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Is economic growth without economic development meaningless?
This is an age old debate, however it has been postulated that economic growth is one aspect of the process of economic development. (Howard 2001 et al. " there are an inescapable intimate relation between the two. Economic development and economic growth are two terms that are used interchangeably and sometimes incorrectly, however we could have one at the expense of the other. Economic growth focuses on market productivity and rise in GDP, this is as a direct result to increase production (i.e. output of final goods and services) in every sector of the economy. This focus is quantitative by nature. Economic development is referred to as the investment by society and government (policy intervention programs); this implies the promotion of an increase in the standard of living and quality of life. These actions include qualitative initiatives (environmental sustainability, health care, education). Development is a fluid concept therefore, what constitute development for one may not be applicable to another. Miere' (1989), p.6. "Economic development is the process whereby the real per capita income of a country increases over a period of time_ subject to the stipulations that the number of people below an 'absolute poverty line' does not increase, and that the distribution of income does not become more unequal". This important process of translating your human resource and natural resource into sustainable resources is a difficult task ,whereby economic growth can take place without a clear impact on economic development, the former can be measured, however the latter; it is more difficult to define, a lot of variables have to be evident. Certain countries have been given development country status; this fluid concept can change. What is developed now may be under develop later. However to maintain developmental status we need to; effectively manipulating our physical capital (UWI) to harness our capacity (human capital) through research and development; since technology, professional and administrative people are needed to make effective use of material capital. In closing the two measureable aspect of development are quantitative and qualitative by nature. In my understanding, yes it's meaningless to have one at the expense of the other. The benefit of economic growth should be enjoyed by all citizens in an equitable manner.
Outcomes meets the economic goal of growth?
There are many outcomes that can meet economic growth goals. Some factors that could help meet economic goal growth would include more education, jobs, manufacturing, and industries.
What is the contribution of language in cultural and economic development in our society?
Language permits communication and the transmission of ideas from one mind to another. Without language we could not have a society, period.
What are the concept of development?
The concept of development states that something moves forward. This could mean growth of a company or the building of new structures.
What role do capital goods play in the field of economics?
Capital goods are essential in economics as they are used to produce other goods and services. They include machinery, equipment, and buildings that help businesses increase their productivity and efficiency. Without capital goods, businesses would struggle to produce goods and services at a competitive level, which could hinder economic growth and development.
How has being located near body of water been important in the growth and development in Midwest cities?
they could crop more goods without them spoiling
Is economic growth without economic development meaningless?
This is an age old debate, however it has been postulated that economic growth is one aspect of the process of economic development. (Howard 2001 et al. " there are an inescapable intimate relation between the two. Economic development and economic growth are two terms that are used interchangeably and sometimes incorrectly, however we could have one at the expense of the other. Economic growth focuses on market productivity and rise in GDP, this is as a direct result to increase production (i.e. output of final goods and services) in every sector of the economy. This focus is quantitative by nature. Economic development is referred to as the investment by society and government (policy intervention programs); this implies the promotion of an increase in the standard of living and quality of life. These actions include qualitative initiatives (environmental sustainability, health care, education). Development is a fluid concept therefore, what constitute development for one may not be applicable to another. Miere' (1989), p.6. "Economic development is the process whereby the real per capita income of a country increases over a period of time_ subject to the stipulations that the number of people below an 'absolute poverty line' does not increase, and that the distribution of income does not become more unequal". This important process of translating your human resource and natural resource into sustainable resources is a difficult task ,whereby economic growth can take place without a clear impact on economic development, the former can be measured, however the latter; it is more difficult to define, a lot of variables have to be evident. Certain countries have been given development country status; this fluid concept can change. What is developed now may be under develop later. However to maintain developmental status we need to; effectively manipulating our physical capital (UWI) to harness our capacity (human capital) through research and development; since technology, professional and administrative people are needed to make effective use of material capital. In closing the two measureable aspect of development are quantitative and qualitative by nature. In my understanding, yes it's meaningless to have one at the expense of the other. The benefit of economic growth should be enjoyed by all citizens in an equitable manner.
Outcomes meets the economic goal of growth?
There are many outcomes that can meet economic growth goals. Some factors that could help meet economic goal growth would include more education, jobs, manufacturing, and industries.
What is the contribution of language in cultural and economic development in our society?
Language permits communication and the transmission of ideas from one mind to another. Without language we could not have a society, period.
Is development important?
Development is important as without it we would all be staying the same and therefore not making any progress in life, without development we would not have medicines in 3rd world countries; in fact, we may not have medicine at all. Development as it is, is a natural part of life, development allows us to grow, move around better, think differently and to progress in life. No one wants to stop economic progress that could give millions better lives. But we must insist on sustainable development that combines environmental care, social justice and economic growth. Earth cannot support unrestricted growth. Companies in developed countries already have higher costs of production because of rules to protect the environment. It is unfair if they then see their prices undercut by goods produced cheaply in developing countries at the cost of great pollution.
Why is development important?
Development is important as without it we would all be staying the same and therefore not making any progress in life, without development we would not have medicines in 3rd world countries; in fact, we may not have medicine at all. Development as it is, is a natural part of life, development allows us to grow, move around better, think differently and to progress in life. No one wants to stop economic progress that could give millions better lives. But we must insist on sustainable development that combines environmental care, social justice and economic growth. Earth cannot support unrestricted growth. Companies in developed countries already have higher costs of production because of rules to protect the environment. It is unfair if they then see their prices undercut by goods produced cheaply in developing countries at the cost of great pollution.
Do you think the south should have paid more attention to its industrial growth why?
Yes, the South should have paid more attention to its industrial growth, as it could have diversified its economy and reduced its reliance on agriculture, particularly cotton. By investing in industrial development, the South could have created more job opportunities, improved infrastructure, and enhanced overall economic resilience. This shift could have mitigated some of the economic challenges faced during and after the Civil War, fostering a more balanced and sustainable growth trajectory.
What is meant by balanced development?
Balanced development refers to an approach that aims to ensure equal progress across economic, social, and environmental aspects of a society or region. It involves promoting growth that is sustainable, inclusive, and equitable, taking into account the needs and priorities of all stakeholders. The goal is to achieve harmony and stability in development outcomes, avoiding lopsided growth that could lead to negative consequences.
What is your view on an organization that works for the benefits of people?
i think they are contributing to the economic growth and development of the country's economy that could in a way eliminate or reduce the level of crime and poverty, especially to those disadvantaged black people.
What ordinary people can do in their daily lives to promote economic growth and prosperity in south Africa?
what could ordinary people do in their daily lives to promote economic growth and prosperity in south africa
What did Kennedy think he could encourage stability in Latin America by?
a. promoting economic development.
What are the concept of development?
The concept of development states that something moves forward. This could mean growth of a company or the building of new structures.
