Concisely, the relationship between human development and economic development can be explained in three ways. First, increase in average income leads to improvement in health and nutrition known as Capability Expansion through Economic Growth. Second, it is believed that social outcomes can only be improved by reducing income poverty known as Capability Expansion through Poverty Reduction.
Lastly, social outcomes can also be improved with essential services such as education , healthcare , and clean drinking water known as Capability Expansion through Social Services. John Joseph Puthenkalam's research aims at the process of economic growth theories that lead to economic development. After analyzing the existing capitalistic growth-development theoretical apparatus, he introduces the new model which integrates the variables of freedom, democracy and human rights into the existing models and argue that any future economic growth-development of any nation depends on this emerging model as we witness the third wave of unfolding demand for democracy in the Middle East.
He develops the knowledge sector in growth theories with two new concepts of 'micro knowledge' and 'macro knowledge'.
Micro knowledge is what an individual learns from school or from various existing knowledge and macro knowledge is the core philosophical thinking of a nation that all individuals inherently receive. How to combine both these knowledge would determine further growth that leads to economic development of developing nations. Yet others believe that a number of basic building blocks need to be in place for growth and development to take place.
For instance, some economists believe that a fundamental first step toward development and growth is to address property rights issues, otherwise only a small part of the economic sector will be able to participate in growth. That is, without inclusive property rights in the equation, the informal sector will remain outside the mainstream economy, excluded and without the same opportunities for study.
The economic development of countries can also be implicated or contributed by the multinational corporations companies. The development of a country has been associated with different concepts but generally encompasses economic growth through higher productivity,  political systems that represent as accurately as possible the preferences of its citizens,   the extension of rights to all social groups and the opportunities to get them  and the proper functionality of institutions and organizations that are able to attend more technically and logistically complex tasks i.
With this in mind, economic development is typically associated with improvements in a variety of areas or indicators such as literacy rates , life expectancy , and poverty rates , that may be causes of economic development rather than consequences of specific economic development programs.
For example, health and education improvements have been closely related to economic growth, but the causality with economic development may not be obvious. In any case, it is important to not expect that particular economic development programs be able to fix many problems at once as that would be establishing unsurmountable goals for them that are highly unlikely they can achieve.
Many times the economic development goals of specific countries cannot be reached because they lack the State's capabilities to do so. For example, if a nation has little capacity to carry out basic functions like security and policing or core service delivery it is unlikely that a program that wants to foster a free-trade zone special economic zones or distribute vaccinations to vulnerable populations can accomplish their goals.
Governments that can raise a significant amount of revenue from this source are less accountable to their citizens they are more autonomous as they have less pressure to legitimately use those resources. One growing understanding in economic development is the promotion of regional clusters and a thriving metropolitan economy. In today's global landscape, location is vitally important and becomes a key in competitive advantage.
International trade and exchange rates are a key issue in economic development.
Essay on Economic Development in India
Currencies are often either under-valued or over-valued , resulting in trade surpluses or deficits. Furthermore, the growth of globalization has linked economic development with trends on international trade and participation in global value chains GVCs and international financial markets. The last financial crisis had a huge effect on economies in developing countries. Economist Jayati Ghosh states that it is necessary to make financial markets in developing countries more resilient by providing a variety of financial institutions.
This could also add to financial security for small-scale producers. Economic development has evolved into a professional industry of highly specialized practitioners.
The practitioners have two key roles: one is to provide leadership in policy-making , and the other is to administer policy, programs, and projects. Economic development practitioners generally work in public offices on the state, regional, or municipal level, or in public—private partnerships organizations that may be partially funded by local, regional, state, or federal tax money.
These economic development organizations function as individual entities and in some cases as departments of local governments. Their role is to seek out new economic opportunities and retain their existing business wealth. There are numerous other organizations whose primary function is not economic development that work in partnership with economic developers.
They include the news media, foundations, utilities, schools, health care providers, faith-based organizations, and colleges, universities, and other education or research institutions. With more than 20, professional economic developers employed worldwide in this highly specialized industry, the International Economic Development Council IEDC headquartered in Washington, D.
With over 4, members across the US and internationally, serving exclusively the economic development community, IEDC membership represents the entire range of the profession ranging from regional, state, local, rural, urban, and international economic development organizations, as well as chambers of commerce, technology development agencies, utility companies, educational institutions, consultants and redevelopment authorities.
Many individual states also have associations comprising economic development professionals, who work closely with IEDC. There are various types of macroeconomic and sociocultural indicators or "metrics" used by economists and geographers to assess the relative economic advancement of a given region or nation. The World Bank 's "World Development Indicators" are compiled annually from officially recognized international sources and include national, regional and global estimates.
GDP per capita is gross domestic product divided by mid year population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidizes not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.
European development economists have argued that the existence of modern transportation networks- such as high-speed rail infrastructure constitutes a significant indicator of a country's economic advancement: this perspective is illustrated notably through the Basic Rail Transportation Infrastructure Index known as BRTI Index  and related models such as the Modified Rail Transportation Infrastructure Index RTI.
One unintended consequence of economic development is the intense competition between communities, states, and nations for new economic development projects in today's globalized world. With the struggle to attract and retain business, competition is further intensified by the use of many variations of economic incentives to the potential business such as: tax incentives, investment capital, donated land, utility rate discounts, and many others.
Education, in every sense, is the fundamental factor of development of a country. Strong Essays words 4. According to the ABS census data , although the years age bracket makes up over a third of its 19, residents, other age groups have significant representations and in addition to English, various languages are spoken at home as first languages. As such the ethno-cultural and demographic diversity has created a unique social ambience Free Essays words 2.
Women Empowerment And Economic Development
The local tax collection in progress Tax policy defined economic policy and has their own principles, can be effective macroeconomic tool impact not only on the budget processes, but also for the whole range of economic problems. In tax policy, like any other policy, it is necessary to clearly define the goals of the current emergency and strategic nature and to develop appropriate mechanisms for their implementation.
From the point of view of economic growth, the current tax system has not formed its prerequisites Foreign Direct Investment FDI , which is an important component of human development especially in modern regional and global economies, has been found to explain varying levels of return and economic growth. Foreign Direct Investment is a major source of capital for most developed and developing countries. It is usually difficult for countries to generate capital through domestic savings and based on their domestic strengths and capacities alone Firstly, the limitation of SIA in resource development and design.
Secondly, people have traditional understandings about SIA, which limits the effective contribution of SIA to sustainability.
Dimensions of Economic Theory and Policy: Essays for Anjan Mukherji Krishnendu Ghosh Dastidar, Hiranya Mukhopadhyay, and Uday Bhanu Sinha Abstract Anjan Mukherji, arguably one of India's most distinguished economists, is known for his research on the stability of the Walrasian tatonnement, its relation to the weak axiom of revealed preference, the effect of choice of the numeraire and its relation to the Edgeworth-Uzawa barter process.
More Anjan Mukherji, arguably one of India's most distinguished economists, is known for his research on the stability of the Walrasian tatonnement, its relation to the weak axiom of revealed preference, the effect of choice of the numeraire and its relation to the Edgeworth-Uzawa barter process. Authors Affiliations are at time of print publication.
Print Save Cite Email Share.
Dimensions of Economic Theory and Policy: Essays for Anjan Mukherji
Show Summary Details. Subscriber Login Email Address. Library Card. View: no detail some detail full detail. Jain and Rajendra P.