An independent Commission on Growth and Development was launched last week with the support of the World Bank, the Swedish, Dutch and UK Governments and the William and Flora Hewlett Foundation.
This was the title of Nobel Prize winner Edward Prescott’s keynote address today at the World Bank, at the opening of the PREM (Poverty Reduction and Economic Management) Conference 2006.
From his presentation, economic integration would be the main driver for growth and development.
As every Friday, we are posting a teaching note prepared by Raj Nallari and Breda Griffith.
This week we continue looking at National Income Accounts. The note explains three different approaches for determining the GDP:
The Production Approach to Measuring GDP
- The Expenditure Approach to Measuring GDP
- The Income Approach to Measuring GDP
The note also explains the difference between Nominal and Real GDP.
- Fridays Academy
Lawrence Summers, president of Harvard University, delivered a few weeks ago a speech on Global Account Imbalances and Emerging Markets Reserve Accumulation, at the Reserve Bank of India.
Like every Friday, we are posting one of Raj Nallari’s teaching notes.
Before we examine how economic growth is measured (through the concept of GDP), we have a look at some basic macroeconomic concepts.
Arising from the interaction and behavior of the economic sectors we studied last Friday, there are certain key macroeconomic concepts that play a central role in macroeconomic analysis. These are defined in the framework of the System of National Accounts (SNA).
In their paper "Foreign Bank Entry, Performance of Domestic Banks and the Sequence of Financial Liberalization", PGP's Nihal Bayraktar and Yan Wang investigate the effects of banking sector openness and the sequence of financial liberalization on the efficiency and competitiveness of domestic
In previous Fridays Academy postings we have already seen how the measurement of poverty itself is the first step towards understanding the economic policies needed to reduce the number of poor. The second step is to understand the basic components of how an economy works. This in turn requires some knowledge of macroeconomics, the branch of economics that studies the aggregate economy by focusing on the analysis of key macroeconomic variables, including the economy’s total output, inflation, unemployment, the balance of payments, and the exchange rate.
Or how to print your own book.
The World Bank's Infoshop inaugurated today the world's first commercial book Print on Demand (POD) device (or Espresso book machine).
Organized in Cairo by the African Union (AU) and the United Nations Economic Commission for Africa (UNECA), in collaboration with the UNDP (March 26-28).
UNECA's site has statements, documents and case studies presented during the conference.
In particular, one of the documents explores the Capacity Needs for the implementation of the PRSs and attainment of MDGs in Africa.
Some of the main ideas in the document:
The Research and Analysis Working Group (RAWG) of the Poverty Monitoring System, and its Secretariat REPOA (Research on Poverty Alleviation) have recently published the Poverty and Human Development Report 2005 for Tanzania.
This is the first report of the RAWG since the start of the new National Strategy for Growth and Reduction of Poverty, MKUKUTA in its Swahili acronym.