Economic Growth and Development

Economic development can be defined generally as involving an improvement in economic welfare, measured using a variety of indices, such as the Human Development Index (HDI). A developing country is described as a nation with a lower standard of living, underdeveloped industrial base, and a low HDI relative to other countries. There are several factors which may have the effect of limiting economic development in such countries. Factors such as these include: primary product dependency, the savings gap and political instability.

The consequences of population growth on economic development have attracted the attention of economists ever since Adam smith wrote his Wealth of nations. It was only Malthus and Ricardo who created an alarm about the effect of population growth on the economy.

Sub-Saharan Africa has been a laggard with regards to economic growth rates when juxtaposed with many emerging developing countries. Analysts believe this could be due to high import volumes along with population boom dogged by disproportionate income growth. Structural deficiencies have hampered domestic production from propelling as swiftly as upsurges in demand. Many of the North African countries face agro-climatic limitations to increased production so imports are believed to play a pivotal role in satiating consumption

Economic development can be defined generally as involving an improvement in economic welfare, measured using a variety of indices, such as the Human Development Index (HDI). A developing country is described as a nation with a lower standard of living, underdeveloped industrial base, and a low HDI relative to other countries. There are several factors which may have the effect of limiting economic development in such countries. Factors such as these include: primary product dependency, the savings gap and political instability.

Growth and perpetual change of this stature was not just an increase in demand and labor or even investments. Geography lends to some of the differences between countries however it does not explain why growth was more or less successful due to emerging and sustaining growth of the region. Innovation to the greatest

As a product of colonization, the limited industrial development in the colonized area is a global issue. Because the widening gap between the rich and the poor between developing and developed countries, is the root reason of most of the contradictions and conflicts between countries in the contemporary world. And different level of industrialization caused the widening gap. So we can say the limited industrial development caused by colonialism is a real issue behind many current contradictions and conflicts. In order to reduce these conflicts and narrow the gap, the colonized countries should make a breakthrough on its limited industrialization by focusing on its own features-- resources and structures, and taking effective measures-- impoting foreign capital and technology and establishing independent or joint scientific research and ventures, to gain a long-term economic growth. For the relation between the colonization and the limited industrialization in colony, there are usually two views. One view is that people blame the colonizer were not willing to promote the development of industry in the colony. The other view is that people emphasize it was hard for the colonized to start the process of industrialization in the colony. In my opinion, both of the views are reasonable, but neither of them is comprehensive. In order to demonstrate my opinion on the relation, I choose British India and the Belgian Congo as two objects to analysis in the following paragraphs

Evaluate the government policies and strategies used to promote economic growth and development in your chosen BRIC economy, making close reference to the effects of globalisation on said economy

The purpose of this paper is to examine the role of investment in human capital in promoting economic growth and

Economic development involves actions that are sustained and concerted by policy makers and the entire community. These actions lead to improved standards of living as well as the economic health within a specified area either in the local, regional or global environment. Economic development can also be termed as the qualitative and quantitative changes that occur within an economy. For economic development to take place there has to be contributions by various factors. Some these factors can lead to economic development if they are appropriately managed (Mohr, 2012). There is a lot of interest in macroeconomics when it comes to these factors of economic development. Macroeconomics deals with performance, behavior, structure and the entire decision making of an economy in general as opposed to looking at individual markets. This encompasses national, regional as well as the global economies. Through microeconomic there is the aggregation of indicators like GDP, price indexes and the rates of unemployment that enable the understanding of the functioning of the entire economy. This paper will look at various factors of economic development and how they contribute to economic development.

According to capitalist ideals, free markets combined with a limited government will result in growth, freedom, and a prosperous economy. The Mystery of Capital outlines the importance of capitalism in economic prosperity, but Hernando DeSoto explains that capitalism alone is not enough, we also need to look at something else that allowed the West to prosper under capitalism. Richard McGregor, in The Party: The Secret World of China’s Communist Rulers illustrates Chinas graduated “cherry-picking” of capitalist practices that resulted in small economic successes, however the Communist Chinese Party fears the delivery of freedom to their people. The Chinese elite fear freedom because it could lead to the end of the dictatorship in China, and end their rule. This fear cripples economic growth for China, and will not allow capitalism to thrive in their economy. These two novels explain two core concepts in understanding capitalism and its implementation. Hernando De Soto explores why capitalism succeeds in the West and fails in underdeveloped countries. Richard McGregor’s novel The Party speaks to Communist China and other communist counties that fail to produce economic growth. The core opposition that fuels the differences between capitalism and communism is ultimately freedom and choice. Capitalist governments are often democratic, protect private ownership, and

The issue being addressed is the path of countries in their quest for growth and sustainable development, as a result. For many, there is a shared sentiment that developing countries should not be put in a position to where they are

This can be measured by the following formula; Per capita nominal GDP = Nominal GDP / Population, Per capita real GDP = Real GDP / Population. Seven factors determine economic growth. Natural resources such as land, mineral deposits, waterways; climatic conditions provide an essential foundation to economic growth. Combined with the other resources of capital, labor and enterprises, natural resources can be developed and organized to increase the productive capacity if the nation. Consequently the quality and size of the labor force is a major determinant of economic growth. Education and vocational training are essential the growth potential of a nation. The promotion of education and job training schemes increase the knowledge, skills and flexibility of the workforce that contributes to potentially higher levels of productivity and efficiency. Whether from natural increase or immigration population growth can cause a higher level of economic growth. An increasing population requires increased public spending on housing, education and other social needs while businesses expectations of

Since the great recession ended more than five years ago, we have never truly recovered and are still facing slow economic growth to this day. Despite even the best efforts of the US government to reverse the situation, with its nine figure bailouts and lowering interest rates to nearly zero. These measures were made, one to try and make the government and two to try and stimulate the government to increase investment spending. Instead of this desire effect of banks’ lending out money and business expanding their business, the opposite seems to be true with most banks and business holding onto their money instead. This is caused mainly by banks and business lack of faith in the state of the current economy and its potential for future growth. I believe if the US economy is going to get back on track to where it wants to be in needs to increase government spending that can improve the economy over the long term. My plan is to spend 250 billion in direct spending on new and improved infrastructure, to spend 25 billion on a private/public infrastructure bank. Lastly increase funding for scientific research at agencies like the National Institutes of Health and the National Science Foundation. Even though there will be some short term benefits the main goal here is to increase long term outlook for the economy.

He pointed out that different economic levels have their own requirements and they may not follow the same process of industrialization. Moreover, he raised the most influential theory related to late industrialization that the economically backward states may have rapider growth rate as they are late comers, and the national development process relied on the degree of economic backwardness. That is to say the more backward a country, the faster it will advance (ibid).

The theory of economic growth sparked a revolution that has touched most societies across the globe. (Need to finish the abstract)