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Relationship between economic growth and development
The concept of sustainable development
The concept of sustainable development
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Recommended: Relationship between economic growth and development
People are the wealth of a nation. Indeed, the basic purpose of sustainable development is to expand human choices. People of the nation should be equitably benefited through the process of sustainable development. Brundtland Report presents sustainable development as “Development that meets the needs of the present without compromising the ability of future generations to meet their own needs” (WCED, 1987). Human beings are considered as human capital in modern economic literature. Improved skill, training, higher education, healthy life, new modern technologies, research and development, proper nutrition, food, sanitation etc are required for sustainable development. Thus, human development is a crucial ingredient of sustainable development. …show more content…
Human development can be defined as a process of enlargement of the capacity of people's choices. The choices can be in various fields: political freedom and participation in community life, to be educated and to have freedom of expression, to survive and to have a healthy life and to enjoy a decent standard of living .(MahbubulHaq, 1996). The central objective of Human Development Reports of UNDP from the 90’s and up to now, was "to underline the fact that the development is in the first place and fundamentally linked to the people". (Klugman J, 2010). According to the new paradigm, human development can be regarded as a process of expanding the real freedoms enjoyed by the people (Sen, 2004). So, human development is the development of people, for people and by …show more content…
(Stewart, G., Ramirez, F.,2000). Now human development is a very important memo for developing countries like India. Human development and economic growth should move together. Ranis (2004), explained that the extension of the capacity and freedom lead to increased economic performance, and human development would have a significant effect on development. Similarly, on the extent in which the revenue increase increases also the range of options and capabilities that benefit on the same extent households but also the governments; in this way growth will enhance human development. Ramirez et al. (1998) exploring connections between economic growth and human development, identifying two directions, one of the economic growth to human development and the other, in the opposite direction, from human development toward economic growth, they found that there is a strong positive relationship in both directions, and public spending on social services and education are important connections that determines the relationship between economic growth and human development, while investment rate and income distribution connections are important to determine the relationship between human development and economic
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.
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...
There is a saying that says if you want to know the truth, ask a child. Children who are six years of age or under are not able to process the consequences of their actions. They are honest to a fault and will always tell you the truth. When children in this age category commit a crime such as shooting their friend or drowning a toddler they should not be held accountable as an adult. This paper will analyze the biological, cognitive and emotion and/or social development of a child to prove that children under six-years of age lack the knowledge of responsibility for their actions.
Sustainable development adapted after the Brundtlandt Report 1987, is a planned, aim- and process oriented procedure that meets the needs of today’s generations without endangering the needs of future generations and world regions (Ott & Döring 2004, 2006).2 The principle of sustainability describes the efforts of the international community, all countries and people to create equal opportunities for development by explicitly taking into account the interests of future generations. Most frequently the concepts of sustainability are based on a triple bottom line represented by the tree pillars – ecology, economy and social security (e.g. by the Enquete Commission, 1998). Apart from the general weaknesses of the column model that is the interchangeability of dimensions and the ignorance of (social) relatedness (c.f. Ott & Döring, 2004)3 the definition of sustainability (the model is illustrating), is seen as a bad compromise between the needs for conservation of natural resources and the aspirations for economic growth by some scholars (Döring & Muraca, 2010). Irrespective of that, the model sometimes is competed by other pillars such as “knowledge”, “institution”, ”governance”, “arts” or the like (c.f. a.o. Ott & Döring, 2004). Whereas in “Resetting the Compas...
The Problems of Defining Development Development is very difficult to define as it has a wide range of meanings and has therefore been used in a variety of ways, by different people or organizations at different times. For example, geographers will link development with improvements in human welfare. e.g. greater wealth, better education and health. Many geographers will measure development in terms of the countries HDI (Human). Development Index.
In order for any country to survive in comparison to another developed country they must be able to grow and sustain a healthy and flourishing economy. This paper is designed to give a detailed insight of economic growth and the sectors that influence economic growth. Economic growth in a country is essential to the reduction of poverty, without such reduction; poverty would continue to increase therefore economic growth is inevitable. Through economic growth, it is also an aid in the reduction of the unemployment rate and it also helps to reduce the budget deficit of the government. Economic growth can also encourage better living standards for all it is citizens because with economic growth there are improvements in the public sectors, educational and healthcare facilities. Through economic growth social spending can also be increased without an increase of taxes.
There are at least four different research perspectives about the relationship between development and economic growth. Firstly, economic growth is the basis for social development. Secondly, economic growth and social development are not necessarily linked. Thirdly, both economic growth and social development are not basic causes by each other, but they depend on interaction. Fourthly, social development is the prerequisite for economic growth (Mazumdar. 1...
Economic growth is one of the most important fields in economics. In current generation economic is developing well. Economic growth is really important to country and for the world as well. Economic are one of the identity for country because it shows a country development and attraction for other countries (F, Peter. 2014). For example well economic develop such as Singapore, Dubai, New York, and Japan. These countries are well develop and maintaining their economic growths. Economic growths are really important because higher average incomes enables consumers to enjoy more goods and services. Then, lower unemployment with higher output and positive economic growth firms tend to utilize more workers creating more employment. Enhanced public
“Sustainable Development: At its heart, sustainable development is the simple idea of ensuring a good quality of life for everyone, now and for generations to come. It is about living within the carrying capacity of the environment so that how we live, work and enjoy leisure activities, which do not harm or put undue pressures on the environment. It is about ensuring everyone has the opportunity to have a decent education, a quality environment that they take pride in, good health and a decent job (n.p, 2014)”
Economic development is fundamentally about enhancing the factors of productive capacity, such as land, labor, capital, and technology, of a national, state, or local economy, as stated by the U.S. Economic Development Administration. Economic development influences growth and restructuring of an economy to enhance economic well-being. We experience economic growth when our standard of living is rising. Rather than being a simplistic process, economic development typically is a range of influences aimed at achieving objectives like creating jobs and wealth and improving the quality of life. It incorporates coordinated initiatives targeted at expanding infrastructure and increasing the volume and/or quality of goods and services produced by a community. A common measure of economic development is a country’s gross national ...
According to Erikson, human development occurs in eight stages though-out life. At each stage, individuals work through transitional conflicts a necessary mean of development by undertaking certain developmental tasks (Nugent, 2005, p. 99). The theories of Erik Erkson were used to analyze and interpret the responses.
Humans have become a threat to our own way of life by consuming more resources than needed, blind to the consequences that we may face in the future. As of 2016 the world population is at 7.4 billion and it is estimated to be at 11.2 billion by the year 2100. However 10 billion is the maximum population that can be sustained in terms of food security, only one of the many factors to global sustainability. Due to the fact that human consumption exceeds the amount of resources available, the United Nations “recognizes that eradicating poverty is the greatest global challenge” in A/RES/70/1. Sustainable development is not only required to fulfill the necessities of the present but to guarantee the capability for future generations to satisfy theirs.
‘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.
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...
In a contemporary world, poverty is inter-linked with systemic deprivation of rights and related to the notion of Human Development