Economic Development Concepts

ECONOMIC DEVELOPMENT CONCEPTS

Traditionally economists have made little if any distinction between economic growth and economic development using the terms almost synonymously.

As a concept, Economic development can be seen as a complex multi-dimensional concept involving improvements in human well-being, however defined Critics point out that GDP is a narrow measure of economic welfare that does not take account of important non-economic aspects eg more leisure time, access to health & education, environment, freedom or social justice. Economic growth is a necessary but insufficient condition for economic development.
Professor Dudley Seers argues development is about outcomes ie development occurs with the reduction and elimination of poverty, inequality and unemployment within a growing economy.

Professor Michael Todaro sees three objectives of development:
Producing more life sustaining necessities such as food shelter & health care and broadening their distribution Raising standards of living and individual self esteem
Expanding economic and social choice and reducing fear.

The UN has developed a widely accepted set of indices to measure development against a mix of composite indicators:
UN's Human Development Index (HDI) measures a country's average achievements in three basic dimensions of human development: life expectancy, educational attainment and adjusted real income ($PPP per person).
UN's Human Poverty Index (HPI) measure deprivation using % of people expected to die before age 40, % of illiterate adults, % of people without access to health services and safe water and the % of underweight children under five.
Development economics emerged as a branch of economics because economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. There are, however, important reservations in making development economics as branch of economics as opposed to the ultimate objective of the study of economics. The first approaches to development economics assumed that the economies of the less developed countries (LDCs) were so different from the developed countries that basic economics could not explain the behavior of LDC economies. Such approaches produced some interesting and even elegant economic models, but these models failed to explain the patterns of no growth, slow growth, or growth and retrogression found in the LDCs.

Slowly the field swung back towards more acceptance that opportunity cost, supply and demand, and so on apply to the LDCs also. This cleared the ground for better approaches. Traditional economics, however, still couldn't reconcile the weak and failed growth patterns. What was required to explain poor growth were macro and institutional factors beyond micro concepts of the firm, individual preferences, and endowments? Institutional analysis has been able to explain the poor growth patterns much better than the market failure theories did. However, there is no generally accepted institutional theory of economic development that a large share of development economists agree upon. There is not even agreement on how important institutional factors are.

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