10/4/ · Economic development is a key element of growth and sustainability of a country, as well as of equity, prosperity and well-being of its population Economic development, on the other hand is an increase in the economic standard of living of a countrys population with constant growth from a stagnant state to a higher level of equilbrium. It implies changes in income, saving and investment along with accelerating changes in socio- economic structure of a country socio-economic development Uncategorized. Can yoi handle this in 8 hrs please. Check andnlet me know please should be shortThe problem of most industrialized and industrializing economies is on how to coordinate and integrate all the elements and other factors of production for proper socio-economic development. In the light of the statement
Economic and Technical Development Course Works Examples | WOW Essays
In this essay we will discuss about the Economic Development of a Country. After reading this essay you will learn about: 1. Economic Growth and Economic Development 2. Determinants of Economic Development 3. Obstacles or Constraints 4. Pre-Requisites or Need 5. Structural Changes. Again Mrs, essay on economic development. In underdeveloped countries the problems are that of initiating and accelerating development.
The processes of economic development should not only generate increased or enhanced means of production but it should also make room for equitable distribution of such resources. Thus by the term economic development we mean a process so as to raise the per capita output with a scope for equitable distribution.
On the other hand, changes arising on the factor supply are also related to—capital accumulation, discovery of new resources, introduction of new and more efficient production techniques, increase in size of population and organisational changes.
Cause and consequences of economic development are mostly determined by the time path and velocity of these aforesaid changes. Economic development, being a dynamic concept refers to the continuous increase in production over the changing time path. Secondly, attainment of economic development indicates increase in real per capita income over time. Here the real per capita income of essay on economic development country simply indicates total money income adjusted to price level changes over time, i.
Thirdly, by the term economic development we mean continuous increase in essay on economic development level of real national income over longer time period, covering a period, not less than 25 to 30 years. While explaining the distinction between economic development and economic growth, C. As per this view, the term growth implies higher level of output as well as achievements in terms of increase in the volume of economic variables. Although some economists have observed slight differences essay on economic development economic development and economic growth but all these differences are imaginary and unreal and thus have little practical value.
In this connection Prof. By economic development we mean attainment of higher level of productivity in almost all the sectors and a better level of living for the general masses. The path of economic development in an underdeveloped economy is full of hurdles or impediments. Attaining higher essay on economic development of economic development is a function of level of technology.
Economic development is thus a process of raising the rate of capital formation, i. both physical capital and human capital. Moreover, the task of economic development is influenced by a number of factors such as—economic, essay on economic development, political, social, technological, natural, administrative etc.
According to Prof. Lewis, there are three principal causes of economic development. i Efforts to economise, either by reducing the cost of any product or by raising the yield from any given input essay on economic development other resources. While analysing the determinants of economic growth, Prof. Spengler and W. Rostow have made sincere attempts in this regard. Spengler has listed about nineteen determinants but Rostow mentioned six propensities having much essay on economic development on economic growth.
All these propensities are showing a clear-cut picture of determinants of economic growth neglecting the non-economic factors totally. Regarding the determinants of economic growth, Prof. Again Prof. Following are some of important economic and non-economic factors determining the pace of economic development in a country:.
Population is considered as an important determinant of economic growth. In this respect population is working both as a stimulant as well as hurdles to economic growth.
Firstly, population provides labour and entrepreneurship as an important factor service. Natural resources of the country can be properly exploited with manpower resources. With proper human capital formation, increasing mobility and division of labour, manpower resources can provide useful support to economic development, essay on economic development.
On the other hand, higher rate of growth of population increases demand for goods and services as a means of consumption leading to increasing consumption requirements, essay on economic development, lesser balance for investment and export, lesser capital formation, adverse balance of trade, increasing demand for social and economic infrastructural facilities and higher unemployment problem.
Accordingly, higher rate of population growth can put serious hurdles on the path of economic development Moreover, growth essay on economic development population at a higher rate usually eat up all the benefits of economic development leading to a slow growth of per capita income.
But it has also been argued by some modern economists that with the growing momentum of economic development, standard of living of the general masses increases which would ultimately create a better environment for the control of population growth. Moreover, Easterlin argued that population pressure may favourably affect individual motivation and this may again lead to changes in production techniques. Thus whether growing population in a country practically retards economic growth or contributes to it that solely depends on the prevailing situation and balance of various other factors determining the growth in an economy.
Availability of natural resources and its proper utilization are considered as an important determinant of economic development. If the countries are rich in natural resources and adopted modern technology for its utilization, then they can attain higher level of development at a quicker pace. Mere possession of natural resources cannot work as a determinant of economic development. Inspite of having huge variety of natural resources, countries of Asia and Africa could not attain a higher level of development due to lack of its essay on economic development utilization, essay on economic development.
But countries like Britain and France have modernised their agriculture in spite of shortage of land and the country like Japan has developed a solid industrial base despite its deficiency in natural resources. Similarly, Britain has developed its industrial sector by importing some minerals and raw materials from abroad. However, an economy having deficiency in natural resources is forced to depend on foreign country for the supply of minerals and other raw materials in order to run its industry.
Thus in conclusion it can be observed that availability of natural resources and its proper utilization is still working as an important determinant of economic growth, essay on economic development. Capital formation and capital accumulation are playing an important role in the process of economic development of the country.
Here capital means the stock of physical reproducible factors required for production, essay on economic development. The increase in the volume of capital formation leads to capital accumulation. Thus it is quite important to raise the rate of capital formation so as to accumulate a large stock of machines, tools and equipment by the community for essay on economic development up production. Thus Prof.
Moreover, capital formation requires the suitable skill formation so as to utilise physical apparatus or equipment for raising the productivity level. In an economy, capital accumulation can help to attain faster economic development in the following manner:. a Capital plays a diversified role in raising the volume of national output through changes in the scale or technology of production.
b Capital accumulation is quite essential to provide necessary tools and inputs for raising the volume of production and also to increase employment opportunities for the growing number of labour force. c Increase in capital accumulation at a faster rate results increased supply of tools and machinery per worker. Various developed countries like Japan have been able essay on economic development attain higher rate of capital formation to trigger rapid economic growth.
Normally, the rate of capital formation in underdeveloped countries is very poor. Therefore, they must take proper steps, viz. In order to attain a rapid economic growth, the rate of domestic savings and investment must be raised to 20 per cent. Naturally, essay on economic development, in the initial period, it is not possible to step up the rate of capital formation at the required rate by domestic savings alone.
Initially, to step up the rate of investment in the economy, essay on economic development, inflow of foreign capital to some extent is important. But with the gradual growth of domestic savings in the subsequent years of development, the dependence on foreign capital must gradually be diminished. Being a technologically backward country, essay on economic development, India has decided to permit foreign direct investment in order to imbibe advanced technology for attaining international competitiveness under the present world trade and industrial scenario.
Capital-output ratio is also considered as an important determinant of economic development in a country. By capital-output ratio we mean number of units of capital required to produce per unit of output, essay on economic development. It also refers to productivity of capital of different sectors at a definite point of time.
But the capital output ratio in a country is also determined by stage of economic development reached and the judicial mix of investment pattern. Moreover, capital-output ratio along essay on economic development national savings ratio can determine the rate of growth of national income. This is a simplified version of Harrod-Domar Model, essay on economic development.
This equation shows that rate of growth of GNP is directly related to savings ratio and inversely related to capital-outlet ratio.
Thus to achieve a higher rate of growth of national income, essay on economic development, the country will have to take the following two steps:. Favourable investment pattern is an important determinant of economic development in a country.
This requires proper selection of industries as per investment priorities and essay on economic development of production techniques so as to realise a low capital-output ratio and also for achieving maximum productivity. Thus in order to attain economic development at a suitable rate, the Government of the country should make a choice of suitable investment criteria for the betterment of the economy.
The suitable investment criteria should maximise the social marginal productivity and also make a balance between labour intensive and capital intensive techniques. Another determinant of economic development is the occupational structure of the working population of the country. Too much dependence on agricultural sector is not an encouraging situation for economic development. Increasing pressure of working population on agriculture and other primary occupations must be shifted gradually to the secondary and tertiary or services sector through gradual development of these sectors.
In India, as per census, about As per World Development Report,whereas about 45 to 66 per cent of the work force of developed countries was employed in the tertiary sector but India could absorb only 18 per cent of the total work force in this sector. The rate of economic development and the level of per capita income increase as more and more work force shift from primary sector to secondary and tertiary sector.
to secondary activities of all kinds and to a still greater extent into tertiary production. Thus to attain a high rate of economic development, essay on economic development, inter-sectoral transfer of work force is very much necessary.
The extent and pace of inter-sectoral transfer of work force depend very much on the rate of increase in productivity in the primary sector in relation to other sectors. Extent of the market is also considered as an important determinant of economic development. Expansion of the scale of production and its diversification depend very much on the size of the market prevailing in the country.
Moreover, market created in the foreign country is also working as a useful stimulant for the expansion of both primary, secondary and tertiary sector of the country leading to its economic development.
Japan and England are among those countries which have successfully extended market for its product to different foreign countries.
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, time: 3:15Essay on Economic Growth and Development - Words | Bartleby
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 10/4/ · Economic development is a key element of growth and sustainability of a country, as well as of equity, prosperity and well-being of its population Essay on Economic Growth and Development Words4 Pages Economic growth is a necessary but not sufficient condition of economic development. There is no single definition that encompasses all the aspects of economic development
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