classical model of David Ricardo’s theory of comparative advantage (CA). This argues that all countries have the ability to thrive by taking advantage of their assets and determining what they are best at producing and then trading their best products for other products that are more efficiently produced by other nations (Ruffin, 2002, p. 729). Those who are for CA point out that there are multiple benefits to this concept that can lead to development growth. Their faith aligns with liberal methods and policies, as liberalizing trade offers a winning scenario to all those involved by creating a more economically efficient system, producing more with less input thus saving time (Higgott & Weber, 2011, p. 435). The increase in transactions between nations also leads to an increase in peaceful interaction and interdependence between WTO members.
Creativity plays a central role in stimulating economic growth in cities, regions and advanced capitalist economies in general (Stam, Jong & Marlet, 2008). However, the development of a nation does not solely depend on the improvement of the nation’s economy but also on the improvement of the total well-being of the citizens; emotionally, physically, socially, mentally and spiritually. The various sub-fields of creative arts play an important role in improving the total well-being of citizens of a nation. After all, it is impossible to develop a nation without the individuals or citizens. This paper seeks to prove that creative arts are the anchor of national development.
According to this approach, the primary belief is that where a citizens standard of living is high, regardless of the sector of industry, that will automatically give the state the rank of being a more developed country. According to the United Nations Development Program (UNDP) (2015), the state should believe in the importance that natural resources pose towards the development of the state as a whole. However, these natural resources should be equally distributed to the citizens that inhabit s specific state, regardless of class or status, before they are placed on the international market to trade. This approach places the idea on the state that when trading commodities with foreign countries, the best interests of the citizens need to be kept in mind and therefore when a state trades on the international arena, they should be trading with the primary objective to try and improve the lives of its citizens. The Capabilities Approach places a great deal of importance on the idea that the citizen’s happiness is a measure of development throughout the country (Sen,
These public transportations had donated massive influence to the country which it turned from underdeveloped to a progressive republic. Since then, Malaysia has put serious attention on the improvement of facilities management for a better realisation in its quest to achieve its vision of 2020.Next, technology also plays vital part in stimulating the human development. As claimed by Business Dictionary, “human development can be defined as a measurement of achievements by humans through advancement of knowledge, biological changes, habit formation or other criteria that displays changes over time”. On the other hand, ButtePatil (n.d) stated that “our individual lives are also influenced by technology in many direct and indirect ways, including human relationships, entertainment, mind, governance and our human nature”. Therefore, it is unquestionable that the progress of the advance technology left huge impact among the society these days.
A managing director from Kelly Industrial, Ian Robinson, explains the convenience of social intelligence within a diverse workplace, “SI also helps to break down cultural barriers and can help improve productivity and teamwork in a culturally diverse workforce, as it leads to cooperation in the workplace by making people want to work harder while at the same time inspiring them to be more committed to their work” (Robinson). This quote explains the advantages of possessing social intelligence in the 21st century economy.
Every nation will achieve progress towards strong and effective infrastructures development. Infrastructures are dividing into economic infrastructure and social infrastructure. Economic and social development process depends largely on the available resources. However, Public infrastructure is necessary to rising industrial-driven economy. Public Private Partnership is one of the authorized strategies purposed to rally the industrial economic need and not reducing the social needs of the community(Markom & Ali, 2012).
Introduction:- 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
All the sector either in government or private has play their role to achieve target. The Malaysian financial system also has play important role in facilitating the growth and economic transformation on the Malaysian economy though a economic development such as a more integrated and globalised environment, and the more sophisticated and diverse investment and financing needs of the domestic economy will require a financial system that is more progressive and dynamic to advance the nation’s vision. The program that has been implementing such as 1 AZAM and BR1M gives a benefit to all stages of age that show a government effort to achieve a middle class society. 5.0 BIBLIOGRAPHY OR REFERENCE Easterly, William. (2001).
The multi dimensional growth of a nation depends upon presence of skilled and dynamic human resources. More proportion of intellectual human resources can contribute significantly to make the country shining qualitatively in a bottom up approach. An education that would help to produce energetic human resources to fulfill the goals of economy and help in maintaining sustainable “growth with equity” by providing the fruits of development to all. The provision of quality education is the foundation for a vibrant democracy in which informed citizens exercise their franchise to support the internal growth of the nation. It supports for growth in productivity, incomes and employment opportunities to enhance the quality of life.
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.)