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What are the economic barriers to development
Economic inequality
Lack of infrastructure and technology
Low levels of human capital
Lack of access to health care
What are geographical factors that hinder economic growth ?
Being landlocked
Tropical climates
Endemic diseases
What hinders economic progress ? (non geographic factors)
Dependency on primary sector production
Lack of access to international markets
Existence of informal economy (informal sector)
Capital flight, Indebtness
Gender inequality
Lack of good governance
Political and social barriers
how does economic inequality hinder economic growth ?
Huh income inequality -> Low levels of saving as poor people have no money ->leads to low investment and growth
No pro poor growth -> rich dominate politics and economy -> Policies more likely in their favor
Capital flight -> rich move money out if country and consumer foreign goods
How does lack of infrastructure and technology hinder economic progress ?
Improvements in infrastructure lead to economic growth
Improves well being of people -> more human capital
Technology makes production more efficient
Technology makes consumption easier and more attractive
How do low levels of capital hinder economic progress ?
Improvements in education ->better well being of population -> External benefits -> educated, improved communication, improved health -> society benefits
Acsses to health care -> greater life expectancy -> greater education rates -> economy improves
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