StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

The Achievement of Economic Development - Case Study Example

Comments (0) Cite this document
Summary
The paper 'The Achievement of Economic Development' emphasizes the achievement of economic development which is important in all spheres of human life. From the individual level to the organizational level to the national level, everyone seeks some level of economic development…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.1% of users find it useful
The Achievement of Economic Development
Read TextPreview

Extract of sample "The Achievement of Economic Development"

Download file to see previous pages With economic development, people are able to access not their needs but also to a very large extent, their wants also. Considering the fact that they need to meet once basic needs for existence can be jeopardized in the absence of economic development, not much can be said on the need to promote the economic development of all people at all levels of life. The understanding that economic development brings about better living and improved lifestyle does not, however, guarantee economic development. This is because the achievement of economic development is a complex and systematic process that demands a lot of knowledge, professional requirements, ethical know-how among other factors to achieve (Koduah, 2009). Kasof et al (2007) describe the elements that need to be put in place to attain economic development as values. In academic circles, theorists and economists have associated entrepreneurship and innovation as two of the most important values needed in achieving economic development. Lumsdaine and Binks (2007) also reiterate the fact that creativity and problem-solving has a lot of roles to play in ensuring that entrepreneurship and innovation are well combined to bring about economic development. This essay, therefore, seeks to discuss the relationship between entrepreneurship, innovation and economic development and the role that creativity and problem-solving play in this relationship. Being rather more technical and theoretical, the Lester Centre for Entrepreneurship (2011) explains that “entrepreneurship has crossed border from the days it used to be all about “the pursuit of opportunity beyond the resources you currently control” to now include a rather broadened scope “with segmented interest across a wide variety of fields and topics, including new venture creation, venture capital, social ventures, business model innovation, open software, internet, corporate entrepreneurship, global business, and biotechnology.” Innovation in the economic sense can also be given a broader interpretation than the mere act of creating something new. Innovation is actually a compounded ability to be of use not just to one’s self but to society at large (Ampong, 2004). There are therefore several theories on innovation that guides the utilization of the phenomenon. Some of the theories can be mentioned as a breakthrough, incremental and open source (Real Innovation, 2011). Fusing all these theories together, Peter Drucker explains that “innovation is the specific instrument of entrepreneurship... the act that endows resources with a new capacity to create wealth” (Real Innovation, 2011). Economic development According to Economics for Development (2011), “economic development is the development of an economic wealth of countries or regions for the well-being of their inhabitants.” This confirms the point made earlier that economic development is directed towards the achievement of the overall wellbeing of people. Theoretically, economic development is judged by certain indicators when the term is used by economic analysts. At the national level, there are indicators such as inflation rate, foreign exchange rate, interest rate and gross the domestic product that are used to access the economic development rate of countries. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Relationship between Entrepreneurship, Innovation and Economic Essay - 1”, n.d.)
Relationship between Entrepreneurship, Innovation and Economic Essay - 1. Retrieved from https://studentshare.org/business/1436850-ychdiscuss-the-relationship-between
(Relationship Between Entrepreneurship, Innovation and Economic Essay - 1)
Relationship Between Entrepreneurship, Innovation and Economic Essay - 1. https://studentshare.org/business/1436850-ychdiscuss-the-relationship-between.
“Relationship Between Entrepreneurship, Innovation and Economic Essay - 1”, n.d. https://studentshare.org/business/1436850-ychdiscuss-the-relationship-between.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF The Achievement of Economic Development

Leadership Development Experience

The nine-month certificate program which I completed at Leadership Institute of South Puget Sound combined academic study on leadership with practical development of leadership skills. Numerous community service activities such as involvement in Employee Community Fund (ECF), being a Child haven volunteer, Christian Center volunteer and a Junior Achievement Consultant have exposed me to situations which made me apply many skills such counseling young people, and motivating them to achieve their full potential, seeking solutions with expansive thinking and application of flexibility and quick responsiveness. My involvement in Christian Center had specially sharpened my crisis management skills by participating in natural disaster m...
13 Pages(3250 words)Assignment

The Economic Impact of the Emergence of China and India

The main macroeconomic variable that toys in the global economy’s shift are the emergence of India and China as new superpowers. This emergence certainly has a number of implications, but among the most relevant are: disruption of the equilibrium of the global economy which results in rising demand of goods, giving way to worldwide inflation; the attractiveness of outsourcing to these countries due to low cost but high talent workforce of these countries for cheaper operations.
The growing middle class of China and India results in booming demand for the automobile industry. This increase in demand, with the increasing purchasing power of these countries’ people, is not limited to automobiles but more apparent in...
10 Pages(2500 words)Assignment

Economic Value Added as Tool for Improving Performances

To discover whether pure profits exist, take the revenue of the firm and deduct the costs of all factors of production other than capital. Then deduct the pure return on capital and any risk premium necessary to compensate the owners of capital for risks associated with its use. Anything that remains is pure profits.” Simply in economic terminology economic value added (EVA) is commercial profits reduced by opportunity costs (that is the pure return on riskless investment and the risk premium). Lipsey calls the EVA defined in this fashion as “pure profits, economic profits or, where there is no room for ambiguity, just profits”.

Investors in any company are interested in real profits that are profits r...
7 Pages(1750 words)Report

Gross Domestic Product and the Nations Competency in Terms of Economic Welfare

It is often used to compare the economic performance to aid as a prediction tool and to analyze the business cycles and the recessive and expansive economic performances within them. This further aid economic and fiscal policy formulation of the government and is also used to analyze the consumer behavior and the economic phenomena involved. (Heakal, R. 2008).These figures can be a benchmark to compare economies of different nations and the economic prediction process is also made possible.

A usual pattern of assessing the Gross Domestic Product is to have an initial GDP report on every quarter which is an advance report. Two corrective reports follow this before the final figures on GDP are arrived at. It usually takes...
7 Pages(1750 words)Report

The Role of Mass Media in the Development of Aggression

Despite the fact that longitudinal studies have proven that human aggression is to some extent an unwavering trait, it is undeniable that the environment plays a big role in influence the aforementioned behavior (Slaby & Roedell, 1982). Our daily encounter with the environment is a form of socialization that is defined as the process of integrating within oneself a sense of connection to a larger social world by means of discovering, understanding and adopting the beliefs, values, and norms of culture of other people. To a certain extent, sociologists consider the mass media as a powerful socializing agent as its significance is not constrained to the content alone of the media messages. Instead, it affects how we learn a...
10 Pages(2500 words)Report

The Effect of Democracy on Chinese Development

Any country first needs to go through economic liberalization and political liberalization before finally settling into a stable democratic situation. Democracy should not at any one point be viewed as if it were socialism, but should be seen as a means of promoting economic development through accountability and protection of individual lawful rights and interests...accountability in the sense that the respective leaders are able to fight corruption, enhance social harmony, strengthen public trust and more importantly empower government institutions that are directly in touch with the people (Liu, 2008, p.1-2). Owing to the Chinese well informed and affluent society on top of having a very dynamic economy, the political change wh...
7 Pages(1750 words)Coursework

Emergency Economic Stabilization Act of 2008 and How It Has Impacted the Financial Markets

Though there were objections from various quarters about the huge amounts of tax payer’s money being used in the bailout of huge corporates, the Act has been successful in moving the downturn towards a flat point and now has started slowly moving towards a recovery stage. The various programs under the EESA 2008 have played a significant role in the financial sector, housing mortgage, and banking institutions to save the institutions from complete disaster.

The Emergency Economic Stabilization Act is a huge taxpayer bailout designed to rescue the financial sector. The amount of money to be used is around $700 billion or $2000 per American citizen (Public mark up). Emergency Economic Stabilization Act of 2008 is al...
10 Pages(2500 words)Research Paper

Economic Analysis of India

The country’s economy is fast growing with a stable political system that encourages foreign investment although with certain restrictions. The country generally has good energy, transport and communication systems which make the cost of doing business affordably.

The Republic of India found South of Asia is by far the world’s most populous democracy and ranks seventh largest in terms of geographical area (Brown, 1994). India is also the second most highly populated country in the world. The country has a rich culture with four major religions having originally emerged from it; Sikhism, Buddhism, Hinduism, and Jainism. The Indian Republic consists of seven union territories and 28 states and ranks twelfth la...
8 Pages(2000 words)Case Study

International Business: World Economic Forum and Davos 2010

While each force of globalization is important, the technological revolution has impacted the business models, value creation and differentiation (Spelman, 2010). The cloud computing technologies that have made the popular social networking applications possible are now being applied to development, healthcare, and society. Today mobile telephones are more like powerful computers that take care of many of the societal challenges facing both developed and developing countries (Evans, 2010). In Chile, new software enables weather information to farmers who can now make informed decisions on when and how to sow or harvest the crops. However, the fear or ignorance of cloud computing technology could harm the chances of the SMEs becomi...
7 Pages(1750 words)Coursework

Globalization and World Economic Forum at Davos 2010

...Globalization and World Economic Forum at Davos Forces Driving Globalization Globalization has resulted in enhanced interdependencies among thenations of unprecedented scale. This augmented interdependence has caused the dismantling of trade barriers and liberalization of markets. The forces of globalization have impacted the nations, the firms and the individuals alike with the prerequisite of liberalization of trade (Awuah, 2009). The seven forces of globalization are; Markets, Production, Culture, Labor, Technology, Environment and Liberalization. Of these factors, the globalization of markets has engaged substantial attention of the firms and the academia. Some markets are highly globalized, while some are not. The scale of market...
7 Pages(1750 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Case Study on topic The Achievement of Economic Development for FREE!

Contact Us