Economic development.
ECONOMIC DEVELOPMENT ESSAY Economic development and economic growth are both indicators of the economic position of the country. Economic growth is the growth in gross domestic product and economic development is related to growth in the standard of living and poverty. As you can see economic growth and economic development are not the same thing, economic development is far more than just growth in GDP as it involves indicators that are not purely economically related. However economic growth is an indicator of economic development but there are also several other factors that represent economic development. These indicators are; life expectancy at birth, infant mortality rate, daily calorie supply per capita, adult literacy rate, number of doctors per 1000 people, average years of schooling, availability of clean water, freedom of press, immunisation rates and levels of discrimination. As you can see these are generally not economic indicators but when they are combined they form the economic development figure. There are fifteen barriers to economic development, the first of these being a lack of physical capital. Lack physical capital is a significant barrier to the development of a country for several reasons. There is already a shortage of capital that further leads to less capital being produced; this creates significant problems for developing countries. In these
Distinction Between Economic Growth and Economic Development
Distinction Between Economic Growth and Economic Development Economic Growth is when an increased output of a nation of goods and services available to satisfy the material wants of the people, but not the welfare of a nation (health cover, housing, schooling). Economic growth is associated with the well being of a nation, through increasing incomes. However, the welfare of a nation is not included in economic growth. Economic growth focuses on the quality. Economic growth may be a result of all idle resources being employed as resulted from an increase in aggregate demand. Economic growth can easily become uneven because some industries may grow much quicker than others; so more resources will the allocated towards these industries. In addition to that, the industries that are not growing at such a rapid rate relative to others will have a chance of being neglected. Economic growth is usually associated with negative externalities, eg. Environmental damage, an inequality in the distribution of income. Economic Development is a more comprehensive measure than economic growth. Economic development is an increase in the real GDP per capita as well as the welfare of the nation (improving material and non-material standards of living). Economic development focuses on the quality. Economic development occurs when the costs of growth are minimised, and the
Economic Development of China
ECONOMIC DEVELOPMENT DEVELOPING COUNTRY ANALYSIS PROFESSOR: M. GHOSH OCTOBER 15, 2008 THE REVITALIZED EMPIRE A LOOK INTO CHINA'S ECONOMIC DEVELOPMENT Growth in an economy that has been at a disadvantage in the past is known as economic development; a term generally applied to the increase of prosperity and quality of living in a developing country such as the situation we observe in China's recent fast paced race to the pinnacle. The success of any countries development can be measured in terms of jobs created and their respective income; as well as its excellence in health and education and human development. China is the perfect example for a country in its prime economic development, due to its large growing population and its ambitious attempt to demonstrate to the world that they are serious and determined to make themselves a world power. Although, with any rising country, there comes its own advantages and disadvantages, such as environmental, medical and political problems which can affect the way the world views the country and its potential for continual growth. Filled with prospect and risk, China offers a great atmosphere for investment and its impact on the world is growing at an exponential rate. To many countries in the world, China is known as the most cost effective country to manufacture goods, which is why many of them tend to import a lot of products
Pakistan's Political and Economic Development
JPE400Y1 Prof: Dickson Eyoh Pakistan's Political and Economic Development Pakistan gained independence from British colonial rule in August 1947 to provide a better homeland to the Moslems of the Indian Sub Continent. 58 years on we have yet to see this country fulfill any of these promises. What Pakistan has witnessed is growing disparity between class structures, internal contradictions and a power struggle between the political elites and the military. Civilian and Military governments have both been responsible for such actions but looking at statistics it shows that military regimes have performed better than civilian governments. This essays looks to examine the precarious relationship between civilian and military governments, and to analyze the affect they had on political and economic development of Pakistan as a state. It looks to establish that the weak civilian governments were not beneficial economically for Pakistan; instead the military apparatus of Pakistan which works as an internal force within the setup have out performed the civilian governments economically and in providing political stability. Since independence Pakistan has been ruled by Military regimes four times. The first taste of military authoritarianism was in 1958 to 1968 under Ayub Khan as martial law administrator. He was followed by General Yahya Khan. A short period of civilian
The ecological approach to economic development.
The ecological approach to economic development. To discuss this question effectively I will first describe the dominant ideology before moving on to discuss the ecological critique of economic development and whether it provides an viable alternative viewpoint or is simply a fashionable but irrelevant set of theories. One of the first problems encountered in a discussion of this nature is one of terminology, because it can be seen that economic development/progress and growth do not always have agreed meanings nor are they necessarily synoymous. Gavin Kitching provides us with one answer when he states the position of economists such as David Ricardo and Adam Smith - 'For these thinkers, economic growth occurred in society if the volume and value of output or production in that society rose quickly and continuously'. However, other thinkers such as Sismondi believed that increased production in itself did not constitute progress unless it was accompanied by a more equitable distribution of wealth and economic power. For the purposes of this essay, I shall define economic growth as being a sustained increase in income per head of population, whilst development is the former accompanied by falling poverty expressed in terms of more even wealth and income distribution. It can be seen that the dominant ideology prevalent in the subject of economic development stresses the
Barriers to Economic Growth and Development
Barriers to Economic Growth and Development Economic growth and development is what every country want for their wealth, but somehow it is quite impossible for some countries (especially LEDC) to gain economic growth and development, since there are many barriers to growth and development that hold back developing countries. Common examples of the barriers are Poverty cycle, Institutional and Political factors and International financial barriers. These are basically the barriers that act as a hindrance to economic growth, economic development and sometimes both. Many poor countries in Africa and Asia are known to have a poor institutional and political system and through this they are facing a variety of barriers to growth. One of the important barriers to institutional barriers is 'Lack of infrastructure'1. It is known that most developing countries are lacking infrastructure even though it is important to economic growth. Infrastructure consists of the vital facilities and services such as good water systems, roads, sewage treatment, telecommunications, airports etc... The dearth of any of these facilities mostly harms the process to achieve economic growth. For example if the road conditions are bad it is obvious that the goods cannot be transported from one country to another, also if the communication systems are poor or does not even exist, then the ability to
Economic Growth & Development Questions and answers.
Economic Growth & Development Questions ) Explain the difference between economic development and economic growth. Economic growth is often described as the National Income and the economic activity of a country. This aggregate income of a country is commonly referred to as GDP (at market prices), which is a measure of the total output produced by factors of production based in that country (although measuring the real NNP produces a more accurate figure but is less widely used). National Income is measured by three components, which make up the circle of income; Output, income and expenditure (Output = Incoming = Expenditure - errors and omissions). There are many ways to define economic development, for instance according to the American Economic Development Council (AEDC) economic development is "a process of creating wealth through the mobilisation of human, financial, capital, physical and natural resources to generate marketable goods and services." However, the more common method of describing the development of a country refers to the level of per capita income and how closely it conforms to Michael Todaro's three objectives; "To increase the availability of basic life-sustaining goods," "to raise living standards," and "to expand the range of economic and social choices." However, whilst economic growth is measured through the components of the circle of income,
Economic growth is a necessary but not sufficient condition of economic development.'
'Economic growth is a necessary but not sufficient condition of economic development.' There is no single definition that encompasses all the aspects of economic development. The most comprehensive definition perhaps of economic development is the one given by Todaro: 'Development is not purely an economic phenomenon but rather a multi - dimensional process involving reorganization and re orientation of the entire economic and social system. Development is a process of improving the quality of all human lives with three equally important aspects. These are: . Raising peoples' living levels, i.e. incomes and consumption, levels of food, medical services, education through relevant growth processes. 2. Creating conditions conducive to the growth of peoples' self esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect. 3. Increasing peoples' freedom to choose by enlarging the range of their choice variables.' Economic growth may be defined as an increase in a country's ability to produce goods and services. Economic growth merely refers to an increase in the real Gross Domestic Product, or GDP per capita over a period of time. It is natural to be misled by the idea that economic growth is the key to economic development and perhaps a condition of development itself, but development is more than
Is Economic Development Good For Gender Equality?
CONTENTS PAGE . Introduction 2 2. Economic Growth 5 3. Household Economies 6 4. Gender Equality Across Society 7 5. The Impact of the World Bank 8 6. Time Poor 8 7. Triple Burden of Care 9 8. Conclusion 10 9. Bibliography 12 Is Economic Development Good For Gender Equality? . Introduction The South African Constitution Section Nine (9) is concerned with equality of all South African people. It clearly states: "everyone is equal...includ[ing] the full and equal enjoyment of all rights and freedoms...[and] the state may not unfairly discriminate directly or indirectly against anyone on one or more grounds including race, gender, sex, pregnancy..." (http://www.uni-wuerzburg.de/law/sf00000_.html) With equality and specifically gender equality guaranteed by the state, then it could reasonably be expected that impacts of both development and economic development would benefit men and women proportionality. This paper aims to explore whether or not this has been the case, or if instead either men or women as a group has benefited more from development. Although the question refers specifically to economic development, it is important to examine general development as well. Economic development does not occur in isolation, in that development should also occur at the same time as economic development - development of human, social,
Did economic growth during the Chinese Economic Reform contribute to human development?
Did economic growth during the Chinese Economic Reform contribute to human development? Introduction: In 1978, the Chinese Communist party leaders led by Deng Xiao-ping, in order to improve people's well-being, decided to undertake a program of gradual but fundamental reform of the economic system. The Reform transformed planned economy into a market economy capable of generating strong economic growth. However, as Shively suggests, on the issue of people's well-being, it is "not enough to ask whether the people of a state are prospering; rather, we must ask, how well they are living" (Shively, 91). Therefore, looking back on the achievements of this reform, did it really contribute to human development positively in every aspect? In this paper I explore the different aspects of human life before, during and after the Economic Reform to see how economic change brought by the Reform contributed to human development in China. The contributions include the amazing achievements in China's general economic development and people's economic life, education, social welfare and cultural life; at the same time, the Reform also introduced many problems following fast economic growth such as inequality, unemployment, corruption and social instability. In order to make this argument, I examine data and facts from many aspects of human development in China during the two decades of the
