economic development

Topics: Currency, Economics, Foreign exchange reserves, Investment, Economic development, Economic growth / Pages: 3 (567 words) / Published: Jul 7th, 2014
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 local governments to bring about progress to the whole nation. International - no economy can be left unaffected by global events like the Middle East conflict, US political happenings, etc.

ECONOMIC DEVELOPMENT, 2nd definition

It is the process of improving the quality of all human lives.

What kind of a process is economic development?
It is a multi-dimensional process that involves changes in the three structures of the society plus changes in popular attitudes and beliefs.

THE THREE STRUCTURES OF THE SOCIETY
1. Institutional - example educational system, church
2. Social - family, agrarian reform
3. Administrative - government, constitution, currency

SCHOOLS OF THOUGHTS OR APPROACHES IN THE STUDY OF ECONOMIC DEVELOPMENT
Stages of economic growth theories of the late 1950s and early 1960s
International structuralist theories of the late 1960s and early 1970s

FIVE STAGES OF ECONOMIC DEVELOPMENT (according to W.W. Rostow)
Traditional society - agricultural
Pre-conditions for take-off into life sustaining growth
Take-off stage
Drive to maturity
Age of high mass consumption

An Indicator of Development
Literacy - is the ability of an individual to read and write.
Functional vs. dysfunctional literates
Functional literates (84%, 2003)
Simple literates (92%, 2000)

Signs indicating that economic development is gradually attained in a certain place: Literacy
Electrification
Better sanitation and sewerage system
Potable source of

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