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"Measuring development is an arbitrary process since all summary statistics in this area are trying to evaluate economic inputs rather than economic outputs"
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as of economic development include; health rates in a country, people life expectancy rates, unemployment and rates of poverty that are characteristic of a particular country.
In actual practice, economic growth is narrow in its scope as compared to economic development. Economic growth solely takes into account the total increase in a country’s real level of national output that is often because of a boost in the quality of resources applied, for instance, education, an increase in the number of resources and the quality improvements that have been done in technology. In another words, to measure economic growth, economists make use of the GDP statistics, which shows the contributions of each country’s sector towards the overall national output.
On the other hand, economic development can be said to be a normative concept, which only exists in the citizen’s sense of morality, i.e, the knowledge of something good and bad. In a general sense, economic development of a country can be explained though an increase in peoples standards of living and general way of life. Economic development ensures that people make proper decisions about their wealth creation and improves their way of life. This is done only when people realize the value of involvement in different economic activities.
The best approach in the measurement of economic development is the use of human development index that gives due consideration to a country’s levels of literacy, people’s expectancy rates and how they affect overall productivity in a country. Economic development is an important concept since it often leads to creation and establishment of important institutions that determine the quality of human life like education and health care. In addition, it also contributes to establishment of important employment and environment policies. Economic development in a country means the increase in per capita income out of a single individual.
When computing the levels of economic
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Economic Development in South East Asia Student’s Names Institution’s Name Abstract The economic outlay of South East Asia reveals diverse yet unifying similarities regarding policy issues, socio-political background, and development strategy. A sound grasp of globalization demands itemized analysis of the region in question in view of its socio-economic and political identity, from the relevant past to the foreseeable future.
The country also ranks 168 out of 171 in the list of measuring public health. This leads to approximately 1 million deaths in India every year and wastage of almost 1 percent of the GDP. Amongst international school feeding programs, Mid Day Meal programme in India caters to millions of people find food.
Japan also leads in GDP per capita among East Asian economies, with almost US$50,000 in 2000, followed by Singapore at US$30,000.In contrast, Mainland China’s GDP per capita was less than US$900 in 2000 (Lau, 2003, p.4)
Furthermore, Brazil is five times larger in real GDP than Argentina. Economic indicators used include availability of natural resources, Gross Domestic Product (GDP), unemployment rates, budget, inflation rate, international trade, exchange rate regime, interest rates, sectors, country’s investment and energy.
Estimation of the models uses the Eviews statistical program.
The estimated model must meet all the assumptions of OLS (ordinary least square method) method, due to the nature of the data which in this case is time series data there is a high possibility of the occurrence of autocorrelation, the existence of autocorrelation will violate the assumptions of the OLS estimation method and therefore our model will not be BLUE.
These range from earthquakes and tsunamis to typhoons, floods especially places receiving heavy rains, volcanic eruptions, mudslides, hurricanes and extensive earth movements, to droughts and famines. Disasters have far-reaching effects on various aspects including loss of lives and livelihoods, destruction of infrastructure, disease out breaks, destruction of social and economic structures in their wake.
With a view to respond to this prying question, there are many scholars who have sprung up at individual level, as well as in combination, in an effort seek what should be considered the best solution that can ultimately reduce
As such, corruption exacts a heavy toll on developing nations. This assumes various forms, such as the subversion of development plans, and the diversion of resources that would otherwise have been used judiciously for the welfare of the people. Another form of
The author states that the most important aspect of this lighting manufacturing business is productivity. Productivity is the measure of how efficient production is done. It is therefore articulated as the ration of the production outputs to its inputs. In this regard, the business inputs will include the raw materials, energy resources, and labor.
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