEVELOPMENT well-developed or not
 - used by traditional economists GDP divided by unit price = basket of goods
Basket of Goods multiplied by unit price OF
1. GDP - total final output of goods and THE USA = GDP at PPP
services produced by the country’s
economy and territory LAW OF DIMINISHING RETURNS
- the higher the gdp, the higher the - additional input - marginal input
economic growth - if straight: for every additional input, the
2. GNP - calculated total finished outputs additional output is the same
from nation and abroad - if curve: for every additional input will
- filipino product and abroad have a higher additional output

CONVERGENCE
- the tendency for per capita income to
grow faster in lower-income countries
than in higher-income countries so that
lower-income countries are “catching
up” over time (book)

DIVERGENCE
GNI (Gross National Income)
- the tendency for per capita income to
- the most common measure of the
grow faster in higher-income countries
overall level of economic activity is often
than in lower-income countries so that
used as a summary index of the relative
the income gap widens across
economic well-being of people in
countries over time (book)
different nations (book)
- able to produce surpluses
- calculated as the total domestic and
- applied science to technology
foreign value added claimed by a
- began in the industrial revolution
country’s residents without making
deductions of domestic capital stock
“Colonialism led to the spread of
(book)
Capitalism”
POWER PURCHASING PARITY
POPULATION EXPLOSION
- calculation of GNI using a common set
- taas ang rate of population growth
of international prices for all goods and
- positive impact: daghan
services, to provide more accurate
makatrabaho/workers
comparisons of living standards (book)
- negative: scarce resources, mahutdan
- importante ang PPP aron comparable
sa ka daghan tao
ang countries
- take into consideration: price element
SIGNIFICANCE OF 0-14 AGES POPULATION
- calculation: USA
- positive: if you’re able to sustain the
GDP divided by unit price = basket of goods
basic needs of a child and if high-
Basket of Goods multiplied by unit price = GDP
educated sya, you will have more good
at PPP
workers na makatabang sa society
PH and Japan
 - negative: they don’t contribute to the
economy and need pa atimanon, a huge
burden, dependent sila
TURBO URBANIZATION
- hallmark of global south
- people flock to cities for job
opportunities and taas ang minimum
wage
- can lead to problems if di ma address
- positive impact: a lot of expertise in one -U.S sector states helped Europe build its
area concentration of skills nation again
- Negative: straining the resources of the -to rebuild Europe, built on a lot of capital
city -continued industrialization
-centered on accelerated capital accumulation
CHAPTER 3: Classic Theories of Economic -mobilization of domestic savings
Growth and Development -exploit resources to put in more capital

-discusses development paradigms

-discuss frameworks, philosophies, approaches
to development, and theories

Talks about:
P-problems
P- paradigms
P- programs and policies as a way to connect
the flesh to the theories of development

● It is based on a linear production

function with output given by the capital
stock K times a constant, often labeled
A
● In order to grow, new investments
representing net additions to the capital
stock are necessary

Investing in capital stock

Ex. Machine A
-1 machine: 5 shoes for 1 hour
1. Capital Fundamentalism approach -capital-output ratio is bigger
-Rostow’s and Harrod-Domar’s
-synonyms to rapid aggregate Machine B
-invest in manufacturing, 10% -1 machine: 10 shoes for 1 hour
-more efficient
-capital-output ratio is lower because in one
machine, 10 na ang ma produce in comparison
to machine A
-what most companies would most prefer
-contributes to economy
-technologically efficient

Capital-Output Ratio
-how much output you can produce given a
certain capital/input

Net national savings ratio Criticism against Lewis Model:

-the more you save in the banks, the higher the
growth of the economy because the savings in
bank are then lend to businessmen for capital.

According to Rostow’s approach, to invest

in manufacturing, resources, and labor is
very important .

Theories of dev table*

Rostow’s stages of growth*
Harrod-domar growth models*

Structural-Change Models
-looks at factors of labor and growth
-looks at structure of the development
How different is the patterns-of-development
-developed by Hollis Cheret
model from the Lewis Model?

Lewis two-sector model looks at:

-Agricultural Sector and Manufacturing Sector
-divided the economy into two
-surplus of labor in the sector of agricultural and
not much in the manufacturing sector
-still growth-oriented
-structural change models gives primary
importance to growth
-change the structural change of the society
-capitalists invest in their profits

Patterns of Development:
-similar to Lewis’ theory
-talks about steady accumulation of physical
capital (like of harrod-domar theory)
-changes in consumer demands, the more you
offer, the more the economic growth will be
-a lot of service beyond the basic and growth of
cities and urban industries

International Dependence Revolution

-claims that the failure of Capital
Fundamentalism and Structural-Change is
because of domestic, an internal problem
-underdevelopment is caused by domestic
power-relation
-profit is what motivates people to be efficient
FALSE-PARADIGM MODEL: faulty and
-same with Capital Fundamentalism except that
inappropriate device
they advocate strong for free market
-they said that it is only through free-market that
you can achieve growth kay efficient ang
market, ang government kay dili
-producers are the ones who knows what to
produce
-highly unequal, started cloning colonialism
maintained today
-entails revolutionary history
-structuring of the world capital system

Neoclassical
-a counter-revolution
-about capitalism
-to leave the market alone, without government Sustainable Development
intervention -not anti-capitalists, growth is still important
-similar with mainstream: as long as you -looks at things holistically (SDG’s: Lau Dato Si)
achieve your self-interest, you are able to -looks at other dimension
contribute to the growth -focuses on reduction of inequality
DUALISTIC DEVELOPMENT THESIS

Dualistic Theory/Thesis
-looks at inequality
-increasing divergence between nations
-inequality is transitional (sa sugod ra chada)

FREE MARKET AND OPEN ECONOMIES,

AND PRIVATIZATION

● Public Choice Theory- says

that government can’t do
anything right
● Market-friendly approach- can
provide a macro view of the
market

SOCIALISM

Socialism 1:
-Capitalism with a humane face
-government control the market
-regulates the market so that they can be
social-concern
-government established minimum wages
-role of government is to distribute well and
make things more equal
Socialism 2:
-the government must take over so that they
are no private enterprises at all
-communism = planned economies
Socialism 3:
-aim to make our workplace a community rather
than a factory

CHAPTER 5: POVERTY AND INEQUALITY

Poverty and Inequality undermines the 3

objectives of development. To eliminate
poverty, you need to reduce inequality.

Poverty- defined as not having much

Inequality- defined as not having as much as
others

Is lack of effort the root cause of poverty? No,

there are a lot of factors beyond our control. It’s
very rare to get out of poverty when you’re born
into it.
Approaches to measuring poverty

Urban poverty reduction may be accompanied

1. Monetary Approach
by the increase of inequality. We need to
-sets a poverty threshold
address both poverty and inequality.
-defines poverty as lack of income
-most widely used (start: UK)
Poverty Threshold- the minimum level of
-Have a utilitarian point of view: when people
income deemed adequate in a particular
have money, they will be happy
country. It is the export and basket of goods.
-poverty lines
Weakness: Is money an adequate measure of
well-being? (Doesn’t completely measure well-
being. Having money isn’t guaranteed to well-
being)

2. Capability Approach
-goes beyond income
-looks at poverty beyond lack of income -pioneered by R. Chambers
-failure to realize capabilities -people themselves participate in decisions on
-defines poverty as failure to achieve certain what it means to be poor and the magnitude of
basic capabilities poverty (internal unlike MA and CA)
-pioneered by Amartya Sen -the approach to measuring poverty
-Well-being is freedom to live lives that are -more internal to places
valued -ask the residents if they are poor or not and
-Emphasis on OUTCOMES why (conducts interview)
-Well-being as the opposite of poverty Weakness: Who gets interviewed/excluded?
-not sustenance, but capabilities (can reinforce structures of power, most likely
-income itself is not enough the rich because they’re confident, poor are
Important thing: it helps you re-assess or timid and have low self-esteem)
reevaluate what the income and commodities
you can buy can do to you Comparative Summary
-Compare them with your (1) Own
Characteristics, the (2) Commodity, and the
(3) Environment or Society, if all of this is
created to allow you to do something about the
commodity, to utilize something you bought, it
gives you a capability set.

Weakness: Which set of capabilities are

important to measure? What are these basic
capabilities, who gets to determine which set of
capabilities are included in a set.

Capability Set- set of valuable functionings

that an individual has real access to.

2. Social Exclusion
-all about discrimination
-much relative because it looks at the value of a
society
-multi-dimensional, the process of your
exclusion
-defines poverty as you are poor if you are INEQUALITY- how do you measure
being excluded in a society. inequality?
-started in industrialized countries
-relativity, agency (responsibility), dynamism, 3 types of Inequality:
multidimensionality 1. Income/Economic- about income
Weakness: What is the norm? What if the norm 2. Vital
is not desirable? - measures society by unequal life changes of
human organisms.
3. Participatory Approach
-about vital components in terms of health;
infant mortality, life span expectancy, usually What is the difference between the highest and
about health lowest?
3. Existential Quintile: 46 (51-5) Decile: 26.7 (28.5-1.8)
-when you existence is being questioned and >has a wide gap of difference in income
being denied
-treated unequally because of your core identity GINI-COEFFICIENT
-being discriminated -the unit that we see to describe inequality
-the HIGHER the gini-coefficient, the
INCOME INEQUALITY GREATER the inequality
Economic Inequality (how to solve?) -an aggregate numerical measure of income
First: take all the income earners in a country, inequality of ranging from 0 (perfect equality to
rank them according to income, 1 as the lowest 1 (perfect inequality)
and 20 as highest
LORENZ CURVE
-a graph depicting the variance of the size
distribution of income fromm perfect equality
(module)
-another common way to analyze personal,
income statistics is the construct what is known
as Lorenz curve

QUINTILE: dividing the entire population of

income earners into 5 groups
>20 income earners, 5 groups, 4 members
each group
>add the income of 4 members to get the
quintile groups

Size distribution of income To measure inequality, you compare income

groups.
DECILE: dividing the entire population of
income earners into 10 groups In a highly equal world: how will the 1st decile
>20 income earners, 10 groups, 2 members and 5th decile gap? Little to no gap, equal
each group distribution
>add the income of 2 members to get the
quintile groups The CLOSER the line of equality to the
Lorenz curve, the more EQUAL society is.
To measure inequality is to compare the The FARTHER, the more UNEQUAL a
highest vs. lowest. society is.
List of ASEAN Countries: Brunei, Cambodia, ● Low self-esteem
Indonesia, Lao, Malaysia, Myanmar,
Philippines, Singapore, Thailand, Vietnam What is one source inequality?
Circular and Cumulative Causation
-the rich will tend to become richer and poor will
tend to become poorer
● Capital makes capital (profit to
production), poverty reproduces poverty
● Divergence, not Convergence is the
norm
● There is inequality of opportunity from
the start
● The wealthy have more opportunities (to
have business, invest in banks/stocks)
● The non-capitalists only have a few
Manifestations of Inequality options
(inequality has many forms)
● Income Inequality Backwash effects
-more dynamic flow of money and resources -late starters have difficulty catching up
-what flows to your accounts -if the rich have already invested, the new ones
● Wealth Inequality will find it hard to compete with them
-store of assets Spread effects
-something you inherit -trickle-down (favor the upper end of the
-can be used to generate income economic spectrum)
● Spatial Inequality and Gentrification Inheritance
-spaces near high risk areas mostly occupied -perpetuation of inequalities across generations
by poor people (physical factor of poverty)
-boundaries between poor and rich places, Corporate Globalization
slums, squatter areas Impacts of economic inequality- various ways
● Gender Inequality through which can affect the economic effects
-bias, discriminations (undermining of productivity, growth, and
● Health Inequality stability), Society (can create social problems,
-the poorer you are, the less healthy you are social mobility, ability for the next generation to
-Have scarce resources to health services have sufficient resources), Environmental
(intensify problems, impending responses),
Inequality beyond the material Political (corruption), and the challenge to
(pyschological) human rights.
● Perception- negative imong
paglantaw sa mga butang og ● Universalization of the circular and
saimong kaugalingon cumulative causation
● Feelings of helplessness ● Race to the bottom: low wages, huge
● Feelings of disempowerment- incentives for FDI
wala kay power to reach your ● Race to the Top: corporate, stater,
dreams technical, and consumerists
INEQUALITY:
● Gini-coefficient- measuring poverty and
inequality
● Lorenz Curve- the graph to derive gini-
coefficient from
● What’s the situation of the line of
equality? The percentage of income is
similar to the percentage of the
population because they have no gaps
of income since it is a perfect equal
world at any point.
● Variables in the graph: the percentage
of income, and the percentage of
population

How does inequality affect GROWTH:

THE IMPACTS OF ECONOMIC INEQUALITY

How does inequality affect STABILITY:

How does inequality affect PRODUCTIVITY: