Importance Of Economic Development
Human Geography People, Place, and Culture written by Blij, Fouberg, and Murphy define development as, “progress, and in the modern world progress usually means improvements in technology and production, as well as improvements in the social and economic welfare of people”. Development is measured by grow national product (GNP), gross domestic product (GDP), gross national income (GNI), and per capita GNI. When researching the development of a country, industrialization needs to be addressed, since it is a direct correlation of development. Barron’s AP Human Geography 6th Edition book by Alagona, Marsh, and Peter define industrialization generally as, “…countries evolving economically from producing, basic, primary goods, to using modern factories for mass-producing goods”. Finally, human development index, is an indicator of both the development, and industrialization of a country.
Recently, the message has become clear to American young people that a high school diploma is not enough for them to enter the middle class. Therefore, a higher education like post-secondary education or above is necessary for the young people. However, a lot of American young people continue dropping out of high school and college because they do not recognize a clear connection between their studies and possible opportunities in the labor market. One specific solution for this problem is vocational education in Northern and Central Europe. Vocational education, a kind of training program, combines study and work simultaneously during middle school and high school.
Auslin's article provides insight into economics as a subject of focus in high schools; the author points to the need for a class in economics for high school students to improve their finance management in the future. The article asserts the analogy that students who have undergone an economics and personal finance class are best suited for money management. Auslin uses past research studies to argue his assumption on the importance of economics education as a strategy for a better economy. The author's articulation is full of factual ideologies on the importance of economic education for students and its benefit on the financial system. Essentially, the essay relates to the importance of understanding the basics of economics and finance.
North Carolina is an important part of the United States for three major reasons which revolve around economy. North Carolina is important because of its manufactured goods, resources and power, and agricultural products. North Carolina is one of the top manufacturing states in the country. They produce computers, electronic communications equipment, chemicals, and machinery. North Carolina has been at the top, as one of the most successful manufacturing state in the US for almost a century.
Title: Philosophy of Development Name: Jitendra Kuldeep Roll No: 13110044 Word Count: 1659
I agree with the assertion that in the context of Sustainable Development ‘the reality of life today is that the economy dominates environment and society. The Concept of Sustainable Development Sustainable development refers to “meeting the needs of the present without compromising the ability of future generations to meet their needs”, and was produced by the Brundtland report (WCED, 1987). The concept also takes into account the needs of the poor in developing countries by outlining achievable objectives of importance (WCED, 1987).
Kahn’s (1995) approach to the sustainable development theory is consistent with the modern day development techniques of Europe 2020 priorities; smart growth, sustainable growth and inclusive growth. The adoption of some innovative strategies such as the utilisation of renewable energy as an integral part of the energy mix could result in growth of the economy, which will eventually trickle down to the poor or extend to the rural or disadvantaged areas of the country. The social sustainability generally explains the idea of equity among the people, empowerment, participation, accessibility and institutional stability. It seeks to ensure a good standard of living in the country by alleviating poverty. Environmental sustainability seeks to explain the ways in which exploitation and utilisation of the natural resources will not be made to negatively affect the environment or the health of human beings (Kahn 1995).
He contends that underdevelopment is generated by the same historical process that generated development. Underdevelopment is a result of country’s participation in the same capitalist system. Frank thus rejects the notion that underdevelopment is traditional or original. He challenges the notion that underdevelopment follows a linear path. He rather argues that ‘’underdevelopment is in large part the historical product of past and continuing economic and other relations...”
An economics field of study that applies both macroeconomic and microeconomic principles to international trade, which is the flow of trade among nations, and to international finance, which is the means of making payment for the exchange of goods among nations. International economics studies the economic interactions among the different nations that make up the global economy. Often this interaction is viewed in terms of the domestic economy and the foreign sector. The key economic principle underlying international economics is the law of comparative advantage. International economics is growing in importance as a field of study because of the rapid integration of international economic markets.
INTRODUCTION Economic growth is defined as the increased capacity of an economy to be able to produce goods and services in comparison from one period of time to another. This is figured by the genuine Gross Domestic Product (GDP) and development, and is measured by utilizing genuine terms such as “Balanced Inflation”. These terms help to remove any distorted views on the perceived outcome of inflation on the cost of merchandises produced. Likewise, Economic growth is related to the high expectations in a person’s standard of living. If the standards are high, it wouldn’t be beneficial for the economy as the working class individuals will face a lot of trouble.
Sustainable development is a model that aims to link the idea of what is to be sustained, with what is to be developed, and focuses on three pillars, economics, social and environmental (Kates, Parris, and Leiserowitz, 2005; pp. 3). As a holistic approach it seeks to develop the three pillars, on a local, regional and global level. This paper will analyse the concept of sustainable development and the strengths and weaknesses of this approach will be discussed. Firstly, a background of this model will be presented, which will explore the three pillars. Secondly, the strengths and weaknesses will be evaluated, and lastly, a brief contrast will be provided of the opinions of sustainable development between the Global North and Global South.
Green growth and green economy have been subject to various definitions but those currently being used by international organizations have a lot in common. Greening growth (GG) and moving towards a greener economy (GE) is complex and multidimensional. Green growth is a matter of both economic policy and sustainable development policy. It tackles two key imperatives together: the continued inclusive economic growth needed by developing countries to reduce poverty and improve wellbeing; and improved environmental management needed to tackle resource scarcities and climate change. The concept of green economy rests on the economy, the environment and the social pillars of sustainable development.
Economic growth and economic development In measuring and identifying the factors that stimulate the growth of the economy of a nation such as the Republic of India, a distinction needs to be made between economic growth and economic development. For a nation to experience economic growth, there must be an increase in the gross domestic product (GDP), which is a qualitative measure of the value of all finished goods and services produced in that country within a period of time. However, economic development which is usually measured through the human development index (HDI), includes not only an increase in the output of goods and services, but an improvement in the welfare of individuals within a country.
Rural development is as important as urban development. Alleviating the hardships of the rural people is fundamental to rural development. Efforts at developing the rural areas are aimed at creating industries and employment opportunities. Any initiative towards this end would be welcomed with open arms in Nepal. This would also reduce the population density in the cities.
Sustainable development, as its name suggests, is a concept continually elaborating. The most commonly used definition, according to World Commission on Environment and Development (WCED), is the development which “meets the needs of the present without compromising the ability of future generations to meet their own needs” (WCED, 1987). It shows the importance of considering benefits for both current and future generations and strongly supports economic development, while it also implies when accessing environment and natural resources, human beings tend to take an anthropocentric view, that the primary goal is to satisfy human needs. With no regard for earth as a life-support system, a development will not be considered sustainable. Therefore, by taking economic, social, environmental issues into accounts is a key approach to develop sustainably in different contexts.
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