Government Role In Economic Development Essay

ROLE PLAYER IN ECONOMIC DEVELOPMENT

There are members of the economy that play their own individual roles in ensuring that there is continued development and growth within the economy that we live in. There are 3 key role players that will be discussed to identify and point out their role within economic development.

1. Government in Economic Development.

i. The government as “prime mover” phase

The role of a primary entrepreneur was assigned to the government in this phase. Economic development is this phase was viewed as a process of growth that needs the systematic reassignment of the elements of production from conventional technology, minimising profits, less productivity mostly in the primary sector to an elevated productivity, current,

Through lessening the government’s role, development can be promoted. Actions to advance the broadening of markets and the market incentives rule would better the organisation of the economy.

2. Private sector in Economic Development

According to Harvard, the role that the private sector plays in economic development is one of the least acknowledged and assessed feature of Corporate Social Responsibility. The CSR initiative at Harvard, with cooperation with Social Impact Advisors, IFC, and the International Business Leaders Forum, held a leadership dialogue on the responsibility of the private sector in broadening economic opportunities in countries that are developing.

“Without growth, we will not achieve the Millennium Development Goals. And we will not achieve growth without a vibrant, competitive and innovative private sector- from street traders in Kampala to derivative traders on Wall Street.”- Sir Suma Chakrabarti, former Permanent Secretary of the UK’s Department for International Development.

The following are some important issues and proceeding actions that stood out from the leadership dialogue that took part at