Economic development essay
little prospects of acceleration of growth through promotion of exports. Hirschmans view has been challenged by Prof. And this HDI is in fact a ranking tool used among countries so that they know about life expectancy, education and GNI of each individual. Besides, in view of the low labour intensity of technologies imported from abroad, the need for development of appropriate technologies suited to the factor endowments of developing countries was highlighted. It may also include credit facilities available from banks and other financial institutions and also the facilities for the education and training of labour. Thus in the seventies, the reliance on GDP growth alone to solve the problems of poverty and unemployment was challenged. However, the above mentioned defence of neoclassical economics and critique of development economics has been challenged, among others, by Amartya Sen.
Development is a process of improving the quality of all human lives with three equally important aspects. For instance, the inadequacy of railway network in most of the newly independent countries of Africa and Latin America is a bottleneck in the expansion of national market and growth of industries. Economic growth can be extensive and intensive. Thus the advocates of the adoption of policy framework of neoclassical economics emphasised government failures to obstruct rapid development. So basically, its like a kind of income or standard of living. In addition to the different mathematical methods used to calculate economic development, the HDI (human development index) is another widely used process to calculate development. When people use various resources and rearrange them to make them more useful and valuable, economic growth takes place. The Objectives of Economic Development: From the study of Sens capability approach to development and Goulets core values of development we are in a position to explain the objectives of development.
Free Essay: Economic growth is a necessary but not sufficient condition of economi c development.
There is no single definition that encompasses all the.
Free Essays from Bartleby Economic growth has been used with other terms such as development, modernization, westernization and industrialization.
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This throws new light on international economic relations. Moreover, some importance was given to the tourist sector. One way to measure economic growth would be in nominal terms (they comprise inflation). Economic development is the aim of most developing countries. And some of them would be the government intervening by creating some expansion of the economy and this by imposing new rules to respect. In the early 1970s there was realisation by economists that growth in terms of GDP, though a necessary condition is not a sufficient condition for the reduction of poverty, inequality and unemployment. Restrictions on imports protect them from international competition. Whereas the rich nations can help the poor nations develop economically and break the vicious circle of poverty, they also pass on to them their consumption patterns. State-owned enterprises were to be privatised. The policy framework of neoclassical economics such as liberalisation, privatisation and globalisation was suggested by prominent economists,.M.D. A man finds some of his friends using colour televisions, luxury cars, costly mobiles, refrigerators, air-conditioners, electric hot plates, and electric washing machines and so on and experiences a sort of restlessness and a craving is generated in his mind to enjoy these amenities some. Therefore, the ideal of creating an unlimited number of wants and satisfying them seems to be delusion and snare.