This document provides an overview of economic development concepts and issues. It defines development as a multi-dimensional process involving social and economic reorganization to improve quality of life. Traditional views saw development as economic growth, while newer views emphasize reducing poverty and inequality. Sen's capabilities approach sees development as expanding freedoms. The document also discusses objectives of development, characteristics of developing nations, differences between growth and development, and indices like HDI and MDGs that measure development progress.
Meaning of economic development, core values in economic development, Developed countries, Underdeveloped countries, Characteristics , Difference between Economic Growth and Economic Development.
In economics, the cycle of poverty is the “Set of factors or events by which poverty, once started, is likely to continue unless there is outside intervention“. The poverty cycle can be called the “Development trap" when it is applied to countries.
Meaning of economic development, core values in economic development, Developed countries, Underdeveloped countries, Characteristics , Difference between Economic Growth and Economic Development.
In economics, the cycle of poverty is the “Set of factors or events by which poverty, once started, is likely to continue unless there is outside intervention“. The poverty cycle can be called the “Development trap" when it is applied to countries.
The classical growth theory argues that economic growth will decrease or end because of an increasing population and limited resources Classical growth theory economists believed that temporary increases in real GDP per person would cause a population explosion that would consequently decrease real GDP.
Principles and Concepts Development
What is the real meaning of development?
Why do some countries develop and others remain poor?
What are the sources of development and how do we measure development?
Does historical record of development help us understand it better?
What are the most influential theories of development and are they compatible?
Is development process of developing nations independent or interdependent with that of developed nations?
Definition of Economic Development: 1950s
In economic terms, development is the capacity of a nation to generate and sustain an annual increase in its GNP of 5% or more.
Traditional economic measures:
GDP: is the market value of all final goods and services produced within a country in a given period of time
Y=C+I+G+NX
GNP: is the market value of all final goods and services produced by permanent residents of a country in a given period of time
GNP= GDP+ net factor income from abroad
The classical growth theory argues that economic growth will decrease or end because of an increasing population and limited resources Classical growth theory economists believed that temporary increases in real GDP per person would cause a population explosion that would consequently decrease real GDP.
Principles and Concepts Development
What is the real meaning of development?
Why do some countries develop and others remain poor?
What are the sources of development and how do we measure development?
Does historical record of development help us understand it better?
What are the most influential theories of development and are they compatible?
Is development process of developing nations independent or interdependent with that of developed nations?
Definition of Economic Development: 1950s
In economic terms, development is the capacity of a nation to generate and sustain an annual increase in its GNP of 5% or more.
Traditional economic measures:
GDP: is the market value of all final goods and services produced within a country in a given period of time
Y=C+I+G+NX
GNP: is the market value of all final goods and services produced by permanent residents of a country in a given period of time
GNP= GDP+ net factor income from abroad
There are numerous general economic concepts that must be taken into account in engineering studies.
In broad terms, economics deals with the interactions between people and wealth, and engineering is concerned with the cost-effective use of scientific knowledge to benefit humankind.
This section introduces some of these basic economic concepts and indicates how they may be factors for consideration in engineering studies and managerial decisions.
Basic concept on Systems/Software Analysis, Design & Development, how software engineering, large projects are done, collaborated, best practices & standards.
Class Presentation on Economic development, inequality and foreign aid.pptxGeorgeKabongah2
Economic Growth may be defined as rate of expansion over a short period.
Economic growth is a single dimensional quantitative concept which is concerned only with the rate of increase in national income.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
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The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
2. Outline
Definition
Different views on Development
Growth vs Development
Core values of Development
Objectives of Development
Development as freedom
Human Development Index
Conclusion
3. Development !!!! ????.........
What is the meaning of growth if it is not translated into the lives of people?
- UNDPHuman Development Report 1995
Development can be seen ….. as a process of expanding the real
freedoms that people enjoy.
- Amarya Sen, Nobel Laureate in Economics.
Our primary goal in development must be reduce the disparities across and
within countries….. The key development challenge of our time is the
challenges of inclusion.
- James D. Wolfensohn, FormerPresident, World Bank
For a poor person everything is terrible – illness, humiliation, shame. We
are cripples; we are afraid of everything; we depend on everyone. No one
needs us. We are like garbage that everyone wants to get rid of.
- A blind woman fromMoldova
4. Meaning of Development
Development is not purely an economic
phenomenon but rather a multi-dimensional process
involving reorganization and reorientation of entire
economic ANDsocial system.
Development is process of improving the quality of
all human lives.
5. Meaning of Development
Development is the CAPACITY of the national economy, whose
initial economic condition has been more or less static for a long
time, to GENERATE and SUSTAIN an annual increase in its
GROSS NATIONAL PRODUCT at rates of 5% to 7%
There is a stress on the industrialization often at the expense
of agriculture and rural development.
DEVELOPMENT is seen as an economic phenomena in
which rapid gains in overall growth would either trickle do wn
to the masses in the form of jobs and other economic
opportunities.
TRADITIONAL ECONOMIC MEANING
6. Meaning of Development
NEW ECONOMIC VIEW
DEVELOPMENT is the reduction or elimination of poverty,
inequalityandunemployment within the context of a growing
economy.
The development of PEOPLE rather than development of
things.
The challenge of development is to IMPROVE the quality of
life. Especially in the world’s poor countries.
Development means less poverty, cleaner environment, more
equal opportunity, greater individual freedom and a richer
cultural life.
7. Sen’s View
““Economic growth cannot be sensibly treatedEconomic growth cannot be sensibly treated
as an end in itself. Development has to beas an end in itself. Development has to be
more concerned with enhancing the lives wemore concerned with enhancing the lives we
lead and the freedoms we enjoy.”lead and the freedoms we enjoy.”
Amartya SenAmartya Sen
Development as FreedomDevelopment as Freedom
1998 Nobel Laureate in Economics1998 Nobel Laureate in Economics
8. Sen’s cont’d..
Sen attempts to expand the basic interpretations of
freedom by examining five elemental forms of
instrumental freedoms:
political freedoms,
economic facilities,
social opportunities,
transparency guarantees, and
protective security.
These freedoms constitute not only the means, but
also the ends in development.
9. Common Characteristics ofCommon Characteristics of
Developing NationsDeveloping Nations
Political instabilityPolitical instability
Policy inconsistencyPolicy inconsistency
Low levels of livingLow levels of living
standardstandard
Low levels ofLow levels of
productivityproductivity
High rates ofHigh rates of
population growthpopulation growth
and dependencyand dependency
burdensburdens
Resource gapResource gap
High levels ofHigh levels of
unemployment andunemployment and
underemploymentunderemployment
Dependence onDependence on
agriculturalagricultural
production andproduction and
primary-productprimary-product
exportsexports
Prevalence ofPrevalence of
imperfect marketsimperfect markets
Weak institutionsWeak institutions
10. Growth vs Development
Economic growth is the increase of a nation’s real output
(GDP).
- Is a quantity based concept - not quality based
- A direct measure of changes in the size of the
economy
Economic development is the process by which a nation
enhances its standard of living over time.
GDP per capita is considered as a key indicator of
Development.
11. Objectives of Development
The improvement in the access and
distribution of basic necessities
The improvement of living standards
The expansion economic and social
opportunities
12. Three Core Values of Development
Sustenance: The Ability to Meet Basic Needs
All the persons have certain basic needs which are necessary
for the survival. They consist of food, shelter, health and
protection. If any one of them is missing or in short supply in
any economy it would represent the state of under-
development.
Self-Esteem: To Be a Person
A second universal component of the good life is a self-esteem,
a sense of worth and self-respect. It means that the other
people could not use him for their own ends. It also means that
each person should be given his due respect and due right.
13. Three Core Values of Development
(cont’d..)
Freedom from Servitude: To Be Able to choose
The third universal value required for economic development
is concerned with human freedom. By freedom it means the
emancipation from alienating material conditions of life and
from social servitude to nature, ignorance, other people,
misery, institutions and dogmatic beliefs.
14. Economic Development: How the notion evolved
over time
Economic history of the modern world started with the
Industrial Revolution (17th
Century)
Factory-based industrial production came into being
Markets expanded :
Division of labour promoted large-scale production.
Larger surplus led to greater capital formation, investment,
production capacity and growth of income
The economy transformed gradually
- From a primarily agricultural to an industrial economy
15. Cont’d…..
ArthurLewis’ model of Economic
Development
- Mobilize surplus generated by agriculture.
- Use this surplus to set up industry.
- Shift surplus labour from agriculture to newly set up
industry.
- This will set in a process of industrialization and
income growth.
16. Cont’d…..
The Trickle Down question :
- Does a higher overall income growth rate mean a
higher income level for all?
Experience of countries during the 1960s :
Most developing countries of Asia, Africa & Latin
America experienced income growth along with rising
income inequality
In most of these countries incidence of absolute
poverty increased.
17. Cont’d….
Simon Kuznets’ hypothesis :
– With rising per capita income, income inequality rises
first and then starts declining after a threshold income
level has been crossed.
Many country experiences corroborated this hypothesis.
Policy implication of Kuznets’ hypothesis:
Intervention needed to improve income
distribution & alleviate poverty of the population.
18. Cont’d….
Poverty took up the centre stage of
development discussions in late 1970s
Concept of Absolute Poverty in terms of Food
Security & Nutritional Inadequacy evolved
Along with percapita income & income
inequality measure, incidence of poverty
became a major development indicator of the
developing countries of the World.
19. Cont’d….
In mid 1980s, ProfessorAmartya Sen enunciated a
comprehensive notion of Human welfare in terms of
his famous Entitlement, Capabilities & Functioning
concepts.
In brief :
- Welfare / Well being derives from consumption
(of goods & services)
- Access to consumption requires Entitlement (in
terms of purchasing power for procuring goods &
services for consumption)
20. Cont’d….
Capabilities (defined in terms of health, access
to education, Knowledge & information) helps
converting consumption into welfare i.e
command over commodities
Lack of entitlement / capabilities is defined to be
violation of proper Functioning
22. Development puzzle cont’d…..
The World Bank (2005) : “different policies can yield the same result,
and the same policy can yield different results, depending on country
institutio nalco nte xts and unde rlying g ro wth strate g ie s .”
There is no single set of policies that can be guaranteed to ignite
sustained growth. Nations that have succeeded at this tremendously
important task have faced different sets of obstacles and have
adopted varying policies .
It seems harder than ever to identify the keys to growth. For every
example, there is a counter-example. The current nostrum of o ne
size do e sn’t fit allis not itself a big idea, but a way of expressing the
absence of any big ideas.
23. Development is fragile and unpredictable (!!)
Brazil and Cote d’Ivoire were success stories of 1960-
80, China and India were definitely NOT
China and India are success stories 1980-2007, Brazil
and Cote d’Ivoire definitely NOT
Different answers that have disappointed: investment,
education, health, privatization, structural adjustment,
population control, foreign aid.
Noconsensus amongdevelopment economists about
how to achievedevelopment
24. Freedom from foreign control
Growth under colonialism was poor, growth has been
much higher since independence in most countries
Growth under foreign aid/structural adjustment is poor
Most successful examples of growth are homegrown :
China, India, Vietnam, Turkey, Chile, Singapore, Taiwan,
South Korea, Mauritius.
Each society figured out its own unique path to
accommodate dynamic individuals. Not told what to do by
international organizations or invading armies.
26. Democracy and development
The impact of Democracy and Development is
mixed. This is a “Chicken and egg problem”.
Experiences from East Asian Countries (China,
S Korea, Japan, Singapore, Malaysia), India
Latin America and African nations
Empirical results for in 1980s and later show that
multiparty democratic states have better
economic policies than autocratic ones.
27. Classification of countries by World Bank
Countries are divided in the following
income groups (based on GNI 2011):
Low income : $1,025 or less
Lower middle income : $1,026 to $4,035
Upper middle income : $4,036 to $12,475
High income : $12,476 or more
28. In late 1980s, Professor Mahbub Ul Haq, under
the auspices of UNDP concretized &
implemented Human Development as a
measurable concept.
As a core concept, Human Development
encompasses three basic dimensions :
Human Development Index (HDI) UNDP
– Income
– Health
– Literacy
29. Features of HDI
Scale 0 to 1
Indicators :
Longevity – as measured by Life expectancy in birth
Knowledge – as measured by a weighted average of
adult literacy (two-third) and mean years average of
schooling (one third)
Standard of living- as measured by real per capita
GDP adjusted for Purchasing power parity (PPP)
30. HDI 2013
Country Rank Value HD Group Life expectancy
(yr.)
Per capita PPP
($)
Bangladesh 146 0.515 Low 69.2 1785
India 136 0.554 Medium 65.4 3468
Pakistan 146 0.515 Low 65.4 2550
Srilanka 92 0.715 Medium 74.9 4943
Nepal 157 0-463 Low 68.8 1160
Bhutan 140 0.538 Medium 67.2 5293
Maldives 104 0.688 Medium 76.8 5276
Afghanistan 175 0.374 Low 48.7 1416
China 101 0.699 Medium 73.5 7476
South Africa 121 0.629 Medium 52.8 9469
Brazil 85 0.788 High 73.5 10162
Russia 55 0.755 High 68.8 14561
USA 3 0.937 Very high 80.7 36402
Norway 1 0.955 Very high 81.1 47567
Japan 10 0.912 Very high 83.4 32295
Source: Human Development Report 2013, UNDP.
31. HDI 2013 Comparison among groups
HDI group Average Value Average Life
Expectancy
Average Per
capita PPP ($)
Very High 0.905 80.0 33352
High 0.758 73.1 11579
Medium 0.640 69.7 5276
Low 0.466 58.7 1585
South Asia 0.558 65.9 3435
LDCs 0.449 59.1 1327
Bangladesh 0.515 68.9 1785
Source: Human Development Report 2013, UNDP.
32. United Nations’United Nations’
Millennium Development Goals (MDG)Millennium Development Goals (MDG)
1.1. Eradicate Extreme Hunger and PovertyEradicate Extreme Hunger and Poverty
2.2. Achieve Universal Primary EducationAchieve Universal Primary Education
3.3. Promote Gender Equality and Empower WomenPromote Gender Equality and Empower Women
4.4. Reduce Child MortalityReduce Child Mortality
5.5. Improve Maternal HealthImprove Maternal Health
6.6. Combat HIV/AIDS, Malaria and other diseasesCombat HIV/AIDS, Malaria and other diseases
7.7. Ensure Environmental StabilityEnsure Environmental Stability
8.8. Develop a Global Partnership for DevelopmentDevelop a Global Partnership for Development
33. In 1987 Brundtland report “Our CommonIn 1987 Brundtland report “Our Common
Future” definedFuture” defined sustainable developmentsustainable development asas
development that ‘meets the needs of thedevelopment that ‘meets the needs of the
present generation without compromising thepresent generation without compromising the
ability of future generations to meet theirability of future generations to meet their
needs’ (WCED 1987).needs’ (WCED 1987).