In view of the global stratifications, development entails the various levels of political, social and economic achievements of the country in consideration. In achieving these set standards defining development, the countries meet various challenges as they structure their concepts and practices for development. These concepts and practices constitute development agenda for the various countries.
In the discourse of development, the sectors of the concepts and practices incorporate the three key essentials of economic, social and political milestones in development (Ove, 2013, p 313). All these concepts emanate from the various political activism procedures, developing the concepts and procedures accordingly. For instance, in analyzing the concepts of development form the economic perspective, various theories and approaches as well as challenges to these concepts are evident. Escobar, as he seeks to evaluate the concepts of economic development in the relation to third world countries, he notably states and evaluates the role of economists in the processes incorporated in development (Escobar, 1995, p 7). Thus, this as a starting point, considering the concept of economic perspectives in development, several factors come into consideration. Firstly, what constitute the economy of the country in question, as well as, the facilitators of this concept of development.
The economy of a country vastly defines the class it belongs to in the global stratifications. Economic power is essentially the driving factor of development although it may not sustain the entire development process on its own (Bhatia, 2012, p 131). The concept of development form economic approach encompasses, firstly, the concept of resources that the country posses in determining its success level (Santander, 2014, p 65). The factor of distribution of natural resources within the various geographical locations is a relatively highly controversial concept in the process of