What is the basic idea of the Kuznet’s curve? Is this curve a hard law? Discuss.
Answer the questions below (approx 1 page per question)
Q1) Define and explain the concept of development. To what extent the HDI, IHDI and Gender Inequality Index capture the essence of development according to Amartya Sen?

Q2) What is the basic idea of the Kuznet’s curve? Is this curve a hard law? Discuss. Refer to the elephant curve in answering the question. (See chapter 2 of textbook;

Q3) Explain some problems of GDP per capita as a measure of development.

Q4) What is the difference between inflation and the price level? How is inflation measured? What are the consequences of inflation?

Q4) What are some basic features of the structuralist theory of inflation?

Q5) Discuss the mainstream theory of inflation.

Q6) What key roles to financial institutions (and markets) play in the process of development?

Use “The Process of Economic Development” by James M. Cypher as your source