IB ECONOMICS
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Development Economics IN the IB DIPLOMA
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Development Economics covers the following topics in IB Economics:
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What is Development economics?
Countries that are less economically developed are the centre of the Development Economics unit in IB Economics. Much of the economic theory, concepts and issues that bear on economic development have already been covered now, and this IB Economics unit brings these issues together and develops them further. This unit examines several key questions, such as: What is economic development? How is it measured? What are the sources of economic growth and development? What are the goals of economic development? There are different factors that can hinder a country’s growth and development, as there are a number of different, but often interrelated, factors that can facilitate and drive economic development and growth. Understanding these positive and negative factors will enable the IB Economics student to evaluate the different policies that can then be pursued by the governments of developing economies to increase their nation’s economic development and growth.
The IB Economics unit 4 topic brings together much of the theoretical tools and concepts studied in earlier IB Economics units. Principles of international economics, microeconomics and macroeconomics are applied to the challenges and problems confronting less economically developed nations. However, while these principles are applied, it is much more than this and there are important questions the IB Economics student needs to answer, including: How do countries develop and grow their economies? What are the factors that can prevent them from doing so? How best can development and growth objectives be pursued? These are question that cannot necessarily be answered solely through the application of economic principles. Moreover, IB Economics students will find out that institutional factors are crucial to growth and development, and that value judgements will need to be argued and made about what can be considered good for economic growth and development. For example, should a country exploit its newly discovered oil reserves, even though it may lead to local environmental degradation, the further corruption of elites and add to global climate change? Developing economies often find themselves in a set of special circumstances. Thus, new ways of considering and approaching their special economic problems may be needed to understand, explain and best determine how these problems can best be addressed. |
Global wealth inequality
Why are some countries poor?
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