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Importance of economic growth and development
Economic, importance of human development
Economic, importance of human development
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NIGERIA AND THE PATH OF ECONOMIC PROSPERITY. Economic development is a term that economists, politicians, and others have used frequently since the 20th Century. The concept, however, has been in existence in the West for centuries. The term refers to economic growth accompanied by changes in output distribution and economic structure. It is concerned with quality improvements, the introduction of new goods and services, risk mitigation and the dynamics of innovation and entrepreneurship. Economic development has direct relationship with the environment. Whereas economic development is a policy intervention endeavour with aims of economic and social well-being of the people, economic growth is a phenomenon of market productivity and rise in According to them, the first chain consists of economic growth benefiting human development, since economic growth is likely to lead families and individuals to use their heightened incomes to increase expenditures, which in turn furthers human development. At the same time, with the increased consumption and spending, health, education and infrastructure, systems grow and contribute to economic growth. Economic development typically involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. Due to the fact that GDP alone does not take into account other aspects such as leisure time, environmental quality, freedom, or social justice; alternative measures of economic well-being have been proposed. Essentially, a country’s economic development is related to its human development, which encompasses, among other things, health and education. These factors are, however, closely related to economic growth so that development and growth often go together. Since economic development and growth cannot be discussed in isolation of a referenced community, society or nation, efforts will be made in this lecture to relate essentially to the economic development parameters in the Nigerian But the growth has not been inclusive, broad-based and transformational. The implication of this trend is that economic growth in Nigeria has not resulted in the desired structural changes that would make manufacturing the engine of growth, create employment, promote technological development and induce poverty alleviation. Available data has put the national poverty level at 54.4 per cent. Similarly, there has been rising unemployment with the current level put at 19.7 per cent by the National Bureau of Statistics
Like most eastern countries that rely on one source of income Nigeria has had major
It is composed of four components: social, environmental, cultural and economic growth and they are inter-related. When modern economics focus on market- oriented way, they tend to leave behind environment. This economy forgets the symbolic relationship between individual, community and cosmos. The present economy does nothings as they are but from the point of view of utility. Unsustainable situation is caused by the use of resources contrary to their nature. The nature of the natural resources is to renew itself as it is being used. Unfortunately human greed does not allow this
Economic growth focuses on encouraging firms to invest or encouraging people to save, which in turn creates funds for firms to invest. It runs hand-in-hand with the goal of high employment because in order for firms to be comfortable investing in assets such as plants and equipment, unemployment must be low. Hereby, the people and resources will be available to spur economic growth.
Theodore Schultz won the 1979 Nobel Prize in Economics and in his accepting speech he said: “Most of the people in the world are poor, so if we knew the economics of being poor we would know much of the economics that really matters. Most of the world's poor people earn their living from agriculture, so if we knew the economics of agriculture we would know much of the economics of being poor” (Schultz, 1979). Thirty five years later and the phenomenon still exists that the poorer countries are mainly dependent on agricultural activities and that their share in world economics are weak, and industrialised countries develop faster and has better economic growth rate. Millennium Development Goal (MDG) was set in place in 2000, to half the poverty and increase incomes of the world by 2015. Well we are one year away from this and even though there has been some progress in limiting poverty and economic growth according to the World Bank reports, but to further this poverty demolishment focus has to be put on how to do it, and put strategies in place to achieve this goal. The question that we need to ask is what causes economic growth?
Development, in terms of categorizing countries, is the level at which a nation achieves stability, whether that includes stability in the government, climate and nature, the health care system or economy, as well as the total value of resources and goods (Gross Domestic Product) they have. The level at which people are literate in a country is also substantial because i...
In international parlance, development encompasses the need and the means by which to provide better life for people in poor countries and it includes not only economic growth, although that is crucial, but also human development like...
The economy of a nation is a major indication of its success. One aspect of a nation's economic success or failure is the system of government. Whether a nation is socialistic, communistic, ruled by absolute sovereignty, or based on capitalistic principles can be a key factor in a country's economic success or failure. Government is the foundation of an economy but it is not what determines its success. Issues that determine a nation’s economic success include growth strategies, improved or increased resources, investment and savings, government policies, trade, foreign direct investment, income distribution, labor allocation, innovations in technology, and several other economic issues. I feel that economic growth is the main indicator of economic success. Additionally, innovations in technology, improving human capital, and improving foreign direct investment (FDI) are three issues that can lead to economic growth.
The impact of the development on the environment and its resources should be understood in order to move forward towards a way to make the relationship between development, growth and the environment possible. From here the concept
However, on the other hand economists will link. development to developed/developing economies and will use GNP (Gross). National Product) and GDP (Gross Domestic Product) to measure it. These are examples of two definitions of development, however it needs. to be said that technological improvement and justice are also interrelated features, which need to be considered.
Economic growth could be defined as the increasing in value of goods and the service, which is produced by economy. The increase is realized by increasing investment and the number of investment is depends on savings.
Growth in Africa is not enough for its people to grow, which is leading to poverty and hunger in Africa. Today Africa is one of the leading countries having poverty and economic problems. One half of the Africans live below the poverty line which leads to low human development in Africa. The main cause of poverty in Africa is a problem in its economic system and environmental factors. Because of poverty people of Africa remain hungry as they don’t have enough money to buy their food and their basic needs. Some of the African countries have less poverty rate than others due to good government and economic system in those countries. Most of the African is facing challenges to survive and keep their family healthy.
The first is to encourage economic growth and sustainable development. It emphasizes the need for economic growth, the need to improve the level of contemporary human welfare through economic growth, enhance national strength and social wealth. However, sustainable development should not only pay attention to the amount of economic growth, but also to the pursuit of quality of economic growth. That is economic development, including growth in the number and quality improvement in two parts. Growth in the number is limited, and rely on scientific and technological progress and improving the effectiveness of economic activity and quality, adopt a scientific mode of economic growth is sustainable. Flag of sustainable development is the sustainable use of resources and good ecological environment. Economic and social development can not exceed the carrying capacity of resources and the
Ghana is a country located on the west coast of Africa; Africa is a resource rich continent that supplies much of the world with diamonds, oils, petroleum and more through trade. The country of Ghana has undergone revision in their labor forces in the past twenty years, Ghana has moved more from the traditional labor sector like agriculture to more modern sectors. One of the more modern sectors of Ghana today is the industrial sector which is relatively small and is mainly operated by the Ghanaian government. The industrial sector was expanded by the government and president to employ the unemployed and promote investment in the private sector. After the 1990’s Ghana has seen consistent economic growth but their economic growth from the last eight years has increased tremendously. In the most recent of years ( after 2004) the growth rate of Ghana started to accelerate and it increased to over six percent between a five year span from 2005-2010, with the average being above seven percent in 2000 and 2009. The increase in sectors has taken Ghana from a poverty rate of more than half 51.7% to 28.5% by the year 2005. Before Ghana’s independence on March 6, 1957 most of the country’s gdp was contributed to agriculture and the industry sector was less of a contributor. Recently, between the years of 2001-2010 the roles of whom or what contributes to the gdp has switched. Most of the contribution to the gdp is that of the service sector. Even though, the service sector has risen to the top of the economy, agriculture is slowly but surely is rising back to the top of Ghana’s highest gdp contributor by the way of nontraditional exports like automobiles and cocoa. The service sector of Ghana provides many residents w...
‘Development that meets the needs of the present with the ability for the future generation to meet their own needs.’ (World Commission on Environment and Development, 1987) Sustainable development requires three key components: economy, society and environment, sustainable development can be success through striking balance in those factors. These three components are indispensible, they compel to depend on each other. On the other words, we can only gain a decent and energetic environment and society if the economy is strong with a healthy a stable growth rate.
According to a survey conducted by the Ghana Statistical Service (GSS) (2014) on the poverty profile in Ghana between the years 2005 and 2013 the Ghana Living Standard Survey reveals, that one-third of the population of Ghana are poor and one-tenth are extremely poor. To assess this fact, GSS used conditions such as