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 between First 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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The Economic Development Of The World Economy
Since the 1990s, the world economy has undergone profound historical changes that focus is
reflected in the global economy as a whole, has never been a time like this, the economic
development of all countries closely together to form the world economy integration, both in
developed and developing countries, or countries with economies in transition, businesses
dependent on the world economy is growing, the development of the world economy, is an
inevitable result. Economic integration in the world system is highly dependent on individual
enterprises, whether a country or a change in the enterprise, will cause a corresponding change in
other sectors, resulting directly or indirectly. In every enterprise, it is possible to break through their
limitations in the national market size and resource allocation, and a place in the fierce international
competition, so that the world economic integration has become the first international development
of the power companies
1997 throes of the Asian financial crisis for many countries on the verge of economic collapse, the
more profound impact on the political stability and long–term national development strategies. The
beginning of the end of 2001 the depreciation of the yen, caused by pressure on the RMB is
unprecedented. Let RMB continues strong China paid a heavy price. It also made China 's accession
to WTO and tasted the global financial crisis of taste. However, due to the continued strength of our
economy, but RMB steadily

Economic Growth And Economic Development
Economic growth refers to an increase in the capacity for an economy to produce goods and
services as compared from one period of time to another. It can be measured either in nominal terms
which include inflation, or in real terms that are adjusted for inflation. It is mainly influenced by
unemployment, inflation, technology levels, rate of investment, population growth rate, among other
factors. These factors are used further to explain the differences in the varying level of output per
capita between and among countries, and explain why some countries are economically growing
faster than others. These factors are best represented in both the theoretical and empirical forms
through the neoclassical endogenous growth models (Steil, 2013, n.p.).
Economic growth revolves around business cycle which include the following phases; depression,
growth or expansion, boom and recession. During economic downfalls such as recession and
depression phases, it is evident that aggregate demand for both goods and services might be
insufficient thus leading to unnecessarily high unemployment rates, low investments and potential
losses of economic output. At this phase the economy of a country goes down as some of the
investments and savings are used to cater for other basic necessities. Inflation also pins down the
growth further as the purchasing power of the current level of income is greatly reduced. As
explained by the IS/LM model in the general theory by John Hicks, there are some

Canadian Economic Development
Laying the golden egg: the coalition government's role in postwar Northern development, by John R
Wedley, BC studies, number 88, Winter 1990 – 91
In the decades after the Second World War, northern British Columbia's economy exploded with
new sawmills, pulp and paper plants, mines, natural gas and petroleum operations and hydroelectric
projects, made possible by technological advances and high resource prices. But the developments
were also part of a carefully planned and government–led initiative encouraged by government
promotions and incentives.
It was the government that provided the infrastructure for the growth, in the form of railways,
highways and hydroelectric resources. The figure most commonly associated with this incredible
boom ... Show more content on Helpwriting.net ...
Other roads that would form the transportation infrastructure of the north included the North
Thompson Highway from Kamloops to Tête Jaune Cache, the Northern Trans–Provincial Highway,
from Jasper, Alberta, to Prince Rupert, on the Pacific coast, and a link between Atlin, in the
province's most northwest, with the Alaska Highway.
The Pacific Great Eastern Railway began in 1912 but went bankrupt after building just 163 miles of
track. The province absorbed the bankrupt railway and continued it as far as Quesnel by 1921. (Tugs
and barges carried cargo from Squamish south to North Vancouver because there was no road
between Squamish and the Lower Mainland.) But without cooperation from existing national
railways or the federal government, the province was not willing to go it alone to extend the railroad
all the way to Prince

The Economic Development Of A Nation
Thank you for giving us this chance to study our business in your regarded nation. As I might want
to discuss some essential parts of economic development in your nation, as you will allow us to
enter in your economic business sector. We can comprehend your interest about your protectionist
strategy. However, the development of the economy in developing nation like Primaria is
exceptionally troublesome with this sort of free trade barriers. We have considered our business
worldwide and we have seen the fast financial development in nations by business. The protectionist
strategies are shaped to empower the local trade and to restrain the competition, yet in some cases, it
constrains the development of the economy moreover. As Primaria is a developing nation there are
numerous regions we can work to pull the economy and also the general development of the
country. The foreign investment in the nation can have a major effect on the economy. What 's more,
it will likewise create job opportunities, profitability, technology, new innovation, infrastructural
improvement, access to better products and numerous more trade advantages, which will help the
generous economic development of the nation.
"The significance of exchange invigorating the economies of creating country"
In this days, the economic development is extremely vital for the nations to make due in this
worldwide business sector. The impact market. The impact of globalization has given the new pace
to the developing

Economic Developments : The Roaring Twenties
The 1920's are commonly referred to as the Roaring Twenties. Many factors during the time played
significant roles in earning the decade this name. Economic conditions and developments in the arts
and entertainment were some of the most impacting among these factors. Economic conditions and
developments in the arts and entertainment helped create the reputation of the 1920's as the Roaring
Twenties. Economic conditions gave people a feeling of economic prosperity. They also allowed
people to buy a lot of things on credit. Developments in the arts and entertainment created a culture
of free expression by granting women the ability to express their opinions more clearly than they
were able to in years prior and encouraging jazz and dancing.
The 1920's followed World War I. During the war, the United States had suffered very few
casualties and its economy did not suffer like other nations had. This enabled it to experienced an
economic boom: Higher sales, productivity, and wages, increasing demand for new products for
consumers, and greater profits for corporations and businesses. This paved the way for economic
developments during the 1920's, such as buying on margin in the stock market and buying on credit,
that caused the economy of the United States to enter a bull market. During this time, a new culture
that centered around free expression also formed. This led to developments in art and entertainment
like the creation of the symbol of the flapper and the popularization of

Relationship Between Economic Growth And Economic Development
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

Economic Growth and Development
ECONOMIC GROWTH AND DEVELOPMENT
Introduction
Economies grow and develop, they expand and advance, and they progress and prosper. There are
phases when they decline too, and there are economies that experience continuous decay. If one
considers long stretches of human history, one knows that economies (civilizations) disappeared
altogether. We will not take into account such long stretches of time. We shall not consider too
distant a past either. We will leave them to historians, may be, economic historians.
Let us take a normal view. We shall then accept decline as an occasional, temporary phenomenon.
We shall, therefore, use positive terms only. Of the positive terms, which have been used to describe
changes as well as to prescribe ... Show more content on Helpwriting.net ...
The growth rate is often expressed in terms of per cent per annum. This is a positive change; there
could be a negative change also.
Suppose, we look at a twenty–year period and use yearly figures for flow of output of goods, which
is measured in terms of GDPFC at constant prices. The growth rates calculated on yearly basis
would differ from year to year. Shall we use nineteen year–to–year figures of growth rate, some of
which may be negative, to describe the change? Or, should we just compare the initial figure with
the final figure? If we adopt the former, how to summarise the nineteen figures? If we adopt the
latter, it is possible that one of these (initial or final) figures is just 'abnormal' as it does not fall in
line. Would it not be a good idea to speak of general tendency and ignore abnormal fluctuations
around the general tendency of increase? Economic growth should, therefore, be taken as a long–
term tendency reflected by increase in flow of final goods and services produced by the economy.
If there is a general tendency of growth but there are occurrences of decline, the rates of growth will
be negative in certain years. Shall we then say that, while the potential of economy to produce is
continuously increasing, the potential is sometimes not realised? There could be various reasons for
occasional decline. In economies that depend to a large extent on external trade

The Economic Development Of Kenya
Kenya is the regional leader in East Africa and this position is expected to be a constant over time.
The economy is fairly diversified with a strong and well developed services sector. The financial
services industry in particular is well developed and established, moreso the country is considered
East and Central Africa's hub for financial services.
Kenya is also the preferred entry point for companies wishing to expand further in the region.
Moreover, East Africa's largest economy is one of the most innovative on the African continent,
which bodes well for future economic development.
The country is a key investor within the East African commmunity, while the largest chunk of
intraregional trade is due to Kenya. However, economic ... Show more content on Helpwriting.net ...
The country has been able to take advantage of the region's positive prospects and should continue
to do so in coming years. The country has good prospects for economic growth and foreign direct
investment (FDI), import cover levels are comfortable, and political risk is relatively low.
Tanzania's notable economic expansion in recent years has been facilitated by open market policies
related to global commerce. The financial sector and the investment framework are relatively well
developed for the region. However, these strengths are offset by weak socioeconomic indicators,
structurally large current account and budgetdeficits, and rising debt levels.
Growth in the agricultural sector has been driven by increased production of major food crops such
as maize, sorghum and cassava, but the sector's performance remains below potential. In turn, the
services and industrial sectors have shown strong growth. The nascent banking sector and
expanding telecommunications sector are key drivers behind services growth, while construction,
electricity generation, manufacturing and mining are salient sub–sectors in industrial activity.
Looking ahead, the banking and telecommunication sectors will continue to support services
growth, while increased electricity generation capacity will benefit the expansion of the
manufacturing

Eminent Domain Of Economic Development
According to Bowman and Kearney, economic development is the "process by which a community,
state, or nation increases its level of per capita income, high–quality jobs, and capital investment
(Bowman & Kearney, 2014, p. 370). Throughout our readings, it is presented that economic
development exists because of the gradual decline of our metropolitans. More recently, it's been
explained that economic development has become a local issue that localities are attempting to
resolve due to the stale mate federal government and partly the Great Recession, and doing this with
a deteriorating tax base in the form of population and jobs which increase the deteriorating
infrastructure.
Cities have lost population, such as Detroit which lost 25% in ... Show more content on
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"When asked whether the tax breaks and subsidies actually created jobs, elected officials and
economic development experts couldn't say for sure" (Fulton, 2014, p. 171). Stadiums fall in this
realm as well. Owners of the "big four" (NFL, MLB, NBA, NHL) have secured nearly $20 billion in
taxpayer subsidies for new stadiums (DeMause, 2014, p. 73). In 1984, a study by Robert Baade on
30 cities with recent stadiums constructed found that 27 had no measurable economic impact, and in
3 cases, economic activity actually decreased. These findings have been repeated since then and tell
the same story. A study on 'mega–events' like Super Bowls, South FL economist, Phil Porter found
'no measurable impact on spending' which he attributed to the "crowding out" effect of non–football
tourists steering clear of town on game weeks" (DeMause, 2014, p.

Economic Development : The United Kingdom And Japan
For this research paper, I am going to explain my theories as to what the efforts of the economic
development in both the United Kingdom and in Japan were and how both theories compare and
contrast. Economic development is 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 supporting our growing
income and the tax base. This comparative analysis for my research comes from chapter four in the
textbook which deals with the subject of political economies. The first country that I wanted to
discuss was the United Kingdom. From my research, I have conducted that although there are many
factors that have been said that aided the United Kingdom with the success of their country 's
economic development, one theory that I believe is most accurate is the effect of the Industrial
Revolution. This theory consisted of a cluster of technological innovations that drove down costs of
production and brought about rapid industrialization. As mentioned in the textbook, the Industrial
Revolution consisted of a cluster of technological innovations that drove down costs of production
and brought about rapid industrialization within the country. Some individual's theory is that the
availability of coal mattered while others argue that the country was relatively organized. Another
theory is that others suggest that development happened here due to attitudes and culture whether in
the populace at large

Economic Growth And Economic Development
Introduction
Economic growth is the most influential tool for decreasing poverty and refining the value of life in
evolving countries. Both research and case studies over different countries provide overshadowing
signs that speedy and continued growth is crucial to making faster progress towards the MDG
(Millennium Development Goals) and not just the first goal of splitting the global share of people
living on less than $1 a day.
Evolution can produce honorable circles of wealth and opportunity. Strong evolution and
employment opportunities improve reasons for parents to devote to their children's education by
putting them in school. This may lead to the rise of a strong and emergent group of entrepreneurs,
which should create pressure for higher quality authorities. Solid economic development will thus
advance human development, which, in turn, will help economic growth.
An effective plan for poverty reduction must have its core actions to encourage fast and sustained
economic development. The challenge for plans is to associate growth–developing strategies with
policies that allow the poor to contribute wholly in the opportunities released and to participate to
that evolution. This includes plans to improve labor markets, erase gender inequalities and increase
financial standings.
The future growth of China will need to be built on a progressively globalized world that proposes
new openings but also new challenges. New science proposes improved projections through both

Impact Of Globalisation On The Economic Development Of...
Globalisation is the process that involves the international operations of financial and investment
markets as a result of improved communication mediums globally. It is the tendency of business
enterprises and individuals to step outside their national and domestic markets to other markets
around the globe to increase international trade and exchange of cultural values among different
nations. Growth of Telecommunication sector is considered as one of the biggest positive sides of
globalisation in Pakistan. However, increase in the rate of unemployment has also been witnessed as
a negative feature associated with the industrialisation and globalisation of Pakistan's economy.
This paper discusses the real aspects of globalisation in Pakistan by determining the economical,
social, cultural and environmental effects on its economy. The impact of globalisation on the
economic development of Pakistan will be discussed with an explanation of both, the positive as
well as the negative aspect of globalisation and its effect on the economy, business enterprises and
an individual.
Globalisation is the tendency of business enterprises to perform their trading practises by stepping
outside their nation's geographical and economic boundaries. It is the form of international trade that
opens up unlimited opportunities for corporations to serve consumers' groups of their choice beyond
domestic market boundaries (Das, 2004, p. 2). The term "globalisation" became popular in the
1980's

The Consequences of the Economic Development of Polar and...
The Consequences of the Economic Development of Polar and Sub–Polar Regions
Although indigenous populations established themselves centuries ago, polar and sub–polar regions
of the Arctic and Antarctica have only fairly recently begun to develop. Originally classified as
remote regions in the world, where the only activities, which took place, were small–scale fishing
and hunting by locals in order to survive, they have become sources of great economic development
and prosperity.
Due to their proximity to many highly populated countries, Arctic regions have perhaps experienced
greater economic development than Antarctic regions. The route of this economic development
began during the 17th ... Show more content on Helpwriting.net ...
In 1968, the great quantities of oil and gas discovered beneath Alaska's North Slope, overlooking
Prudhoe Bay, subsequently led to the construction of the Trans–Alaska pipeline to Valdez in 1974.
This increased communication links and trade links and therefore brought in vast amounts of money
for the economy and until 1990, oil and natural gas still provided 85% of Alaska's gross state
product.
As personal wealth and length of leisure time are increasing, people are beginning to seek out new,
more exotic locations. For example, tourism in Alaska has become a vital industry, attracting almost
1.1 million people per year. Visitors not only come to view the landscape features, such as its coasts,
glaciers and mountains, but also to see its huge variety of wild life (ranging from Brown bears to
sea–lions) and for fishing (especially salmon). Such levels of tourism have increased economic
development as tourists themselves bring money into the state as well as foreign currency. Tourism
is constantly increasing and being developed as the government want to diversify employment
opportunities in order to increase the rate of economic growth.
Antarctica has similar reasons for economic development, however, on a much smaller scale due to
its uninhabitable climate and landscape. The tourism industry is

How Is Economic Development Different Than Economic Growth?
Econ 201 Emily Rutledge
Case Study 1
The Meaning of Development:
How is Economic Development Different than Economic Growth?
Numbers can say a lot about the economic health and general prosperity of a nation. But, as we 've
learned in the case of Brazil and Costa Rica, some numbers can be far more important than others.
Even if your country is experiencing phenomenal economic growth, its people may be suffering. In
many cases, economic development is needed before economic growth can make a real difference.
High economic growth can even hurt the people, especially those in poverty, if the country has not
reached a certain level of economic development. This analysis of Brazil and Costa Rica seeks to
define, compare, and contrast economic development and economic growth and their presence and
affect on the two countries. As we know from macroeconomics, Gross Domestic Product is the sum
of consumption, investment, government spending, and exports. We use GDP to understand the
economic health of a country. If GDP is going up, the country is experiencing economic growth.
Through growth accounting, we could also assume that we could see an increase in economic
growth if we used the Cobb–Douglas function and saw an increase in output. The Cobb–Douglas
function is essentially a more complicated form of the production function that states that output
itself is a function of its inputs (capital and labor) and is augmented by technology. Economic
development is

The Theory Of Economic Development
With this inquiry I seek to establish the role of finance in economic development as presented by
Joseph Schumpeter in his book, The Theory of Economic Development, [1911] The book analyzes
elements that make up for economic development in a capitalistic society as viewed by Schumpeter.
The elements mentioned include and revolve around the subject of finance. Finance is simply
defined by investopedia.com as, "Finance is the science that describes the management, creation and
study of money, banking, credit, investments, assets and liabilities" [web]. The role of some of the
mentioned elements, along with others, in economic development are mentioned and discussed in
Schumpeter's Theory. Research has proven that the financial intermediary between economic
growth and the entrepreneur who seeks to build new markets. Schumpeter exhibits this notion in his
work; the purpose of this inquiry is to clarify the character finance plays in the economic
advancement of a capitalistic society. This will begin with the exposition of economic development
as viewed by Schumpeter followed by the financial role from different chapters of his book. This
includes Credit and Capital, Entrepreneurial Profit, and Interests on Capital. Schumpeter
understanding of Economic Development The second chapter of Schumpeter's Theory is his
analysis of how an economy develops as well as the elements that contribute to its growth. Firstly
Schumpeter states what defines development, that being the

Economic Development In Haiti
Due to capital limitations, most governments, significantly within the developing nations borrow
funds from their bilateral friends and organizations like UN agency and International money (IMF)
in earnest to alter them pursue development comes, and typically to correct balance–of–payment
deficits. even so, such governments should adhere to some printed conditions that square measure
corn go into the article of agreement so as for them to secure the loans; otherwise, the loans square
measure withheld (White, 2012). Equally, a healthy population considerably contributes to
economic development of a nation in numerous ways in which. This paper outlines however Haiti,
one in all the developing states, has used loans and grants for development. additionally, the paper
outlines however a healthy population affects Haiti's economic development.
How Funding from International Monetary Fund and UN agency and different money
establishments Affects Haiti's Economic and Political Development
Since her independence up so far, Haiti remains to be heavily indebted as a ... Show more content
on Helpwriting.net ...
First, the government should work towards fighting corruption to a intolerance level, by enacting
strict laws, thus on make sure that funds meant for development square measure used constructively.
The country ought to conjointly invest in education thus on make sure that additional personnel is
obtainable to drive her economy. Thirdly, Haiti ought to invest towards up her health care system as
a method of making certain that there's pronto offered healthy personnel to run her economy in the
least times. Fourthly, the government of Haiti ought to avoid borrowing during a reckless manner,
however work towards making its own wealth to develop her economy. Finally, Haitians should
begin electing accountable leaders United Nations agency will lead them into

The Role Of Economic Development As Measured Through Levels
Gender inequality has been and is still a problem being faced worldwide. It has inhibited the social,
economical, and political growth of women in all different nations, especially third–world
countries.There are various implications that change the level of inequality such as education,
culture, religion, democratization of countries, years of independence, and most importantly,
economic development. (Dollar & Gatti, 1999). This paper is examining the role economic
development as measured through levels GDP (low, medium, high) plays in the level of gender
empowerment in a country. After reading various studies, I have concluded that when regarding
"gender empowerment" it is specific to the empowerment of women It is hypothesized that
increased economic development will display higher levels of gender empowerment. The following
three literature reviews will demonstrate and support the hypothesis. The first article, Gender
Inequality, Income, and Growth: Are Good Times Good for Women? by David Dollar and Roberta
Gotti, is a cumulated work that was published by The World Bank under the Development Research
Group. Dollar and Roberti addressed three specific questions that they felt were strong factors in the
implications economic development brought upon gender empowerment. The questions were
constructed in efforts to respond to the macroeconomic data revealed through its answers. The
questions are: 1. Is lower investment in girls' education simply an efficient economic

The Strategies The Meiji Government Used to Achieve...
The Strategies The Meiji Government Used to Achieve Economic Development?
The Meiji government during the 1880's created both an institutional and constitution structure that
allowed Japan in the coming decades to be a stabile and industrializing country. Two major policies
and strategies that reinforced stability and economic modernization in Japan were the creation of a
national public education system and the ratification of the Meiji constitution.
Both these aided in stability and thus economic growth.
The creation of a national education system aided in creating stability because it indoctrinated youth
in the ideas of loyalty, patriotism, and obedience. Japan's education system at first stressed free
thought and the ideas
of ... Show more content on Helpwriting.net ...
The Japanese education system following the Rescript on Education served primarily to teach
people what to think and not how to think; and as
Edwin Reischauer stated, "Japan pioneered in the modern totalitarian technique of using the
educational system for indoctrination and was in fact decades ahead of countries like Germany in
perfecting these techniques." Japan's education system was a tool in creating for Japan a
reliable citizenry who respected the government and had the knowledge to act as "technically
efficient clogs" in the new industries and administration that an industrializing state created.
The ratification of the Meiji constitution drafted in the summer of
1887 and signed into law in 1889 helped create a stable constitutional order in
Japan. The constitution was a gift of the emperor to the people and was made up of a complicated
set of checks and balances between the emperor, his cabinet, and the Diet. The constitution although
it granted voting rights to only one percent of the population in Japan was well received by the
people and played a critical role in lending legitimacy to the oligarchy (Genro) who ran the
government. Before the constitution the Genro had little basis in theory for their continued rule
other then they spoke for the emperor. But the constitution with its elections and bicameral diet
lender legitimacy to the rule of the oligarchy. The constitution also brought Japan at least in the
minds of the
oligarchy

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 on Helpwriting.net ...
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

{draw:frame} Introduction The world has been divided into developing, under–developed and
developed countries. And the race has been always to move from under–developed to developed
counties. But the confusion lies herein in this process of movement from the under–
developed/developing countries to developed countries. When should a country consider itself to be
moving in the right direction i.e. towards its goal of being a developed country? Surveys are made
and reports being churned out that state the economic growth of a nation. Does the rate of this
economic growth a true indicator in this regard? If that is true why is it then that even in the 21st
century decades after the industrialization and years after globalization the ... Show more content on
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The US became economically prosperous due to laissez faire, while Japan came to economic–
growth race later. It followed the policy of imitating foreign technologies and protecting domestic
industries from imports and developing tremendous expertise in manufacturing and electronics. The
four wheels of growth Even though the paths of growth had been different for these countries they
share certain common traits and they are even at work in developing countries like China and India.
Economists have found the engine of economic progress must ride on the same four wheels no
matter how rich or poor the country is. These four wheels or factors of growth are: Human resources
(labour supply, education, discipline, motivation) Natural resources (land, minerals, fuels,
environmental quality) Capital formation (machines, factories, roads) Technology (science,
engineering, management, entrepreneurship) The relationship between these factors and economic
growth can be sum up as Q=AF (K, L, R) where, Q= output, K= productive series of capital, L=
labour inputs, R= natural resource inputs, A= represents the level of technology in the economy, F=
production function. Human resources: Labour inputs consist of quantity of workers and the skills
of the workforce. Capital goods of a country can be effectively used

Economic Development Office For The State Of Texas
The summer of 2014, I interned at the Economic Development Office for the state of Texas. The
office was tasked with preparing relocation incentives for companies in order to create jobs. The
office was split into different departments totaling about 45 people. The office worked strictly under
the Governor. One would answer the phone, "Office of the Governor, Economic Development..."
Economic Development offices around the country came under repetitive criticism for behaving as
governors' slush funds. Essentially there are "clear lines of imperative control from" superior
offices. The office was responsible for overseeing the economic development of the whole state. In
other ways, the office directly contrasted Weber's definition. Since the office was able to distribute
funds and abate taxes, it made incredible financial decisions for companies and the taxpayers of the
state. Awards could not be given out based on a specific set of rules. There was careful consideration
into a companies intentions, how they were prepared for the future, and if they fit the new model of
businesses Texas wanted to attract. In this regard, the office did not always make systematic
decisions. Those promoted were the best performing, most ambitious, and took initiative; only
residue of a seniority system remained. A meritocracy, in direct opposition to a tenured hierarchy,
opened a dichotomy between the older and younger generations. Under–performers were let go
regardless of tenure. On a

Vancouver Economic Development
The city of Vancouver has a history of economic development based on the transformation of some
industries into some other industries accumulating relatively more capital for the city economic
development. The large agricultural production was the main resource for the transformation of the
city at the beginning of the 20th century. After that, some people in business in the city accumulated
capital through trading their lands inside the city. These financial resources were the capital for the
first productions in the city. In 1906, the stock exchange market was opened in Vancouver. The
industrialization started with the agricultural production related industries. Vancouver had a mixed
race labor force from many different countries. A large number of workers were in Vancouver at the
beginning of the 1900s, and that enabled the producers ... Show more content on Helpwriting.net ...
The technology level of the production is quite high compared to the many other cities in the world.
The port increases the importance of the city among the other developed cities in the North
America. Subsequently, Vancouver has reached a peak in the social and economic development. The
Vancouver city could develop an elastic production structure, and it is possible to create new
industries as well as the transformation of the old industries into new modern versions. This is
important for the sustainability of the economic and social development because, after the most
recent global financial crisis, the global economy has entered a new era and a high level of
transformation has become necessary for tackling the adverse influences of the financial crises in
the new era. Vancouver economy can transform its economy easily because it has economic
structure elastic enough for the transformation if it becomes necessary (Vancouver Board of Trade,

Economic Development
Introduction Governments the world over have long been investing in infrastructure in the hope of
boosting economic development of their country. To study the relationship between infrastructure
and economic development, we compared two journals; Infrastructure and Local Economic
Development by Rives, J & Heaney, M. (1995) and Infrastructure and Economic Growth: The
Nigeria Experience 1980–2006 by Enimola, S (2010). We chose these journals as the journal by
Rives, J looked at the approach on a community/state level whereas the journal by Enimola, S
looked at it at a national level. Hence, we were able to look at the topic at a micro and macro level.
We compared the objectives of both journals, along with the methodological ... Show more content
on Helpwriting.net ...
DEVELOP = a + b1 INFRA + b2ln DSCITY + b3ln DSINT + b4 TOTAX + b5 EDUCATE + B6
MANEMP + b7 ln POP + E INFRA – average sewer capacity, average water plant capacity, state
highway and national highway. DEVELOP – median household income, percent of the labour force
employed, population change, assessed valuation per capita (property valuation) DSINT – Distance
to an interstate highway DSCITY – Shortest distance to the nearest regional centre TOTAX –
Property tax rate. This is measured because there is a negative relationship between tax rate and
economic development as firms tend to move to regions where the tax rate is lower. EDUCATE –
Percent of high school and college graduates. This measure is taken to account for the human capital
stock of the community. MANEMP – is the proportion employed in manufacturing. This is to
account for the agglomeration in the community. This is because agglomeration have been known to
promote economic growth through greater division of labor, cost saving in bulk purchases, better
communication and relationship between managers and the availability of alternative technologies.
POP – accounts for the size of the

Role of Entrepreneurship in Economic Development
Role of Entrepreneurship in Economic Development Entrepreneurship: Entrepreneurship is the
attempt to create value through recognition of business opportunity, the management of risk taking
appropriate to the opportunity and through the communicative and management skills to mobilize
human financial and material resources necessary to bring a project to fruition. According to A. H.
Cole, "Entrepreneurship is activity of an individual, undertaken to initiate, maintain or aggrandize
profit by production or distribution of economic goods and services." According to Schumpeter,
"Entrepreneurship is based on purposeful and systemic innovation. It included not only the
independent businessman but also company directors and managers who ... Show more content on
Helpwriting.net ...
Balanced Regional Development: The growth of Industry and business leads to a lot of Public
benefits like transport facilities, health, education, entertainment etc. When the industries are
concentrated in selected cities, development gets limited to these cities. A rapid development, when
the new entrepreneurs grow at a faster rate, in view of increasing competition in and around cities,
they are forced to set up their enterprises in the smaller towns away from big cities. This helps in the
development of backward regions. Dispersal Economic Power: Industrial development normally
may lease to concentration of economic powers in a few hands. This concentration of power in a
few hands has its own evils in the form of monopolies. Developing a large number of entrepreneurs
helps in dispersing the economic power amongst the population. Thus it helps in the harmful effects
of monopoly. Better Standards of Living: Entrepreneurs play a vital role in achieving a higher rate
of economic growth. Entrepreneurs are able to produce goods at lower cost and supply quality
goods at lower price to the community according to their requirements. When the price of the
commodities decreases the consumers get the power to buy more goods for their satisfaction. In this
way they can increase the standard of living of the people. Creating Innovation: An entrepreneur is a
person who always looks for changes. Apart from combining the factors of production, he also

ECONOMIC DEVELOPMENT AND GROWTH Economic development and growth may not be
the same thing depending on how growth rate is affecting the country's socio–economic
development. However important and well known theories of macro–economic suggest that if
markets are left on their own, people will improve their socio–economic wellbeing automatically as
the result of better economic growth rate of the country. In other words, financial liberalization
automatically leads to socio–economic uplift as suggested by Solow growth model. This appears to
be true when we consider the differences that exist in liberalized and non–liberalized countries
today. Solow model suggests that the governments must focus on lifting of controls from the
financial markets. It is a documented truth that liberalization yields good economic returns in the
long run especially in the developing countries. If a country is seeking long term growth, it must
take liberalization into account. Despite the earlier claims of losses due to liberalization, Data and
research conducted after 2001 revealed that financial liberation was a healthy policy but it worked
more effectively in the long run since it took time for changes to become a part of the entire
economic infrastructure. Secondly it was also found that the extent to which long term growth can
benefit from liberation depends on some other economic factors as well such as large scale
macroeconomic instability. Pill & Pradhan (1997) explained that credit

Economic Sustainability And Economic Development
Sustainable.
Often heard used as a marketing buzzword to boost sales or win votes, it is firmly ingrained in the
contemporary public psyche. A term first largely introduced by the 1987 Brundtland Report (by The
World Commission on Environment and Development) who defined and politicized the term
'sustainable development', 'sustainability' has since taken on numerous connotations.
Ecological sustainability refers to the robustness of our ecosystems and the ability to maintain or
enhance our planet's unique biodiversity.
Economic sustainability is defined by Cato as continued economic development while not degrading
our planet's ecology (Cato, 2011), however not all definitions accord such a large role to the
ecological state of our planet. ... Show more content on Helpwriting.net ...
Where environmental problems are concerned, the neoclassical approach does not account for the
market failure that occurs when all individuals are making decisions to achieve their personal
'greatest happiness'. While theoretically this leads to a balanced optimum market; exclusivity, non–
excludability, externalities, imperfect information, inappropriate government regulations and
prisoners' dilemma all prevent the macro–economic market from reaching a true pareto optimum
(Goodland et. al, 1987) as predicted by the paradigm.
In environmental terms, market failure results in an array of impacts of varying significance that are
often amplified by the globalized macro–economy and our planet's vast social inequity.
For example, an externality such as air pollution may not directly affect the consumer, but can have
adverse impacts on the local environment where the product was produced. This impact is often not
reflected in the market value of the product, altering marginal cost curve and undermining the
possibility of reaching an optimal market. In addition, the impacts of market failure often
disproportionately affect the poorest communities and amplify social inequity.
The neoclassical paradigm is thus fundamentally

The Importance Of Technology And Development In Economic...
assistance to poorer countries and to help less developed nations progress
To build an infrastructure and promoting industrialization there are factors which are bound to be
followed and they include; as much as there is advancement in the manufacturing and employment,
there is need to invest and develop infrastructure of the third world countries who are still in the
process of developing. This will ensure that the gross domestic product of the country (third world
countries) will double by 2030.
– Such improvements include sustainable transport system which will create more job opportunities
and the boosting of the economic development (Griggs, D et.al. 2013). Manufacturing as a key
factor in economic development, helps in creation of employment and social stability. Due to the
technological advancements, countries have adapted a more efficient and less energy consuming
industries. This has greatly reduced the amount of carbon dioxide gas been released to the air by old
manufacturing companies hence leading to global warming and a significant share in the global
manufacturers.
– There have been a lot of researchers coming up with the aim of investing in the research and
development. Recently, manufacturing has upgraded to a more technological complex product. The
medium and the high technological products achieve always been nominated the manufacturing
production in the industrialized economy. The invention of mobile phone has made it possible for
the people who

The Economic Growth And Development Of A Country
Over the years, there has been much debate over whether the state plays a role in the economic
growth and development of a country. Some believe that the state is essential, arguing that its
intervention promotes investment, mobilizes industry and capital, and creates jobs. Some view it as
an obstacle, claiming that its role should be deregulated and reduced because its involvement can
lead to market distortions and corruption. Some do not like either argument, declaring that the state
is less important compared to other factors in determining the development trajectory of a country.
These factors include geography, ethnic diversity, conflict, and political institution. I believe that the
last position is the strongest; while the state does play an important role in growth, it is not the most
important. I believe that the political institution a country operates under is more significant to
dissecting this relationship than the intervention of the state. First off, what are the arguments in
favor of the correlation between the state and economic development? One argument is that the state
provides structure and order, which in turn reassures domestic and foreign investors, giving them an
incentive to invest. A state provides order by controlling violence, as told by Robert Bates in "The
Formation of States." Bates describes how the rise in prosperity in 14th and 15th century Europe led
to an increase in violence and conflict. As the value of agricultural land and its

What role does community planning have in economic...
DBP411 – Community Planning
Assignment 2
Community Planning Practice Paper
What role does Community Planning have in Local Economic Development?
Lecturers: Fiona Caniglia & Stuart McLaughlin
Student: Andreas Faludi
Student ID: 02534955
Due Date: 4 June 2004
"Planning ahead is a measure of class. The rich and even the middle class plan for generations, but
the poor can plan ahead only a few weeks or days."
Gloria Steinam, The Time Factor (1980)
INTRODUCTION ... Show more content on Helpwriting.net ...
This paper will examine the role that Community Planning principles can play in Local Economic
Development (LED). Importantly, this report will aim to identify the causes an consequences of
economic disparity within communities, identify those individuals and groups that have the most to
contribute to LED in their community and finally discuss and examine a range of policy initiatives
that focus on sustainable economic outcomes for all members of the community network. It is also
hoped that this paper may provide a guide for students of urban and regional planning, as to how
human and financial goals need not be mutually exclusive of one another.
THE ISSUES
Economic growth, not just community bonding
In international business, the world is divided into developed and developing nations. The yardstick
used to measure this difference is typically economic. How then do we know when we have crossed

the line between a "developing" and a "developed" community? What
yardsticks are available to us? Typically, successful communities are measured in terms of
participation, support networks and a general willingness to action outcomes (more often human and
intangible outcomes) for that community. But while in terms of participation, a community may be
very wealthy, a large proportion may be just as poor in economic standards. Accordingly, it is
submitted that having implemented a community plan that succeeds in uniting a local area is only

Community Economic Development Essay
Torres, Maria
CED 301 Midterm
Development and growth go hand–in–hand in the field of Community Economic Development.
Community economic development is a field of study that actively elicits community involvement
when working with government, and private sectors to build strong communities, industries, and
markets (Riley, 2012).
Economic Development applies to the context of people's sense of right and wrong. The definition
given by Michael Todaro suggests it is an increase in living standards, improvement in self–esteem,
needs and freedom from oppression as well as greater choice; whereas economic growth is
necessary, but not a condition of economic development. Community economic development exists
in all developed countries but varies ... Show more content on Helpwriting.net ...
However, growth relates to a gradual increase in one of the components of consumption,
government spending, investment, and net exports. Lastly, economic development is concerned with
structural changes in the economy, whereas, growth is concerned with increase in the economy's
output.
According to Daniel Altman, employment increase creates growth, not the other way around. I
found this statement interesting because after analyzing the statement and thinking of what it
actually means, one can understand that where there is an increase in employment there will be in
increase in production and services. Moreover, structural unemployment occurs because of an
absence of demand for a certain type of workers with a certain type of skillset. This typically
happens when there are mismatches between the skills employers want and the skills that workers
have. Lastly, joblessness causes low consumption which in turn causes low growth.
Community Economic Development is not just about jobs and income. For example, a type of
employment in community economic development involves those in implementing a Community
Economic Development Plan and these employees serve in different functions, as plans vary from
community to community. Such employees will create studies to determine what a certain
community's goals are and send them to the appropriate municipal offices or economic development
committees. Community economic development

The Economic Development Of The Middle East
This economic modernization in the Middle East, could only be a short term success which does not
guarantee the successful and stable economic development of oil rich states and the region as a
whole in the long term. The Middle East, despite its vast reserves of oil, is still considered a
developing region due to the high reliance on oil revenues and rather weak production sector of the
economy as well as due to some political factors such as lack of democracy, corruption, reluctance
to the reforms and other issues. There are various reasons as to why the Middle East is still
considered a developing region despite its oil wealth. Natural resource revenues have also been
linked to slow economic growth rates, inequality, and poverty. One culprit may be "Dutch disease,"
which was discussed earlier. Other factors may include the volatility associated with commodity
prices, which can have especially negative impacts on weak–state economies; and the
underdevelopment of agricultural and manufacturing sectors during boom periods in resource–based
economies. And even when oil abundance produces high growth, it often benefits only a few corrupt
elites rather than translating into higher living standards for most of the population. Corruption is
one of the economic deficiencies which can weaken economic growth and development; thus it is
considered as an important impediment to economic growth and political stability, particularly in
developing countries. The dependence on a

The Effects of Culture on the Economic Development of Cities
Thorough analytic research on the impacts of culture risks are hampered by complexity of such
concepts of art and culture. Culture is by no means easy to master. There are major obstacles in
efforts to streamline the information for the economic impacts of culture. In most general terms,
culture is defined as set of beliefs and values, shared way of doing and understanding things which
ties a community and is formed by the development of that community. Apart from art and heritage
culture includes tradition and religious, way of life, human rights and values.
In this project we are concerned with effects of those cultural activities on the patterns of economic
development of cities. Two analyses have become accepted in the academics. First, we will consider
culture as a product, which raises questions regarding the production, the consumption and the
economic value of culture as well as cultural use as a tool for urban generation and place marketing.
This is category is more closely to the tangible elements of culture. Second, culture as a process
which leads to creative thinking to distinctive patterns of social organization and economic growth.
This covers intangible aspects.
Here, "culture" is conceived to be "cultural activities" in broad sense. Activities incorporated within
culture are those dealing with production, dissemination and trading and for education. Cultural
goods and services are in following domains:
Cultural heritage
Visual arts
Architecture

Barriers to Economic Development in Ghana
Economic development has to occur after a period of sustained economic growth. It is therefore the
growth in total economic output accompanied by changes in the structure of the economy.
There are many barriers to economic development in Ghana. Eight of them are discussed below:
First and foremost, Ghana like most developing countries is enriched with natural resources or
deposits but the human capital is not able to transform them to achieve rapid economic growth and
development. For economic development to take off in any country, the human resource of the
country should be in a position to harness the country's endowed natural resources to fuel this
economic development process. The skills and requisite know how that the human capital ... Show
more content on Helpwriting.net ...
Moreover, people who are in government and for that matter have access to huge sums of money
usually do their savings outside the country because of fear. This is what is termed capital flight.
Many government officials find it convenient to have their savings accounts outside the country in
order not to stand the chance of losing everything should any political instability occurs. Many
expatriates who work in the country also remit their earnings back into their countries of origin
instead of saving at least part of it here for the business community to get access to capital so that
they can expand their businesses to enhance growth. Also, lack of technological advancement is a
barrier to economic growth and development in Ghana. Many countries that are experiencing rapid
economic growth are technologically inclined. For instance, South Korea, China, Malaysia and
Singapore are developing rapidly due to their advancement in technology. Ghana as a country still
relies on traditional methods of doing things, example, using cutlasses and hoes in farming instead
of tractors, ploughs and combined harvesters. All these traditional ways of doing things retard
economic development. Industrialization which is the backbone of any rapid economic growth is not
pursued much in the country mostly because Ghana lacks the required technology to support it. It is
the industrial sector that will increase certain macro economic indicators like employment

Economic Development For A Defined Area
Economic development for a defined area has three primary goals–foster employment opportunities
for the area's current residents, diversify the area's economic and employment base, and stabilize the
local economy (Blakely & Leigh, 2013). By providing quality jobs for an area's residents, versus the
more costly alternative of bringing new firms to the area (which could also require a different skill
set in their labor force than what the city currently has––rendering the city's effort somewhat
fruitless), the economic planning organization is looking to create employment diversity and
opportunities from within their own community that are suitable for the area's workforce. An area
must also be highly aware of the business environment within the community to ensure that local
economic stability is possible. If the city does not have a diverse infrastructure that firms require to
conduct business than the locality will not be able to grow, retain, or attract firms within or to the
area. Diversity in the economic and employment base is also a complex and constantly evolving
challenge for local economic development practitioners. The organization must be able to keep track
and organize employment data within a locality to see where certain sectors of the economy are in
the need of assistance to prevent employment gaps in the community. Planner's should be constantly
comparing their strategies and approaches to the three goals local economic development, and
prevent any action

Migrant Diaspora and Economic Development
Migrant Diaspora help Economic Development In the recent years migrant diaspora and economic
development is in special focus; awareness have been established in order to let the people know
that there are several economic benefits of the migrant diaspora. They do not only helps economic
development but there is many other sectors too which are being benefitted. The return of the
expatriates to their home place is considered beneficial in many ways. They have sufficient
knowledge about the culture, traditions and other things of the place that is why they can do better
business than others. US data is much optimistic in this sense as 50% of the students came back to
their own country who goes abroad for the higher studies but in India or China it is only 20%. It is
the same condition with the Afghanistan, students who go to other countries for their studies do not
return to home country and in this way, the country's asset is going away from them. A bright and
studied man has much importance for its country especially when he knows some work to do in the
national interest. The graduated students can directly or indirectly contribute to the national
economy. They are the real asset of the country and they can change the future of the country
through their innovative ideas. In this way, the migrant diaspora helps the national economic
development. The country or any administration should take appropriate steps in order to regain
their expatriates. They know the environment

Economic Development in India
ECONOMIC DEVELOPMENT IN INDIA: THE ROLE OF INDIVIDUAL ENTERPRISE (AND
ENTREPRENEURIAL SPIRIT)
Anil K. Lal* and Ronald W. Clement**
The Indian economy provides a revealing contrast between how individuals react under a
government–controlled environment and how they respond to a market–based environment.
Evidence suggests that recent market reforms that encouraged individual enterprise have led to
higher economic growth in that country. India can generate additional economic growth by fostering
entrepreneurial activity within its borders. To pursue further the entrepreneurial approach to
economic growth, India must now provide opportunities for (1) education directed specifically at
entrepreneurial skills, (2) financing of entrepreneurial ... Show more content on Helpwriting.net ...
Based on the successful experience of the former Soviet Union, many economists and policymakers
concluded that, particularly in a poor country, planning was essential for the efficient allocation of
an economy's resources (Panagariya, 1994, p. 194).
1
The history of U.S. business has shown how the pursuit of self–interest by individual economic
agents has led to benefits for the larger society. Consider the well–known example of Henry Ford's
introduction of assembly line production. This technological advancement led to a significant
increase in productivity at Ford Motor Company. Indeed, despite paying higher wages to his
workers, Ford could still produce automobiles at a much lower cost and pass on part of that lower
cost to consumers in terms of lower prices.
82
Asia–Pacific Development Journal
Vol. 12, No. 2, December 2005
The governments in these newly independent nations assumed a significant role in economic
development. They sought to quickly and substantially raise the standard of living through directed
and controlled economic development. Apart from everything else, these developing countries
invested heavily in education to promote literacy and to ensure an adequate supply of technical
manpower to meet their growing needs. Further, these previously colonized nations did not want to

The Importance Of Economic Development

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