Early in human history‚ people used energy for heating‚ lighting‚ and cooking. As humans began to farm larger areas of land‚ their energy demands changed. Domesticated animals were used for energy sources to pull plows. When the Industrial Revolution occurred‚ people’s energy demands further changed to meet the needs of industry. Work that was done by people and animals were then transferred over to machines. These machines required more natural resources such as iron and coal to produce large amounts
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economically advanced industrial societies. Another reason for the emergence of the modernization theory derived from Adam Smith’s Wealth of Nations‚ which represented the widespread practical interest on economic development during a time when there was a constant relation between economic theory and economic policy that was considered necessary and obvious. It was by analysing‚ critiquing‚ and hence moving away from these assumptions and theories that the modernization theory began to establish itself
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POPULATION GROWTH AND ECONOMIC DEVELOPMENT The consequences of population growth on economic development have attracted the attention of economists ever since Adam smith wrote his Wealth of nations. It was only Malthus and Ricardo who created an alarm about the effect of population growth on the economy. Population and Economic Development However‚ the consequences of population growth on the development of LDCs are not the same because the conditions prevailing in these countries are quite different
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associated with the social and economic empowerment of individuals and societies. The members of the family are human beings and are in need of material things to survive and develop. It is this need to obtain and to consume goods and services that constitute economic development and the role that the family plays in economic development (Bigombe and Khadiagala‚ 2003). Therefore‚ this essay seeks to critically examine the role of the family in African society in economic development with the description
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Question: How far does foreign aid contributes to the economic development of the poor countries? Answer: Developed or rich countries help developing or poor countries by providing aid to them. Currently lots of third world countries receive foreign aids from developed countries. This situation is lasting for many years and has both positive and negative aspects. Foreign aid from various sources can reach recipients through bilateral or multilateral delivery systems. Literally the world is becoming
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individual‚ undertaken to initiate‚ maintain or aggrandize profit by production or distribution of economic goods and services." According to Schumpeter‚ "Entrepreneurship is based on purposeful and systemic innovation. It included not only the independent businessman but also company directors and managers who actually carry out innovative functions". Need For Entrepreneurship Development: Economic development essentially means a process of upward change whereby the real per capita income of a country
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views about the relation between economic growth and financial development. First‚ financial development has impact on economic growth (i.e. Bagehot‚ 1873; Schumpeter‚ 1912; McKinnon‚ 1973; Shaw‚ 1973; Patrick‚ 1966; Goldsmith‚ 1969; Fry‚ 1973). Second‚ economic growth leads to financial development and that where there is economic growth financial development follows (i.e. Robinson‚ 1952). The third view‚ however‚ contends that both financial development and economic growth Granger cause one another
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ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering economic growth and development. Entrepreneurship is one of the most important input in the economic development of a country. The entrepreneur acts as a trigger head to give spark to economic activities by his entrepreneurial decisions. He plays a pivotal role not only in the development of industrial sector of a country but also in the development of farm and service
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Culture: a vehicle for economic development Cultural industries: Culture is a powerful global economic engine generating jobs and income with a value of US $1.3 trillion in 2005. Global cultural industries account for more than 7% g global GDP During the 1990s‚ the cultural industries grew at an annual rate twice that of service industries and four times that of manufacturing in OECD countries (2009 UWR). However‚ infrastructure investments are needed in the South to enhance and support cultural
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E-commerce and Economic Development (A Study Sponsored by the South Asia Network of Economic Research Institutes) Mahesh C Purohit Vishnu Kanta Purohit Foundation for Public Economics and Policy Research 133‚ SFS‚ Ashok Vihar-IV New Delhi-110052 Phone: 27463008; 27427758 Fax: 27142802 e-mail: director@fpepr.org website : www.fpepr.org 1 E-commerce and Economic Development (A Study Sponsored by the South Asia Network of Economic Research Institutes) Mahesh C Purohit Vishnu Kanta
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