Food production has grown faster than the population in Kenya for the last 60 years.
12. The critical human capital investments that are essential to economic development are not
made in the LDCs to the extent that economists believe they should be because the
payoffs, although large, are only realized in the long run.
13. LDC is an acronym for locally-developed country.
14. Big-push development projects normally require government funding because private
sources are unwilling, and often unable, to support such large projects.
15. Forward linkages are the demands created by new supply capacities.
16. Backward linkages are the demands created by new supply capacities.
17. The one thing that all less-developed countries have in common over the past 25 years is
virtually zero or negative economic growth.
18. If population grows faster than income, then per capita income must fall.
19. The vicious cycle of poverty refers to the fact that LDCs are poor because other countries
do not want to buy their goods and services.
20. Investments in human capital include spending on health care.
21. Economists believe that political instability can facilitate economic development in an
LDC by making its citizens more open to change and new technology.
22. A big-push strategy for economic development relies heavily on government-sponsored
and financed investments.
23. The opportunity cost of human capital augmentation is future gross domestic product
24. A “big-push” strategy for economic development refers to marginal but sustained patterns
of investment and economic development over time, i.e., small increments that are
consistent over a long time period.
25. Infrastructure development is not the problem in LDCs, the overriding issue is the low
level of opportunity costs for development activity.
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