Part 11, Ch. 10: Growth Facts 1. Growth facts, comparative changes in world economic development and growth. Convergence vs. divergence 2. Determinants of growth and income per capita differences across countries 3. Returns to scale and returns to factors of production, explanation and proofs. 4. Measurement(s) of economic development. 5. Objectives of economic development. 6. Problems with GDP/capita as a measure of welfare. What is HDI? What are the pros/cons of using GDP vs. HDI? 7. Common characteristics of developing vs. developed countries.

Part 14: Challenges to Growth: Environment and Sustainability 1. Is GDP a true measure of welfare? What are some alternatives? 2. Who benefitted the most from fossil fuels? How? Are they homogenously distributed across the world? Which groups of consumers are more responsible for fossil fuel consumption? How are they distributed across countries? 3. Which groups of countries have contributed the most to cumulative CO2 emissions in the last 250 years? 4. What is ecological footprint? What accounts for the most impact on ecological footprint since mid 20th century? 5. What is weak vs. strong sustainability? Can you give examples? 6. What are the four major environmental issues affecting growth and global economy? Explain each briefly. 7. What is the connection between neoliberalism and climate crisis? How are the two related? 8. What is the scientific consensus on climate change and role of human activity in it? What is causing climate change?

(briefly answer it)

Olivier Blanchard, Macroeconomics, Prentice Hall, 8th, 2020

Stylized Facts on Growth, Ch. 10 & Handout *Hamilton, A. (1791). Report on manufactures. Annals of Congress. Saving, Capital Accumulation and Growth, Ch. 11