The Importance Of Economic Development

The Importance Of Economic Development
Economic Development is extremely important in First Nation's communities as it is necessary for the development of First Nations economy and
helps the community members as a whole. Economic development begins with a strong relationship between community members. Indigenous
worldview and the Western worldviews are incredibly different. This may lead to a shaky relationship betweenFirst Nations people and the Westernized
economy. First Nation's leadership is important and Indigenous run businesses would be a great way of fueling the economy. This can be done through
with the proper on–reserve courses and education needed. Partnering with Westernized companies and organizations will only successfully work if they
are willing to look at the Indigenous worldview and understand and also incorporate these views into their organizations/companies.
Not only are there major differences in worldviews between Indigenous people and European people, but also the lasting impacts of policy within
Canada have had a major impact on First Nations people and the economy. According to MacKinnon (2000), "Canada's history of colonial policies
has left a legacy of damage and despair that has had a direct impact on the social and economic outcomes of Aboriginal people (sec. 1). Economic
development has a huge impact on the community as a whole. It not only looks after the economy, it also looks at the overall wellbeing of the
community members. Naturally, First Nations people are not going to
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Essay on Development
Karina Marie Leal 11.26.09
Com31 DEV. COMM
Only now, did I have the chance to really reflect on why we develop and why do we not. Before and up to now I usually associate development with
technology, but at this very moment, I just contradicted myself. Although technology does play an important part in determining it, I don't think it's
enough to give justice to what development really is because technological development is just a part of the whole. Development takes different forms;
it could pertain to individualistic, universal, materialistic development and many others, so development itself is very broad...show more content...
We don't see documents or pictures saying that our ancestors wakes up every morning with a frown on their faces because they have a big meeting
with the dealers of their company, nor do they seemed to have any problems with a cancelled flight or early morning stampede on shopping malls. All
are now living in a generation where people prefer seeing large buildings rather than large beautiful trees; or where people prefer to talk online rather
than meeting personally. It's funny how we contradict ourselves today; why we focus so much on the future that we let the present slip by. How much
we want to get older but the moment that we are old enough we come racing for our childhood to come back or how we work so hard for money
yet spend all of it for hospital bills. Although we now live in a world where large buildings and beautiful town houses signifies our development I
think its not enough basis to measure how developed we are because we also have to look at it in a fragmented manner, to look closely at the
individuals who makes up our society. Our individualistic perspective is slipping away due to our desires to have all that we think is the world's
greatest offer, I'm not an anti–thesis of these people because I am one of them, but this behavior is what hampers us to achieve development. We tend
to become too subjective with our lives that we often distort our reality and our ideas. We fail to really connect with one another without the notions on
widening our

Economic Development Essay
Location
Bangladesh is located in South Asia and shares borders with India to the west, the north and the east. To the southeast lies Burma. The southern shores
are washed by the Bay of Bengal. Bangladesh occupies a fertile delta created by two of Asia's largest river systems, the Ganges and the Brahmiputra.
Politics
Bangladesh is one of the youngest nations in Asia. Until two and a half decades ago, it formed the eastern half of Pakistan; the western half lay over
2,000 km away, on the other side of India. In 1971, Pakistan's army attempted to subdue an East Pakistani movement for regional autonomy which led
to a bloody civil war. India joined the war in early December of that year and, later that month, Bangladesh became an...show more content...
With its newfound political stability, Bangladesh has undertaken an ambitious program of economic reforms, and opened its doors to foreign
investment. A large workforce, and low wages and costs make Bangladesh an attractive base for setting up manufacturing and assembling facilities.
The present government has initiated several measures to stimulate economic growth. New businesses are being encouraged and there are generous tax
incentives for exporters. Foreign–exchange restrictions have been eased. Overseas businesses are being wooed as foreigners are now allowed to own
ventures wholly and are permitted to invest in the stock market. The mobilization of domestic resources is a key priority of the program.
The results have been satisfactory. Economic growth has improved steadily since 1991. Inflation has been substantially reduced and the external
current account balance has also improved.
As a result of more rapid growth in the services sector, overall real GDP growth was 5.5 percent in 1996, 5.9% in 1997 and 5.6% is the preliminary
estimate for 1998. Encouraged by the government's policies of deregulation and financial sector reform, both private and public sector investments
and national savings have increased steadily. Investment was equivalent to 12.1 per cent of GDP in 1992, 12.7 per cent in 1993, 14.6 per cent in 1994
16 per cent in 1995, 16.5 per cent in 1996 and 16.75 per cent in 1997. The national savings rate was 9.6 per cent of

Economic Development And Economic Growth
To what extent should government in developing countries pun inequality in the policy agenda? High and sustainable economic growth is the main
condition for the sustainability of economic development and increase prosperity. As the population increases each year, the consumption is also
increasing. Further more, demand, supply and population growth also require employment growth as a new source of income, because if not so then
economic growth will lead to poverty. Many economics literatures review the correlation between income inequality and economic growth and the
results show that inequality negatively affected economic growth (Boushey and Price, 2014). Moreover, Ravallion (2014) argued that, particularly in
developing countries, initial inequality and changes in inequality in the period of economic development influence economic growth. Economic growth
can be derived from the growth in aggregate demand and aggregate supply. For that reason, income inequality should be at the forefront of many
developing countries' policy agenda, and this essay, on the other hand, focuses on how inequality in income affects economic growth, particularly in the
aggregate demand side. According to Oxford Dictionary of Economics (2009), aggregate demand is define as the total of intended attempts to spend on
final goods and services produced in a country. Aggregate demand further described as the sum of consumption, investment on capital, government
spending, and net exports (McCormick,

Essay on Economic Growth and Development
Economic growth is a necessary but not sufficient condition of economic development.
There is no single definition that encompasses all the aspects of economic development. The most comprehensive definition perhaps of economic
development is the one given by Todaro:
'Development is not purely an economic phenomenon but rather a multi – dimensional process involving reorganization and re orientation of the entire
economic and social system.
Development is a process of improving the quality of all human lives with three equally important aspects. These are:
1. Raising peoples' living levels, i.e. incomes and consumption, levels of food, medical services, education through relevant growth processes.
2. Creating...show more content...
Amartya Sen defines economic development in terms of personal freedom, freedom to choose from a range of options. While economic growth may
lead to an increase in the purchasing power of people, if the country has a repressed economy, there is lack of choice and hence personal freedom in
restricted. Hence once again growth has taken place without any development.
While economic growth may result in an improvement in the standard of living of a relatively small proportion of the population whilst the majority of
the population remains poor. It is how the economic growth is distributed amongst the population that determines the level of development. Taking into
consideration the trickle–down theory of economics by
Lewis, if the growth in economy is not sufficient to satisfy the needs and wants of the upper sections, nothing or very little shall trickle down to the
lower sections in the hierarchy of society. Thus, the gap between the rich and poor widens and though economic growth has impacted a certain section
of society, this cannot be considered development. Another example is an increase in the defence output of a nation, which accounts for an increased
GDP but does not in any way contribute to economic development.
Economic growth is not enough in itself to measure economic development as even if there has been a leap in the income of people in a particular

nation,

Economic Growth Essay
Economic Growth Economic growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth
increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment
opportunities, stimulates business enterprise and innovation. A sustained economic growth is fundamental to any nation wishing to raise its standard
of living and provide a greater well being for all. Gross domestic product (GDP) is the monetary value of all final goods and services produced over a
year. It is the total value of production within the economy. The total value of production is the total value of the final goods or services less the cost of
...show more content...
Real GDP is measured by the following formula; [(current year quantity) x (based year price)]. A more reliable measure of economic growth is real
GDP per capita; this measurement takes into account both the total production of the nation and the total population. Real GDP per capita measures the
real income per head of the population.
This can be measured by the following formula; Per capita nominal GDP = Nominal GDP / Population, Per capita real GDP = Real GDP / Population.
Seven factors determine economic growth. Natural resources such as land, mineral deposits, waterways; climatic conditions provide an essential
foundation to economic growth. Combined with the other resources of capital, labor and enterprises, natural resources can be developed and organized
to increase the productive capacity if the nation. Consequently the quality and size of the labor force is a major determinant of economic growth.
Education and vocational training are essential the growth potential of a nation. The promotion of education and job training schemes increase the
knowledge, skills and flexibility of the workforce that contributes to potentially higher levels of productivity and efficiency. Whether from natural
increase or immigration population growth can cause a higher level of economic growth. An increasing population requires increased public spending
on housing, education and other social needs while businesses expectations of

Development is one of the most important factors of human life and one of the abilities which distinguish humans from animals. Over time, humans
have realized their power to gain whatever they want from the environment. However, it has not taken too long for people to understand that this trend
can end up with a disaster. Over consumption of limited natural resources can cause environmental degradation in an environment that humans are
depends on it for living. This essay will look into the concept of economic growth and the effects of economic growth on the environment. Then, by
analyzing the current situation, this essay will attempt to answer the question "how and how much can humans reduce environmental degradation?"
The concept of...show more content...
*Therefore, it is more accurate to not consider development just as economic growth. Also, consider the other aspects of the development such as
social changes and technological development. Is environmental degradation an inevitable consequence of economic growth? Some specialists believe
that inevitable consequence of economic growth is environmental degradation and humankind's future will doom. Although this is a negative and
unrealistic projection of future, economic growth can be harmful to the nature in many ways such as: global warming, effects of pollution growth,
extinction of species and consuming natural resources. However, if other side of development (social and technological development) is considered,
there are many ways to prevent environmental degradation. Experience shows that technology can prevent or reduce many aspects of environmental
degradation. For example replace toxic materials with eco–friendly biodegradable materials. The detergents which are used in industries and houses
made foamy sewage and it pollute entire cities coast. On 1964 synthetic detergents that can be destroy by microorganism in the soil was founded.
From then it was only a one year task to solve this problem for ever (Cubane, 1964). Recycling is another method of using technology to prevent the
environmental degradation. In Pacific Ocean there is an area with size of Texas which is covered by plastic wastes. Plastic is not a biodegradable

Essay On Financing Economic Development
One way to reduce inequality among countries is financing economic development in low and middle–income countries previously referred to as
developing countries. Financing economic development in developing countries has always been of interest to me. Ending extreme poverty in
countries by 2030 is a major goal of the World Bank and the United Nations. Ending poverty involves raising income and facilitating inclusive growth.
Low and lower–middle income countries require foreign finance to bridge the gap between domestic savings and the fund required to finance
development. Reallocating savings from countries with excess savings to countries with deficit savings is a way to provide foreign finance to low
income countries. Reallocation of...show more content...
Domestic firms in host countries can benefit from foreign firms through imitation and labour turnover which transfers managerial and production skills.
However, foreign firms are more likely to pay higher wages than domestic firms. This would limit the spillovers from labour turnover. In addition,
foreign firms are more likely to prevent technological spillovers to domestic firms to avoid competition.
Private domestic and private foreign firms make up the private sector. Private sector is the engine of growth. Improving the productivity of firms in the
private sector involves improving productivity of the economy thus, the economic growth. The private sector can provide more jobs than the public
sector therefore providing income for people. Government needs identify the constraints to firm productivity. In addition, there is a need to identify the
factors which could enhance how domestic firms benefit from foreign firms and how foreign presence can improve skills and promote
entrepreneurship activities. These factors could be due to the characteristic of the foreign firm, domestic firm or the country environment. Identifying
these factors will facilitate designing policies to enhance technological spillovers to domestic firms. However, lack of sufficient data to identify these
factors is a challenge to designing policies. In the last ten years, the World Bank has been able to provide data on firms in countries through the World
Bank Enterprise Survey. These surveys

Sustainable Growth and Economic Development
Economic growth has been used with other terms such as development, modernization, westernization and industrialization. It is, in other words, a
transition from a simple, low–income economy to a modern, high– income economy. Its scope includes the process and policies by which a nation
improves the economic, political, and social well–being of its people. Though it is often measured by rate of change of gross domestic product, it is
generally understood in terms of increase in per capita income, and attainment of a standard of living equivalent to that of industrialized countries.
Economic growth implies a change in the way goods and services are produced, not merely an increase in production achieved using the old methods of
...show more content...
There are other views that consider environmental and social challenges as opportunities for development action. This is particularly true in the concept
of sustainable enterprise that frames these global needs as opportunities for private enterprise to provide innovative and entrepreneurial solutions. This
view is now being taught at many business schools in the West.
Sustainable development is said to set limits on the developing world. It is being argued, while current first world countries polluted significantly during
their development, the same countries encourage third world countries to reduce pollution, which sometimes impedes growth. Sustainability requires
that human activity only uses nature 's resources at a rate at which they can be replenished naturally. Theoretically, the long–term result of
environmental degradation is the inability to sustain human life. Such degradation on a global scale could imply extinction for humanity.
In the Indian context, infrastructure development is critical for sustainable growth. It is often noted that poor infrastructure–a lack of water and
sanitation, shoddy roads, and unpredictable energy supply– constrains foreign direct investment and overall economic potential. A key issue is of
attracting private investors willing to participate in infrastructure projects given their complex and risky nature.
Cases of corruption and

The Theory Of Economic Development Essay
The theory of economic development has equipped the underdeveloped countries with a choice between 'balanced' and 'unbalanced' growth that has
been one of the most tendentious topics. One group advocates the theory of Balanced Growth and refutes, in almost unequivocal terms, the virtues and
utility of the doctrine of Unbalanced Growth, which the other group endorses with great insistence. These approaches towards economic development
have been expounded and interpreted in various ways in the literature on the subject. In this discourse, I shall elucidate critically the major features of
balanced and unbalanced growth as propounded by their corresponding proponents. Further, I shall discuss the position, potency and effectiveness of
these strategies in India and South Korea.
The doctrine of balanced growth lays emphasis primarily on the horizontal interdependence in consumption demand. According to this conviction, in
order to maneuver through the stagnant levels of income and productivity in the underdeveloped countries to successfully initiate the process of
development, it is essential to simultaneously invest in a number of projects spread over several supporting, mutually interdependent industries. An
elaborate network of complementary enterprises could produce inducement for further investment by providing demand for each other's output. This
aspect of balanced growth theory received considerable attention from three developmental thinkers – Paul Rosenstein–Rodan,

1. Introduction
Agriculture is one of the vital sectors in terms of economic development and it is globally one of the most sensitive sectors, since the productivity is
comparatively dependence on environment and weather, thereby agricultural product prices are often volatilised; many countries and regions have
historically protected this vulnerable sector by variety supports (Tagermann, 2011: 30; Trumbell, 2007). Indeed, albeit agricultural export is recognised
as the 'economic driving force' for almost 50 developing countries, liberalisation in agriculture has been slow; this sector had been an exemption in
multilateral trade negotiations until Uruguay Round (Apolte and MГ¶ller, 2010: 13; Daugbjerg, 2014; European Commission, 2014: 7; MarkoviД‡
and MarkoviД‡, 2014: 435). There were issues caused by overproduction and dumping in developing countries in the 1980s (Baldwin and Wyplosz,
2015: 225). This 'supply problem' was a trigger to argue agricultural protection and some countries which has liberalised agriculture, namely Australia,
criticised it (Murray and Zolin, 2012: 190). In spite of the fact that General Agreement on Tariffs and Trade(GATT) administered the framework for
agricultural trade, there were loopholes such as non–tariff barriers (NTBs) encroaching on trade distortion at international level (Swinner et al, 2012:
1099; WTO, 2015). Compared to the past, agricultural sector has been gradually liberalised through international trade to some extent with declining

TABLE OF CONTENTS CHAPTER ONE: INTRODUCTION .................................................. 1 Background
............................................................................. 1
1.4 Climate change adaptation and mitigation ...................................... 9
1.7 Problem Statement .................................................................... 11
1.8 Objectives of the study ............................................................... 13
1.9 Research questions .................................................................... 14
1.10 Significance of the study ............................................................ 14
CHAPTER TWO: LITERATURE REVIEW ....................................... 16
2.0 Introduction ............................................................................ 16
2.1 Conceptual Framework .............................................................. 16
2.2 Empirical Literature ................................................................. 22
CHAPTER THREE: METHODOLOGY ............................................. 25
3.0 Introduction ............................................................................. 25
3.3 Model Specification ................................................................... 26
3.4 Data Analysis and Techniques ...................................................... 26
References .................................................................................... 28
CHAPTER ONE
INTRODUCTION
1.1 Background
The evidence of climate change in Kenya is undeniable, while its effects on economic growth are no more mysterious; rather, they are rapidly unfolding
to a startling reality and concern for humanity. Accelerated emissions of green house gases (GHGs) globally, from combustion of fossil fuels and
unsustainable land use practices is the key driver of anthropogenic climate change, which is manifested in; temperature variations, frequent and
extensive droughts, intensive rainfalls and floods, seasonal and regional pest and disease prevalence that result to conflicts for pasture and water
resources,

Chalmers Johnson defined the developmental state as a state that is focused on economic development and takes the necessary policy measures to
achieve that objective (Leftwich, 1995). In order to get a general understanding, this essay will begin with a short explanation of what a developmental
state is. This essay will then consider whether the South African state, as it developed under Jan Christiaan Smuts and his post–1948 successors, can or
cannot be considered as a developmental state. This essay will do this by pursuing the developmental state model consistently; more specifically the
economic growth aspects of the developmental state model, but by not forgetting about the social development aspect. The essay will then consider
what legacy, if any, does this leave for the post–apartheid government. Before we consider the questions posed above we must first get a general idea
of what a developmental state is. Developmental state is a term that is used by international political economy scholars to refer to the occurrence of
state–led macroeconomic planning in East Asia in the late twentieth century. A developmental state is a state that tries to balance economic growth and
social development. It uses state resources and state influence to attack poverty and expand economic opportunities. A developmental is state is
characterized by having strong state intervention, as well as extensive regulation and planning. A developmental state intervenes more directly in the

Introduction Economic development is a new concept that came about in the early twentieth century. Although, theorists argue that Karl Marx has
alluded to the concept earlier in 1887 . Historically, the increasing importance of the concept can be traced back to the needs approach of the ILO ,
World Bank and Amartya Sen's Capability approach (Sen, 1993). Gerald Meier defines economic development as 'the process whereby the real per
capita income of a country increases over a long period of time – subject to the stipulation that the number below an absolute poverty line does not
increase and that the distribution of income does not become more unequal'. Wherein, there is evidently a strong relationship between economic
growth and development. This essay analysis the concept of the two terms economic growth and economic development by examining their
characteristic approaches. In turn, understanding the relationship between them. Economic Growth Economic growth aims at removing obstacles that
could come in the way of increasing an economy's productive capacity, like removing market imperfections that exist in an economy. Supplying the
'missing components' like capital, foreign exchange, technology, skills, and management, which is needed for improving an economy's productive
capacity. Consequently, expecting that the increased capacity of the economy would somehow reach the masses. Economic Development Economic
development, on the other hand, aims at increasing the

Effects Of Economic Development On A Nation
Erik Thomas
Matheny/Sprague
LA/SS per3/4
April 3rd, 2015
Trick of the Trade
The causes of economic development in a nation can vary, but popular arguments for their success is the geographical location of that nation, and their
amount of natural resources. The broadening of economic wealth for a nation could lead to many outcomes, such as conflict, shifts in power, or a
complete transfer in political ideology. From the late 1880's through the 1920's there was an exponential jump in the economic growth of Latin America
. This spike was the result of the harvesting of Latin America 's immense agricultural resources that were exported to many nations. Latin America 's
massive development of economic trade precisely compelled a liberal ideology among the nation and lead to internal conflict, power shift in social
classes, and political reformation. In order for Latin America, or any population to export/trade, there needs to be a demand for the product and enough
of the products to maintain a substantial flow of income. Europe was industrializing at this time and needed resources from Latin American countries.
Southern Honduras produced mass amounts of cotton which induced flourishing export markets. Honduran investors had the opportunity to establish
financial relationships with sugar and beef exporters in the Northern part of Cortez because of their country's new strong economic reputation
(Reinterpreting the Banana Republic). Venezuela and Mexico were big producers of oil,

Population Growth And Economic Development
Another result that has occurred from population growth is a change in consumption and waste. This subject has arguments on population growth
hindering economic development as well as not affecting it at all. As argued by Robbins, population growth has caused a high demand on resources,
such as water, food and fuel. With population growing, that is why some communities are dealing with famine, poverty and an increase in mortality
rates. According to Massimi Livi–Bacci, population growth has not had an effect on the economy. He believed that human population growth can be
dealt with technology. With the development of technology, tools and equipment for agriculture can help to increase food production, to support the
growing population. In the past, things were modified and invented to hunt for food, to heat, cook food and preserve it. High grade fertilizers,
pesticides, and herbicides were invented to help farmers grow crops that were better and stronger. Consumers do not want crops that will rot in a few
days after purchase, so these things helped crops last longer once they were purchased. More importantly, without these developments in technology,
individuals would suffer from food shortages, starvation and mortality rates would go up. Ester Boserup, was another supporter, he commented that
population growth would not hinder the economy, but through the use of agriculture and technology they can produce more food supporting the
population increase. Boserup did mention

Economic Development And Human Development
Development constitutes a new stage or phase in a changing situation. It is rather ambiguous and can be viewed from different perspectives. With
regard to the context of this essay, it refers to economic development and can, at times, allude to human or social development. Human development
can be defined as "the process of enlarging people's choices," and these choices enable people to "lead a long and healthy life, to be educated, to
enjoy a decent standard of living," as well as "political freedom, other guaranteed human rights and various ingredients of self–respect" (Human
development report 1997, 1997). Whilst economic development is "the process by which a nation improves the economic, political, and social
well–being of its people" (En.wikipedia.org, 2017). Economic growth is requisite in order for economic development to occur as argued by economist
Amartya Sen who pointed out that it is "one aspect of the process of economic development" (Sen, 1983). Both economic and human development fall
under the umbrella term 'International Development' which is evidently linked to migration and refers to development on a global scale. The above
mentioned concepts are affected by, and intricately linked with, migration on both a global, regional and local scale.
Migration can be defined as "the movement by people from one place to another with the intentions of settling, permanently or temporarily in a new
location" (En.wikipedia.org, 2017). Migration has been a perpetual

The Importance Of Economic Development

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