Unit 4 Macro: World Income Groups - 2012 Classification
Updated: 2012-08-31 18:21:25
As of 1 July 2012, the World Bank income classifications by GNI per capita are as follows:
• Low income: $1,025 or less
• Lower middle income: $1,026 to $4,035
• Upper middle income: $4,036 to $12,475
• High income: $12,476 or more
Of the 192 member states of the United Nations, only 52 are currently classified as high-income countries. In other words, 140 countries (73 per cent) are still considered developing economies.
Wages are rising fast in China – many economists believe that China has hit a stage in its development at which demand for labour starts to grow faster than supply, creating labour shortages and pushing up salaries. This is known as a Lewis Turning Point.
Malnutrition has been called by economists at the World Bank as the “non-human face” of poverty. High rates of malnutrition can severely impair development and bring untold human misery. In 2006, around 40% of Indian children under the age of five were undernourished. Progress in reducing this has been painfully slow.
The Indian government spends little over one per cent of its GDP on healthcare and the state-run hospitals suffer a severe shortage of doctors and beds in state hospitals, but provides tax concessions and cheap land to its booming private healthcare industry providing expensive treatments to India’s most wealthy people. India in total spends only 4% of their GDP on healthcare.
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Dambisa Moyo was on great form when she spoke to the Economics Teacher National Conference in London last week. Her new book Winner Take All investigates the causes and consquences of rising global demand for commodities. In particular Dambisa Moyo predicts increasing geo-political tensions and conflicts as countries scramble to secure ownership and supplies of land, water, energy and minerals. In this blog I have linked to some of Dambisa’s recent media appearances as Winner Take All was launched in the USA and here in the UK.
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For millions of regular rail users, the fare system in operation in the UK is almost impossible to understand! Annual changes in a complex system of rail fares bring about anger and hostility and there are regular claims that the increasing cost of travelling by rail is a disincentive to use the train instead of the car.
An updated and thoroughly revised version of our popular UK Economy Chartroom poster set is now available for the start of the school year. The aim of these posters is to provide teachers with a set of A3 data charts offering students a sense of how the figures have moved over recent years but also bringing them up to speed with the latest developments.
Your copy of the UK Economy Chartroom can be ordered using this link
The sixteen charts in the current edition of UK Chartroom cover the following data series:
Here is an idea for a starter activity that came from reading this short piece on inequalities of wealth in the United States and some behavioural research done by Dan Ariely (one of our favourite behavioural economists!).
A few days ago I answered some questions from students at another school writing their own economics magazine - this is a fabulous way to build enthusiasm and passion for a subject and develop skills as budding economics journalists. I have reproduced my answers below.
It’s here! Version 1 of our new revision app, marking tutor2u’s first steps into mobile learning. Details below about the new App, how to get hold of it, what you can do with it and our development plans.
Stuart has put together this excellent end of term quiz with some super questions related to international development. Click below for a download link.
Everything in Economics is contextual. The trouble is that the standard textbook economics taught to students largely ignores this. George Akerlof’s recent work on identity economics tries to better understand the motivation of people in different contexts. Motivations include the aim of living up to the concept of who we think we should be. Identity is defined as a person’s sense of self, naturally this can change during a lifetime as the context of our lives changes too.
I have always thought that ink jet printers were an expensive and inefficient luxury - the high cost of consumables has always been a source of frustration and annoyance.
It seems now that the demand for ink jets is on a steep downward path as cheaper and frankly better substitutes are chosen. Far fewer people are printing out their photos and choose instead to post onto social media sites such as Facebook and Twitter. For those who prefer a hard copy of a photo, laser printers have become a much more cost effective and affordable alternative to ink jet printers.
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