Factors of Economic 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.

Another result that has occurred from population growth is a change in consumption and waste. This subject has arguments on population growth hindering economic development as well as not affecting it at all. As argued by Robbins, population growth has caused a high demand on resources, such as water, food and fuel. With population growing, that is why some communities are dealing with famine, poverty and an increase in mortality rates. According to Massimi Livi-Bacci, population growth has not had an effect on the economy. He believed that human population growth can be dealt with technology. With the development of technology, tools and equipment for agriculture can help to increase food production, to support the growing population. In the past, things were modified and invented to hunt for food, to heat, cook food and preserve it. High grade fertilizers, pesticides, and herbicides were invented to help farmers grow crops that were better and stronger. Consumers do not want crops that will rot in a few days after purchase, so these things helped crops last longer once they were purchased. More importantly, without these developments in technology, individuals would suffer from food shortages, starvation and mortality rates would go up. Ester Boserup, was another supporter, he commented that population growth would not hinder the economy, but through the use of agriculture and technology they can produce more food supporting the population increase. Boserup did mention

Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy.

To answer the question, “What is economic development?”Dr. Grinols professor of economics at Baylor University and author of Gambling in America: cost and benefits, 2004 said, “When individuals undertake productive activity, they engage in the creation of goods and service that provide greater welfare or satisfaction than the inputs used.” (Grinols 2004). Economic development is the creation of greater value by society from its available resources which means greater income and wealth, which lead to greater utility for members of society (Grinols 2004). Dr. Grinols

Economic growth, put simply, is “an increase in the amount of goods and services produced per head of the population over a period of time”; development is inextricably linked with this economic growth. By utilising theories of economic growth and development we can see how the Chinese and Sub-Saharan African economies have emerged, but, more notably, we can use these to look at patterns from past and present to show their experience and the implications of this growth for the future.

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 governmental structure of a country defines the type of economic system that may be utilized to increase their efficiency and prosperity. These different economic systems all answer the three basic questions. There is centralized command and control in which the government or dictator regulates every aspect of the economy from production types and quantity, to the consumers whom buy the products and at what cost. Instead of centralized command and control it should be commander in control, since one person or entity has all of the power over the economic system. Still, this type of economic systems exists in some communist/dictated countries today, such as, North Korea and Cuba. Another form of economic system is the price system, in which

Development: It is increasing the standard of living by considering economics is the key function. Every theory of development has functions of economics. It plays a vital role in social science. It is widely considered as “committed” i.e., serves an interest especially class interest. Economists have equal important like scientists, because these people concern with important issues like economic growth, employment and development etc., Economic theories of development have own way of History, projections, philosophical bias, practice, language and relations. These properties of theories depend on particular

The biggest economic factor in question according to historians like Maurice Keen and Edmund Fryde is the poll tax. There were three poll taxes in total, one in 1377 which asked for 4d per person, the second which was imposed in 1379 which ‘was assessed in a complex way’, and the third and final poll tax which was imposed in December 1380 which asked for three times as much money

workforce over the next few years due to a fall in the birth rate in

Institutions such as government and other organizations play an essential role in explaining why some nations are richer than others. In ensuring economic growth, government can provide political stability that reduces crime, poverty and income inequality. In addition, providing public services such as roads and other infrastructures that can help protect and control the

There are 2 economic systems which are commonly used world-wide. There are: the free market system in which the role for the government is limited and the planned system where the government takes viturally total control. In both of these systmes

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: 1.

One of the early theories of development economics, this model was formulated by W.W Rostow in his ‘ The Stages of Growth: A Non Communist Model” released in 1960. A modification of Marx’s theories on stages of development, it focused on the accelerated accumulation of capital, as the primary means of promoting economic growth and consequently development. The model hypothesizes that there are five consecutive stages of development every country has to go through on its toad to development:

Gender inequality has been and is still a problem being faced worldwide. It has inhibited the social, economical, and political growth of women in all different nations, especially third-world countries.There are various implications that change the level of inequality such as education, culture, religion, democratization of countries, years of independence, and most importantly, economic development. (Dollar & Gatti, 1999). This paper is examining the role economic development as measured through levels GDP (low, medium, high) plays in the level of gender empowerment in a country. After reading various studies, I have concluded that when regarding “gender empowerment” it is specific to the empowerment of women It is hypothesized that increased economic development will display higher levels of gender empowerment. The following three literature reviews will demonstrate and support the hypothesis.