The role of domestic factors in economic development and the LRAS by Mr Harrison https://padlet.com/alexdharrison/q9h5o2gc662v And what it means en-us 2018-09-23 10:44:23 UTC 2021-01-13 05:55:27 UTC hello@padlet.com Mahmoud, Harshet, David and Dheeman https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081591550 Bangladesh and how education and health can impact LRAS:

Stats reflecting education:
Literacy rate: 73.91%, women is 71%.
Higher education rate: 16%
Dropout rate for students in secondary school :36%
Skilled workers: 43.25%
Women who never enrolled into school: 10%
Women who complete school: 28%
Public spending on education, percent of GDP: 1.33%

Stats reflecting health care: 
3.05 physicians per 10,000 population and 1.07 nurses per 10,000 population.
Life Expectancy - 72.32 yrs (2018)
Mortality rate - 5.53 deaths per thousand (2018).
Health financing is underfunded; only 2.64 percent of gross domestic product (GDP) is spent on health.

Analysis for Education: 

An improvement in education will increase the percentage of high school graduates, higher education graduates, consequently increasing the percentage of skilled labor.This leads to higher productivity within the Bangladesh economy. Thus, the production possibility curve will shift outwards and since Bangladesh has a greater volume of human capital, LRAS will also shift to the right.

Analysis for Healthcare: 

An investment into healthcare will cause the human capital to increase, this is accomplished as an investment will make healthcare more widely available. This will improve the productivity of labour and cause the LRAS to shift to the right.




]]> 2021-01-13 05:23:06 UTC https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081591550 Nader, Umaimah and Valery https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081591729 Philippines

Education in the Philippines:
Literacy Rate 2019 - 91.6%
Drop out rate for primary education 2008 - 24.2%
Unemployment :  17.7% in April 2020
Public spending on education, percent of GDP - 2.65%

Health in the Philippines :
Mortality 2019  - Around six deaths per thousand
Average Birth Weight - 2.8 to 3 kg (US has an average of 3.5 kg)

https://www.bbc.com/news/business-36206608 - As mentioned in the article, although Philippines over the last few years has been achieving approximately a growth of 6%, a quarter of the population remains below the poverty line. 
We're able to see examples of people who weren't able to complete their studies to recieve a decent job, forcing them back to work with their parents selling fruits and vegetables. It's clearly shown that there is the poverty cycle that keeps happening, there is a lack of opportunity for these young ones, forcing them to have low wage jobs in the primary sector. As a result, this will hinder the LRAS. The poverty cycle will make the LRAS very difficult to increase. Followed by the statistics found regarding education, we're able to see around 24.2% of the population dropped out of elementary school! 

The Philippines will have to provide further support for young ones and students, to grant them a better education standard, so that they are able to potentially become employed in a decent job, this is not effective in the short run as it takes time, however, in the long run, this will help break the poverty cycle, allowing the Philippines to increase their LRAS and become more economically developed.

Sector with highest contribution to GDP: services 56.2%, followed by industry 34.8%

Largest business conglomerate with highest contribution to GDP: SM Investments, a company focusing on services and building and controlling shopping malls with a market cap of 20.2 billion USD


Access to credit: providing access to credit allows investment and consumption expenditure to increase

The Philippines government has set aside 120 billion pesos for a credit guarantee program that will help small businesses gain access to loans


Women:

Philippines: Ratio of female to male students in secondary school: 1.11

Philippines: Ratio of female to male students in tertiary level education: 1.24

Female literacy rate: 98.2%

Female school life expectancy: 15 years (vs male 13)
]]> 2021-01-13 05:23:12 UTC https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081591729 Chetan, Ammar, Amman and Anvay https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081592130 2021-01-13 05:23:26 UTC https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081592130 Chetan, Ammar, Aman and Anvay amanm_wis https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081608491 Empowerment of women in Ethiopia:

Women in Ethiopia often face different and more basic economic constrains than men. 35% of females drop out of their undergraduate degree in the first year since it takes time off of their essential income generating activites.]]> 2021-01-13 05:33:15 UTC https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081608491 Health and Education in Ethiopia https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081616332 Education does influence the economic development of the country and this is confirmed by economic evidence presented in the following articles—Health and the economy: A vital relationship - OECD Observerhttps://oecdobserver.org › news › archivestory.php › aid. For example, educating the younger population will lead to the working population having more diverse and specialised skills sets necessary to work higher skill jobs with higher productivity. Subsequently, the quality of human capital goes up and more labour is available, thereby shifting the LRAS to the right. The literacy rate in Ethiopia is 51.77%. This corresponds to the idea that perhaps lower education would hinder economic development within countries. 

Good health and investment into the healthcare sector would also shift the LRAS to the right. This is because if healthcare is more widely accessible, life expectancy and the general health of the population would increase thereby increasing the quality as well as the quantity of human capital available within the economy. Ethiopia's health care system includes primary health centres, clinics, and hospitals. Only major cities have hospitals with full-time physicians, and most of the hospitals are in Addis Ababa. Access to modern health care is very limited, and in many rural areas it is virtually nonexistent. In Ethiopia, life expectancy is 66.24 years and infant mortality is 34 deaths per 1000. These statistics suggest that economic development is limited in Ethiopia due to limited investment and quality of the health and education sector. ]]> 2021-01-13 05:38:09 UTC https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081616332 Health and Education in Kenya https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081618756 Education: Kenya's national education system has eight years of basic education, four years of secondary education and a four-year undergraduate curriculum. Formal schooling begins at the age of six, with compulsory and free basic education running through to the age of 14. In 2017, the World Economic Forum rated Kenya's education system as the strongest on the African continent. In 2018, the World Bank ranked Kenya the top African country for education outcomes

Health: Kenya's healthcare system is made up of several systems: public, private and faith-based or NGO. About 48% are public and operate under the Ministry of Health, 41% are in the private sector, the rest are run by NGOs or faith-based services. With approximately half its population living in poverty, Kenya struggles to provide access to basic health care services and medical treatment to its citizens, especially those living in rural communities and the densely populated slums. Despite some improvements in health status over the last decade, the government spends only 6% of its budget on health. A quarter of the Kenyan population regularly lack access to healthcare. Economically, those who are poorer or uninsured are less able to access what is available. A recent study estimated that nearly 2.6 million people fall into poverty or remain poor due to ill health each year. Another challenge is corruption, as a major concern is the cartels within the Ministry of Health which are accused of colluding to steal public funds. 
]]> 2021-01-13 05:39:42 UTC https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081618756 Empowerment of women in Kenya https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081619849 Gender inequality is prevalent in Kenya. Economic policy is not only creating extreme inequality, but also holding back women's economic empowerment. For example, despite 96% of Kenya’s rural women population working on farms, only 6% of the women in Kenya hold a title to land.
Only 29% of women in Kenya are considered empowered using the Index. Women in urban areas are more empowered with 40% of women here considered empowered and only 22% in rural areas considered empowered. Women from high-income households are more empowered than those from low-income households.]]> 2021-01-13 05:40:22 UTC https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081619849 Income Distribution in Kenya https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081621017 - The gap between the richest and poorest has reached extreme levels in Kenya. Less than 0.1% of the population (8,300 people) own more wealth than the bottom 99.9% (more than 44 million people). The richest 10% of people in Kenya earned on average 23 times more than the poorest 10%. 
- Unequal access to opportunities, such as healthcare and education, is rife. Nearly one million primary school-aged children are still out-of-school – the ninth highest number of any country in the world. Kenya's level of spending for education has gradually fallen each year since the early 2000s.

]]> 2021-01-13 05:41:08 UTC https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081621017 Microcredit and credit in kenya https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081623601 How it contributes to LRAS - increased employment, increased economic development and growth as there is a higher level of employment of resources, decreased poverty, increased GDP

  • Unemployment rate in kenya - 2.64% - credit and microcredit will further decrease unemployment as people become self employed
  • GDP by sector - agriculture - 34.15 percent, industry - 16.15 percent and the services sector - 43.22 percent (2019). (relatively heavy dependence on primary sector and tertiary sector) - encourage people to start small businesses
  • 38.8 percent poverty (2015/2016) - the microcredit and credit can help the poor by providing them opportunities to be self sufficient. Starting a business may be hard but it will allow the population to gain more income 
  • Professional groups credits to develop little businesses or agricultural activities: from 45 to €4,500. Professional individual credits to develop small and medium-sized enterprises: from 900 to €150,000.

]]> 2021-01-13 05:42:53 UTC https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081623601 Appropriate technology in Ethiopia https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081632945 Ethiopia is one of the few African nations with a sizable tech sector. The tech sector is in Ethiopia is often driven by a need to solve local problems such as communication, healthcare and education. The rise in startups focused on improving lives of everyday Ethiopians through technology is likely to trigger an increase in aggregate supply and a rightward shift of the LRAS. ]]> 2021-01-13 05:49:15 UTC https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081632945 Appropriate technology in Kenya https://padlet.com/alexdharrison/q9h5o2gc662v/wish/1081641879 Kenya is at the forefront of technology innovation. In fact, it is seen as a regional leader in terms of technological developments, with it’s ICT sector contributing to upto 8% of the country’s GDP and creating 250,000 jobs (as of 2020). Furthermore, a World Bank report has shown that the ICT sector has expanded by 23% annually in the last decade alone. The revolutionary mobile money transfer service, M-pesa allows users to send and receive money from anywhere in the world.and accounts for nearly 80% of money transfers in the country. The government had aimed to provide broadband services to 94% of the population and increase digital literacy by 85% by 2020. With the increased quality of labour due to them receiving education and digital skills during this time, the poverty trap would be broken and lead to a reduction in both absolute and relative poverty. Furthermore, with new technologies, the country would be able to improve the reach of local companies and allow them to compete with global markets more easily. With the improve literacy rates, a greater percent of the population would be able to work in manufacturing sector by making labour more capital intensive (reducing waste and errors). This would lead to the LRAS curve shifting outwards due to an increasing potential output of the economy. 



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