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Development Economics - Admission/Application Essay Example

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Indeed, the world is divided into two separate spheres that are often defined by the quality of life and the resources available in these areas. In such…
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Development Economics
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Development Economics

Download file to see previous pages... However, amid such concerted efforts, challenges abound. Several issues account for the stagnation of most economies in the developing world. In most cases, corruption, improper policies, inappropriate resources, and such other limiting factors account for this existing disparity. Most developing countries depend on the agricultural sector as the backbone of their economies. The mode of agriculture in most of these countries is normally traditional with little mechanization in certain instances.
In light of such emerging situations, the need to analyze the economic development and its repercussions on the agricultural sector rightly emerges. Economic development is the foundation of progress and prosperity that characterizes the developed world. It is characterized by improvements in the social welfare of the masses coupled with notable improvements in social infrastructure (Hayami 90-8). Economic growth on the other hand is characterized by increase in the productivity of a nation in terms of the national output. It is therefore imperative to realize that economic development can only exist after proper economic growth. This growth creates the resources to improve the standards of living of the people and enhances the general welfare of the masses. In most developing countries, it is a common occurrence to hear about great advances in economic growth but unfortunately, it is never accompanied by economic development. This creates the cause of concern and the need to introduce positive reforms in some of the developing countries.
It is indeed true that most developing countries crave about development and aspire to attain the development standards evidenced in the West and in other Eastern countries (Debraj 78). Such development is however hampered by several limiting factors that should always be addressed. Considering Kuznets’s view on developing ...Download file to see next pagesRead More
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