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Economic Development

Abstract:: The phrase 'economic development' generally refers not only to economic growth, but to changes in the ways in which goods and services are produced in a country as well as improvements in inhabitants' quality of life. Theories of economic development attempt to explain the social, political, and economic processes that countries go through as they transition from being what are known as 'Less Developed Countries' (LDCs) to being 'Developed Countries' (DCs). In this course, the student will discover how various theories explain development success and failure in the real world. Upon completion of this course, students will be able to: Define economic development and its components; Describe major theories of economic development; Understand some simple economic models related to economic development and economic growth, including the Solow Growth model and its extensions; Place economic development theories in the social and political context in which they were created; Critically examine economic development theories in light of a history of poor performance in development programs. (Economics 304)

Social Capital and the Distribution of Household Income in the United States: 1980, 1990, and 2000

Abstract:: Social capital is a person or group's sympathy or sense of obligation for another person or group. The objects of sympathetic feelings have social capital. Those holding sympathetic feelings for others provide social capital. Because social capital providers internalize the consequences of their choices, they trade with each other on different terms and at different levels that would occur in arm's length transactions, all other things equal. But changes in the terms and level of trade alter the distribution of income. Therefore, changes in the distribution of social capital alter the distribution of income. After this paper tests empirically the influence of social capital on household income distributions in the 50 U.S. states for the census years of 1980, 1990, 2000. The mathematical and empirical findings support the proposition that social capital measured by social capital indicators variables has an important influence on the distribution of household incomes.