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Econ. Development

Econ. Development. Growth vs. Development. Economic development is a normative concept it applies in the context of people's sense of morality (right and wrong, good and bad).

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Econ. Development

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  1. Econ. Development

  2. Growth vs. Development • Economic development is a normative concept • it applies in the context of people's sense of morality (right and wrong, good and bad). • Possible definition: an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice.

  3. HDI • One method of measuring development is the Human Development Index: • Takes into account the literacy rates & life expectancy which affect productivity and could lead to Economic Growth. • HW# 2

  4. HDI • Leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment. • It implies an increase in the per capita income of every citizen.

  5. Economic Growth? • Economic Growth:an increase in a country's real GDPr • Can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology • An increase in the value of goods and services produced by every sector of the economy in a given year. • Economic Growth can be measured by an increase in a country‘s GDP (gross domestic product).

  6. Development alleviates people from low standards of living into proper employment with suitable shelter. • Economic Growth does not take into account the depletion of natural resources which might lead to pollution, congestion & disease. • Development however is concerned with sustainability which means meeting the needs of the present without compromising future needs. • Economic growth is a necessary but not sufficient condition of economic development

  7. For more, see: • http://www.diffen.com/difference/Economic_Development_vs_Economic_Growth • http://www.heritage.org/index/country/kuwait • http://www.ebrd.com/downloads/news/arab-competitiveness-report.pdf

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