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Reflection On Economic Development

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Reflections on Economic Perspective of Development I would prefer a combination of Development Theory 1: Explaining Growth and Development Theory 2: Structural Transformation. The “neoclassical growth model” by Robert Solow emphasizes that equipping the human resources and physical equipment through technological improvement with more capital can lead to higher productivity. The growth model stresses that a better transport system, new navigation, and technological breakthroughs can lead to a greater productivity. Under the Growth Theories, production is function of land and natural resources, physical equipment, labor and skills and technology. These are the determinants of the growth of production. In private businesses and multinational companies in the country, more capital must be spent to manpower development to increase their production and the quality of their outputs. More budget must be utilized for their wages and programs which will enhance their knowledge and skills. Human capital is one of the strengths of the Philippine government. Data shows that the population of the Philippines is very young. This can be a major advantage of the country in the future. If the work force of the country will undergo intense training and skill development program, they will be globally competitive. The implementation of continuous professional development programs in all sectors must be required. One of the new policies of the Professional Regulatory Commission

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