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Economics of Development - Essay Example

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Having a healthy, prosperous and peaceful phase of a country stands to distinguish itself as a developed country. Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and retaining jobs and supporting or growing incomes and the tax base. The term "economic growth" refers to the growth of a specific measure such as real national income, gross domestic product, or per capita income. National income or product is commonly expressed in terms of a measure of the aggregate value-added output of the domestic economy called gross domestic product (GDP). When the GDP of a nation rises, economists refer to it as economic growth. This economic development effect the individual in the mass leading to a phase either strong or weak hold of purchase power. The term "economic development," on the other hand, implies much more. It typically refers to improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. GDP is a specific measure of economic welfare that does not take into account important aspects such as leisure time, environmental quality, freedom, or social justice. As we understand in the economic periphery of lives, country's infrastructure and the scope to grow depends primarily on the strategy of the state. If a country does not grow despite their constant strife in fact is due to the inadequate chartering of their visions in the planning. Political unrest, conservative idealism and lack of human spirit are the factors to leave the countries behind the global race. One of the chief reasons of failures in the achievement of economic development in spite the honest motive of a state is social values. Marxist theory of equality and social justice may prevent rapid economic growth like the Capitalist' economy where private authorities contribute more massively to the national growth.


Development economics emerged as a branch of economics because economists after World War II became concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. The first approaches to development economics assumed that the economies of the less developed countries were so different from the developed countries that basic economics could not explain the behavior of less developed country economies. Such approaches produced some interesting and even elegant economic models, but these models failed to explain the patterns of no growth, slow growth, or growth and retrogression found in the less developed countries. Slowly the field swung back towards more acceptances that opportunity cost, supply and demand, and so on applies in this regard. This cleared the ground for better approaches. Traditional economics, however, still could not reconcile the weak and failed growth patterns. What was required to explain poor growth were macro and institutional factors beyond micro ...Show more


'Growth theories have failed to recommend a successful growth strategy for developing countries. Countries that succeeded in charting their own path of growth and development, managed to create dynamic comparative advantage, utilized human capital and made use of modern technology.' Do you agree with this view Explain your answer with evidence.
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