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
Development may be associated with structural transformation from a primary good based production to manufacturing and service base economy. It may also be associated with social aspects such as poverty, employment state and equality. Commonly, countries tend to measure economic development to determine the overall development. The scope of economic development includes the process and policies by which a nation improves the economic, political, and social well-being of its people. 1 The
look into the relationship between democracy and economic development. The paper opens with a brief look into the importance of economic development, and then looks into democracy and its elements and how they factor into the growth of the economy, with some hypotheses from specialists of the field. Cases of economic growth in non-democratic countries are also delved into, namely the case of China. There the paper analyzes what results in economic growth in the absence of democracy. In the end we
A major goal for developing countries is economic development or economic growth.However, the two terms are not identical. Growth may be necessary but not sufficient for development. This chapter gives a brief background on economic development. It also explains different methods of classifying countries according to United Nations and World Bank criteria. Economic development is usually measured using Gross Domestic Product (GDP), Human Development Index (HDI) and Purchasing Power Parity (PPP).
In any country’s development process construction industry plays a main character both growth-initiating and growth-dependent. For social economic development which provide to the general economic growth, buildings and infrastructure works had organized by the industry. An increase in disposal incomes, generating demand for extra construction activity is leaded by the success of economic development. The growth and development of the construction industry had implicated by a country’s hereafter expectation
Economic growth and economic development In measuring and identifying the factors that stimulate the growth of the economy of a nation such as the Republic of India, a distinction needs to be made between economic growth and economic development. For a nation to experience economic growth, there must be an increase in the gross domestic product (GDP), which is a qualitative measure of the value of all finished goods and services produced in that country within a period of time. However, economic
ON INTER-COUNTRY COMPARISONS BASED ON WORLD DEVELOPMENT INDICATORS Submitted By: Deepti Nikita Kartik Introduction: Economic development is the development of economic wealth of countries, regions or communities for the well-being of their inhabitants. From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and
Hydroelectric Dams and Socio-economic Development Construction of dams has been one vital response to challenges emanating from water management for irrigation and/or power supply. These dams have often served as vital engine of growth for any countries, especially in South-East Asia. Literature on hydropower dams and economic development seem to implicitly cite correlation between the number of dams a region has and its level of development, although many of these literature have not explicitly
Subsidy plays very important role in the economic development of any country. It brings out desired changes by stabilizing the price of essential good & services, optimum allocation of resources, redistribution of income in favor of poor people and thus achieving both the objective growth & of the equity of nation. Subsidy is used to modify market outcomes, especially to take account of positive externalities, and, thus promote certain well-defined redistributive objectives. Prest [1974] had studied
high level of importance that exists in terms of the effect entrepreneurship has on the economic development and growth of a country. This is seen in terms of how entrepreneurship is dependent on innovation for success which results in growth as measured by the GDP (Drotskie, Jacobs, Nieuwenhuizen and Oosthuizen, 2017). The outcome of growth facilitates economic development, highlighted in the level of economic opportunities available and the well-being of society’s individuals (Toma, Grigore and