1. Economic Growth, Technology and Structural Change
Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy.
These institutions evolve within the development process.
Institutions are the result of past historical and social developments. Since different countries have different pasts, institutions will vary.
“Development is about improving the quality of people’s lives, expanding their ability to shape their own futures”
“Development is the process of expanding the real freedom that people enjoy, with expansion of freedom viewed as the primary end and the principle means of development”.
Development is multi-faceted and therefore difficult to…show more content… I cannot become a doctor tomorrow because there are regulations which I must adhere to i.e. have a degree.
WORLD BANK: governments play an important role in development, but there is no simple set of rules telling them what to do.
3.KALECKI/KALDOR/LEWIS ON DEVELOPMENT AND IMPORTANCE OF DUALITY
KALECKI: each economy has a different institutional framework whereby “general theories” will not be useful
Surplus: physical excess of goods produced over the goods which have to go back into the production process in the next period; for economic system to reproduce itself, surplus must be reinvested into productive activity. Examples of non productive =