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. ENTREPRENUERSHIP 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.
Research Objectives and Themes
The primary objective of this paper is to explore the fundamental aspects of development economics, focusing on the theories and processes that enable developing nations to overcome economic challenges. The work examines the core mechanisms of economic growth, the role of human resources, technological progress, and entrepreneurship in shaping development outcomes, while specifically analyzing the Ugandan context as a case study for human resource challenges.
- Theoretical foundations of economic growth and development
- Measurement indices for tracking developmental progress
- Impact of population growth and capital accumulation on economic trajectories
- The role of technological innovation and entrepreneurship in structural transformation
- Assessment of human development through education, health, and policy interventions
Excerpt from the Book
1.0. Introduction.
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.
Summary of Chapters
Chapter One: Defines the core concepts of economic growth and development, distinguishing between the two and identifying the multi-disciplinary requirements for developing economies.
Chapter Two: Discusses the limitations of using Gross National Product (GNP) as a solitary measure of development and introduces social indicators like the Physical Quantity of Life Index (PQLI) and the Human Development Index (HDI).
Chapter Three: Analyzes the dualistic views of population growth, contrasting Malthusian pessimistic models with optimistic perspectives that highlight the potential for scale economies and technological innovation.
Chapter Four: Explores the relationship between physical capital and growth through the Harrod-Domar and Growth Accounting models, emphasizing the necessity of domestic savings and investment.
Chapter Five: Examines technical progress and classical growth theories, detailing the contributions of Adam Smith, Malthus, Ricardo, and Marx in explaining the dynamics of long-run development.
Chapter Six: Focuses on the role of the entrepreneur as the primary driver of innovation and structural change, utilizing Schumpeter’s theories and the Lewis model of labor supply.
Chapter Seven: Outlines Rostow’s stages of economic growth and the importance of identifying "leading sectors" that maintain forward momentum in developing economies.
Chapter Eight: Addresses the dynamics of international trade, specifically the Prebisch-Singer hypothesis regarding the secular deterioration of terms of trade for developing countries.
Chapter Nine: Presents a case study on Uganda, analyzing the challenges within its education and health sectors and the impact of the HIV/AIDS epidemic on long-term development strategies.
Keywords
Economic growth, economic development, capital accumulation, human development index, population growth, technological innovation, entrepreneurship, labor supply, classical growth theory, Rostow's stages, terms of trade, Uganda, human resources, education, HIV/AIDS.
Frequently Asked Questions
What is the primary focus of this work?
This paper provides an overview of development economics, analyzing the theories and mechanisms that drive economic growth and the societal improvements necessary for development in emerging nations.
Which central topics are covered in the book?
The work covers a range of topics including capital accumulation, technological change, the role of entrepreneurship, population dynamics, trade impacts, and the specific case of human resource development in Uganda.
What is the core research goal?
The primary goal is to synthesize established economic theories with contemporary challenges to understand how developing countries can achieve sustained economic growth and social welfare.
Which scientific methods are employed?
The paper utilizes a qualitative analysis, reviewing established economic models and theories from classical and neoclassical economists, and performs a contextual case study assessment of the Ugandan economy.
What is addressed in the main body?
The main body systematically reviews the evolution of economic thought regarding growth, from classical theories of Adam Smith and Malthus to modern growth accounting models and the specific impacts of HIV/AIDS and educational policy.
Which keywords define this paper?
Key terms include economic growth, capital accumulation, human development, entrepreneurship, and sectoral growth, which collectively describe the thematic scope of the publication.
How does the author define the difference between economic growth and development?
The author distinguishes them by stating that economic growth refers to the rise in national or per capita income, whereas economic development involves a broader set of changes including poverty elimination, reduced inequality, and structural societal progress.
What is the significance of the Schumpeter Model in this text?
The Schumpeter Model is highlighted for its emphasis on the entrepreneur as an innovator who disrupts "circular flow" through new combinations of productive means, which the author posits is essential for genuine economic development.
How does the Ugandan case study illustrate human resource challenges?
The case study demonstrates how political instability, insufficient funding, and the HIV/AIDS epidemic have hindered the quality of education and health services, ultimately creating obstacles for long-term human and economic capital formation.
- Quote paper
- Doctor Akampurira Abraham (Author), 2013, Development Economics: Aspect of Development, Munich, GRIN Verlag, https://www.grin.com/document/230156
