Development economics entail all the aspects of the development
process especially meant for the developing countries to overcome
the challenges that impede development. This can be through
education, education and man power development, restructuring
market incentives, incorporating favorable social and political
approaches and practices among other factors.
Human beings however need streamlined social and economic
systems that are able to achieve development through major
changes in social structures, national institutions, cultures and
attitudes as well as eradication of poverty, reduction of income
inequality and acceleration of economic growth. The developing
world needs a multi disciplinary approach and ideas so as to come
out of the economic backward situation. Micheal, P. (2003: 9)
describes that because of heterogeneity of the developing world, and
the complexity of the development process, development economics
must be eclectic, attempting to combine relevant concepts and
theories from traditional economics analysis along with new models
and broader multi disciplinary approaches from historical and co
temporally development experience of Africa, Asia, and Latin
America. Debraj Ray (2007) puts it that development economics
studies economics of the developing world and has made excellent use of economic theory, econometrics, anthropology, sociology,
political science, biology and demography. It needs a lot more
dimensional approach to understand it. Other scholars have tried to
bring about the key issues that are in development economics such
as Dasgupa (1998), Hoff, Braverman and stiglitz (1993), Ray (1998),
Bardhan and Udry (1999), Mookerjee and Ray (2001), and
Sen(1999).[...]
Table of Contents
- Chapter One: ECONOMIC GROWTH AND DEVELOPMENT
- 1.0 Introduction
- 1.1 Definition
- 1.2 Differences between economic growth and development
- Chapter Two: MEASUREMENT OF ECONOMIC GROWTH AND DEVELOPMENT
- 2.0 Introduction
- 2.1 Physical Quantity of Life Index
- 2.2 Human Development Index
- Chapter Three: POPULATION GROWTH AND DEVELOPMENT
- 3.0 Introduction
- 3.1 Optimists View
- 3.2 Fer and Ranis (1964) and Denis (1954)
- Chapter Four: PHYSICAL CAPITAL ACCUMULATION AND ECONOMIC DEVELOPMENT
- 4.1 Harrod- Domar Model
- 4.2 Growth Accounting model
- Chapter Five: TECHNOLOGY AND DEVELOPMENT
- 5.0 Introduction
- 5.1 The classical growth theory
- 5.2 Adam Smith
- 5.3 Malthus
- 5.4 Ricardo
- 5.5 Robert Torrens
- 5.6 Carl Max
- 5.7 Neo Classical Model
- Chapter Six: ENTREPRENEURSHIP AND DEVELOPMENT
- 6.1 Schumpeter Model of entrepreneurship
- 6.2 Lewis Model of economic development with unlimited supply of labour
- Chapter Seven:
- 7.1 Rostow's stages of economic growth
- 7.2 The concept of the leading sector
- Chapter Eight: TRADE AND DEVELOPMENT
- 8.1 North South unequal exchange
- Chapter Nine: HUMAN RESOURCE AND DEVELOPMENT
- 9.0 Case study; Uganda
- 9.1 State of education and health in Uganda
- 9.2 The linkage between education and development
- 9.3 The impact of AIDS on economic development of Uganda
- 9.4 The Uganda's strategies and policies underlying human development initiative
- Chapter Ten: Recommendations
Objectives and Key Themes
This paper aims to explore various aspects of economic growth and development. It examines different theories and models used to understand and measure economic progress, considering factors such as population growth, capital accumulation, technological advancements, entrepreneurship, and international trade. The paper also delves into the crucial role of human resources and their impact on development, using Uganda as a case study.
- Economic growth versus development
- The role of technology and innovation in economic development
- The impact of population growth on development
- The importance of human capital in achieving sustainable development
- The influence of international trade on economic growth
Chapter Summaries
Chapter One: ECONOMIC GROWTH AND DEVELOPMENT: This chapter lays the groundwork by defining economic growth and development and highlighting the key differences between these two closely related concepts. It establishes a conceptual framework for understanding the subsequent chapters, which delve into the various factors influencing these processes. The distinctions drawn between the expansive nature of growth and the more holistic and inclusive nature of development are crucial for interpreting the subsequent analyses of specific contributing factors.
Chapter Two: MEASUREMENT OF ECONOMIC GROWTH AND DEVELOPMENT: This chapter explores different methodologies for measuring economic growth and development. It introduces key indicators such as the Physical Quantity of Life Index and the Human Development Index, highlighting their strengths and limitations in capturing the complexities of economic progress. The discussion emphasizes the importance of using a multi-faceted approach to assess development beyond purely economic metrics.
Chapter Three: POPULATION GROWTH AND DEVELOPMENT: This chapter examines the complex relationship between population growth and economic development, presenting contrasting viewpoints on the subject. It critically analyzes the arguments of optimists and the contributions of scholars like Fer and Ranis (1964) and Denis (1954), showing how population growth can be both a constraint and a potential driver of development depending on various socio-economic factors. The chapter sets the stage for further analysis of the interaction between demographic factors and economic progress.
Chapter Four: PHYSICAL CAPITAL ACCUMULATION AND ECONOMIC DEVELOPMENT: This chapter delves into the role of physical capital accumulation in driving economic development. It examines the Harrod-Domar model and the Growth Accounting model, exploring their implications for economic policy. By focusing on the accumulation of physical capital, such as machinery and infrastructure, it highlights one crucial aspect of investment necessary for sustained economic advancement, but stops short of acknowledging other vital components.
Chapter Five: TECHNOLOGY AND DEVELOPMENT: This chapter traces the evolution of thought on the relationship between technology and development, examining contributions from classical economists such as Adam Smith, Malthus, Ricardo, Robert Torrens, and Karl Marx, alongside more recent neoclassical models. This historical perspective provides a valuable context for understanding the ongoing debates surrounding technological innovation as a catalyst for economic growth. The chapter's breadth illustrates the multifaceted ways in which technology has been understood in relation to economic development throughout history.
Chapter Six: ENTREPRENEURSHIP AND DEVELOPMENT: This chapter explores the crucial role of entrepreneurship in fostering economic development. It examines the Schumpeterian model of entrepreneurship, which emphasizes innovation and creative destruction, and the Lewis model, which highlights the importance of labor mobility and entrepreneurship in economies with surplus labor. This analysis brings into focus the critical contribution of entrepreneurship to economic transformation.
Chapter Seven: This chapter examines Rostow's stages of economic growth and the concept of the leading sector, providing a framework for understanding the process of economic development as a series of transitions. The discussion on leading sectors highlights how specific industries can drive overall economic growth through positive externalities and innovation.
Chapter Eight: TRADE AND DEVELOPMENT: This chapter focuses on the impact of international trade on economic development, with a specific discussion of the North-South unequal exchange. This analysis explores the potential benefits and drawbacks of international trade for developing nations, examining the complexities of global economic interactions.
Chapter Nine: HUMAN RESOURCE AND DEVELOPMENT: This chapter examines the critical link between human resources and economic development, using Uganda as a case study. The analysis delves into the state of education and health in Uganda, exploring their impact on economic growth. The chapter further addresses the significant challenges posed by the AIDS epidemic and evaluates the efficacy of Uganda's strategies and policies aimed at promoting human development.
Keywords
Economic growth, economic development, population growth, physical capital accumulation, technological innovation, entrepreneurship, international trade, human resource development, Human Development Index, Harrod-Domar model, Rostow's stages of growth, Uganda, case study.
Frequently Asked Questions: A Comprehensive Language Preview on Economic Growth and Development
What is the main topic of this document?
This document provides a comprehensive preview of a text focusing on economic growth and development. It includes a table of contents, objectives and key themes, chapter summaries, and keywords. The text explores various aspects of economic growth and development, examining different theories and models, and considering factors such as population growth, capital accumulation, technological advancements, entrepreneurship, and international trade. A case study on Uganda is included to illustrate the impact of human resources on development.
What are the key themes explored in the text?
The key themes include the differences between economic growth and development; the role of technology and innovation; the impact of population growth; the importance of human capital in achieving sustainable development; and the influence of international trade on economic growth. The text also examines various models of economic growth and development, including the Harrod-Domar model, the Growth Accounting model, and Rostow's stages of growth.
What are the main chapters and their focus?
The text is divided into chapters covering: Economic Growth and Development (definitions and distinctions); Measurement of Economic Growth and Development (introducing indicators like the HDI); Population Growth and Development (exploring contrasting viewpoints); Physical Capital Accumulation and Economic Development (examining the Harrod-Domar and Growth Accounting models); Technology and Development (tracing historical perspectives from classical and neoclassical economists); Entrepreneurship and Development (exploring the Schumpeterian and Lewis models); a chapter on Rostow's stages of growth and the concept of leading sectors; Trade and Development (focusing on North-South unequal exchange); Human Resource and Development (with a case study on Uganda); and finally, a chapter on Recommendations.
What models and theories are discussed?
The document discusses several key models and theories, including the Harrod-Domar Model, the Growth Accounting Model, the Schumpeterian model of entrepreneurship, the Lewis Model of economic development, Rostow's stages of economic growth, and various perspectives from classical economists like Adam Smith, Malthus, Ricardo, and Karl Marx, as well as neoclassical models.
What is the purpose of the Uganda case study?
The Uganda case study in Chapter Nine illustrates the crucial link between human resources and economic development. It examines the state of education and health in Uganda, the impact of AIDS on economic development, and the effectiveness of Uganda's policies aimed at promoting human development.
What are the key indicators used to measure economic growth and development?
The text mentions the Physical Quantity of Life Index and the Human Development Index (HDI) as key indicators used to measure economic growth and development. The discussion emphasizes the importance of using a multi-faceted approach to assess development beyond purely economic metrics.
What are the key differences between economic growth and economic development, as defined in the text?
While the text doesn't explicitly detail the differences, it highlights that economic growth is expansive in nature, whereas economic development is more holistic and inclusive, encompassing broader societal improvements beyond simple economic expansion.
What are the keywords associated with this document?
The keywords include: Economic growth, economic development, population growth, physical capital accumulation, technological innovation, entrepreneurship, international trade, human resource development, Human Development Index (HDI), Harrod-Domar model, Rostow's stages of growth, and Uganda (as a case study).
- Quote paper
- Doctor Akampurira Abraham (Author), 2013, Development Economics: Aspect of Development, Munich, GRIN Verlag, https://www.grin.com/document/230156
