Essay on the Economic Development of a Country.
Economic Development Essay Economic development is the increase in the standard of living of a population. Economic development includes economic growth among the main criteria. Economic growth is a sustained growth from a simple economy to a modern one.Economic Growth is the optimum utilisation and development of under-utilised resources of developed countries and brings significant changes in the economy. This growth is associated with a steady, general and gradual increase in the rate of savings, output and investment in the economy.The following paper will analyse whether economic development is a sequential process or a gradual process of convergence. The arguments will be supported by empirical studies conducted in the area. It must be highlighted that in 1950s and 60s development was seen as a series of successive stages of economic growth.
Economic development is thus a process of raising the rate of capital formation, i.e. both physical capital and human capital. Moreover, the task of economic development is influenced by a number of factors such as—economic, political, social, technological, natural, administrative etc.Economic Growth Economic growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment opportunities, stimulates business enterprise and innovation.
In general, economic development is usually the focus of federal, state, and local governments to improve our standard of living through the creation of jobs, the support of innovation and new.
