Impact of Economic Development on Science

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Impact of Economic Development on Science

By | September 2011
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ENGINEERING ECONOMICS
ASSIGNMENT 1

ECONOMIC DEVELOPMENT AND ITS IMPACT ON SCIENCE

Ananthtejas R
09CO12

Economic development
Economic development is a broad term that generally refers to the sustained, concerted effort of policymakers and community to promote the standard of living and economic health in a specific area. Such effort can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives. Economic development differs from economic growth. Whereas economic development is a policy intervention endeavor with aims of economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Economic development has several definitions from local to global perspectives. Professor of Economics and Public Policy Alan Deardorff at the University of Michigan as part of his International Economics Glossary calls it: "Sustained increase in the economic standard of living of a country's population, normally accomplished by increasing its stocks of physical and human capital and improving its technology."

How are economic development and science related ?
Both science is very dependent on the economy for its funding, pre-required technology and other resources and the economic development is also heavily dependant on science as only advances in technology and research result in export and better facilities. There is evidence that the differences in total productivity among countries - differences that originate in different levels of technology - explain more than 60 percent of the differences among these countries in per-worker income and growth rates. Although growth has its ups and downs in the course of the economic cycle, the average growth rate of the global economy has been accelerating over time. By inference, the rate of increase in technological level in...

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