What Is Development?
The aim of this eassy is to state what is is meant by economic development and growth as while as discussing the why Zambia regardless of th........ The eassy will beginft by defining the key concepts such as economic development and growrth. It will then discuss........... thereafter, a conclusion based on the evidence that will be presented in this paper shall be drawn.
Economic development is a normative concept i.e. it applies in the context of people's sense of morality (right and wrong, good and bad). The definition of economic development given by Michael Todaro (2007...) is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice. The economic development of a country or society is usually associated with (amongst other things) rising incomes and related increases in consumption, savings, and investment. Of course, there is far more to economic development than income growth; for if income distribution is highly skewed, growth may not be accompanied by much progress towards the goals that are usually associated with economic development. Thus economic development is the improvement in the welfare of the entire soceity. It calls for the increase in the well being of the people in a given community or country. Economic development is said to occur when the majority of the population in the labour force are employed in high paying jobs such that poverty levels reduce drastically.
Economic Growth is a narrower concept than economic development. It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Economic Growth can be measured by an increase in a country's real GDP (gross domestic product) or real GDP percapita (which is real GDP
Economic development is a normative concept i.e. it applies in the context of people's sense of morality (right and wrong, good and bad). The definition of economic development given by Michael Todaro (2007...) is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice. The economic development of a country or society is usually associated with (amongst other things) rising incomes and related increases in consumption, savings, and investment. Of course, there is far more to economic development than income growth; for if income distribution is highly skewed, growth may not be accompanied by much progress towards the goals that are usually associated with economic development. Thus economic development is the improvement in the welfare of the entire soceity. It calls for the increase in the well being of the people in a given community or country. Economic development is said to occur when the majority of the population in the labour force are employed in high paying jobs such that poverty levels reduce drastically.
Economic Growth is a narrower concept than economic development. It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Economic Growth can be measured by an increase in a country's real GDP (gross domestic product) or real GDP percapita (which is real GDP