Economic Development

Good Essays
Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area. Economic development can also be referred to as the quantitative and qualitative changes in the economy. Such actions can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives.
Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP
Mercantilism is the economic doctrine that government control of foreign trade is of paramount importance for ensuring the military security of the country. In particular, it demands a positive balance of trade. Mercantilism dominated Western European economic policy and discourse from the 16th to late-18th centuries. Mercantilism was a cause of frequent European wars in that time and motivated colonial expansion. Mercantilist theory varied in sophistication from one writer to another and evolved over time. Favors for powerful interests were often defended with mercantilist reasoning.
Laissez-faire- ˌlɛseɪˈfɛər-/, French is an economic environment in which transactions between private parties are free from government restrictions, tariffs, and subsidies, with only enough regulations to protect property rights. The phrase laissez-faire is French and literally means "let [them] do", but it broadly implies "let it be," "let them do as they will," or "leave it alone". Scholars generally believe a laissez-faire state or a completely free market has never existed.
Adam Smith (5 June 1723 OS (16 June 1723 NS) – 17 July 1790) was a Scottish moral philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Adam

You May Also Find These Documents Helpful

  • Powerful Essays

    Economic Development

    • 1884 Words
    • 8 Pages

    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…

    • 1884 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Economic Development

    • 921 Words
    • 4 Pages

    [Pick the date] | Home | development | Economic development, achieved largely through productivity growth, is very important to both developed and developing nations. However, even though we know that higher productivity leads to improved economic outcomes there has been no consensus among researchers about either the desired path of development or the role of state in economic development. Concerning the path of development, Lall (2001) says that the appropriate strategy for any…

    • 921 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Economic development

    • 818 Words
    • 3 Pages

    Economic development is the sustained, concerted actions of policy makers and communities that promote the standard of living and economic health of a specific area. Economic development can also be referred to as the quantitative and qualitative changes in the economy. Such actions can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives. Economic…

    • 818 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    economic development

    • 567 Words
    • 3 Pages

    ECONOMIC DEVELOPMENT, 1st definition - it is the sum of growth and change Growth vs. change: Growth - the increase in the kinds and quantities of the available resources Change - the rising standard of living Questions to ponder What is the difference between economic development and development? Which comes first, growth or change? Can an economy experience growth without change? TWO CONTEXT OF DEVELOPMENT National - development is a combined effort of both the national and…

    • 567 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Economic Development

    • 258 Words
    • 2 Pages

    Economic development is the increase in the standard of living in a nation's population with sustained growth from a simple, low-income economy to a modern, high-income economy.[1][2] Also, if the local quality of life could be improved, economic development would be enhanced.[3] Its scope includes the process and policies by which a nation improves the economic, political, and social well-being of its people. Economic growth is the increase of per capita gross domestic product (GDP) or other measure…

    • 258 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    economic development

    • 711 Words
    • 3 Pages

    country, or "more developed country" (MDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.[1] Which criteria are to be used and which countries can be classified as being developed…

    • 711 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Economic Development

    • 4931 Words
    • 18 Pages

    Development Economics: 01:220:339:01 ¤ Rutgers University ¤ Professor Ira Gang Prerequisites: Intermediate Microeconomics, Intermediate Macroeconomics, Econometrics Email: gang at economics.rutgers.edu Include 339 in the subject line ¤ Course Materials Home ¤ Lecture Schedule, Exam Dates, Readings, Problems ¤ Requirements and Grading ¤ Learning Goals ¤ Exams, Rules, Advice ¤ Sample Exam Questions ¤ Course Structure & Prerequisites Sample Test Questions for Development Economics 339 Below are a…

    • 4931 Words
    • 18 Pages
    Good Essays
  • Good Essays

    Economic Development

    • 1984 Words
    • 8 Pages

    Economic development Economic development is the development of standard of living of humans. Development in infrastructure, health, industry, education, and financial institutions are parts of economic development. Average income of a person, life expectancy at birth, literacy rate, etc. are measurements of economic development. In order to increase the standard of living infrastructure facilities should be developed. Developments in roads, irrigation systems are a part of economic development…

    • 1984 Words
    • 8 Pages
    Good Essays
  • Good Essays

    Development Economics

    • 592 Words
    • 3 Pages

    Development Economics focus is on methods of promoting economic growth and structural change. The early proponents of development as a policy emerged with Keynesian Macroeconomics which encouraged the need for Government Intervention in order for economic growth to take place. This theory identified that fixed capital formation was a major source of economic growth and development. It also pointed out a need for a raise in domestic savings rate in the poor countries since savings led to investment…

    • 592 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Economic Development

    • 551 Words
    • 3 Pages

    ENTERPRISES AND ECONOMIC GROWTH Nigeria as a developing economy cannot achieve full development without the contribution of the small and medium scale enterprises (SMEs). In most developed economies, the main stay of their economy has been attributed to the effectiveness of the small and medium scale enterprises (SMEs). Small and Medium Scale Enterprises (SMEs) is accepted globally as a tool for empowering the citizenry and economic growth. It has been associated with the rapid economic growth of…

    • 551 Words
    • 3 Pages
    Good Essays