Global competency for an inclusive world

Global Competence includes the acquisition of in-depth knowledge and understanding of global and intercultural issues; the ability to learn from and live with people from diverse backgrounds; and the attitudes and values necessary to interact respectfully with others. The driving ideas are that global trends are complex and require careful investigation, that cross-cultural engagement should balance clear communication with sensitivity to multiple perspectives and that global competence should equip young people not just to understand but to act. These objectives already feature in the curricula of many countries. But they now need further evolution, in response to changing imperatives. The greatest of these is the need to find a new concept of growth. This may not be a quantifiable concept, based solely on maximising economic gains, but a multidimensional concept that includes care for the environment and social harmony, as well as acceptable levels of security, health, and education. It will cover quantitative and qualitative indicators, including subjective well-being and quality jobs. It will ensure that the benefits of growth are fairly shared across society

Panel Discussion: implications of growth theory for macro-policy: what have we learned?

Technology ; Economic development ; Macroeconomics

Technology and growth: an overview

Technology ; Economic development

Addressing entrenched disadvantage in Australia

An estimated four to six per cent of Australia\u27s population experiences chronic or persistent poverty or deprivation. Executive Summary Entrenched disadvantage is a wicked problem for any society. Disadvantage of one form or another will always be with us, but when disadvantage is entrenched, some Australians are not able to play their full part in our economy and society. An estimated four to six per cent of our society experiences chronic or persistent poverty or deprivation. This represents both a tragedy for the individuals concerned and a loss of economic potential for the nation. While we have policies in place or in development to address disadvantage, it is not clear that we have recognised the need to address the deeper problem of long-term, persistent and chronic disadvantage. As a rich and successful society, we can clearly do better – others do. Two aspects of entrenched disadvantage are clear: The problem is both significant and complex; and Current policies to remove entrenchment are not working. The people who find it hardest to escape from disadvantage appear to fall into six main categories: 1. Older people; 2. Less-educated people; 3. Households with no employed members; 4. Particular geographic areas; 5. Indigenous Australians; and 6. Those with chronic health problems. Current policies are mainly designed to get people into, or back into, the labour market. While this is an appropriate objective, there are people in our society who need targeted and/or additional help to prepare themselves for ongoing employment. It is difficult to get or hold a job if you do not have anywhere to sleep or have ongoing health problems. It is hardly surprising then that disadvantage is cumulative: The longer a person spends with significant disadvantage, the more likely he or she is to be stuck there. Children who grow up in a home with entrenched disadvantage are also more likely to face the same problem. Related identifier: ISBN 0 85801 299

Financial development and economic growth

The author develops a theory of financial development based on the costs associated with the provision of external finance. These costs are assumed to arise within an environment where informational asymmetries between borrowers and lenders are costly to resolve. When borrowing is limited, producers with access to financial intermediary loans obtain higher returns to investment than other producers. This creates incentives for others to undertake the technology adoption necessary to access investment loans. Over time, as increasing numbers of producers gain access to external finance, borrowers' net worth rises relative to debt. This reduces the costs of financial intermediation and raises the overall return on investment. The theory is consistent with recent evidence that financial development reduces the costs associated with the provision of external finance and increases the rate of economic growth. Furthermore, the theory predicts that financial development raises the retu rn on loans and reduces the spread between borrowing and lending rates.Economic development ; Financial markets ; Investments

Capital fundamentalism, economic development, and economic growth

Few economic ideas are as intuitive as the notion that increasing investment is the best way to raise future output. This idea was the basis for the theory"capital fundamentalism."Under this view, differences in national stocks of capital were the primary determinants of differences in levels of national product. Capital fundamentalists viewed capital accumulation as central to increasing the rate of economic growth. Evidence to support this view was based mostly on case studies of less developed countries. Neoclassical growth theory and growth accounting research indicated that differences in patterns of investment and capital formation were not the main factors that led nations to be rich or poor, fast-growing or slow. Technology, rather than capital accumulation, appeared to drive improvements in living standards in the long run. Evidence to support this view was based mostly on data from advanced countries. Recent research on growth and development has lent support to two conclusions that capital fundamentalists would find attractive: that differences in national patterns of physical capital accumulation can explain many differences in levels of national product, and that increases in national investment rates can produce major increases in rates of economic growth. The authors find that although the capital-output ratio varies positively with the level of per capita income, there is little support for the view that capital fundamentalism should guide the agenda for research and policy advice. Extending standard growth accounting procedures to a broad sample of 105 countries, they find: 1) differences in capital-per-person explain few of the differences in output-per-person across countries; 2) growth in capital stocks account for little of output growth across countries; and 3) the ratio of investment to Gross Domestic Product is strongly associated with economic growth - but there is more reason to believe that economic growth causes investment and savings than investment and savings cause economic growth.Economic Growth,Economic Theory&Research,Banks&Banking Reform,International Terrorism&Counterterrorism,Achieving Shared Growth

ORED Communicator - February 2015

The February 2015 issue of the Office of Research and Economic Development newsletter.https://digitalcommons.fiu.edu/research_newsletter/1006/thumbnail.jp

Growth Models, Development Planning, and Implementation in the Philippines

Has Philippine development planning benefited from the wisdom, if any, of economic growth theory? In this article, the author discusses the key question of whether development planning in the Philippines has worked in delivering growth. He investigates the theoretical foundations of national development plans since independence in 1946 for indications and reflections of economic theories of growth prevailing at the time, the quality of the plans themselves and their impact.economic growth models, economic growth theory, development planning