Economic development is the increase in the amount of people in a nation's population with sustained growth from a simple, low-income economy An economy consists of the economic system of a country or other area, the labor, capital and land resources, and the economic agents that socially participate in the production, exchange, distribution, and consumption of goods and services of that area. A given economy is the end result of a process that involves its technological evolution, to a modern, high-income economy.[1][2] Its scope includes the process and policies by which a nation improves the economic, political, and social well-being of its people.[3]

Gonçalo L Fonsesca at the New School for Social Research defines economic development as "the analysis of the economic development of nations."[4]

The University of Iowa's Center for International Finance and Development states that:

"'Economic development' or 'development' is a term that economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used when discussing economic development. Although no one is sure when the concept originated, most people agree that development is closely bound up with the evolution of capitalism and the demise of feudalism."[5]

The study of economic development by social scientists The social sciences are the fields of academic scholarship that explore aspects of human society. "Social science" is commonly used as an umbrella term to refer to a plurality of fields outside of the natural sciences. These include: anthropology, archaeology, economics, geography, history, linguistics, political science, international encompasses theories of the causes of industrial-economic modernization, plus organizational and related aspects of enterprise development in modern societies. It embraces sociological research on business organization and enterprise development from a historical and comparative perspective; specific processes of the evolution (growth, modernization) of markets and management-employee relations; and culturally related cross-national similarities and differences in patterns of industrial organization in contemporary Western societies. On the subject of the nature and causes of the considerable variations that exist in levels of industrial-economic growth and performance internationally, it seeks answers to such questions as: "Why are levels of direct foreign investment and labour productivity significantly higher in some countries than in others?"[6]

Mansell and Wehn state that development has been understood since the second World War to involve economic growth, increases in per capita income, and attainment of a standard of living equivalent to that of industrialized countries.[7][8]

Economy Development can also be considered as a static theory that documents the state of economy at a certain time. According to Schumpeter (2003)[9] the changes in this equilibrium state to document in economic theory can only be caused by intervening factors coming from the outside.

Contents

Economic growth versus economic development

Economic development refers to social Social progress is the idea that societies can or do improve in terms of their social, political, and economic structures. The concept of social progress was introduced in the early 19th century social theories, especially those of social evolutionists like Auguste Comte and Herbert Spencer. It was present in the Enlightenment's philosophies of and technological progress The history of technology is the history of the invention of tools and techniques, and is similar in many ways to the history of humanity. Background knowledge has enabled people to create new things, and conversely, many scientific endeavors have become possible through technologies which assist humans to travel to places we could not otherwise. It implies a change in the way goods and services are produced, not merely an increase in production achieved using the old methods of production on a wider scale. Economic growth Economic growth is a term used to indicate the increase of per capita gross domestic product or other measure of aggregate income. It is often measured as the rate of change in GDP. Economic growth refers only to the quantity of goods and services produced implies only an increase in quantitative output; it may or may not involve development. Economic growth is often measured by rate of change of gross domestic product The gross domestic product or gross domestic income (GDI) is a measure of a country's overall economic output. It is the market value of all final goods and services made within the borders of a country in a year. It is often positively correlated with the standard of living, though its use as a stand-in for measuring the standard of living has (eg., percent GDP increase per year.)[10] Gross domestic product is the aggregate value-added by the economic activity within a country's borders.

Economic development typically involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. GDP does not take into account other aspects such as leisure time, environmental quality, freedom, or social justice; alternative measures of economic wellbeing have been proposed (more The gross domestic product or gross domestic income (GDI) is a measure of a country's overall economic output. It is the market value of all final goods and services made within the borders of a country in a year. It is often positively correlated with the standard of living, though its use as a stand-in for measuring the standard of living has).

A country's economic development is related to its human development, which encompasses, among other things, health and education.

Intensive versus extensive growth

A closely related idea is the difference between extensive and intensive economic growth. Extensive growth is growth achieved by using more resources (land, labour and capital). Intensive growth is growth achieved by using a given amount of resources more efficiently (productively). Intensive growth requires development. personal safety and freedom from fear of physical harm, and the extent of participation in civil society.

Does growth create development?

Dependency theorists argue that poor countries have sometimes experienced economic growth with little or no economic development; for instance, in cases where they have functioned mainly as resource-providers to wealthy industrialised countries. There is an opposing argument, however, that growth causes development because some of the increase in income gets spent on human development such as education and health.

According to Ranis et al. (2000)[11], we view economic growth to human development as a two-way relationship. Moreover, Ranis suggested that the first chain consist of economic growth benefiting human development with GNP. Namely, GNP increases human development by expenditure from families, government and organizations such as NGOs. With the increase in economic growth, families and individuals will likely increase expenditures with the increased in incomes, which leads to increase in human development. Further, with the increased in expenditures, health, education tend to increases in the country and later will contribute to economic growth.

In addition to increasing private incomes, economic growth also generate additional resources that can be used to improve social services (such as healthcare, safe drinking water etc...). By generating additional resources for social services, unequal income distribution will be limited as such social services are distributed equally across each community; benefiting each individual. Thus, increasing living standards for the public.[12]

To summarize, as noted in Anand’s article (1993)[13], we can view the relationship between human development and economic development in three different explanations. First, increase in average income leading to improved in health and nutrition (known as Capability Expansion through Economic Growth). Second, it is believed that social outcomes can only be improved by reducing income poverty (known as Capability Expansion through Poverty Reduction). Thirdly, (known as Capability Expansion through Social Services), defines the improvement of social outcomes with essential services such as education, health care, and clean drinking water.

Models of economic development

The 3 building blocks of most growth models are:

  1. the production function,
  2. the saving function
  3. the labor supply function (related to population growth).

Together with a saving function, growth rate equals s/β (s is the saving rate, and β is the capital-output ratio). Assuming that the capital-output ratio is fixed by technology and does not change in the short run, growth rate is solely determined by the saving rate on the basis of whatever is saved will be invested.

Harrod–Domar model

The Harrod–Domar model delineates a functional economic relationship in which the growth rate of gross domestic product (g) depends positively on the national saving ratio (s) and inversely on the national capital/output ratio (k) so that it is written as g = s / k. The equation takes its name from a synthesis of analysis of growth by the British economist Sir Roy F. Harrod and the Polish-American economist Evsey Domar Evsey David Domar was a Russian American economist, famous as co-author of the Harrod–Domar model. The Harrod–Domar model in the early postwar times was commonly used by developing countries in economic planning. With a target growth rate, and information on the capital output ratio, the required saving rate can be calculated.

Exogenous growth model

The exogenous growth model The exogenous growth model, also known as the neo-classical growth model or Solow–Swan growth model is a term used to sum up the contributions of various authors to a model of long-run economic growth within the framework of neoclassical economics (or neoclassical growth model) of Robert Solow Robert Merton Solow is an American economist particularly known for his work on the theory of economic growth that culminated in the exogenous growth model named after him. He was awarded the John Bates Clark Medal (in 1961) and the 1987 Nobel Memorial Prize in Economic Sciences and others places emphasis on the role of technological change. Unlike the Harrod-Domar model, the saving rate will only determine the level of income but not the rate of growth. The sources-of-growth measurement obtained from this model highlights the relative importance of capital accumulation (as in the Harrod–Domar model) and technological change (as in the Neoclassical model) in economic growth. The original Solow (1957) study showed that technological change accounted for almost 90 percent of U.S. economic growth in the late 19th and early 20th centuries. Empirical studies on developing countries have shown different results (see Chen, E.K.Y.1979 Hyper-growth in Asian Economies).

Also see, Krugman (1994), who maintained that economic growth in East Asia was based on perspiration (use of more inputs) and not on inspiration (innovations) (Krugman, P., 1994 The Myth of Asia’s Miracle, Foreign Affairs, 73).

Even so, in our postindustrial A post-industrial society is a society in which an economic transition has occurred from a manufacturing based economy to a service based economy, a diffusion of national and global capital, and mass privatization. The prerequisites to this economic shift are the processes of industrialization and liberalization. This economic transition spurs a economy, economic development, including in emerging countries is now more and more based on innovation and knowledge. Creating business clusters A business cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Clusters are considered to increase the productivity with which companies can compete, nationally and globally. In urban study, the term agglomeration is used is one of the strategies used. One well known example is Bangalore Bangalore [ˈbæŋɡəlɔːr] , also known as Bengaḷūru (Kannada: ಬೆಂಗಳೂರು, [ˈbeŋɡəɭuːru]( listen)) , is the capital of the Indian state of Karnataka. Located on the Deccan Plateau in the south-eastern part of Karnataka, Bangalore is India's third most populous city and fifth-most populous urban agglomeration in India, where the software industry has been encouraged by government support including Software Technology Parks.

However, when looking at the growth rate put forward from the neoclassical growth model, it seems to suggest that countries with same characteristics and technology will eventually converge to the same rate of growth. However, one should know that the knowledge presented in countries that promotes technological advancement is not stationary. Meaning that knowledge are linked to individual and not to the country.

According to Lucas Jr (1988)[14] to compensate the movement of knowledge, we should implement factors such as labour factor to predict immigration flow. With labour movement coming into factor, we can then predict the flow of knowledge which can then successfully lead to increase in technology.

Information-led development

Information-led development Information-led development most commonly refers to a development strategy whereby a developing country makes as a primary economic policy focus the creation and development of a national information technology (IT) sector with the express aim of relying on this sector as an engine of growth. Notable examples of such countries are India and the (ILD) most commonly refers to a development strategy whereby a developing country makes as a primary economic policy focus the creation and development of a national information technology (IT) sector with the express aim of relying on this sector as an engine of growth. Notable examples of such countries are India and the Philippines.

More recently, a new formulation of ILD has emerged. With origins in community economic development in the United States, the new ILD model describes the use of data to generate actionable information or information solutions to development challenges. Examples of this include the inclusion of non-financial payment obligations in consumer credit files, also known as alternative data In economic policy, alternative data refers to the inclusion of non-financial payment reporting data in credit files, such as telecom and energy utility payments. Only 39 of 178 economies have credit bureaus that currently track alternative data, and the use of this information in underwriting, as a means to reduce financial exclusion in the United States, where an estimated 54 million Americans are shut out of mainstream credit access as there is insufficient information about them in their credit files to be scored by a credit scoring model. This variant of ILD was pioneered by PERC The Policy and Economic Research Council is a Chapel Hill, North Carolina based non-profit, non-partisan think tank concentrates on market-based economic development, both in the United States and internationally. PERC is a primary thought leader in the field of alternative data, and has spearheaded information-led development as a means for, a non-profit policy research organization and development intermediary headquartered in Chapel Hill, North Carolina[15] . Other US-based organizations, including Social Compact[16] and the Local Initiatives Support Corporation[17], employ variants of ILD, but none has applied this internationally except for PERC.

This development model is gaining traction in emerging markets such as Colombia and South Africa, where the data is being used to reduce financial exclusion and facilitate credit access as a means to build wealth and form assets. It is also attracting increasing attention from development agencies, including USAID The United States Agency for International Development is the United States federal government agency primarily responsible for administering civilian foreign aid. President John F. Kennedy created USAID in 1961 by executive order to implement development assistance programs in the areas authorized by the Congress in the Foreign Assistance Act of 1, the International Finance Corporation IFC is a member of the World Bank Group and is headquartered in Washington, DC. It shares the primary objective of all World Bank Group institutions: to improve the quality of the lives of people in its developing member countries, the World Bank Group The World Bank Group is a family of five international organizations that makes leveraged loans, generally to poor countries. The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary and Financial Conference (1–22 July 1944). It, and the Consultative Group to Assist the Poor.

Measuring Economic Development

GDP

Main article: List of countries by GDP (real) growth rate The list of countries of the world sorted by their gross domestic product growth rate shows the increase in value of all final goods and services produced within a nation in a given year -- not taking into account purchasing power parity and taking into account inflation World map showing GDP real growth rates The list of countries of the world sorted by their gross domestic product growth rate shows the increase in value of all final goods and services produced within a nation in a given year -- not taking into account purchasing power parity and taking into account inflation for 2008.

North America, even though one of the slowest growing continents, has stable growth. Most of the faster growing economies are in the Caribbean The Caribbean is a region consisting of the Caribbean Sea, its islands , and the surrounding coasts. The region is located southeast of the Gulf of Mexico and Northern America, east of Central America, and to the north of South America.

South America has a Boom and Bust growth with high followed by recession growth, most notable in Brazil Brazil (pronounced /brəˈzɪl/ ; Portuguese: Brasil, IPA: [bɾaˈziw]), officially the Federative Republic of Brazil (Portuguese: República Federativa do Brasil, listen (help·info)), is the largest country in South America and the only Portuguese-speaking country in the Americas. It is the world's fifth largest country, both by geographical, however growth has been stabilizing and the whole continent is growing.

Africa has seen the fastest growing but also the slowest growing/declining. From the oil fields which made Angola Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city. The exclave province of Cabinda has a border with the Republic of the Congo and the the 3rd fastest growing country in the world, to Zimbabwe Zimbabwe is a landlocked country located in the southern part of the continent of Africa, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia to the northwest and Mozambique to the east. Zimbabwe has three official languages: English, Shona (a Bantu language), and Ndebele (also a the slowest growing and declining country in the world. Oil in Africa has created 'wealth spots' were a few countries have exceeded their neighbors in wealth. Out of the 10 fastest growing countries in the world, 3 were African. Some countries have in the past been the fastest growing in the world. Equatorial Guinea Equatorial Guinea, officially the Republic of Equatorial Guinea is a country located in Central Africa. With an area of 28,000 square kilometres (11,000 sq mi) it is one of the smallest countries in continental Africa. It is also the most prosperous, however the wealth is concentrated in government and elite hands, with 70% of the population reached 75% growth in 2004 because of oil reserves.

Europe has one of the most stable growth rates. After the fall of the Soviet Union The Union of Soviet Socialist Republics was a constitutionally socialist state that existed in Eurasia from 1922 to 1991. The name is a translation of the Russian: Союз Советских Социалистических Республик (help·info), tr. Soyuz Sovetskikh Sotsialisticheskikh Respublik, IPA [sɐˈjʊs sɐˈvʲeʦkʲɪx səʦɪ, there was a period of economic decline in Eastern Europe Eastern Europe is a region lying in the Eastern part of Europe. The term is highly context-dependent and even volatile, as there are "almost as many definitions of Eastern Europe as there are scholars of the region". A related UN paper adds that "every assessment of spatial identities is essentially a social and cultural construct& over the 1990s, followed by recovery in the 2000s. The region is now experiencing growth, particularly in those countries that have recently joined the European Union The European Union is an economic and political union of 27 member states which are located primarily in Europe. Committed to regional integration, the EU was established by the Treaty of Maastricht in 1993 upon the foundations of the European Communities. With over 500 million citizens, the EU combined generated an estimated 28% share (US$ 16.5. If the Caucasus The Caucasus or Caucas is a geopolitical region at the border of Europe and Asia. It is home to the Caucasus Mountains, including Europe's highest mountain (Mount Elbrus) were included, Europe would be one of the fastest growing continents in the world. Most countries are growing at a medium speed; however, many smaller countries exceed 7% and grow exceptionally faster than their neighbors. Out of the 10 fastest growing countries in the world, only 1 is in Europe.

Overall in the 20th century Asia was seen as the area with most growth; however, in the 21st century, most of this has been dominated by China China is seen variously as an ancient civilization extending over a large area in East Asia, a nation and/or a multinational entity. Some spots of growth are starting to appear in East and even South Asia. Most nations with high populations have seen high growth especially. Out of the 10 fastest growing countries 3 were directly in Asia, and 3 indirectly or partially.

Meanwhile Oceania has seen moderate growth. The only exceptional growth in Oceania has been on Vanuatu Vanuatu ( /ˌvɑːnuːˈɑːtuː/ vah-noo-AH-too or /ˌvænˈwɑːtuː/ van-WAH-too), officially the Republic of Vanuatu (French: République de Vanuatu, Bislama: Ripablik blong Vanuatu), is an island nation located in the South Pacific Ocean. The archipelago, which is of volcanic origin, is some 1,750 kilometres (1,090 mi) east of northern.

Some countries have negative growth, most often due to ongoing wars or hyperinflation In economics, hyperinflation is inflation that is very high or "out of control", a condition in which prices increase rapidly as a currency loses its value. Definitions used by the media vary from a cumulative inflation rate over three years approaching 100% to "inflation exceeding 50% a month." In informal usage the term is. These countries include Palestinean territories The Palestinian National Authority is the administrative organization established to govern parts of the West Bank and Gaza Strip, Zimbabwe Zimbabwe is a landlocked country located in the southern part of the continent of Africa, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia to the northwest and Mozambique to the east. Zimbabwe has three official languages: English, Shona (a Bantu language), and Ndebele (also a, Fiji Fiji /ˈfiːdʒiː/ (Fijian: Matanitu ko Viti; Fiji Hindi: फ़िजी), officially the Republic of the Fiji Islands (Fijian: Matanitu Tu-Vaka-i-koya ko Viti; Fiji Hindi: फ़िजी द्वीप समूह गणराज्य,[citation needed] fiji dvip samooh ganarajya), is an island nation in Melanesia in the South Pacific Ocean and Chad Chad , officially known as the Republic of Chad, is a landlocked country in central Africa. It is bordered by Libya to the north, Sudan to the east, the Central African Republic to the south, Cameroon and Nigeria to the southwest, and Niger to the west. Due to its distance from the sea and its largely desert climate, the country is sometimes.

Other sources of information can also be used to demonstrate economic development. These include GVA, Unemployment and Business Data.

Regional policy

In its broadest sense, policies of economic development encompass three major areas:

Economic developers

Economic development, which is thus essentially economics on a social level, has evolved into a professional industry of highly specialized practitioners. The practitioners have two key roles: one is to provide leadership in policy-making, and the other is to administer policy, programs, and projects. Economic development practitioners generally work in public offices on the state, regional, or municipal level, or in public-private partnerships organizations that may be partially funded by local, regional, state, or federal tax money. These economic development organizations (EDO's) function as individual entities and in some cases as departments of local governments. Their role is to seek out new economic opportunities and retain their existing business wealth.

There are numerous other organizations whose primary function is not economic development work in partnership with economic developers. They include the news media, foundations, utilities, schools, health care providers, faith-based organizations, and colleges, universities, and other education or research institutions.

With more than 20,000 professional economic developers employed world wide in this highly specialized industry, the International Economic Development Council [IEDC] [3] headquartered in Washington, D.C. is a non-profit organization dedicated to helping economic developers do their job more effectively and raising the profile of the profession. With over 4,500 members across the US and internationally, serving exclusively the economic development community. Membership represents the entire range of the profession ranging from regional, state, local, rural, urban, and international economic development organizations, as well as chambers of commerce, technology development agencies, utility companies, educational institutions, consultants and redevelopment authorities. Many individual states also have associations comprising economic development professionals and they work closely with IEDC.

There is intense competition between communities, states, and nations for new economic development projects in today's globalized world, and the struggle to attract and retain business is further intensified by the use of many variations of economic incentives to the potential business such as; tax incentives, help with investment capital, donated land and many others. IEDC places significant attention on the various activities undertaken by economic development organizations to help them compete and sustain vibrant communities.

Additionally, the use of community profiling tools and database templates to measure community assets versus other communities is also an important aspect of economic development. Job creation, economic output, and increase in taxable basis are the most common measurement tools. When considering measurement, too much emphasis has been placed on economic developers for "not creating jobs." However, the reality is that economic developers do not typically create jobs, but facilitate the process for existing businesses and start-ups to do so. Therefore, the economic developer must make sure that there are sufficient economic development programs in place to assist the businesses achieve their goals. Those types of programs are usually policy-created and can be local, regional, statewide and national in nature.

See also

Sustainable development portal Sustainable development has been defined as balancing the fulfillment of human needs with the protection of the natural environment so that these needs can be met not only in the present, but in the indefinite future. The term was used by the Brundtland Commission which coined what has become the most often-quoted definition of sustainable

Institutions

References

This article includes a list of references, related reading or external links, but its sources remain unclear because it lacks inline citations. Please improve this article by introducing more precise citations where appropriate. (August 2007)
  1. ^ Alan Deardorff, "Economic development," Deardorff's Glossary of International Economics online (click to E).
  2. ^ Hla Myint and Anne O. Krueger (2009) "Economic development," Encyclopædia Britannica.
  3. ^ O'Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 471. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4.
  4. ^ New School Economics Department History of Economic Thought website, "Economic Development", retrieved 2009.
  5. ^ R. Conteras, "How the Concept of Development Got Started" University of Iowa Center for International Finance and Development E-Book[1]
  6. ^ Lewis F. Abbott, Theories Of Industrial Modernization & Enterprise Development: A Review, ISR/Google Books, revised 2nd edition 2003, pages 1–2. ISBN 978-0-906321-26-3.[2]
  7. ^ http://cbdd.wsu.edu/kewlcontent/cdoutput/TR501/page59.htm
  8. ^ Mansell, R & and Wehn, U. 1998. Knowledge Societies: Information Technology for Sustainable Development. New York: Oxford University Press.
  9. ^ Schumpeter, J. & Backhaus, U., 2003. The Theory of Economic Development. In Joseph Alois Schumpeter. pp. 61-116. Available at: http://dx.doi.org/10.1007/0-306-48082-4_3 [Accessed October 19, 2009].
  10. ^ Beyond Economic Growth Student Book, "Economic development".
  11. ^ Ranis, G., Stewart, F. & Ramirez, A., 2000. Economic Growth and Human Development. World Development, 28(2), 197-219.
  12. ^ Anand, S. & Sen, A., 2000. Human Development and Economic Sustainability. World Development, 28(12), 2029-2049.
  13. ^ Anand, S. & Ravallion, M., 1993. Human Development in Poor Countries: On the Role of Private Incomes and Public Services. The Journal of Economic Perspectives, 7(1), 133-150.
  14. ^ Lucas, R.E., 1988. On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42.
  15. ^ Information-Led Development, PERC
  16. ^ World Bank Drilldown Pilots
  17. ^ LISC MetroEdge brochure

External links

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The environment must be sacrificed for the sake of economic development?
Q. We are having a debate in our class and I'm on the negative side. What are some proofs that the environment must not be sacrificed for the sake of economic development?
Asked by Synyster - Mon Feb 2 09:49:57 2009 - - 3 Answers - 0 Comments

A. The poster above makes an interesting observation; maybe you can go with the huge industries emerging that are directly in favor of clean-technology. Auto manufacturers, battery makers, tesla autos, even al gore's carbon credit business has competitors (you pay money and trade carbon cretids and whatnot) many proponents of the Obama administration along with Obama himself have stated the belief that green technologies can revitalize the lagging state of the economy. He wants a new green/clean infrastructure which, if it is pursued, will hand out billions of dollars in government contracts to businesses who can supply such.
Answered by axesenzon - Mon Feb 2 10:05:51 2009

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