As aggregate demand affects the supply (production, employment and inflation) they saw it as the government's role to build it back up using monetary and fiscal policies. Similar to Classical economists, Keynesian believe the economy comprises the same part: consumer spending, government spending, and business investments. However the major difference is that Keynesians believed government spending could help account for the lack of consumer spending and investment. The Keynesian theory also was based on the idea that wages and prices were sticky and that is would give aggregate supply a horizontal line in the short run. Overall, the main idea of the Keynesian Economist was to save and create jobs and
We need to have a sense of empowering the society as a whole and not focus only on one section of the society. Like natyre provides equally for all we must also help each other develop as countries. This sense of social solidity is useful in a long run. Thus the concept of equity holds a very important place in the concept of sustainable development as it forms the foundation of development in the truest of sense. 7.)
Many economists have argued that determining a growth strategy is not a simple task for any state, and in any case it is, the developing countries will have grown enough to move their economy with the developed country. It is out of this problematic issue of determining the right formula to apply in a given country that is aimed at achieving a desired economic growth, Economist Solow to come up with Solow Growth Model, which emphasis on the progress in technology that result in the growth of an economy. Solow argued that without the use of technology, economic growth will cease due to diminishing returns in inputs (Solow, 1956). Despite the fact that this factor of technological development has not gained universal acceptance, it has influenced
Development described as a social condition within a nation in which the reliable needs of its population are satisfied by the rational and sustainable use of natural resources and systems. Meanwhile, Human development defined “as the process of enlarging people’s freedoms and opportunities and improving their well-being. Human development is about the real freedom ordinary people have to decide who to be, what to do, and how to live” . Economic growth is basically defined as an increase of wealth of a nation over time. Although, economic growth and development are closely intertwined, the economic growth is but a step in the direction towards development – one of prime significance, indeed a precondition to it, but by no means can it be conceptualized as development itself.
ORGANISATIONAL CULTURE AND JOB SATISFACTION The purpose of the present paper is to investigate a relationship between level of job satisfaction of the employees and organisational culture. A culture is a good-effective- if reinforces the mission, purposes and strategies of the organization. It can be an asset or a liability. Strong cultural norms make an organization efficient. To be effective a culture must not only be efficient, but appropriate to the needs of the business, company and employees.
In short, ecotourism should be managed in an environmentally manner as to produce long-term benefits to the resource, local community and industry. It should also provide enlightening experiences with involvement of education of all parties and the importance of their recognition towards the resources, support the
Hence, in this essay, more details of how important of sustainable community will be scrutinized and illustrate into three main categories below. Sustainable community highly aims to promote “financial stability” and “reduce risk factor” that can be harm to environment. Renewable energy a model of sustainable sources will sustainably help in economical saving and diminishing of environmental degradation. Solar energy
2.2.2 Economic development and Economic growth Economic development is defined as the attainment of a number of ideals of modernization such as a rise in productivity, social and economic equality, improved institutions and values (Adedeji et al, 2014). Economic development is thus an important aspect of general development in any nation (faodun et al, 2010). According to litman (2010), economic development refers to progress toward a community’s economic goals such as increased employment, income, and productivity and tax revenues. Loveride and morsedefined economic development as “A sustained community effort to improve both local economy and the quality of life by building the areas capacity to adapt to economic change”. Alan Dearoff professor of economics and public policy, university of Michigan defined economies development as “sustained increased in the economic standard of living of a country’s population, normally accomplished by increasing its stock of physical and human capital and improving its technology”.
Contemporary development economic theories agree that in general that economic development is enhanced only when Per Capita GDP growth rate is reasonably increased and sustained. Thus, from the policy making standpoint, economic development is a policy intervention targeted at attaining egalitarianism or improved social well-being of the people. The globalization of the concept of economic development originated in 1949, following the end of World War II, since then, the concept has gone through many phases culminating in the 1980swhen erstwhile industrial capitalism and market economy patently pushed forward the frontiers of traditional economic theories. From the institutional and good governance perspective, Adimmadu (2015) argued that
Development refers to any positive change, that is, the process of improving a subject from one state to another. Development is important in all aspects as it reflects growth and progress of a nation, person or idea. (Sid Israel, 2017) described development as a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is to facilitate a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. In order for a change to be considered as a developed one, then of course it must entail socio-economic and environmental changes.