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Short Econ questions/responses - Essay Example

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Economic Growth is a measure of a particular country’s output in real terms whereas Economic Development is a broader term covering issues relating to the structure of an economy and real national income including the quality of life and state of resources at the disposal of a…
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Short Econ questions/responses
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Short Econ questions/responses

Download file to see previous pages... Each of these five stages is dependent upon the sector it operates in, the quality and quantity of resources including state of technology it has at its disposal, and as per its current state and altering directions towards transition of the current economy shifting to a better next stage of growth and so on and so forth as per Rostow’s criterion this is the mechanism in conjunction to which the developing economy catch up to the developed economy (Rostow).
In contrast, Maria Mies relating to catching up development mentions that there is no standard model of development and the concept of colonization can be seen in the essence of the developing country following the developed country, with even the influential colony’s never satisfying standard of living followed by their lack of responsible and accountable behavior (Mies). Mies further talks about divide and rule with the developed economy habitats just thinking within the parameters of their live and standard of living and ignoring catastrophes in other nations due to industrialization or deteriorating green environment and grave issue of global warming also more reliability on science to tend to these issues rather than altering one selves standard of living (Mies). In addition, Mies emphasizes on discrimination and inequality faced by women compared to initiatives being taken in today’s era by allotting women quota and recognition in major political, labour union and economy. She has described women were previously classified as non-productive labour, unlike man and classified just as housewives.
AmartyaSen’s suggest that GNP, GDP and GDP per capita are measures of people’s well being. With reference to the varying life expectancy and GDP per capita in China, it can be concluded that from 1960 till 2010 both issues show a rising trend (Sen). In 1960, life expectancy was at all time low with a consecutive rise followed by a fall in ...Download file to see next pagesRead More
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