fbpx

Eco. 361 Online Discussion Quiz 1 (8-8-2021–Development Economics as a Multidimensional Concept)

Several scholars have attempted to define Development Economics. For example some Development Pundits defined Development economics as a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.

Clearly, it can be seen from the above definition that Development Economics is multidimensional concept. In view of this, you are required to discuss Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

 

Related Posts

Comments 315

  1. Avatar Obiesie Mmesoma Rejoice says:

    Name: Obiesie Mmesoma Rejoice
    Reg. No: 2018/245427
    Department: Economics/Education
    E-mail: obiesiemmesoma@gmail.com
    DEVELOPMENT AS A MULTIDIMENSIONAL CONCEPT
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. This was so firmly believed that a number of theories, which were put across to explain development and how to achieve development, such as modernization theory, and dependency theory centered on economic growth being the key factor in development. There is no one definition of development, as persons have different interpretations of development.
    WHAT I UNDERSTAND BY DEVELOPMENT
    Development is a process that creates growth, progress, positive changes or addition of physical, economic, environmental, social and demographic components. It is associated with the improvement of certain situation.it leads to the betterment and an increase in quality. It is the bringing about of social change that allows people to achieve their human potential. Development is not simply about the interactions between human groups; it also involves the natural environment. So, from another point of view, development is about the conversion of natural resources into cultural resources.
    DEVELOPMENT PROCESSES
    The term processes of development is used to describe all the process and mechanisms that contribute to differentiating-organising a living being from the start of life onwards. Development processes is the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. It is a cycle by means of which an innovative firm routinely converts ideas into commercially viable goods or services.
    The three key developmental processes includes
    1. The physical or Biological development
    2. The Cognitive development
    3. Socio-emotional development.

  2. Avatar Selema michael says:

    The expression “processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its “level of development.”

    The different phenomena involved in development must be considered in terms of the somatic level (morphological growth, development of physiological functions), behavioral level and psychic level, the level of psychogenesis. The work of genetic (or developmental ) psychology is defined in terms of this last level, but an essential aspect of psychoanalytic theory and clinical practice is also situated at this level.

    Freud’s interest in the processes of development appeared in his first scientific works, well before he created psychoanalysis. In an attempt to establish the pathways of nerve conduction he tried to grasp their development through comparative anatomical studies of fetuses. From the very beginning he thus posited a principle that he was to use in creating psychoanalysis itself: in order to understand a complex structure in an adult, the sovereign method is to grasp the successive stages in its construction. Moreover, as an ardent Darwinian, he straightaway and ever after considered time as an essential part of the data.

  3. Avatar Nwokobia Adaeze says:

    NAME: Nwokobia Adaeze
    REGISTRATION NUMBER: 2018/241865
    DEPARTMENT: Economics
    EMAIL: nwokobiaadaeze@gmail.com

    Development is a process that creates growth, progress, positive change of physical, economic, environmental, social and demographic components.
    Describing something as multidimensional implies that it’s complex.
    Development is multidimensional, means that it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is also influenced by contextual and socio-cultural influence.

    PROCESSES OF DEVELOPMENT
    There are four processes of development which are:
    Expansion: During expansion, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressures build.

    Peak: The peak of a cycle is reached when growth hits its maximum rate. Peak growth typically creates some imbalances in the economy that need to be corrected.

    Contraction: A correction occurs through a period of contraction when growth slows, employment falls, and prices stagnate.

    Trough: The trough of the cycle is reached when the economy hits a low point and growth begins to recover.

  4. Avatar Okeke Mmesoma .F. says:

    Name: Okeke Mmesoma.F.
    Department: Library and information science/Econs
    Reg Number: 2018/245372
    Email Address: okekedennis82@gmail.com

    Development is basically an economic concept that has approving connotations; it involves the application of certain economic and technical measures to utilize available resources to raise economic growth and improve people’s quality of life.
    When something is multidimensional, it implies that it’s complicated.
    Development is multidimensional, means that it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning that characteristics are malleable or changeable.
    Development is a process that creates Social, growth, economic, positive change or the addition of physical, progress, environmental, and demographic components.

  5. Avatar CHUKWU PAUL EBUKA says:

    NAME:CHUKWU PAUL EBUKA
    DEPARMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
    COURE:ECO 101
    REG NUMBER:21297377EA
    EMAIL:paulebuka241@gmail.com
    Economics is a social science that seek to analyze ,describe the production,distribution and consumption of wealth .Economics can also be describe as a chain that connect hose hold and bussinessmencs can be /women in the production of goods and services.
    behavioural Economics can be define as a relationship between (given),ends and scarce means which have alternative uses. when we talk about Behavioural Econmics we basically looking at the human behaviours in economic which are basically the potenials and expressed capacity for physical,mental and social activity during the phase of human life

  6. Avatar Owoh Chiamaka Philia says:

    Name: Owoh Chiamaka Philia
    Department: Education/Economics
    Reg number: 2019/247552 (1/3)
    Email address: chiamakaphilia195@gmail.com

    Assignment on Eco 361
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.

    WHAT IS DEVELOPMENT?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    The international agenda began to focus on development beginning in the second half of the twentieth century. An understanding developed that economic growth did not necessarily lead to a rise in the level and quality of life for populations all over the world; there was a need to place an emphasis on specific policies that would channel resources and enable social and economic mobility for various layers of the population. Through the years, professionals and various researchers developed a number of definitions and emphases for the term “development.” Amartya Sen, for example, developed the “capability approach,” which defined development as a tool enabling people to reach the highest level of their ability, through granting freedom of action, i.e., freedom of economic, social and family actions, etc. This approach became a basis for the measurement of development by the HDI (Human Development Index), which was developed by the UN Development Program (UNDP) in 1990. Martha Nussbaum developed the abilities approach in the field of gender and emphasized the empowerment of women as a development tool. In contrast, professionals like Jeffrey Sachs and Paul Collier focused on mechanisms that prevent or oppress development in various countries, and cause them to linger in abject poverty for dozens of years. These are the various poverty traps, including civil wars, natural resources and poverty itself.

    What Is Development Economics?
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics focuses on include health, education, working conditions, and market conditions. Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty. The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    developing economies and domestic and international economic growth.

    KEY TAKEAWAYS
    1) Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
    Areas that development economics focuses on include health, education, working conditions, and market conditions.
    2) Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
    3) The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    5) Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory.

    Understanding Development Economics:
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws. Students of economics, and professional economists, create theories and methods that guide practitioners in determining practices and policies that can be used and implemented at the domestic and international policy level. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development. Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.

    Factor # 1. Natural Resources:
    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country.
    In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources.
    ADVERTISEMENTS:
    Other things remaining the same, the growth and prosperity of a nation may be associated with the kind and size of the resources possessed by it.

    There is a presumption that natural resources are ‘finite’. In fact, no one should ignore the possibility of adding more resources through discovery. Through discovery, opening up and by utilising new resources, many countries in the past had made a higher contribution in output.
    However, that does not mean natural resources are ‘infinite’. Economic processes impact on the of environment. For instance, perils of resource depletion— both renewable and non-renewable— Trough uses generate insurmountable problems on growth and development of a nation. This then suggests conservation of resources so as to have a sustainable development.
    Anyway, an abundant supply of natural resources conduces to both agricultural and industrial development. Just as availability of fertile land and abundant supply of water for irrigation purposes are the two essential prerequisites for achieving faster agricultural growth, minerals like coal, bauxite, iron ore, crude oil, copper, tin, etc., if available in plenty, can help the process of industrialisation. Shortage of natural resources often acts as a constraint on output expansion and is often considered as an obstacle to economic development. For example, some poor countries of Asia and Africa have limited natural resources such as land and minerals. And whatever little is available is to be shared by the large population

    Types of Development Economics
    Mercantilism
    Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory practiced in Europe from the 16th to the 18th centuries. The theory promoted augmenting state power by lowering exposure to rival national powers. Like political absolutism and absolute monarchies, mercantilism promoted government regulation by prohibiting colonies from transacting with other nations.
    Mercantilism monopolized markets with staple ports and banned gold and silver exports. It believed the higher the supply of gold and silver, the more wealthy it would be. In general, it sought a trade surplus (exports greater than imports), did not allow the use of foreign ships for trade, and it optimized the use of domestic resources.

    Economic Nationalism
    Economic nationalism reflects policies that focus on domestic control of capital formation, the economy, and labor, using tariffs or other barriers. It restricts the movement of capital, goods, and labor. Economic nationalists do not generally agree with the benefits of globalization and unlimited free trade. They focus on a policy that is isolationist so that the industries within a nation are able to grow without the threat of competition from established companies in other countries.
    The economy of the early United States is a prime example of economic nationalism. As a new nation, it sought to develop itself without relying so much on outside influences. It enacted measures, such as high tariffs, so its own industries would grow unimpeded.
    Linear Stages of Growth Model
    The linear stages of growth model was used to revitalize the European economy after World War II. This model states that economic growth can only stem from industrialization. The model also agrees that local institutions and social attitudes can restrict growth if these factors influence people’s savings rates and investments.
    The linear stages of growth model portrays an appropriately designed addition of capital partnered with public intervention. This injection of capital and restrictions from the public sector leads to economic development and industrialization.
    Structural-Change Theory
    The structural-change theory focuses on changing the overall economic structure of a nation, which aims to shift society from being a primarily agrarian one to a primarily industrial one. For example, Russia before the communist revolution was an agrarian society. When the communists overthrew the royal family and took power, they rapidly industrialized the nation, allowing it to eventually become a superpower.

    What is a multidimensional concept?
    Describing something as multidimensional implies that it’s complex. You could talk about a multidimensional book filled with intricate themes, characters, plots, and symbols; or you could even call a person multidimensional if she had a particularly complicated personality
    multidimensional Share
    The adjective multidimensional describes anything with many different parts or aspects. You might talk about your relationship with the next door neighbor as multidimensional if, say, he’s also your teacher, and if his son is married to your older sister.
    Describing something as multidimensional implies that it’s complex. You could talk about a multidimensional book filled with intricate themes, characters, plots, and symbols; or you could even call a person multidimensional if she had a particularly complicated personality. The word dimension forms the root of multidimensional, so if you imagine “many dimensions,” you’ll have a clear idea of what the word means.
    Development as a Multidimensional Concept
    It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. This was so firmly believed that a number of theories, which were put across to explain development and how to achieve development, such as modernization theory, and dependency theory centered on economic growth being the key factor in development. There is no one definition of development, as persons have different interpretations of development. In Portest’s and Kincaid’s interpretation of development, they stated that it should involve a reduction in unemployment and the extension of fundamental rights and freedoms for the population. Another definition of development,…show more content…
    Luxembourg, Switzerland, Norway, United States of America and Canada all have high GDPs and are considered some of the most developed countries in the world.
    Now, in the second definition of development it was established that development is a number of characteristics, which include political freedom, and in the first definition, freedoms for the population. This definition was correct in defining development as including other characteristics. In addition to economic growth, the main characteristics of development are improvement in Human Development Indicators (HDIs), such as life expectancy, levels of education, ratio of doctors to the population and labour productivity. Also, development must be sustainable and involve the notion of advancement, involve freedom, justice and equity, and development must be ethical.
    has been realized by many development practitioners that development is useless if it is unsustainable.

  7. Avatar Ugwuoke Solomon chukwuemeka says:

    Ugwuoke Solomon chukwuemeka
    Reg no:2018/250872

    DEVELOPMENT AND IT’S PROCESS
    Development can mean many things in many fields and to many people.
    In the field of Business it can be defined as a process of growing a business. In the field of Biology it is the process by which organisms grow and develop. In Computing it can be software development or web development etc
    According oxford learners dictionaries it defined development as the gradual growth of something so that it becomes more advanced, stronger etc
    Process of development
    This is a series of actions or steps taken in order to achieve development. There many processes of development in many fields but we look at the process of development in economics
    There are four(4) processes of economic development
    1, expansion
    2, peak
    3, contraction
    4, trough
    DEVELOPMENT ECONOMICS
    We know development as a gradual growth of something which leads to it’s advancement.
    What is economics?
    Economics is a study of human behavior, scarce resources and the implications for the use of resources for production of goods and services for growth and welfare of man and his society
    Development economics is a branch of economics which attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. It investigate the factors that have led to this global inequality, and analyse some of the forms of market and government failure that may have contributed to the situation.
    As part of this study programme, you will see the way in which economics can help our understanding of some of the major challenges of the 21st century, including:
    to what extent does rapid population growth help or hinder development?
    is it necessary for economies to go through a process of structural transformation and how does this take place?
    what is the role of education and health care provision in contributing to the process of development?
    how important is it for countries to engage in international trade in the context of a globalising economy?
    how can less-developed countries achieve sustainable development?
    what effect has the HIV/AIDS epidemic had on economic and human development?
    Development economics faces up to these questions and shows you how to apply economic analysis in a variety of situations of global significance. Development economics can draw on theory that you may have encountered in both micro and macro modules, and combine this with evidence from poorer countries.
    By studying development economics, you will have the opportunity to apply the tools of economic analysis to the problems and challenges facing less-developed countries, and to begin to understand why some countries have been able to go through a process of economic and human development whilst others have languished.

  8. Avatar Joseph Ruth Tochukwu says:

    JOSEPH RUTH TOCHUKWU
    2018/245132
    ECONOMICS DEPARTMENT

    ASSIGNMENT: Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    DEVELOPMENT ECONOMICS AS A MULTI
    DIMENSIONAL CONCEPT
    Economic development is the process whereby simple, low income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally, it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth, a country would  develop. It is difficult to give a precise definition of economic development as there is no universally acceptable definition of economic development different economist have used the term economic development to convey different meanings. This is not surprising because economic development is multidimensional in nature, same way poverty is multidimensional.
    Different economists have defined economic development differently depending upon the aspect of economic development they want to emphasize on. It could be output,distribution of equal income, poverty reduction etc.
    According to Meier and Baldwin economic development is a process through which the per capita real national income of a country increases over a long period of time. Traditional approach define economic development strictly in terms of economic indicators. Economic development in this traditional sense implied a sustained increase in real per capita income. Increase in real per capita GNP is normally taken as the measure of improvement of overall economic well being of the people. In other words, increase in real per capita income means increase in the amount of good and service available to the average citizen for consumption and investment. Thus,traditionally the term economic development has been used as a synonym for economic growth.
    The new view of economic development considered economic development as multidimensional in nature. It is a comprehensive concept that includes not just increase in the county’s gross national product(GNP),but also an increase in income, improvement in material welfare, eradication of poverty, reduction in income inequality and unemployment along with elimination of illiteracy and disease and reduction in death rate. it also includes changes in the composition of output away from agriculture towards Industrial and service sectors in the occupational structure of labour force, change in the value system, social structure and institution as well as acceleration of economic growth, improved environmental standards, availability of housing, plus the quality of housing. Access to healthcare. This takes into account the number of doctors per thousand people, access to affordable medicine, etc.

    DEVELOPMENT
    A multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest terms, development can be defined as bringing about social change that allows people to achieve their human potential. An important point to emphasise is that development is a political term. It has a range of meanings that depend on the context in which the term is used, and it may also be used to reflect and to justify a variety of different agendas held by different people or organisations. The idea of development articulated by the World Bank, for instance, is very different from that promoted by Greenpeace activists. Another important point is that development is a process rather than an outcome. It is dynamic in that it involves a change from one state or condition to another. Ideally, such a change is a positive one – an improvement of some sort (for instance, an improvement in maternal health). Furthermore, development is often regarded as something that is done by one group (such as a development agency) to another (such as rural farmers in a developing country). Again, this demonstrates that development is a political process, because it raises questions about who has the power to do what to whom.

    PROCESSES OF DEVELOPMENT
    Most development economists agree that the key processes of development are related to three different transitions
    a) a structural transformation of the economy
    b) a demographic transition
    c) a process of urbanization.

    Structural Transformation: structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease.

    Demographic Transition: This is determined mostly by changes in the fertility rates (that is the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.

    urbanization: The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers.

  9. Avatar Agu Chiamaka Chisom says:

    *Name:* Agu Chiamaka chisom
    *Reg No:* 2018/245463
    *Eco/pol*
    *Email:* Julibizzle7@gmail.com

    When we talk about development Economics what comes to mind?
    Growth, advancement, a desired change, direct change in the economy, state or country.
    Development is basically an economic concept that has positive connotations; it involves the application of certain economic and technical measures to utilize available resources to instigate economic growth and improve people’s quality of life. In the 1950s and 1960s, development was largely referred to as economic growth, which meant a quantitative rather than qualitative change in economic performance. Consequently, development theories were designed to activate and accelerate the process of economic growth and move developing nations along the path charted by the industrial ones of the West, from relying primarily on agricultural activity to relying primarily on industrial production and trade.
    Development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop.
    Many theories have been developed, which were put across to explain development, and how to achieve development, such as modernization theory, and dependency theory centered on economic growth being the key factor in development.
    There’s no one generally accepted definition of development, as many see development differently
    There is no one definition of development, as persons have different interpretations of development. In Portest’s and Kincaid’s interpretation of development, they stated that it should involve a reduction in unemployment and the extension of fundamental rights and freedoms for the population. Another definition of development.
    For Luxembourg, Switzerland, Norway, United States of America and Canada all have high GDPs and are considered some of the most developed countries in the world.
    Now, in the second definition of development it was established that development is a number of characteristics, which include political freedom, and in the first definition, freedoms for the population. This definition was correct in defining development as including other characteristics. In addition to economic growth, the main characteristics of development are improvement in Human Development Indicators (HDIs), such as life expectancy, levels of education, ratio of doctors to the population and labour productivity. Also, development must be sustainable and involve the notion of advancement, involve freedom, justice and equity, and development must be ethical. It has been realized by many development practitioners that development is useless if it is unsustainable. Sustainability has been interpreted as requiring some constancy in the stock of natural environmental assets, discounting future gain losses. Sustainable development then is a: situation in which the development indicators do not decrease overtime, and the rate of development is generally positive over some selected time horizon.
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.
    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.
    There are different types of economic model used in economic analysis, they include ;
    i.Visual model
    ii. Mathematical model
    iii. Empirical model
    iv. Simulation model

  10. Avatar OKEKE MMESOMA F says:

    OKEKE MMESOMA F
    2018/245372
    Library and information science/economic
    Okekedenis82@gmail.com
    Question
    Discuss development economic as a multi dimensional concept and lucidly explain what you understand by development and it’s process
    Answers
    Development:means improvement in country ecoo and social conditions. it refers to improvement in a way of managing an area natural and human resources
    Economic :is the study of scarcity and it’s implications for the use of resources, production of goods and services, growth of production and welfare overtime and a great varii of other complicated issues of vital concern to society
    Development economic is a branch of economic which deals with economic aspect of the development process In low income countries
    it focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population ,for example through health , education, workplace , conditions whether through public or private channel.
    Multi dimensional refers to something that is so complex, because it is relating to multiple dimensions and aspect
    Process of economic development
    Natural resources: resources created is not based on human effort like land is free gift of nature it dose not require man’s effort to create land it has been In existence before man
    Human resources :here human effort is highly needed ,be u produce corn human effort is needed In other to produce that corn
    Capital resources:the amount of what workers can produce depends on largely on the availability of complementary resources like capital
    Technology resources refers to means in Which raw resources are being converted into good and services for consumption like cassava converted to garri, wood to book etc
    Insititution environment: market economic can flourish provided and appropriate institutional environment prevail
    There are other process that explain the economic development they are
    Expansion ;stage the economy experiences relative rapid growth ,interest rate tend to be law , production increases ,and inflationary pressure build .
    Peak ;when the growth hit it maximum point the cycle will react
    Contractions :growth slows employment falls,and price stagnant
    Trough: stage is when the economic start reconvering

  11. Avatar Onah Ogochukwu says:

    Name: ONAH OGOCHUKWU JULIET
    Reg no: 2018/248266
    Department: Combined social sciences (economics/sociology)
    Assignment: discuss development economics as a multidimensional concept

    WHAT IS DEVELOPMENT ECONOMICS?
    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics focuses on include health, education, working conditions, and market conditions. Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty. Development economics faces up to these questions and shows you how to apply economic analysis in a variety of situations of global significance.

    WHAT IS A MULTIDIMENSIONAL CONCEPT?
    Describing something as multidimensional implies that it’s complex. You could talk about a multidimensional book filled with intricate themes, characters, plots, and symbols; or you could even call a person multidimensional if she had a particularly complicated personality.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT:
    It was once a worldwide belief that development economics is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. There is no one definition of development, as persons have different interpretations of development.
    Beside above, why would you need to use multidimensional analysis? Multidimensional analysis allows users to observe data from various viewpoints. This enables them to spot trends or exceptions in the data. A hierarchy is an ordered series of related dimensions. Development economics thus, results in the simultaneous achievement of a number of objectives such as growth and equity.

  12. Avatar Michael Dorathy uzoamaka,2018/241586 says:

    MICHAEL DORATHY UZOAMAKA
    2018/241586
    Library and information science/economic
    doratyuzoamaka2018@gmail.com
    Question
    Discuss development economic as a multidimensional concept and lucidly explain what you understand by development and it’s process.
    Answers
    Development ; is widely used to refer to a specified state of advancement or growth . development could also be used to describe a new andvanced idea or product,or an event that consititutes a new stage under changing circumstance
    Economic; is a social science concerned with the production, distribution and consumption of good and service.ecomomic is the social science that studies how people interact with value in particular ,the production, distribution and consumption of goods and services.
    Development economic is a branch of economic that focuses on improving fiscal, economic,and social conditions in developing countries.it considers factors such as health, education, working conditions, domestic and international policies and market conditions with a focus on improving conditions on the world poorest countries
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    Process of development economic
    It can be In stages which is called economic cycle it shows stages or process that the economic development undergoes they are
    Expansion: here the economy experiences relative rapid growth ,interest rate tend to be law , production increases ,and inflationary pressure build .
    Peak ; a cycle react when growth hit it maximum rate
    Contraction ;is when growth slows employment falls,and price stagnant
    Trough; the cycle is reached when the economic hit a low point and growth begims to recover
    The following process was written Mahendra Kumar they are :
    Natural resources : Human effort is not needed example land is free gift from God
    Human resources : human effort is need to create anything
    Capital resources : money is needed to complete or create anything
    Technology : means of conveting raw resources into good and service
    Institutional environment
    Concept of development economic
    Economic development is the creation of wealth from which community benefits are realized.it is more than a job program, it’s an investment in growing your economy and enhancing the properity and quality of life for all residents

  13. Avatar Ogbuefi Eugene Oguejiofor. 2018/241873. Economics department says:

    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
    Areas that development economics focuses on include health, education, working conditions, and market conditions.
    Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory
    Mercantilism
    Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory practiced in Europe from the 16th to the 18th centuries. The theory promoted augmenting state power by lowering exposure to rival national powers.

    Like political absolutism and absolute monarchies, mercantilism promoted government regulation by prohibiting colonies from transacting with other nations.

    Mercantilism monopolized markets with staple ports and banned gold and silver exports. It believed the higher the supply of gold and silver, the more wealthy it would be. In general, it sought a trade surplus (exports greater than imports), did not allow the use of foreign ships for trade, and it optimized the use of domestic resources.

    Economic Nationalism
    Economic nationalism reflects policies that focus on domestic control of capital formation, the economy, and labor, using tariffs or other barriers. It restricts the movement of capital, goods, and labor.

    Economic nationalists do not generally agree with the benefits of globalization and unlimited free trade. They focus on a policy that is isolationist so that the industries within a nation are able to grow without the threat of competition from established companies in other countries.

    The economy of the early United States is a prime example of economic nationalism. As a new nation, it sought to develop itself without relying so much on outside influences. It enacted measures, such as high tariffs, so its own industries would grow unimpeded.

    Linear Stages of Growth Model
    The linear stages of growth model was used to revitalize the European economy after World War II.

    This model states that economic growth can only stem from industrialization. The model also agrees that local institutions and social attitudes can restrict growth if these factors influence people’s savings rates and investments.

    The linear stages of growth model portrays an appropriately designed addition of capital partnered with public intervention. This injection of capital and restrictions from the public sector leads to economic development and industrialization.

    Structural-Change Theory
    The structural-change theory focuses on changing the overall economic structure of a nation, which aims to shift society from being a primarily agrarian one to a primarily industrial one.

    For example, Russia before the communist revolution was an agrarian society. When the communists overthrew the royal family and took power, they rapidly industrialized the nation, allowing it to eventually become a superpower.

    5 contributing factors to economic development includes;

    This article throws light upon the five factors that contributes to the process of economic development.

    Factor # 1. Natural Resources:
    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country.

    In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources.
    Factor # 2. Human Resources:
    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man­power properly, it will certainly prove to be an important factor in development.

    The supply of manpower—called human resources—depends, among other things, on population growth. Thus the size of the population is an important factor of economic development. More labour should, therefore, mean greater potential output. In an under-populated (relative to resources) country, population increases do indeed mean economic growth—as more land can be cultivated or more workers may be employed in industry and services.
    Factor # 3. Capital Resources:
    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth­coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.

    Capital accumulation or investment refers to the creation of additional capital like plant, equipment, machinery, structures, etc. (physical capital), and social and economic structures like roads, electricity, water, sanitation, etc., to aug­ment output and income. An increasing amount of capital per worker a rising capital/labour ratio is clearly a major source of productivity or output per man-hour.

    In other words, by increasing the amount of capital per worker, it is possible to increase labour productivity. Capital formation enables a country to enjoy the advantages of large scale production and specialisation. It is indis­pensable not only for augmenting output but also for providing employment to the people. Further, capital accumulation provides a growing labour force with an increased supply of tools and machinery per worker. This then raises efficiency of the workers.

    Often, poor countries are handicapped by low volume of capital accumulation because of low income and low savings. If domestic capital is not sufficient to meet the investment needs, a poor country may be required to import capital from abroad. However, there is a question mark on the use of foreign capital in the poor developing countries
    Factor # 4. Technology:
    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production. Technological progress leads to an improvement in productivity of existing resources.

    It is the result of research, invention, development, and innovation. With the advance­ment of scientific and technological knowledge, people discover more and more sophisticated techniques of production which steadily raise the productivity levels.

    It is thus dear that technological progress in a country depends on both pure and applied science. And science depends on the resources allocated towards research and development. Thus education is of crucial importance in any economy in furthering technological improvement. Besides education, entrepreneurial ability is another impor­tant determinant of technical progress. Joseph A. Schumpeter assigned a very important role to the entrepreneur in the economic development of a country. In his view, one of the most important functions of the entrepreneur is innovation getting new methods adopted in effective ways.
    will occur only if there is a continual flow of new technology. Thus there is a close rela­tion between technological change and capital and capital formation. These two not only complement but also depend upon each other. New method may require new machinery. Or, when a firm decides to build a new factory, this may lead to discovery of new and better methods of production.

    Factor # 5. Institutional Environment:
    Further progress of present day market economies is now largely influenced by the institutional environment. In other words, market economies can flourish provided an appropriate institutional environment prevails. Development requires effective state participation. In today’s changing world, state should complement market.

    However, benefits of development must he widespread and inclusive so that poor people can harvest benefit from the market-oriented growth. It is observed that the state, because of poor governance and ineffective institutional framework, fail to protect property rights, law and order, freedom of individuals, human rights, and so on. Even it fails to protect the poor, vulnerable people. An effective economic institution can ensure public services to the poor and give economic incentives through opening better opportunities and empowering the excluded and vulnerable.

  14. Avatar EZE Martin's Chukwuemeka says:

    Name: Eze Martin Chukwuemeka
    Reg.No.2018/250976
    Email.Ezemartinchukwuemeka@gmail.com
    Development implies a process which involves growth, progress or positive change or the addition of physical, economic, environmental, social and demographic components.
    WHAT IS DEVELOPMENT ECONOMICS?
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development and its processes

    This refers to the overall state of the economy going through four stages in a cyclical pattern.

    The four stages of the economic cycle are also referred to as the business cycle. These four stages are expansion, peak, contraction, and trough.

    During the expansion phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressures build. The peak of a cycle is reached when growth hits its maximum rate. Peak growth typically creates some imbalances in the economy that need to be corrected. This correction occurs through a period of contraction when growth slows, employment falls, and prices stagnate. The trough of the cycle is reached when the economy hits a low point and growth begins to recover.

  15. Avatar UGWU SERAH IZUNNA says:

    NAME: UGWU SERAH IZUNNA
    REG NUM: 2018/247399
    DEPARTMENT: ECONOMICS.
    LEVEL: 300L.
    COURSE CODE: ECO361.
    Email: izunnafavour@gmail com
    ASSIGNMENT:
    Discuss development economics as a multidimensional concept.

    WHAT IS DEVELOPMENT?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

    The international agenda began to focus on development beginning in the second half of the twentieth century. An understanding developed that economic growth did not necessarily lead to a rise in the level and quality of life for populations all over the world; there was a need to place an emphasis on specific policies that would channel resources and enable social and economic mobility for various layers of the population.

    Through the years, professionals and various researchers developed a number of definitions and emphases for the term “development.” Amartya Sen, for example, developed the “capability approach,” which defined development as a tool enabling people to reach the highest level of their ability, through granting freedom of action, i.e., freedom of economic, social and family actions, etc. This approach became a basis for the measurement of development by the HDI (Human Development Index), which was developed by the UN Development Program (UNDP) in 1990. Martha Nussbaum developed the abilities approach in the field of gender and emphasized the empowerment of women as a development tool.

    In contrast, professionals like Jeffrey Sachs and Paul Collier focused on mechanisms that prevent or oppress development in various countries, and cause them to linger in abject poverty for dozens of years. These are the various poverty traps, including civil wars, natural resources and poverty itself. The identification of these traps enables relating to political – economic – social conditions in a country in an attempt to advance development. One of the emphases in the work of Jeffrey Sacks is the promotion of sustainable development, which believes in growth and development in order to raise the standard of living for citizens of the world today, through relating to the needs of environmental resources and the coming generations of the citizens of the world.

    WHAT IS DEVELOPMENT ECONOMICS?

    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.

    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    KEY TAKEAWAYS
    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
    Areas that development economics focuses on include health, education, working conditions, and market conditions.
    Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory.
    Understanding Development Economics
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.

    Students of economics, and professional economists, create theories and methods that guide practitioners in determining practices and policies that can be used and implemented at the domestic and international policy level.

    Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development.

    They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.

    Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.

    Types of Development Economics
    Mercantilism
    Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory practiced in Europe from the 16th to the 18th centuries. The theory promoted augmenting state power by lowering exposure to rival national powers.

    Like political absolutism and absolute monarchies, mercantilism promoted government regulation by prohibiting colonies from transacting with other nations.

    Mercantilism monopolized markets with staple ports and banned gold and silver exports. It believed the higher the supply of gold and silver, the more wealthy it would be. In general, it sought a trade surplus (exports greater than imports), did not allow the use of foreign ships for trade, and it optimized the use of domestic resources.

    DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.

    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.

    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.

  16. Avatar Nweke Chidera Philomina 2018/242345 says:

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. John Baltes states that the development of a particular domain does not occur in a strictly linear fashion but that development of certain traits can be characterized as having the capacity for both an increase and decrease in efficacy over the course of an individual’s life.
    Economic Development is the Improvements in standards of living of a nation measured by income, education, health, working conditions, and market conditions. The Human Development Index is a widely used indicator of the levels of development of various nations.
    Processes of Economic development
    Most development economists agree that the key processes of development are related to three different transitions:
    a) a structural transformation of the economy,
    b) a demographic transition, and
    c) a process of urbanization.
    a) The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease. In other words, at the final stage of development, we typically have an economy in which people earn their livelihood predominantly from the service sector and a still important but diminished industry sector.
    b) The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.
    c) The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

  17. Avatar Akachukwu Christian Nonso says:

    Akachukwu Christian Nonso (2018/249531)
    christiannonso111@gmail.com
    -development economics as a multidimensional concept.
    Modern economics are of the view that development economics should be conceived as a multidimensional process involving major changes in social structure, popular attitude,national institution as well as the acceleration of economic growth,reduction of inequality,and the eradication of poverty. in defining development economics, the whole process of desirable change in addition to economic growth must be present.
    Development and it’s process.
    Development is sometimes taken to mean growth,the truth is that they both have different meaning, development has been defined in different ways and as such it is difficult to choose any single definition which may be regarded as entire satisfactory.
    Jhingan(2007) defines development as economic growth plus change,the author sees development as being related to qualitative change in economic want,goods,incentives,
    institution,productivity&knowledge or upward
    movement of the entire social system.
    Kindleberge(1965) viewed it to include more output&change in technical and institutional arrangement by which it is produced&distributed.
    Okun&richardson(1962) defined development along the growth perspective as
    “a sustained,secular improvement in material
    Well-being, which may be consider to be reflected in an increasing flow of goods&
    Services.
    Development is generally concerned on how an economy grows or change and become more advanced especially when both
    economic&social condition are improved, there are process involved in development of
    economics :
    (1)contraction phase : deals with the correction of peak phase occurs through a period of contraction when growths slows,
    employment falls&price become stagnant
    (2)peak phase:is reached when growth hit
    it maximum rate, and these create a
    imbalance which needs to be corrected.
    (3)trough phase :is reached when the economy,hits a low point&growth begins to recover.
    (4)expansion phase :the economy experienced relatively rapid growth,interest rate tends to be
    Low, and these tends to lead to inflation.

  18. Avatar Mbakwe Temple Alex says:

    Mbakwe Temple Alex
    2018/242400
    Development Economics as a Multidimensional Concept

    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.[1]

    Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.[2] This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.[3]

    Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans.[4] Also unlike many other fields of economics, there is no consensus on what students should know.[5] Different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.
    Furthermore, Development can be seen a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    PROCESS OF DEVELOPMENT ECONOMICS
    1. Natural Resources:

    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country.

    In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources
    Other things remaining the same, the growth and prosperity of a nation may be associated with the kind and size of the resources possessed by it.

    There is a presumption that natural resources are ‘finite’. In fact, no one should ignore the possibility of adding more resources through discovery. Through discovery, opening up and by utilising new resources, many countries in the past had made a higher contribution in output.

    However, that does not mean natural resources are ‘infinite’. Economic processes impact on the of environment. For instance, perils of resource depletion— both renewable and non-renewable— Trough uses generate insurmountable problems on growth and development of a nation. This then suggests conservation of resources so as to have a sustainable development.

    Anyway, an abundant supply of natural resources conduces to both agricultural and industrial development. Just as availability of fertile land and abundant supply of water for irrigation purposes are the two essential prerequisites for achieving faster agricultural growth, minerals like coal, bauxite, iron ore, crude oil, copper, tin, etc., if available in plenty, can help the process of industrialisation. Shortage of natural resources often acts as a constraint on output expansion and is often considered as an obstacle to economic development. For example, some poor countries of Asia and Africa have limited natural resources such as land and minerals. And whatever little is available is to be shared by the large population.

    2. Human Resources:

    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man­power properly, it will certainly prove to be an important factor in development.

    The supply of manpower—called human resources—depends, among other things, on population growth. Thus the size of the population is an important factor of economic development. More labour should, therefore, mean greater potential output. In an under-populated (relative to resources) country, population increases do indeed mean economic growth—as more land can be cultivated or more workers may be employed in industry and services.

    3. Capital Resources:

    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth­coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.

    Capital accumulation or investment refers to the creation of additional capital like plant, equipment, machinery, structures, etc. (physical capital), and social and economic structures like roads, electricity, water, sanitation, etc., to aug­ment output and income. An increasing amount of capital per worker a rising capital/labour ratio is clearly a major source of productivity or output per man-hour.

    In other words, by increasing the amount of capital per worker, it is possible to increase labour productivity. Capital formation enables a country to enjoy the advantages of large scale production and specialisation. It is indis­pensable not only for augmenting output but also for providing employment to the people. Further, capital accumulation provides a growing labour force with an increased supply of tools and machinery per worker. This then raises efficiency of the workers.

    Often, poor countries are handicapped by low volume of capital accumulation because of low income and low savings. If domestic capital is not sufficient to meet the investment needs, a poor country may be required to import capital from abroad. However, there is a question mark on the use of foreign capital in the poor developing countries.

    4. Technology:

    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production. Technological progress leads to an improvement in productivity of existing resources.

    It is the result of research, invention, development, and innovation. With the advance­ment of scientific and technological knowledge, people discover more and more sophisticated techniques of production which steadily raise the productivity levels.

    It is thus dear that technological progress in a country depends on both pure and applied science. And science depends on the resources allocated towards research and development. Thus education is of crucial importance in any economy in furthering technological improvement. Besides education, entrepreneurial ability is another impor­tant determinant of technical progress. Joseph A. Schumpeter assigned a very important role to the entrepreneur in the economic development of a country. In his view, one of the most important functions of the entrepreneur is innovation getting new methods adopted in effective ways.

    5. Institutional Environment:

    Further progress of present day market economies is now largely influenced by the institutional environment. In other words, market economies can flourish provided an appropriate institutional environment prevails. Development requires effective state participation. In today’s changing world, state should complement market.

    However, benefits of development must he widespread and inclusive so that poor people can harvest benefit from the market-oriented growth. It is observed that the state, because of poor governance and ineffective institutional framework, fail to protect property rights, law and order, freedom of individuals, human rights, and so on. Even it fails to protect the poor, vulnerable people. An effective economic institution can ensure public services to the poor and give economic incentives through opening better opportunities and empowering the excluded and vulnerable.

    STAGES OF DEVELOPMENT ECONOMICS

    1. Traditional Society:

    This initial stage of traditional society signifies a primitive society having no access to modern science and technology. In other words, it is a society based on primi­tive technology and primitive attitude towards the physical World. Thus, Rostow defines a tradi­tional society “as one whose structure is developed within the limited production function based on pre-Newtonian science and technology and as pre-Newtonian attitudes towards the physical world”

    However, Rostow does not view this traditional society as being completely static. In this stage of a society output could be increasing through the expansion of land area under cultivation or through the discovery and spread of a new crop.
    But the critical fact about this type of society is that there is limit to attainable output per head. This limit arises due to the absence of access to modern science and technology. This type of a society allocates a large proportion of its resources to agriculture and is characterised by a hierarchical social structure in which there is little possibility for vertical mobility.

    The value system that prevails in such a society is what Rostow calls a long-run fatalism. People of these societies think that not much economic progress is possible for them and for their future generations.

    2. Pre-Conditions or the Preparatory Stage:

    The covers a long period of a century or more during which the preconditions for take-off are established.

    These conditions mainly comprise fundamental changes in the social, political and economic fields; for example:
    (a) A change in society’s attitudes towards science, risk-taking and profit-earning;

    (b) The adaptability of the labour force;

    (c) Political sovereignty;

    (d) Development of a centralised tax system and financial institutions; and

    (e) The construction of certain economic and social infrastructure like railways, ports, power generation and educational institutions. India did some of these things in the First Five Year plan period (1951-56).

    It is evident from above that in this second stage of growth foundations for economic transfor­mation are laid. The people start using modern science and technology for increasing productivity in both agriculture and industry.

    Further, there is a change in the attitude of the people who start viewing the world where there are possibilities of future growth. A new class of entrepreneurs emerges in the society who mobilise savings and undertake investment in new enterprises and bear risks and uncertainty. In the sphere of political organisation, it is during this stage that an effective centralised nation state starts emerging.

    Thus in the stage of precondition for take-off Rostow views agriculture as performing three roles, first, agriculture must produce sufficient food-grains to meet the demand of growing population and of the workers who get employment in agriculture.

    Secondly, increase in agricultural incomes would lead to the demand for industrial products and stimulate industrial investment.

    Thirdly, expand­ing agriculture must provide much of the savings needed for the expansion of the industrial sector.

    3. The “Take-off” Stage:

    This is the crucial stage which covers a relatively brief period of two to three decades in which the economy transforms itself in such a way that economic growth subsequently takes place more or less automatically. “The take-off” is defined as “the interval dur­ing which the rate of investment increases in such a way that real output per captia rises and this initial increase carries with it radical changes in the techniques of production and the disposition of income flows which perpetuate the new scale of investment and perpetuate thereby the rising trend in per captia output.”

    Thus, the term “take-off ” implies three things : first the proportion of investment to national income must rise from 5% to 10% and more so as to outstrip the likely population growth; secondly, the period must be relatively short so that it should show the characteristics of an economic revolution; and thirdly, it must culminate in self-sustaining and self-generating economic growth.
    Thus, during the take-off stage, the desire to achieve economic growth to rasie the living standards dominates the society. Revolutionary changes occur in both agriculture and industry and productivity levels sharply increase.

    There is greater urbanisation and urban labour force increases. In a relatively short period of a decade or two, both the basic structure of the economy and social and political structure is changed So that a self-sustaining growth rate can be maintained.

    It is worth noting that in the opinion of Rostow, the rise of new elite (i.e. new entrepreneurial class) and establishment of a nation state are crucial for economic development.

    4. Drive to Maturity: Period of Self-sustained Growth:

    This stage of economic growth occurs when the economy becomes mature and is capable of generating self-sustained growth. The rates of saving and investment are of such a magnitude that economic development becomes automatic. Overall capital per head increases as the economy matures. The structure of the economy changes increasingly.
    The initial key industries which sparked the take-off decelerate as diminishing returns set in. But the average rate of growth is maintained by a succession of new rapidly-growing sectors with a new set of leading sectors. The proportion of the population engaged in agriculture and other rural pursuit’s declines, and the structure of the country’s foreign trade undergoes a radical change.

    It is with both the problems and the cyclical movements of national income in such mature growing economies in this fourth stage that the bulk of modern theoretical economics is concerned. The students of contemporary developing countries and also of economic history are more likely to be concerned with the economics of the previous two stages, that is, the economics of the preparatory and the ‘take-off’ stages. If we are to have a useful and adequate theory of economic growth, it must obviously be comprehensive enough to embrace these two stages as well, especially the economics of the “take-off into self-sustaining growth”.

    5. Stage of Mass Consumption:

    In this stage of development per capita income of country rises to such a high level that consumption basket of the people increases beyond food, clothing and shelters to articles of comforts and luxuries on a mass scale. Further, with progressive industrialisa­tion and urbanisation of the economy values of people change in favour of more consumption of luxuries and high styles of living. New types of industries producing durable consumer goods come into existence which satisfies the wants for more consumption. These new industries producing durable consumer goods become the new leading sectors of economic growth.

  19. Avatar Chukwu Precious Ada says:

    NAME: CHUKWU PRECIOUS ADA
    REG NO: 2018/244278
    DEPT: ECONOMICS EDUCATION
    COURSE NO: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS
    EMAIL: chukwuprecious09@gmail.com

    WHAT IS DEVELOPMENT?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.  The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. 

    WHAT IS DEVELOPMENT ECONOMICS?
    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.[1]
    Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.[2] This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development as a multidimensional concepts means, it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning that characteristics are malleable or changeable.
    Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty (Todaro, 1977).
    It’s is also a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    DEVELOPMENT AND ITS PROCESSES
    Processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards..
    Professor Rostow, an eminent economic historian and a specialist on economic development, he divided the historical process of economic growth into 5 stages:
    (1) The traditional society;
    (2) Pre-conditions for take-off;
    (3) The ‘take-off;
    (4) The drive to maturity;
    (5) The age of high mass consumption.
    1.The traditional society:
    The major feature of the traditional society is that there exists a ceiling to the level of the attainable per capita output. A large proportion of productive resources are devoted to agriculture.
    2. The Pre-conditions to Take-off:
    These conditions mainly comprise fundamental changes in the social, political and economic fields;
    Examples are the change in society attitude, political sovereignty, adaptability of labor forever, development of centralized tax system, construction of economic and social overheads like educational instructions e.t.c
    3. The take-off period.
    The term “take-off’ implies three things-, firstly the proportion of invest­ment to national income must rise from 12% to 15%, dennitely outstripping the likely population increase; secondly the period must be relatively short so that it should show the characteristics or an economic revolution; and thirdly, it must culminate in self -sustaining and self-generating economic growth.
    (4) Drive to Maturity:
    This is a period of self-generating and self propelling economic growth. ‘The rates of savings and investment are of such a magnitude that economic development becomes automatic. Overall capital per head increases as the economy matures. The structure of the economy changes increasingly.
    5. The age of high mass consumption..
    During this stage, the per capita real income increases to the level at which a large number of people can afford consumption transcending the basic food, shelter and clothing requirements. There is tendency for the leading sectors to shift towards durable consumer goods and services.

  20. Avatar Chukwu Precious Ada says:

    WHAT IS DEVELOPMENT?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.  The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. 

    WHAT IS DEVELOPMENT ECONOMICS?
    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.[1]
    Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.[2] This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development as a multidimensional concepts means, it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning that characteristics are malleable or changeable.
    Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty (Todaro, 1977).
    It’s is also a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    DEVELOPMENT AND ITS PROCESSES
    Processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards..
    Professor Rostow, an eminent economic historian and a specialist on economic development, he divided the historical process of economic growth into 5 stages:
    (1) The traditional society;
    (2) Pre-conditions for take-off;
    (3) The ‘take-off;
    (4) The drive to maturity;
    (5) The age of high mass consumption.
    1.The traditional society:
    The major feature of the traditional society is that there exists a ceiling to the level of the attainable per capita output. A large proportion of productive resources are devoted to agriculture.
    2. The Pre-conditions to Take-off:
    These conditions mainly comprise fundamental changes in the social, political and economic fields;
    Examples are the change in society attitude, political sovereignty, adaptability of labor forever, development of centralized tax system, construction of economic and social overheads like educational instructions e.t.c
    3. The take-off period.
    The term “take-off’ implies three things-, firstly the proportion of invest­ment to national income must rise from 12% to 15%, dennitely outstripping the likely population increase; secondly the period must be relatively short so that it should show the characteristics or an economic revolution; and thirdly, it must culminate in self -sustaining and self-generating economic growth.
    (4) Drive to Maturity:
    This is a period of self-generating and self propelling economic growth. ‘The rates of savings and investment are of such a magnitude that economic development becomes automatic. Overall capital per head increases as the economy matures. The structure of the economy changes increasingly.
    5. The age of high mass consumption..
    During this stage, the per capita real income increases to the level at which a large number of people can afford consumption transcending the basic food, shelter and clothing requirements. There is tendency for the leading sectors to shift towards durable consumer goods and services.

  21. Avatar Onoh Chikaodinaka Harriet .E. says:

    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics focuses on include health, education, working conditions, and market conditions. Understanding Development Economics
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.

    Students of economics, and professional economists, create theories and methods that guide practitioners in determining practices and policies that can be used and implemented at the domestic and international policy level.

    Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development.

    Processes of development economics:

    What are the Stages of Economic Development?
    Before addressing the question of what are the stages of economic development, it is useful to focus first on the main difference between economic growth and economic development.

    The Difference Between Economic Growth and Economic Development

    Obviously, sustained economic growth typically implies economic development, but most development economists nevertheless use the two terms differently. Economic growth typically refers to an increase in gross domestic product (GDP), while economic development typically refers to a structural transformation, mostly of the economy.

    Stages of Economic Growth and Economic Development

    Unlike the stages of economic growth (which were proposed in 1960 by economist Walt Rostow as five basic stages: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption), there exists no clear definition for the stages of economic development. Still, most development economists agree that the key stages of development are related to three different transitions: a) a structural transformation of the economy, b) a demographic transition, and c) a process of urbanization.

    Breaking Down the Key Economic Development Stages

    The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease. In other words, at the final stage of development, we typically have an economy in which people earn their livelihood predominantly from the service sector and a still important but diminished industry sector.
    The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.
    The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.
    An alternative, typically narrower definition of stages of development refers to patterns of development, focusing on the structural change of an economy. Two prominent World Bank economists, Hollis Chenery and Moises Syrquin defined a pattern of development as a systematic variation in any significant aspect of the economic or social structure associated with a rising level of income or other index of development.

    The Master’s in Applied Economics

    A large number of American University’s faculty, myself included, have expertise in economic development, and bring this expertise to the classroom. Students in the MA in Applied Economics program can explore theories of economic development and empirical tests of these theories in Survey of Economic Development (ECON 661). Alumni from the MA in Economics program have gone on to work in such development organizations as the World Bank, the Malawi Washington Foundation, and World Learning.

    Reference:
    https://www.investopedia.com/terms/d/development-economics.asp

    https://programs.online.american.edu/econ/masters-economics/resources/stages-of-economic-development

    REG NO: 2018/242338

  22. Avatar Ugwu Cynthia Ugochukwu says:

    Name: ugwu Cynthia Ugochukwu
    Reg: 2018/245470
    Dept: Economic major
    E-mail :Ugwuc28@gmail.Com
    Eco361 Assignment
    DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Describing something that is multidimensional implies its multifaceted, complicated or is having many sides. Development economics is a branch of economics that focus on improving Fiscal, economic and social conditions in developing countries. It considers factors such as health, education, working conditions, domestic and international polices.
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tends to be unique because the social and political backgrounds of countries can vary dramatically.
    Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economics and the role of education and healthcare in development. They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV and the impact of catastrophes on economic and human development.
    DEVELOPMENT AND IT’S PROCESS
    The word ‘development’ is widely used to refer to a specified state of advancement or growth. It could also be used to describe a new or advanced idea or product, or an event that constitutes a new stage under changing circumstances. Development is a process that growth, process, positive change or addition of physical components.
    According to Pearson, development involves an improvement qualitative and quantitative or both in the use of available resources. He also assets that development does not refer to one particular perspective on social, political and economic betterment.
    Processes of development is used to describe that all the processes and mechanisms that contribute to differentiating, organizing from a start of life to outwards. The result of these processes at any given time corresponds to its level of development.

  23. Avatar Chiamaka says:

    NAME:CHINEDU CHIAMAKA HELEN
    REGISTRATION NUMBER:2018/250394
    DEPARTMENT:COMBINED SOCIAL SCIENCES (ECONOMICS/PSYCHOLOGY)
    EMAIL ADDRESS:chrisvicangels2@gmail.com

    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.
    Simply put,Development economics is focused on enabling the citizens of low income countries to achieve significant improvement in health,wealth,quality of education,quality housing etc.

    Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    PROCESSES IN DEVELOPMENT ECONOMICS
    There exists no clear definition for the stages of economic development. Still, most development economists agree that the key stages of development are related to three different transitions: a) a structural transformation of the economy, b) a demographic transition, and c) a process of urbanization.

    Breaking Down the Key Economic Development Stages
    The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease. In other words, at the final stage of development, we typically have an economy in which people earn their livelihood predominantly from the service sector and a still important but diminished industry sector.
    The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.
    The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

    REFERENCES.
    https://programs.online.american.edu/econ/masters-economics/resources/stages-of-economic-development

    https://www.owlgen.in/development-is-a-multi-dimensional-process-discuss/

  24. Avatar Chukwuma Nelson 2018/248861 says:

    Name: Chukwuma Nelson Uchechukwu
    Reg No: 2018/248861

    Development economics as a multidimensional concept considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. Development economics is fascinating because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world. All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.
    Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth, structural-change theory.

    What then is development?

    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    But to define development as an improvement in people’s well-being does not do justice to what the term means to most of us. Development also carries a connotation of lasting change. Providing a person with a bednet or a water pump can often be an excellent, cost-effective way to improve her well-being, but if the improvement goes away when we stop providing the bednet or pump, we would not normally describe that as development. This suggests that development consists of more than improvements in the well-being of citizens, even broadly defined: it also conveys something about the capacity of economic, political and social systems to provide the circumstances for that well-being on a sustainable, long-term basis.

    The processes of economic development

    Expansion, peak, contraction, and trough are the four stages/processes of an economic cycle. In the expansionary phase, the economy experiences growth over two or more consecutive quarters. Typically, interest rates are lower, employment rates are rising, and consumer confidence strengthens. The peak phase occurs when the economy has reached its maximum productive output, signalling the end of the expansion. After this point, once employment numbers and housing starts begin to decline, a contractionary phase begins. The lowest point on the business cycle is a trough, which is characterized by higher unemployment, lower availability of credit, and falling prices.

  25. Avatar OFFOR CHUKWUEBUKA DONALDSON says:

    NAME:OFFOR CHUKWUEBUKA DONALDSON
    2018/246940
    COURSE CODE:ECO 361
    COURSE TITLE: Development Economics

    QUESTION: Discuss development economics as a multidimensional concept and explain what you understand by developments and it’s processes

    ANSWER:
    DEVELOPMENT
    According to Oxford definition of development,it is the process of developing or being being developed and or,it is an event constituting a new stage in a changes situation

    DEVELOPMENT ECONOMICS
    This is a branch of economics that focuses on improving fiscal,economic, and social conditions in a country ,it’s goals is to better the fiscal ,economic and social conditions of any country and it considers factors like health,education,working conditions and so on.It tries to improve the conditions of the world’s poorest countries.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development economics is multidimensional meaning it involves both complex and dynamic natures,which focus is not only on methods of promoting economic development, growth and structural change but also to improve the potential for the mass population. Development is multidimensional and results in gains and losses throughout life,it is plastic meaning that it’s characteristics are meltable or changeable.
    TYPES OF DEVELOPMENT ECONOMICS:
    1. MERCANTILISM
    Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory practiced in Europe from the 16th to the 18th centuries. The theory promoted augmenting state power by lowering exposure to rival national powers. Like political absolutism and absolute monarchies, mercantilism promoted government regulation by prohibiting colonies from transacting with other nations. Mercantilism monopolized markets with staple ports and banned gold and silver exports. It believed the higher the supply of gold and silver, the more wealthy it would be. In general, it sought a trade surplus (exports greater than imports), did not allow the use of foreign ships for trade, and it optimized the use of domestic resources.

    2. ECONOMIC NATIONALISM
    Economic nationalism reflects policies that focus on domestic control of capital formation, the economy, and labor, using tariffs or other barriers. It restricts the movement of capital, goods, and labor. Economic nationalists do not generally agree with the benefits of globalization and unlimited free trade. They focus on a policy that is isolationist so that the industries within a nation are able to grow without the threat of competition from established companies in other countries. The economy of the early United States is a prime example of economic nationalism. As a new nation, it sought to develop itself without relying so much on outside influences. It enacted measures, such as high tariffs, so its own industries would grow unimpeded.

    3. LINEAR STAGES OF GROWTH MODEL
    The linear stages of growth model was used to revitalize the European economy after World War II. This model states that economic growth can only stem from industrialization. The model also agrees that local institutions and social attitudes can restrict growth if these factors influence people’s savings rates and investments. The linear stages of growth model portrays an appropriately designed addition of capital partnered with public intervention. This injection of capital and restrictions from the public sector leads to economic development and industrialization.

    STAGES OF ECONOMIC GROWTH AND DEVELOPMENT
    An alternative, typically narrower definition of stages of development refers to patterns of development, focusing on the structural change of an economy. Two prominent World Bank economists, Hollis Chenery and Moises Syrquin defined a pattern of development as a systematic variation in any significant aspect of the economic or social structure associated with a rising level of income or other index of development.

    Unlike the stages of economic growth (which were proposed in 1960 by economist Walt Rostow) as five basic stages:
    1. Traditional Society
    2. Preconditions For Take-off
    3. Take-off
    4. Drive To Maturity
    5. Age Of High Mass Consumption
    there exists no clear definition for the stages of economic development. Still, most development economists agree that the key stages of development are related to three different transitions:
    A) A STRUCTURAL TRANSFORMATION OF THE ECONOMY
    The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease. In other words, at the final stage of development, we typically have an economy in which people earn their livelihood predominantly from the service sector and a still important but diminished industry sector.

    B) A DEMOGRAPHIC TRANSITION
    The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.

    C) A PROCESS OF URBANIZATION.
    The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.
    MEASURES USED TO ASCERTAIN LEVEL OF DEVELOPMENT
    1. Gross Domestic Product(GDP)
    2. Gross National Product per capita
    3. Birth and Death rates
    4. Life expectancy
    5. Literacy rate
    6. Infant mortality rate and so on
    DEVELOPMENT AND IT’S PROCESSES
    Development is a process that creates growth, progress,positive change or the addition of physical change or the addition of physical,economic,environmental, social and demographic components. The expression PROCESSES OF DEVELOPMENT is used to describe all the processes and mechanism that contributes to differentiating/organizing a living being from the start of life onwards,the results of these processes for any given organism at any given time corresponds to it’s LEVEL OF DEVELOPMENT.
    Freud’s interest in the processes of development appeared in his first scientific works, well before he created psychoanalysis. In an attempt to establish the pathways of nerve conduction he tried to grasp their development through comparative anatomical studies of fetuses. From the very beginning he thus posited a principle that he was to use in creating psychoanalysis itself: in order to understand a complex structure in an adult, the sovereign method is to grasp the successive stages in its construction. Moreover, as an ardent Darwinian, he straightaway and ever after considered time as an essential part of the data.

  26. Avatar JACOB OLIVER EBILIMA says:

    NAME: JACOB OLIVER EBILIMA
    DEPT: LIBRARY AND INFORMATION SCIENCE/ECONOMICS
    COURSE TITLE: DEVELOPMENT ECONOMICS COURSE CODE: ECO 361
    REG NO: 2018/243700
    E-MAIL: oliverebilima@yahoo.com

    ASSIGNMENT

    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s process

    MEANING OF DEVELOPMENT ECONOMICS

    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.

    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT

    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.

    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth. Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics focuses on include health, education, working conditions, and market conditions.

    Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty. The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different. Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory. Development economics studies the transformation of emerging nations into more prosperous nations.

    Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.

    Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.

    Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.

    MEANING OF ECONOMIC DEVELOPMENT

    Economic development is the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.

    MEANING OF DEVELOPMENT

    Multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.

    The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment.

    Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

    DEVELOPMENT AND ITS PROCESS.

    The development process is a system of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. It is a cycle by means of which an innovative firm routinely converts ideas into commercially viable goods or services. It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop.

    Processes of development is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its level of development. The development process enhances society’s capacity to satisfy its needs on a larger scale and it helps in rapid development of all sectors of the economy.

    PROCESS OF DEVELOPMENT

    1. The operation of the forces that bring about changes in the supply of factors of production, supply, the structure of demand.

    2. Enhancing additional resources, education and skill development, capital accumulation, population growth, adoption of better techniques of production.

  27. Avatar JACOB OLIVER EBILIMA says:

    NAME: JACOB OLIVER EBILIMA
    DEPT: LIBRARY AND INFORMATION SCIENCE/ECONOMICS
    COURSE TITLE: DEVELOPMENT ECONOMICS
    COURSE CODE: ECO 361
    REG NO: 2018/243700

    ASSIGNMENT

    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s process

    MEANING OF DEVELOPMENT ECONOMICS

    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.

    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT

    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics focuses on include health, education, working conditions, and market conditions. Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.

    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different. Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory. Development economics studies the transformation of emerging nations into more prosperous nations.

    Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.

    Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.

    MEANING OF ECONOMIC DEVELOPMENT

    Economic development is the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements.

    The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.

    MEANING OF DEVELOPMENT

    Multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.

    The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

    DEVELOPMENT AND ITS PROCESS.

    The development process is a system of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. It is a cycle by means of which an innovative firm routinely converts ideas into commercially viable goods or services. It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. Processes of development is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards.

    The result of these processes for any given organism at any given time corresponds to its level of development.

    The development process enhances society’s capacity to satisfy its needs on a larger scale and it helps in rapid development of all sectors of the economy.

    PROCESS OF DEVELOPMENT

    1. The operation of the forces that bring about changes in the supply of factors of production, supply, the structure of demand.

    2.Enhancing additional resources, education and skill development, capital accumulation, population growth, adoption of better techniques of production.

  28. Avatar ASADU EMMANUEL CHIAGOZIEM, 2018/241853 says:

    The term development refers to an event constituting a new stage in a changing situation. When being interpreted on a national level, we need to move away from the limited view that certain nations can and have achieved ‘development’ thus deserving the tag ‘developed’, we have come to realize that development, in order to fully encapsulate the time dependent (non) market dynamics that every state/nation goes through, has taken on a more robust meaning; it is not a point one can attain, rather it is something that one must continuously undergo.

    Economics as a discipline investigates the creation and distribution of resources and wealth, and the effects of wealth creation and allocation on the members of any economy/state. It would be dishonest to deny the influence that certain noneconomic factors have on wealth/resource creation and distribution. Some of these factors include healthcare, public policies, international relations, social welfare, education, social stability, etc. Development economics is defined as a process of creating and utilizing physical, human, financial, and social assets to generate improved and broadly shared economic well-being and quality of life for a community or region.

    Although it was initially only concerned with the development of less developed countries (LDCs), it has since moved on and is now concerned with the growth of nations in general, while strongly concerned with the growth of LDCs. Development economics has evolved over time from the 20th century ideology that development is limited to measurable economic growth, to include various noneconomic disciplines such as sociology, psychology, gender studies, history, and public administration, earning it the moniker of the subject of trespass.
    Development economics takes into account the aforementioned factors that contribute or in some way, affect welfare, wealth creation and allocation. The inclusion of these factors gives rise to the multidimensional (having several factors) nature of development economics.

    Some of the dimensions to development economics include, but are not limited to: healthcare, gender inequality, social strife, globalization, income and wealth inequality, etc. As with all fields, there are various indicators used in measuring the rate at which nations develop. Some of them are the Gini index, Gender empowerment index, Human Development index, etc. The factors that contribute to the development processes are natural resources, human resources, capital, technology, and institutional environment. Development economics aims to understand and develop the aforementioned factors, in a bid to bolster development.

  29. Avatar Uweh ifeanyi Shadrack says:

    Name: uweh ifeanyi Shadrack
    Reg no:2018/241857
    Department: economic major
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions and standard of living of the people.Development economics has an even greater scope. In addition to being concerned with the efficient allocation of existing scarce (or idle) productive resources and with their sustained growth over time, it also deal with the economic, social, political, and institutional mechanisms, both public andprivate, necessary to bring about rapid (at least by historical standards) and large-scale improvements in levels of living for the peoples of Africa, Asia, LatinAmerica, and the formerly socialist transition economies and the world at large.
    Stages of economic development:
    basically there are four stages of development which are Expansion, peak, contraction, and trough. In the expansionary phase, the economy experiences growth over two or more consecutive quarters. Typically, interest rates are lower, employment rates are rising, and consumer confidence strengthens. The peak phase occurs when the economy has reached its maximum productive output, signalling the end of the expansion. After this point, once employment numbers and housing starts begin to decline, a contractionary phase begins. The lowest point on the business cycle is a trough, which is characterized by higher unemployment, lower availability of credit, and falling prices.
    Reason why development economics is multidimensional: like most branches of economics developmental economics makes efforts to integrate social and psychological aspects of development which requires more attention to explanatory processes, rather than normative age descriptions, and a conceptualization of the environment in dynamic rather than static terms.

  30. Avatar Ani Obinwanne Fortune says:

    Name:- Ani Obiwanne Fortune
    Department:- Economics
    Reg. No:- 2018/243744
    Level:- 300 level
    Code:- Eco361
    Course:-
    Assignment :- Discuss Development Economics as a multi-dimensional concept and lucidly explain what you understand by Development and it’s process.
    Economic Development is considered as a Multidimensional phenomenon because it focuses on the income of the people and on the improvement of the living standards of the people of the country. Economic Growth is considered as a single-dimensional in nature as it only focuses on the income of the people of the country.
    Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning that characteristics are malleable or changeable. Development as a multi-dimensional process can both be the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity.
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The process of economic and social transformation that is based on complex cultural and environmental factors and their interactions. development process. The word ‘development’ is widely used to refer to a specified state of advancement or growth. It could also be used to describe a new and advanced idea or product; or an event that constitutes a new stage under changing circumstances. Generally, the term development describes good change.
    The three key developmental processes are physical development, cognitive development, and social emotional development. Physical development includes growth and changes to the body and brain. During early childhood (2 to 6 years old), a child will grow taller and thinner.The expression “processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its “level of development.

  31. Avatar Jacob Oliver Ebilima says:

    Name: Jacob Oliver Ebilima
    Dept: Library and Information Science/Economics
    Reg no: 2018/243700

    ASSIGNMENT
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s process

    MEANING OF DEVELOPMENT ECONOMICS Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.

    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics focuses on include health, education, working conditions, and market conditions. Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.

    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different. Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory. Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.

    Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.

    MEANING OF ECONOMIC DEVELOPMENT
    Economic development is the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.

    MEANING OF DEVELOPMENT
    Multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.

    The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

    DEVELOPMENT AND ITS PROCESS.
    The development process is a system of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. It is a cycle by means of which an innovative firm routinely converts ideas into commercially viable goods or services. It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop.

    Processes of development is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its level of development.

    The development process enhances society’s capacity to satisfy its needs on a larger scale and it helps in rapid development of all sectors of the economy.

    PROCESS OF DEVELOPMENT
    1. The operation of the forces that bring about changes in the supply of factors of production, supply, the structure of demand.

    2.Enhancing additional resources, education and skill development, capital accumulation, population growth, adoption of better techniques of production.

  32. Avatar Jacob Oliver Ebilima says:

    Name: Jacob Oliver Ebilima
    Dept: Library and Information Science/Economics
    Reg no: 2018/243700

    ASSIGNMENT
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s process

    MEANING OF DEVELOPMENT ECONOMICS
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.

    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.

    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
    Areas that development economics focuses on include health, education, working conditions, and market conditions.
    Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory.

    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.

    Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development.

    They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.

    Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.

    MEANING OF ECONOMIC DEVELOPMENT
    Economic development is the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.

    MEANING OF DEVELOPMENT
    multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.  The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment.  Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

    DEVELOPMENT AND ITS PROCESS.
    The development process is a system of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. It is a cycle by means of which an innovative firm routinely converts ideas into commercially viable goods or services.
    It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop.
    processes of development is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its level of development.

    The development process enhances society’s capacity to satisfy its needs on a larger scale and it helps in rapid development of all sectors of the economy.

    PROCESS OF DEVELOPMENT
    1. The operation of the forces that bring about changes in the supply of factors of production, supply, the structure of demand.

    2.Enhancing additional resources, education and skill development, capital accumulation, population growth, adoption of better techniques of production.

  33. Avatar OCHEME CHRISTIANA ENE says:

    REG NO: 2018/249273
    DEPT: ECONOMICS
    COURSE CODE: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS

    ASSIGNMENT: DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES

    ANSWER:

    In view of the definition of development economics above by some development pundits, development doesn’t just deal with national income accounting or balance of payments where they talked about economic development, economic growth and structural change. It has to do with every aspect of the economy, that is, both the business and the mass population.
    An economy said to be developing multi-dimensionally when both the business fronts and the masses are growing. For a country to be economically developing multi-dimensionally as a mass population, it must have access to basic infrastructure such as sound health system, housing, conducive jobs, sound basic education, regular and clean water supply and so on.

    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.

    The development processes:

    – Job creation and retention through efforts in business finance marketing, neighborhood development, workforce development, small business development, technology transfer and real estate developments. This third category is the primary focus of economic development professionals.

    – Government undertaking to meet the broad economic objectives such as price stability high, employment and sustainable growth through monetary and fiscal policies regulation of financial institutions trade and tax policies.

    – Provision of infrastructure and services such as highway parks, affordable housing, crime prevention and education.

  34. Avatar MBASO RALUCHI BENITA says:

    Mbaso Raluchi
    2018/242437

    Economic development as a multidimensional concept focuses on the versatility of economic development from various economic aspects in developing countries.
    Many scholars have attempted to explain economic development. One of the earliest contributions to development economics was by Sir. W. Arthur Lewis. Karl Seidman also summarizes economic development as a process of creating and utilizing physical, human, financial and social assets to generate improved and broadly shared economic wellbeing and quality of life for a community or region. Development economics is a branch of economics that focuses on improving fiscal economic and social conditions in developing countries (BIRD).
    The application of developmental economics is intricate and diverse as the lifestyle, backgrounds and knowledge of countries and the people in those countries are not the same.
    Economic development aims at making positive progress towards the standard of living of people in developing countries. Economic development helps us to understand and know how to organize the major economic and social subjects concerning the nation which include determining to what extent rapid population growth helps or hinders economic. development, structural improvements of economic activites, proper education and good health care in development, trade activitelies, in equalities in resource distribution, effects of pandemics, and strategies underdeveloped countries could adopt to influence development.
    Economic development could be difficult due to the fact that it is challenging to get actual data to make proper planning. A rapidly growing or declining population could be a barrier to economic development.
    Development economics imparts us with the strategies to tackle the problem of less developing countries and understand why they face those problems.
    Development is a process that creates growth, progress, positive changes, and advancements.
    The processes of development is a gradual process which must involve growth and consistency.

  35. Avatar Okafor chukwuma Philip says:

    Name : Okafor chukwuma Philip
    Reg number: 2018/246611
    Assignment: Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and its processes ?

    Development economics a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.

    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.

    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.

  36. Avatar Obodo Chinaza Miracle says:

    Name: Obodo Chinaza Miracle
    Reg No: 2018/242325
    Department: Economics major.
    Email: chinaza.obodo.242325@unn.edu.ng

    Eco 361 Assignment
    When we say a thing or a concept is multidimensional, we are simply saying the thing or concept has many different parts or aspects. In other words, complex. Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. Development economics also deals with the level of production in an economy along with enrichment of living standards and the advancement of technology.Economic Development is related to underdeveloped or developing countries of the world.It studies the transformation of emerging nations into more prosperous nations.
    DEVELOPMENT
    Development implies growth; the process of gradually becoming bigger, better, stronger, or more advanced. Development is a process that creates growth progress, positive changes or addition of physical, economic, environmental, social and demographic components. It is associated with the improvement of certain situation or person.

    PROCESS OF DEVELOPMENT ECONOMICS
    Most development economists agree that the key stages of development are related to three different transitions:
    a) A structural transformation of the economy,
    b) A demographic transition, and
    c) A process of urbanization.

    EXPLANATIONS:
    a) The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease. In other words, at the final stage of development, we typically have an economy in which people earn their livelihood predominantly from the service sector and a still important but diminished industry sector.
    b) The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.
    c) The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

  37. Avatar Ibeawuchi Wisdom Ugochukwu 2018/241845 says:

    Economics traditionally is concerned primarily with the efficient, least-cost allocation of scarce productive resources and with the optimal growth of these resources over time so as to produce an ever-expanding range of goods and services. Development Economics uses Economics as a tool to improve living standards of people, in my opinion. Development Economics as a multi dimensional concept often draws on relevant principles and concepts from other branches of economics in either a standard or modified form. It’s is also concerned with the economic, cultural, and political requirements for effecting rapid structural and institutional transformations of entire societies in a manner that will most efficiently bring the fruits of economic progress to the broadest segments of their populations. It must focus on the mechanisms that keep families, regions, and even entire nations in poverty traps, in which past poverty causes future poverty, and on the most effective strategies for breaking out of these traps
    But most importantly what makes Development Economics a multi dimensional concept is the fact that it must be eclectic, attempting to combine relevant concepts and theories from traditional economic analysis with new models and broader multidisciplinary approaches derived from studying the historical and contemporary development experience of Africa, Asia, and Latin America.
    Nevertheless, The ultimate purpose of development economics, however, remains unchanged: to help us understand developing economies in order to help improve the material lives of the majority of the global population.

    Development is defined as the process of improving the quality of all human lives and capabilities by raising people’s levels of living, self-esteem, and freedom.

    Development as regards to Economics refers to economic growth accompanied by changes in output distribution and economic structure. These changes may include an improvement in the material well-being of the poorer half of the population; a decline in agriculture’s share of GNP and a corresponding increase in the GNP share of industry and services; an increase in the education and skills of the labor force; and substantial technical advances originating within the country. As with children, growth involves a stress on quantitative measures (height or GNP), whereas development draws attention to changes in capacities (such as physical coordination and learning ability, or the economy’s ability to adapt to shifts in tastes and technology).
    The process of development in my opinion refers to the different means through which human lives can be improved, opportunities for better living can be installed and are feasible for a group of people who are regarded as underdeveloped or undeveloped. Because of the heterogeneity of the developing world there is complexity of in the development process. But one must know that the processes are meant to address such major issues of development as poverty, inequality, population growth, rural stagnation, and environmental decay.

  38. Avatar Nzenwa Ngozi Beatrice says:

    Name: Nzenwa Ngozi Beatrice
    Reg No: 2018/249548
    Department: Social Science Education
    Unit: Economics Education
    Email: paulbeatrice3417@gmail.com

    Development Economics is a vast concept that can be applied in various content, that is part of the reason it is regarded as a multidimensional concept. In view of this, development economics can be regarded as a subject that studies the economics of the developing world, has made excellent use of economic theory, econometric methods, sociology, anthropology, political science, biology and demography and has burgeoned into one of the liveliest areas of research in all the social sciences.

    Of a truth, development deals with increase, growth, so I’d define development as an increase or growth or change in a particular thing. Furthermore, knowing that development economics is a multidimensional concept I’d be discussing development from different perspectives relating it to economics:

    Development From The Viewpoint of Convergence: Solow’s pathbreaking work introduced the notion of convergence; countries with a low endowment of capital relative to labor will have a high rate of return to capital (by the law of diminishing returns). Consequently, a given addition to the capital stock will have a larger impact on per-capita income. It follows that, controlling for parameters such as savings rates and population growth rates, poorer countries will tend to grow faster and hence will catch up, converge to the levels of well-being enjoyed by their richer counterparts. Under this view, development is largely a matter of getting some economic and demographic parameters right and then settling down to wait.

    The Microeconomics view of Development: The microeconomics of development enables us to dig below the macro questions, unearthing insight and structure with far more condence than we can hope to have at the world or cross-country level. From the viewpoint of economic theory, the assumptions made can be more carefully motivated and are open to careful testing. From the viewpoint of empirical analysis, it is far easier to use instruments or natural experiments, or to conduct one’s own experiments for that matter. There is, no doubt, the philosophical problems of scaling the results up, or using a well-controlled way to predict outcomes elsewhere. In the end, the choice between the fuzzy, imprecise big picture and the small yet carefully delineated canvas is perhaps a matter of taste.

    In conclusion, development economics can be seen from various perspectives with the aim of achieving great increase, growth in the economic level of a given country or economy.

  39. Avatar Ubochioma Favour Ugomma says:

    Ubochioma Favour Ugomma
    2018/245392
    princessfavluv@gmail.com

    DEVELOPMENTAL ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.

    Implying something as Multidimensional means that it is complex..
    The word Multidimensional according to the dictionary means having many aspects or facets, therefore we’re when we can say that multidimensional economics has to do with the different aspects of development in economics.
    It was once a worldwide belief that development has to do with economic growth, meaning that once there is economic growth, a country would develop. This was believed that a number of theories, which were put across to explain development and how to achieve development..
    Development economic theories can therefore be grouped into two namely;modernization theory, and dependency theory centered on economic growth being the key factor in development. There is no one definition of development, as different persons have different interpretations of development. In Portest’s and Kincaid’s interpretation of development, they stated that it should involve a reduction in unemployment and the extension of fundamental rights and freedoms for the population.

    PROCESS OF DEVELOPMENT.
    Processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards..
    Professor Rostow, an eminent economic historian and a specialist on economic development, he divided the historical process of economic growth into 5 stages:

    (1) The traditional society;
    (2) Pre-conditions for take-off;
    (3) The ‘take-off;
    (4) The drive to maturity;
    (5) The age of high mass consumption.

    1.The traditional society:
    The major feature of the traditional society is that there exists a ceiling to the level of the attainable per capita output. A large proportion of productive resources are devoted to agriculture.

    2. The Pre-conditions to Take-off:
    These conditions mainly comprise fundamental changes in the social, political and economic fields;
    Examples are the change in society attitude, political sovereignty, adaptability of labor forever, development of centralized tax system, construction of economic and social overheads like educational instructions e.t.c

    3. The take-off period.
    The term “take-off’ implies three things-, firstly the proportion of invest­ment to national income must rise from 12% to 15%, dennitely outstripping the likely population increase; secondly the period must be relatively short so that it should show the characteristics or an economic revolution; and thirdly, it must culminate in self -sustaining and self-generating economic growth.

    (4) Drive to Maturity:
    This is a period of self-generating and self propelling economic growth. ‘The rates of savings and investment are of such a magnitude that economic development becomes automatic. Overall capital per head increases as the economy matures. The structure of the economy changes increasingly.

    5. The age of high mass consumption..
    During this stage, the per capita real income increases to the level at which a large number of people can afford consumption transcending the basic food, shelter and clothing requirements. There is tendency for the leading sectors to shift towards durable consumer goods and services.

  40. Avatar ILEME OBINNA says:

    REG NO: 2018/242297
    DEPARTMENT: ECONOMICS
    COURSE CODE: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS

    ASSIGNMENT: DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES

    ANSWER:
    The above definition from the economic pundits has stated clearly all the multi-dimensional aspects of the economy. According to the definition, two major aspects were emphasized, which are: promoting economic development, economic growth and structural change and improving the potential of the mass population which include their welfare,  education and work conditions.
    In dealing with the economic development as a multi-dimensional concept, we have to talk about both aspects, as one walks hand-in-hand with the other to achieve economic growth.
    The first aspect deals with the Balance of Payment(BOP) of a nation as it deals with economic growth, whereby a country or state has the balance of payment surplus and structural change which include improved infrastructure and technology. A country said to be growing when its balance of payment is at surplus, which is an aspect of development, not development itself. A country may have all modern facilities and technology for production and structures for the sake of development, yet the economy is not developing multi-dimensionally, until the second aspect of this discussion is being fulfilled which is the mass population.

    The mass population plays a very vital role if an economy is said to be developing or developed multi-dimensionally. For a country to be economically developed multi-dimensionally, an average individual is said to have full access to the basic needs, such as good health services, jobs,  sound education, favorable working condition etc.
    If these conditions are not met, the country is said to be growing, not developing because development economics as a multi-dimensional concept deals with both the wealthy and the average mass, not only national income accounting and balance of payment.
    Therefore, development economics as a multi-dimensional concept deals basically with every strata of the economy in all ramification or dimensions.

    Development may be defined as the gradual growth of something so that it becomes more advanced, stronger, etc.

    Development process varies for countries as most countries make use of the process that best suit them. It deals with all steps needed to improve a state or country’s welfare and output. This process could include:

    – Government undertaking to meet the broad economic objectives such as price stability high, employment and sustainable growth through monetary and fiscal policies regulation of financial institutions trade and tax policies.

    – Provision of infrastructure and services such as highway parks, affordable housing, crime prevention and education.

    – Job creation and retention through efforts in business finance marketing, neighborhood development, workforce development, small business development, technology transfer and real estate developments. This third category is the primary focus of economic development professionals.

  41. Avatar Ibeawuchi Wisdom Ugochukwu says:

    Economics traditionally is concerned primarily with the efficient, least-cost allocation of scarce productive resources and with the optimal growth of these resources over time so as to produce an ever-expanding range of goods and services. Development Economics uses Economics as a tool to improve living standards of people, in my opinion. Development Economics as a multi dimensional concept often draws on relevant principles and concepts from other branches of economics in either a standard or modified form. It’s is also concerned with the economic, cultural, and political requirements for effecting rapid structural and institutional transformations of entire societies in a manner that will most efficiently bring the fruits of economic progress to the broadest segments of their populations. It must focus on the mechanisms that keep families, regions, and even entire nations in poverty traps, in which past poverty causes future poverty, and on the most effective strategies for breaking out of these traps
    But most importantly what makes Development Economics a multi dimensional concept is the fact that it must be eclectic, attempting to combine relevant concepts and theories from traditional economic analysis with new models and broader multidisciplinary approaches derived from studying the historical and contemporary development experience of Africa, Asia, and Latin America.
    Nevertheless, The ultimate purpose of development economics, however, remains unchanged: to help us understand developing economies in order to help improve the material lives of the majority of the global population.

    Development is defined as the process of improving the quality of all human lives and capabilities by raising people’s levels of living, self-esteem, and freedom.

    Development as regards to Economics refers to economic growth accompanied by changes in output distribution and economic structure. These changes may include an improvement in the material well-being of the poorer half of the population; a decline in agriculture’s share of GNP and a corresponding increase in the GNP share of industry and services; an increase in the education and skills of the labor force; and substantial technical advances originating within the country. As with children, growth involves a stress on quantitative measures (height or GNP), whereas development draws attention to changes in capacities (such as physical coordination and learning ability, or the economy’s ability to adapt to shifts in tastes and technology).
    The process of development in my opinion refers to the different means through which human lives can be improved, opportunities for better living can be installed and are feasible for a group of people who are regarded as underdeveloped or undeveloped. Because of the heterogeneity of the developing world there is complexity of in the development process. But one must know that the processes are meant to addresbsuch major issues of development as poverty, inequality, population growth, rural stagnation, and environmental decay.

  42. Avatar Nwigbo blessing Chiamaka says:

    NWIGBO BLESSING CHIAMAKA
    2018/245390
    blessingmartha232@gmail.com.
    Education/ECONOMICS.

    DEVElOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment..

    PROCESSES OF DEVELOPMENT
    The expression “processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its “level of development.
    Economic Development has five contributing factors:
    NATURAL RESOURCES: Natural resources such as land, soil, mineral deposits etc. are mainly used in production. The critical element here is the availability of such resources. All things being equal, the growth and prosperity of a nation may be attributed to kind and size of the natural resources possessed by it.
    HUMAN RESOURCES: Labour is a basic input for virtually all production. It is not possible to make the best possible utilization of existing natural resources unless there is sufficient manpower. If a country is able to utilize its manpower properly, it will certainly prove to be an important factor in development.
    CAPITAL RESOURCES: Increase in labour and land productivity in turn is dependent upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no economic development plan will succeed unless there is adequate capital formation.
    TECHNOLOGY: Technological progress is considered as the most important source of development by many economists. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production. Technological progress leads to an improvement in productivity of existing resources which leads to economic development in the long run.
    INSTITUTIONAL ENVIRONMENT: Further progress of present day market economies is now largely influenced by institutional environment. In other words, market economies can flourish provided an appropriate institutional environment prevails. Development requires effective state participation. In today`s changing world, state should complement market. However, benefits of development must be widespread and inclusive so that poor people can benefit from the market-oriented growth.
    At this point, it is pertinent to differentiate between Economic Growth and Economic Development. Economic Growth entails an increase in Gross Domestic Product (GDP), while Economic Development refers to a structural transformation of the economy.

    Bibliography
    Brusset, Bernard. (1992). Le développement libidinal. Paris: Presses Universitaires de France.

    Le Beuf, Diane, Perron, Roger, and Pragier, Georges (Eds.). (1997). Construire l’histoire. Paris: Presses Universitaires de France. Monographies de la Revue française de Psychanalyse.

    Perron, Roger. (1994). Une fiction préhistorique de Freud. In A. Fine, R. Perron, F. Sacco (Eds.), Psychanalyse et préhistoire. Paris: Presses Universitaires de France

    https://www.britannica.com/topic/economic-development
    https://www.astro4dev.org/lesson-2-what-is-development-economics/.

  43. Avatar Amahiri U henna Catherine says:

    Amahiri uchenna Catherine
    2018/250139
    amahiriuchenna@gmail.com
    Economics/political science

    Development economics:
    Is branch of economics that focuses on improving fiscal, economics, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    The field also considers both macroeconomices and microeconomices and factors relating to structure developing economics and domestic and international economics growth. Development economics studies the transformation of emerging nation into prosperous nations.
    Goals for transforming a developing economy tend to be unique because the social and political backgrounds of a country can vary dramatically, but also the cultural and economic frameworks of every nation is different also, such as women’s right and child labour laws.
    DEVELOPMENTAL ECONOMICS AS A MULTIDIMENSIONAL CONCEPT:
    Meaning it involves the non-static interaction of factors like physical emotional, and psychological development.
    Development economics is a multidimensional process in which both the non-economic dimensions and the economic- dimensions ate important. Development economics thus, results in the simultaneous achievement of number of objectives such as growth and equity. Rogers says: Development economics is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over thier environment”.
    Process of development :
    Development is process that creates growth progress, positive change or the addition of physical, economic environmental, social and demographic components.
    The process of economics and social transformation that is based on complex cultural and environmental factors and their interactions. Development process system of defined step and generation, marketing plan creation, evaluation, and commercialization of new products.

  44. Avatar Udeze Obianuju Charity says:

    Udeze Obianuju Charity
    2018/244283
    Education Economics

    Question: Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by development and its processes

    Answer
    Development Economics can be seen as the best field in Economics because it studies how to improve the standard of living of the people in a country. It is as a result of the fact that there are many poor or less developed countries that led to the study of how to create new things or reorganize old ones in order to better the lives of individuals in the country.
    Development Economics is a multidimensional concept because it has multiple areas or scopes that it handles. Some of these areas include social, economic, cultural and political dimensions. The most important thing about these dimensions is that they all work differently but together in order to achieve one aim which is to improve the standard of living of the people.
    Development itself can be seen as an improvement in the standard of living of the people. It deals with the steps that or processes that lead to growth and improvement in the standard of living in a country.
    The processes or steps of development includes:
    1. Generate the ideas
    2. Screen or analyse the ideas
    3. Develop the concepts
    4. Implement the process

  45. Avatar Nelson Favour says:

    Name: NELSON FAVOUR OGECHUKWU
    REG NUMBER: 2018/245389
    Department: Education Economics
    Email: nelsonfavour38@gmail.com
    Course code: eco 361
    Course Title: Development Economic 1

    ASSIGNMENT: DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES

    What is Development
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    What Is Development Economics?
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Understanding Development Economics
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.
    Types of Development Economics
    Mercantilism
    Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory practiced in Europe from the 16th to the 18th centuries. The theory promoted augmenting state power by lowering exposure to rival national powers.
    Like political absolutism and absolute monarchies, mercantilism promoted government regulation by prohibiting colonies from transacting with other nations.
    Mercantilism monopolized markets with staple ports and banned gold and silver exports. It believed the higher the supply of gold and silver, the more wealthy it would be. In general, it sought a trade surplus (exports greater than imports), did not allow the use of foreign ships for trade, and it optimized the use of domestic resources.
    Economic Nationalism
    Economic nationalism reflects policies that focus on domestic control of capital formation, the economy, and labor, using tariffs or other barriers. It restricts the movement of capital, goods, and labor.
    Economic nationalists do not generally agree with the benefits of globalization and unlimited free trade. They focus on a policy that is isolationist so that the industries within a nation are able to grow without the threat of competition from established companies in other countries.
    The economy of the early United States is a prime example of economic nationalism. As a new nation, it sought to develop itself without relying so much on outside influences. It enacted measures, such as high tariffs, so its own industries would grow unimpeded.
    Linear Stages of Growth Model
    The linear stages of growth model was used to revitalize the European economy after World War II.
    This model states that economic growth can only stem from industrialization. The model also agrees that local institutions and social attitudes can restrict growth if these factors influence people’s savings rates and investments.
    The linear stages of growth model portrays an appropriately designed addition of capital partnered with public intervention. This injection of capital and restrictions from the public sector leads to economic development and industrialization.
    Structural-Change Theory
    The structural-change theory focuses on changing the overall economic structure of a nation, which aims to shift society from being a primarily agrarian one to a primarily industrial one.
    For example, Russia before the communist revolution was an agrarian society. When the CV 0communists overthrew the royal family and took power, they rapidly industrialized the nation, allowing it to eventually becomes a superpower.

    Why development economics is a multidimensional concept
    Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty (Todaro, 1977).
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.
    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.

    Reference
    https://askinglot.com/goto/252445A7
    https://www.investopedia.com/terms/d/development-economics.asp
    https://sid-israel.org/en/what-is-development/
    https://www.owlgen.in/development-is-a-multi-dimensional-process-discuss/

  46. Avatar Edeh Amarachukwu Jennifer says:

    Name: Edeh Amarachukwu Jennifer
    Reg. No: 2018/248241
    Dept: Economics/Psychology

    Question: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    ANSWERS
    1. DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT

    Development economics has been defined by many scholars as that branch of economics that focuses on economic growth, economic development and eradication of absolute poverty. Therefore, development economics involves changes in social structure and national institutions.

    In the past, development economics was chiefly concerned with economic growth, implying that; once economic growth takes place, development has occurred. Several theories such as the modernization theory, and dependency theory were based on the belief that economic growth determines economic development. In recent times, development economics incorporates different factors such as unemployment rates, political freedom etc.

    In fact, there is no specific definition of development economics. While development economics is defined as a branch of economics that centers on improving economic, fiscal, and social conditions in developing and underdeveloped countries, development economics also talks about key factors such as education, health, working conditions, domestic and international policies, as well as market conditions with the aim of enhancing conditions in poor countries.

    As clearly seen in these definitions, development is a multidimensional concept. It examines the transformation of underdeveloped countries into developed countries. It considers diverse strategies which involve both social, economic and cultural factors. Certain aspects of development economics also considers the effect of rapid population growth rate on economic development as well as the effect of healthcare and education on development. Factors like international trade, epidemics and globalization are also key considerations.

    2. DEVELOPMENT AND ITS PROCESSES

    Economic development involves the transformation of emerging nations into advanced economies. It takes into account the processes by which low-income nations become modern industrial nations. It is used to describe an improvement in the living standard of a country qualitatively and quantitatively in terms of health, academics, income etc.

    This concept became a point of concern after world war II, when former colonies and other countries with low standard of living were regarded as underdeveloped nations. There became a burning concern for economic development. Therefore, the processes of development include four stages which are the expansion, peak, contraction, and trough.These are stages of the economic cycle that have unique features.

    1.The expansion stage is characterized by rapid growth rate as well as low interest rate and increasing inflation. Production also increases as well.

    2 The peak stage comes with an imbalance. Where population growth rate exceeds production and then there’s increased inflation.

    3. At the third stage which is contraction stage, the imbalance is corrected and then growth slows down, employment begins to fall and prices become stagnant.

    4. The trough emerges when the economy gets to a point where growth begins again.

    The process of economic development has several perspectives and angles of study. We can examine the processes of development using the theory of demographic transition which implies that population is a key factor. And so, fertility rate is a focus. We can also consider the activities that lead to transformation from crude agricultural activities to industrialization as well as urbanization and the generation of the service sector as the process of economic development.

    REFERENCES

    https://www.investopedia.com/terms/d/development-economics.asp#:~:text=Development%20economics%20is%20a%20branch,a%20focus%20on%20improving%20conditions

    https://www.britannica.com/topic/economic-development

    https://www.routledge.com/The-Process-of-Economic-Development/Cypher/p/book/9780367256821

    https://programs.online.american.edu/econ/masters-economics/resources/stages-of-economic-development

  47. Avatar OBETTA. CHISOM. GRACE says:

    Name:Obetta Chisom Grace
    Reg no:2018/242216
    Department: Education economics
    Course: development Name:Obetta Chisom Grace
    Reg no:2018/242216
    Department: Education economics
    Course: development economics (eco 361)
    Date:13th August 2021
    Definition of Terms:
    Development:. This is the act of growing or causing something to grow or become larger or more advanced.
    .Economics: According to professor Lionel Robins “ economics is a social science which studies human behavior as a relationship between ends and scarce means which has alternative used.thus:
    Economic development ·
    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.  It focuses mainly on areas such as health, education, working conditions, and market conditions.
    Development economics as a multi dimensional development : Economic Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. …
    The multidimensional nature of economic development in terms of reducing widespread poverty, raising living standards, reducing income inequalities and increasing employment opportunities has to do wit quality: improved by better health care, education for children, vocational training, The Seven Dimensions include Physical, Intellectual, Environmental, Vocational, Social, Emotional and Spiritual health.

    Why economic development is multidimensional? Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. …
    Meaning of Development:
    .Development has to do with improvement , It is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.  The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment.  Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    The international agenda began to focus on development beginning in the second half of the twentieth century.  An understanding developed that economic growth did not necessarily lead to a rise in the level and quality of life for populations all over the world;  there was a need to place an emphasis on specific policies that would channel resources and enable social and economic mobility for various layers of the population.
    Through the years, professionals and various researchers developed a number of definitions and emphases for the term “development.” Amartya Sen, for example, developed the “capability approach,” which defined development as a tool enabling people to reach the highest level of their ability, through granting freedom of action, i.e., freedom of economic, social and family actions, etc.  This approach became a basis for the measurement of development by the HDI (Human Development Index), which was developed by the UN Development Program (UNDP) economic – social conditions in a social condition is an attempt to advance development.  One of the emphases in the work of Jeffrey Sacks is the promotion of sustainable development, which believes in growth and development in order to raise the standard of living for citizens of the world today, through relating to the needs of environmental resources and the coming generations of the citizens of the world.
    Process of Development The expression “processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The major processes of Development includes: physical development, cognitive development, social develop and Emotional Development
    1:.Physical development:Physical development refers to the physical and biological changes that occur in humans between birth and adolescence.1 As a child grows and changes, he increases his ability to explore and interact with the world around him.2. There are a number of principles involved in a child’s physical development.
    2:.Cognitive development:
    Cognitive development is the process by which human beings acquire, organize, and learn to use knowledge. This article discusses two aspects of cognitive development: ‘what develops,’ or the content of knowledge, and ‘how knowledge develops.’ Discussion of ‘what develops’ focuses on concepts, the mental groupings of similar objects and other entities that play a fundamental role in organizing knowledge of experience. The processes of memory, problem solving, reasoning, and executive function are used to describe ‘how’ knowledge develops. The article concentrates on the period from infancy to middle childhood when cognition undergoes substantial change.
    3:.Social development:al Development refers to how people develop social and emotional skills across the lifespan, with particular attention to childhood and adolescence. Healthy social development allows us to form positive relationships with family, friends, teachers, and other people in our lives.
    4:.Emotional Development:Emotional development is a uniquely integrative and psychologically constructive feature of psychological growth in infancy and childhood. The role of emotions in behavior and development, and the nature of emotion itself, are discussed in relation to structuralist and functionalist approaches to emotional development. The focus then turns to considering ‘what is emotional development the development of?’ and the contributions of psychobiological and neurobiological growth, perceptual processes, emotion understanding, the growth of self-awareness and self-understanding, understanding of emotional display rules, and the development of emotion regulation are considered. Emotional development is a uniquely integrative and psychologically constructive feature of psychological growth in infancy and childhood. The role of emotions in behavior and development, and the nature of emotion itself, are discussed in relation to structuralis and tfunctionalist approaches to emotional development. The focus then turns to considering ‘what is emotional development the development of?’ and the contributions of psychobiological and neurobiological growth, perceptual processes, emotion understanding, the growth of self-awareness and self-understanding of emotional display rules, and the development of emotion regulation are considered.
    References:
    Http/www.alleydog.com.glossary.
    Http/www.yellowsubmarrine.com.
    Http/www. Wikipedia . Com.
    http://www.Google.com

  48. Avatar IBEZIM CHISOM PRECIOUS - 2018/242340 says:

    NAME: IBEZIM CHISOM PRECIOUS
    REG NO: 2018/242340
    LEVEL: 300 LEVEL
    DEPARTMENT: ECONOMICS

    DEVELOPMENT AND ITS PROCESSES
    Development, not ‘economic development’, is simply a dynamic process that involves desired growth and changes in a system or an embodiment of systems. The term ‘development’ is commonly used to denote occurrence of changes over time. Thus, development involves sustained improvement over time. The stages of growth in man is a good example for explaining development. At each stage of growth (of an individual), there are certain abilities the individual must possess, ceteris paribus. For example, all things being equal, a 7 year old child should be able to write the alphabets with a pencil; if otherwise, then development is absent or very slow. The child is only growing.
    Economic development is simply a sustained improvement in the economic and non-economic aspect of an economy. Economic development is concerned with the structural transformation of the economy. Unlike economic growth, which is concerned with the aggregate improvement in economic indicator like Gross National Product (GNP), economic development is more concerned with the aggregate improvement in the living standards and the quality of life of the people.

    PROCESSES OF DEVELOPMENT
    The goal of economic development is to achieve extensive and sustained improvement in well-being and achievement of desired structural transformation. The network of economic and non-economic change through which this goal is achieved is known as the development process. We can deduce that this process is a complex one. However, this complex process can be broken down into different transitions. Most development analysts agree that the key processes of development are related to three different transitions:
    1.The structural transformation, which refers to a change in the composition of GDP.
    2.The demographic transition, which is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy.
    3.The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Before now, the subject of development economics was centered around “economic growth”, with GNP and GNP per capita as its basic measures or indicators. Economic growth was seen as a necessary and sufficient condition for economic development. Over the years, development analysts have realized that this branch of economics cuts across various aspects of human life, resulting in the consensus that it is a multidimensional concept. In my opinion, I believe the subject of development economics focuses on every aspect of human development which includes social, environmental, economic, and cultural development. It is, therefore, undeniable that development economics is a multidimensional concept.

    Since development economics is a multidimensional concept, the question is: what are the dimensions of development economics?
    Poverty, inequality, susceptibility, etc. of households in developing countries are a reflection of economic and non-economic retrogression or decline; also, these issues/problems are multidimensional in nature. This is more reason why development economics should be treated as multidimensional, since a multidimensional approach is vital in order to achieve development success. As mentioned earlier, the dimensions/aspects of development economics, in my opinion, are: social dimension, economic dimension, environmental dimension and cultural dimension. Furthermore, it is important to view these dimensions as interlaced, and not distinct. For example, the cultural aspect of development is closely related with the social aspect of development; thus, policies directed at improving the latter might not always be favorable for the former.

    The social dimension of development economics is concerned with the totality of human welfare. This aspect includes, but not limited to, health and social equity, human rights, labour rights, decent working conditions, social responsibility and justice, community development and well-being. The cultural dimension of development economics, in my opinion, has to do with integrating the material and immaterial aspects of culture into the process of achieving development success. It includes cultural values, different societal norms, beliefs and practices, various forms of art and creativity, etc. The economic dimension deals with activities and policies that promote long-term economic growth without affecting the social, environmental, and cultural aspects of the society negatively. This aspect has to do with issues relating to long-range economic planning, cost savings, research and development spending, cost of living, etc. The environmental aspect has to do with conservation of natural resources, and protection of ecosystems through economic policy. The environment is the soil on which other dimensions of development economics thrives. Polluted environment will adversely affect our quality of life of the people, economic performance in the long-term, and the planet.

    By drawing from microeconomic & macroeconomic policies and empirical research, I believe development economics, has the necessary tools of analysis for managing these dimensions concurrently without sacrificing one for the other.

  49. Avatar Orungbemi Timothy Anuoluwapo 2018/241848 says:

    Department: Economics
    Assignment:Several scholars have attempted to define Development Economics. For example some Development Pundits defined Development economics as a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.
    Clearly, it can be seen from the above definition that Development Economics is multidimensional concept. In view of this, you are required to discuss Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.
    Response
    After checking the definition from the above pundit, some important aspects of the economy where highlighted such as improving potential for mass of the population through health education and workplace conditions, whether through public or private channels and also promoting economic development, economic growth and structural change.

    The above highlights are what make up the multi-dimensions of the economy and by the definition, economic development as a multidimensional concept can be explained thus.

    In terms of economic growth and structural change, the country is said to be developed when it has Balance of Payment (BOP) surplus and more firms/industries are created. It is also said to be developed structurally when there are modern facilities built into the economic system especially in every aspect, including transportation, communication, etc. But all these are not multidimensional growth as it does not affect the masses. In this regard, it can be tagged economic growth till the masses are included.

    In terms of mass population development which includes health, workplace conditions and education, economic development plays a very important role as development is not complete if the citizens of a country cannot afford the basic needs of life such as education, jobs, good health facilities and other social amenities. When a state is said to be economically developed, it must fulfil the aforementioned qualities. Without these qualities being fulfilled, the country is said to be growing, not developing, most especially when it has a BOP surplus.

    Development according to Oxford is the process of growth or change. Using a biological definition, it is the process by which a mature multicellular organism or part of an organism is produced by addition of a new cell. Inculcating this definition to Economics, until every organisation(representing organism) from the grassroot to the elite level which is multidimensional(multicellular) matures and each of these parts are being created by adding new improvements into the society(cells) to create a better or solid structure development had not yet taken place, that is, development is not just for one part, it is for every part of an organisation(organism) which represents a state.

    Development process varies for countries as most countries make use of the process that best suit them. It deals with all steps needed to improve a state or country’s welfare and output. This process could include:
    1 Government undertaking to meet the broad economic objectives such as price stability high, employment and sustainable growth through monetary and fiscal policies regulation of financial institutions trade and tax policies.

    2 Provision of infrastructure and services such as highway parks, affordable housing, crime prevention and education.

    3 Job creation and retention through efforts in business finance marketing, neighborhood development, workforce development, small business development, technology transfer and real estate developments. This third category is the primary focus of economic development professionals.

  50. Avatar Ezeigwe chikamso promise says:

    Ezeigwe chikamso promise
    2018/245971
    Combined social science (economics/political science )
    Course code:Eco 361
    Course title:Development Economics
    Email:ezeigwechikamso@gmail.com
    Questions:
    1)Discuss Development Economics as a multi dimensional concept.
    2)Explain the term Development and its processes.
    Answers:
    Development Economics as a multi dimensional concept.
    It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. This was so firmly believed that a number of theories, which were put across to explain development and how to achieve development, such as modernization theory, and dependency theory centered on economic growth being the key factor in development. There is no one definition of development. Economic growth or more widely some development achieved in low-income countries cannot be attributed to conventional factors of production such as physical capital and formal employment. It is rather an outcome of private investment, social households, and individual behaviors with the use of assets from the natural environment. We give some examples in justification of this argument. Private spending health has always been far larger than government spending on health in low-income countries, including Sudan. Even on primary education, household spending exceeds government spending although primary education is supposed to be free and universal. This can be indicated by a large number of school dropouts, where school-age children go to work in informal jobs so as to help their often poor families. In the political arena, political and personal rights are lacking behind, and individuals are left to themselves to find ways to exercise and express their views and voices. Social media have been playing a major role in providing information to the public replacing the official government media channels. This has typically taken place in Sudan since December 2018. Communications and organization of activities through social media have contributed strongly to massive demonstrations which succeeded in ousting the regime that ruled the country for almost three decades. Thus defective social and political fabrics in less developed countries cannot be disentangled from all types of economic and political corruption which have been the chronic illness in these countries in postcolonial periods. In such cases, it is by no means to expect that economic policies and pure economic factors contribute economic growth and development and social equity. Instead, social and environmental progresses achieved however small have to be attributed to the private and household’s behaviors and initiatives and thus are the main contributors to economic growth. Furthermore, economic growth achieved through these channels is always skewed toward the rich who are not necessarily contributing a fair share to its achievement. This can be reflected by a wide and even increasing income gap between the rich and the poor in low-income countries. Also, economic growth can be expected really to resolve and revert environmental degradation in terms of massive resource depletion and accumulation of pollution. Thus, arguably it is not more than luxury to seek a verification of environmental Kuznets curve in low-income countries. Furthermore, environmental policies in these countries are usually lax and lacking behind. This in turn has been pushing low-income countries to trade environment for development and become pollution havens. It is a fact that trade in its export side has been intensive in primary products and natural resources, both renewable and nonrenewable. Even this pattern has been a major dragger to economic growth in the sense of the so-called resource curse hypothesis. These facts and accounts are our rationale to model GDP growth against social and environmental performance indicators, rather than the other way around.

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.
    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.
    2)Explain the term Development and it’s processes :
    Development:
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.  The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment.  Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    Process of development:

    1. The Traditional Society: At this stage, modern science and technology are either not available or are not being systematically applied. A large proportion of productive resources are devoted to agriculture. There exist a ceiling to the level attainable per capital output.
    2. The Pre-conditions to Take-off: These mainly comprises of fundamental changes in the social, political and economic field like the construction of certain economic and social overheads like rail-roads and educational institutions,etc. This stage covers a long period of a century or more.
    3. The “Take-off” Period: The interval during which the rate of investment increases in such a way that real output per capital rises and this initial increase carries with it radical changes in the techniques of production and the disposition of income flows which perpetuate the new scale of investment. The term “take-off’ implies three things-, firstly the proportion of invest­ment to national income must rise from 12% to 15%, dennitely outstripping the likely population increase; secondly the period must be relatively short so that it should show the characteristics or an economic revolution; and thirdly, it must culminate in self -sustaining and self-generating economic growth. This is the most crucial period in the development process.
    4. Drive to Maturity: The rates of savings and investments are of such a magnitude economic development becomes automatic. Overall capital per head increases as the economy matures. The structure of the economy changes increasingly, this is a period of self-generating and self-propelling economic growth. The proportion of t population engaged in rural pursuits declines and the structure t the country’s foreign trade undergoes a radical change.
    5. The Age of High Mass Consumption: During this stage, the per capital real income increases to the level at which a large number of people can afford consumption transcending the basic food, shelter and clothing requirements.

  51. Avatar OKONKWO CHISOM JUDITH says:

    NAME: OKONKWO CHISOM JUDITH
    REG NO:2018/243044
    DEPT:CSS. ECONOMICS/SOCIOLOGY
    LEVEL :300LEVEL
    ASSIGNMENT
    DEVELOPMENT ECONOMICS AS MULTIDIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND IT’S PROCESSES.
    A multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest terms, development can be defined as bringing about social change that allows people to achieve their human potential. An important point to emphasise is that development is a political term: it has a range of meanings that depend on the context in which the term is used, and it may also be used to reflect and to justify a variety of different agendas held by different people or organisations. The idea of development articulated by the World Bank, for instance, is very different from that promoted by Greenpeace activists. This point has important implications for the task of understanding sustainable development, because much of the confusion about the meaning of the term ‘sustainable development’ arises because people hold very different ideas about the meaning of ‘development’ (Adams 2009). Another important point is that development is a process rather than an outcome: it is dynamic in that it involves a change from one state or condition to another. Ideally, such a change is a positive one – an improvement of some sort (for instance, an improvement in maternal health). Furthermore, development is often regarded as something that is done by one group (such as a development agency) to another (such as rural farmers in a developing country). Again, this demonstrates that development is a political process, because it raises questions about who has the power to do what to whom.

    But development is not simply about the interactions between human groups; it also involves the natural environment. So, from another point of view, development is about the conversion of natural resources into cultural resources. This conversion has taken place throughout the history of human societies, although the process has generally increased in pace and complexity with time.

    economic development is typically associated with improvements in a variety of areas or indicators (such as literacy rates, life expectancy, and poverty rates), that may be causes of economic development rather than consequences of specific economic development programs. For example, health and education improvements have been closely related to economic growth, but the causality with economic development may not be obvious. In any case, it is important to not expect that particular economic development programs be able to fix many problems at once as that would be establishing unsurmountable goals for them that are highly unlikely they can achieve. Any development policy should set limited goals and a gradual approach to avoid falling victim to something Prittchet, Woolcock and Andrews call ‘premature load bearing’.

    Breaking Down the Key Economic Development Stages
    1. The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease. In other words, at the final stage of development, we typically have an economy in which people earn their livelihood predominantly from the service sector and a still important but diminished industry sector.
    2. The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.
    3. The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

  52. Avatar Igweh Irene says:

    Name: Igweh Irene Chidubem
    Reg no:2018/241400
    Department: Economics
    Email: igwehirene@gmail.com

    Quiz Questions
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and its processes.

    Q1) Discuss development economics as a multidimensional concept.
    What is development economics?
    Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.
    As a multidimensional concept.
    Development economics involves the processes whereby the economies of developing countries( low income countries) are transformed into modern industrial economies.This can be achieved by improving the fiscal, economic and social conditions of the country.
     Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. It is also said to be a process in which both the
    non-economic dimensions and the economic dimensions are important towards the growth of the economy.

    2) what is development  and its processes

    What is development?
    Development can be defined as a widely participatory process that creates growth, progress and positive change towards the quality of all human lives and capabilities.
    Development can also be defined as the process of economic and social transformation  based on the complex cultural and environmental factors and how they interact amongst themselves.
    Economically, it means an increase in the size or pace of the economy such that more products and services are produced in order to reduce the cost of living of and increase the standard of living within the economy.
           Processes of Development
    Processes of development has to do with all the processes and mechanisms that contribute to arranging a living being from the start of life moving forward.
    Development processes is the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. This process of  Economic development is therefore further divided into 3 namely:
    1. Physical development
    2. Cognitive development
    3. Social emotional development.

    References
    [  ] https://www.encyclopedia.com/psychology/dictionaries-thesauruses-pictures-and-press-releases/processes-development
    [  ] https://en.m.wikipedia.org/wiki/Development_economics

    [  ] https://www.investopedia.com/terms/d/development-economics.asp#:~:text=Four%20common%20theories%20of%20development,%2C%20and%20structural%2Dchange%20theory.
    [  ] https://www.economicsdiscussion.net/economic-development/process-of-economic-development-5-contributing-factors/11753

  53. Avatar OMEJE NNABUIKE GERALD says:

    Name : OMEJE NNABUIKE GERALD
    REG NUMBER : 2018/242440
    DEPARTMENT : ECONOMICS
    COURSE CODE : ECO 361

    Development Economics

    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics focuses on include health, education, working conditions, and market conditions. Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty. The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural change theory.
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.

    Development and it processes

    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

    The processes of development

    The expression “processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its “level of development.” They include strategy, organization, concept generation, marketing plan creation, evaluation etc.

  54. Avatar Igweh Irene says:

    Name: Igweh Irene Chidubem
    Reg no:2018/241400
    Department: Economics
    Email: igwehirene@gmail.com

    Quiz Questions
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and its processes.

    Q1) Discuss development economics as a multidimensional concept.
    What is development economics?
    Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.
    As a multidimensional concept.
    Development economics involves the processes whereby the economies of developing countries( low income countries) are transformed into modern industrial economies.This can be achieved by improving the fiscal, economic and social conditions of the country.
     Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. It is also said to be a process in which both the
    non-economic dimensions and the economic dimensions are important towards the growth of the economy.

    2) what is development  and its processes

    What is development?
    Development can be defined as a widely participatory process that creates growth, progress and positive change towards the quality of all human lives and capabilities.
    Development can also be defined as the process of economic and social transformation  based on the complex cultural and environmental factors and how they interact amongst themselves.
    Economically, it means an increase in the size or pace of the economy such that more products and services are produced in order to reduce the cost of living of and increase the standard of living within the economy.
           Processes of Development
    Processes of development has to do with all the processes and mechanisms that contribute to arranging a living being from the start of life moving forward.
    Development processes is the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. This process of  Economic development is therefore further divided into 3 namely:
    1. Physical development
    2. Cognitive development
    3. Social emotional development.

    References
    [  ] https://www.encyclopedia.com/psychology/dictionaries-thesauruses-pictures-and-press-releases/processes-development
    [  ] https://en.m.wikipedia.org/wiki/Development_economics

    [  ] https://www.investopedia.com/terms/d/development-economics.asp#:~:text=Four%20common%20theories%20of%20development,%2C%20and%20structural%2Dchange%20theory.
    [  ] https://www.economicsdiscussion.net/economic-development/process-of-economic-development-5-contributing-factors/11753

  55. Avatar Joseph chioma Mercy says:

    Name: Joseph chioma Mercy
    Reg No: 2018/242205
    Dept: Education / Economics
    Development Economics is said to be a multidimensional concept because it consist of many different but connected parts. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    What is Development?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    PROCESSES OF DEVELOPMENT
    The three key developmental processes are physical development, cognitive development, and social emotional development.
    Cognitive development: means how children think, explore and figure things out. It is the development of knowledge, skills, problem solving and dispositions, which help children to think about and understand the world around them. Brain development is part of cognitive development.
    Social-emotional development: includes the child’s experience, expression, and management of emotions and the ability to establish positive and rewarding relationships with others (Cohen and others 2005). It encompasses both intra- and interpersonal processes.
    The core features of emotional development include the ability to identify and understand one’s own feelings, to accurately read and comprehend emotional states in others, to manage strong emotions and their expression in a constructive manner, to regulate one’s own behavior, to develop empathy for others, and to establish and maintain relationships. (National Scientific Council on the Developing Child 2004, 2)
    References
    Cohen, J., and others. 2005. Helping Young Children Succeed: Strategies to Promote Early Childhood Social and Emotional Development. Washington, DC: National Conference of State Legislatures and Zero to Three. (accessed on December 7, 2006)
    National Scientific Council on the Developing Child. Winter, 2004. “Children’s Emotional Development Is Built into the Architecture of Their Brains” Working Paper No. 2 (accessed on December 5, 2006)

  56. Avatar Igweh Irene says:

    Name: Igweh Irene Chidubem
    Reg no:2018/241400
    Department: Economic
    Email: igwehirene@gmail.com

    Quiz Questions
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and its processes.

    Q1) Discuss development economics as a multidimensional concept.
    What is development economics?
    Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.
    As a multidimensional concept.
    Development economics involves the processes whereby the economies of developing countries( low income countries) are transformed into modern industrial economies.This can be achieved by improving the fiscal, economic and social conditions of the country.
     Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. It is also said to be a process in which both the
    non-economic dimensions and the economic dimensions are important towards the growth of the economy.

    2) what is development  and its processes

    What is development?
    Development can be defined as a widely participatory process that creates growth, progress and positive change towards the quality of all human lives and capabilities.
    Development can also be defined as the process of economic and social transformation  based on the complex cultural and environmental factors and how they interact amongst themselves.
    Economically, it means an increase in the size or pace of the economy such that more products and services are produced in order to reduce the cost of living of and increase the standard of living within the economy.
           Processes of Development
    Processes of development has to do with all the processes and mechanisms that contribute to arranging a living being from the start of life moving forward.
    Development processes is the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. This process of  Economic development is therefore further divided into 3 namely:
    1. Physical development
    2. Cognitive development
    3. Social emotional development.

    References
    [  ] https://www.encyclopedia.com/psychology/dictionaries-thesauruses-pictures-and-press-releases/processes-development
    [  ] https://en.m.wikipedia.org/wiki/Development_economics

    [  ] https://www.investopedia.com/terms/d/development-economics.asp#:~:text=Four%20common%20theories%20of%20development,%2C%20and%20structural%2Dchange%20theory.
    [  ] https://www.economicsdiscussion.net/economic-development/process-of-economic-development-5-contributing-factors/11753

  57. Avatar Umeh Chinaza Lucy says:

    Name: Umeh Chinaza Lucy
    Reg number:2018/246901
    Dept:Social science (Education/Economics)
    Course code:Eco 361
    Course title: Development Economics
    Email:umehlucy37@gmail.com
    Assignment: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    DISCUSSION
    To discribe something as multidimensional implies that it’s complex. I could even call a person multidimensional if she had a particularly complicated personality in order word development economics is considered as a multidimensional phenomenon because it focuses on both the income of the people and on the improvement of the living standards of the people of the country, It can also be said that it’s a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty (Todaro, 1977).2 Mar 2020. Economic Development focuses on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It indicates an increase in the per capita income of every citizen.The standard of living includes various things like safe drinking water, improve sanitation systems, medical facilities, the spread of primary education to improve literacy rate, eradication of poverty, balanced transport networks, increase in employment opportunities, etc. Quality of living standard is the major indicator of economic development. Therefore, an increase in economic development is more necessary for an economy to achieve the status of a Developed Nation and it can be measured by the Human Development Index,which considers the literacy rates & life expectancy which affect productivity and could lead to Economic Growth. Now, What is development?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. Thus, development is not just about economic growth. It’s about building a good society. This good society is one where individuals are affluent, educated, highly skilled, healthy, and well fed, and do not face discrimination and political repression, and are not at the mercy of natural or man-made disasters.
    PROCESSES OF DEVELOPMENT
    Unlike the stages of economic growth which were proposed in 1960 by economist Walt Rostow as five basic stages: (A) Traditional society, (B)Preconditions for take-off,(C) Take-off, (D) Drive to maturity, and (E) Age of high mass consumption. there exists no clear definition for the stages of economic development. Still, most development economists agree that the key stages of development are related to three different transitions: (A)A structural transformation of the economy,( B) A demographic transition, and (C) A process of urbanization.

    Breaking Down the Key Economic Development Stages

    The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease. In other words, at the final stage of development, we typically have an economy in which people earn their livelihood predominantly from the service sector and a still important but diminished industry sector. _The demographic transition is determined mostly by changes in the fertility rates (i.e the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates) population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth. _The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas. An alternative, typically narrower definition of stages of development refers to patterns of development, focusing on the structural change of an economy. Two prominent World Bank economists, Hollis Chenery and Moises Syrquin defined a pattern of development as a systematic variation in any significant aspect of the economic or social structure associated with a rising level of income or other index of development

  58. NAME= EZE NNENNA ANTHONIATTA
    REG NO=2018/248095
    EMAIL ADDRESS=ezennenna08@gmail.com
    BLOG ADDRESS=gracies9.home.blog

    DEVELOPMENT ECNOMICS AS A MULTIDIMENTIONAL CONCEPT

    Development can be defined in various ways and form. A layman defines development as the process that creates positive change or the addition of economic, environmental, social as well as demographic growth while A Certified Economist defines Development as the increase in the size or pace of the economy such that more products and services are produced. This is so as it is always deliberated with economic connotation and with the above understanding, development is equated with growth and it is envisioned that a possible increase in the production of goods and services would bring development.

    For development to yield a profitable outcome, it has to follow a process and Professor Riggs has made us understand that development processes are not natural once by stating then as; strategy, organization, concept generation, evaluation etcetera The essential truth that people must be at the center of all development can be stabilized in this process because without strategy, there cannot be a proper organization and evaluation. All these processes can also be backed up by Economics.
    Development is applied to Economics which is defined by J. Mill as the study of the behavior of man in respect to ends and scarce resources which has alternative uses. Merging them both will give a conjoined word called DEVELOPMENT ECONOMICS.

    Development Economics is a branch of economics whose goals is to better the fiscal economic and social conditions of developing countries.

    Summing Development Economics as a multidimensional concept sows the process in which both the economic dimensions are important. It shows how development results in simultaneous achievement of aa number of objectives; such as growth and equity. It is believed that development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment. Also in the development process, social groups now insist on participating actively in the development process, as well as share equitably in the fruits of productivity which is why every nation adopted planning machinery and formulated plans for economic development.

    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation because they are adopted on government criteria while some others have no governing criteria. Long-term plans run for a long period, may be for one or two

  59. Avatar Mmoneke Goshen says:

    Name: Mmoneke Goshen Somtochukwu
    Department: Social Science Education
    Unit: Economics
    Reg No: 2018/249256
    Email: praiselgoshen@gmail.com

    In the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.

    The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. “Modernization”, “Westernization”, and especially “industrialization” are other terms often used while discussing economic development. Historically, economic development policies focused on industrialization and infrastructure, but since the 1960s, it has increasingly focused on poverty reduction.

    The precise definition of economic development has been contested: while economists in the 20th century viewed development primarily in terms of economic growth, sociologists instead emphasized broader processes of change and modernization. Development and urban studies scholar Karl Seidman summarizes economic development as “a process of creating and utilizing physical, human, financial, and social assets to generate improved and broadly shared economic well-being and quality of life for a community or region”. Daphne Greenwood and Richard Holt distinguish economic development from economic growth on the basis that economic development is a “broadly based and sustainable increase in the overall standard of living for individuals within a community”, and measures of growth such as per capita income do not necessarily correlate with improvements in quality of life. Economic development is a wider concept and has qualitative dimensions. Economic development implies economic growth plus progressive changes in certain important variables which determine well-being of the people,e.g: health, education.

    Development As A Multidimensional Concept

    In psychology, development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning that characteristics are malleable or changeable.

    Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty (Todaro, 1977).

    Development Processes

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.

    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.

  60. Avatar Eya samson nnaemeka says:

    Eya Samson nnaemeka 2018/249599
    Economics major

    Economic development is a Multidimensional process involving major change in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty .
    Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning that characteristics are malleable or changeable.

    Development
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    The process of economic and social transformation that is based on complex cultural and environmental factors and their interactions. development process. System of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product.
    Here, we shall look at some of the most common indicators of development used in geography.

    Gross Domestic Product (GDP) …

    Gross National Product (GNP) …

    GNP per capita. …

    Birth and death rates. …

    The Human Development Index (HDI) …

    Infant mortality rate. …

    Literacy rate. …

    Life expectancy.

  61. Avatar Onyezor Jessica says:

    ONYEZOR JESSICA NGOZICHUKWU
    2018/249716

    Development economics as a multi dimensional concept simply means it looks at and deals with a lot of different but related parts of the economy. It is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. It seeks to understand and shape macro and microeconomic policies in order to transform emerging nations into more prosperous nations. There are four common theories of development economics, they include mercantilism, nationalism, the linear stages of growth model, and structural-change theory. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries varies. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor law. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development, international trade, globalization, sustainable development, the effects of epidemics, such as Covid – 19 , and the impact of catastrophes on economic and human development.
    Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.

    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. In simpler terms, Development means improvement in country’s economic and social conditions. More specially, it refers to improvements in way of managing an area’s natural and human resources. In order to create wealth and improve people’s lives. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

  62. Avatar Ikechukwu Mmesoma Maryann says:

    Name: Ikechukwu Mmesoma Maryann
    Reg No: 2018/241875
    Eco 361: Development Economics
    DEVELOPMENTAL ECONOMICS AS A MULTI DIMENSIONAL CONCEPT, DEVELOPMENT AND ITS PROCESSES.
    Email: ikechukwu.mmesoma@yahoo.com

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens. All the nations now have adopted planning machinery and formulated plans for economic development.
    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.
    WHAT IS DEVELOPMENT??
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    Development economics is hence, a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics focuses on include health, education, working conditions, and market conditions.
    Economist Walt Rostow gave 5 stages/phases/processes of devlelopment:
    Rostow’s Stages of Economic Growth include the following five stages: Traditional Society; Preconditions for Take-Off; Take-Off; Drive to Maturity; and Age of High Mass Consumption. Rostow’s model is one of the most significant historical models of economic growth.
    1. Traditional Society:
    This initial stage of traditional society signifies a primitive society having no access to modern science and technology. In other words, it is a society based on primi­tive technology and primitive attitude towards the physical World. Thus, Rostow defines a tradi­tional society “as one whose structure is developed within the limited production function.However, Rostow does not view this traditional society as being completely static. In this stage of a society output could be increasing through the expansion of land area under cultivation or through the discovery and spread of a new crop.But the critical fact about this type of society is that there is limit to attainable output per head. This limit arises due to the absence of access to modern science and technology. This type of a society allocates a large proportion of its resources to agriculture and is characterised by a hierarchical social structure in which there is little possibility for vertical mobility.
    2. Pre-Conditions or the Preparatory Stage:
    The covers a long period of a century or more during which the preconditions for take-off are established.
    These conditions mainly comprise fundamental changes in the social, political and economic fields; for example:
    (a) A change in society’s attitudes towards science, risk-taking and profit-earning;
    (b) The adaptability of the labour force;
    (c) Political sovereignty;
    (d) Development of a centralised tax system and financial institutions.
    It is evident from above that in this second stage of growth foundations for economic transfor­mation are laid. The people start using modern science and technology for increasing productivity in both agriculture and industry.
    Further, there is a change in the attitude of the people who start viewing the world where there are possibilities of future growth. A new class of entrepreneurs emerges in the society who mobilise savings and undertake investment in new enterprises and bear risks and uncertainty. In the sphere of political organisation, it is during this stage that an effective centralised nation state starts emerging.
    3. The “Take-off” Stage:
    This is the crucial stage which covers a relatively brief period of two to three decades in which the economy transforms itself in such a way that economic growth subsequently takes place more or less automatically. “The take-off” is defined as “the interval dur­ing which the rate of investment increases in such a way that real output per captia rises and this initial increase carries with it radical changes in the techniques of production and the disposition of income flows which perpetuate the new scale of investment and perpetuate thereby the rising trend in per captia output.”
    Thus, the term “take-off ” implies three things : first the proportion of investment to national income must rise from 5% to 10% and more so as to outstrip the likely population growth; secondly, the period must be relatively short so that it should show the characteristics of an economic revolution; and thirdly, it must culminate in self-sustaining and self-generating economic growth.
    4. Drive to Maturity: Period of Self-sustained Growth:
    This stage of economic growth occurs when the economy becomes mature and is capable of generating self-sustained growth. The rates of saving and investment are of such a magnitude that economic development becomes automatic. Overall capital per head increases as the economy matures. The structure of the economy changes increasingly. The initial key industries which sparked the take-off decelerate as diminishing returns set in. But the average rate of growth is maintained by a succession of new rapidly-growing sectors with a new set of leading sectors. The proportion of the population engaged in agriculture and other rural pursuit’s declines, and the structure of the country’s foreign trade undergoes a radical change.
    5. Stage of Mass Consumption:
    In this stage of development per capita income of country rises to such a high level that consumption basket of the people increases beyond food, clothing and shelters to articles of comforts and luxuries on a mass scale. Further, with progressive industrialisa­tion and urbanisation of the economy values of people change in favour of more consumption of luxuries and high styles of living. New types of industries producing durable consumer goods come into existence which satisfies the wants for more consumption. These new industries producing durable consumer goods become the new leading sectors of economic growth.

    Rostow’s stages of growth theory have come in for severe criticism. Gunar Mydral has argued that there cannot an inevitable sequence of events described as successive stages of growth. According to him, economic growth is the result of certain economic policies adopted and not the other way around.

    Likewise, Meier argues that stages in the history of economic growth cannot be generalised from the development experience of some European Countries as Rostow has done. To quote Meier, “stage-making approaches are misleading when they consider a linear conception of history and imply that all economies tend to pass through the same series of stages. Although a particular sequence may correspond broadly to the historical experience of some economies, no single sequence fits the history of all countries. To maintain that every economy always follows the same course of development with a common past and the same future is to over schematize the complex forces of development, and to give the sequence of stages a generality that is unwarranted”.

    REFERENCES
    https://www.yourarticlelibrary.com/economics/rostows-five-stages-of-growth-explained/38235
    https://sid-israel.org/en/what-is-development/
    https://www.owlgen.in/development-is-a-multi-dimensional-process-discuss/

  63. Avatar Obute Justice says:

    Name: Obute justice
    Dept: Economics
    Reg no: 2018/248034

    Assignment
    Discuss development economics as a multi dimensional concept and lucidly explain what you understand by development and it’s processes
    Answer
    Development is a multi dimensional process in which both the non economic dimension and tell economic dimension are important. Development thus result in the simultaneous achievement of a number of objective such as growth and equity. Rogers says development is a widely participatory process of directed social change in a society intended to bring both social and material advancement for the majority of the people through their gaining control over their environment.
    Development as a planned integrative process first came into practice in the 1920 in the Soviet Union. In the United States planning became a normal practice for big co-operations. In the development process, social group which were earlier inactive now insist on participating actively in a development process and sharing equitably in the fruit of productivity. Privileged groups on the other hand are not too keen to share power they have previously monopolized with their fellow citizens. All the nation’s now have adopted planning machinery and formulated plans for economic development.

    Development can be defined as bringing about social change that social change that allows people to achieve their human potential.
    From an economist point of view, development means an increase in the seize or pace of the economy such that more products and services are produced . Conventionaly a common assumption has been that if an economy generates more products and services, then humans will enjoy a higher standard of living.
    The aim of many conventional approaches to development has been to increase the seize of the economy in to increase the output of product and services. Of course without any change in the fundamental economic approach involved, the production of more products and services will inevitably require more materials and energy and will generate more waste.

  64. Avatar CHUKWUDUBEM CHINEMEREM PEACE says:

    NAME: Chukwudubem Chinemerem Peace
    REG NO: 2018/245426
    DEPARTMENT: Education/Economics
    EMAIL ADDRESS: chukwudubemchinemerem459@gmail.com

    ASSIGNMENT
    You are required to discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes.
    ANSWER
    Development economics is a branch of economics that focuses on improving fiscal, economic and social conditions in developing countries (Bird 2019).
    Development economics examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    WHY IS DEVELOPMENT ECONOMICS A MULTIDIMENSIONAL CONCEPT.
    Development Economics is considered a multidimensional concept because it focuses not only on the income of the people but on the improvement of the living standard of the people of the country.

    WHAT IS DEVELOPMENT?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    Amartya Sen, for example, develop the “capacity approach”, which defined development as a tool enabling people to reach the highest level of their ability through granting freedom of action, i.e freedom of economic, social and family actions etc.
    THE THREE KEY DEVELOPMENTAL PROCESSES ARE
    1: Physical development
    2: Cognitive development
    3: Social emotional development.

    PROCESSES OF ECONOMIC DEVELOPMENT
    1: NATURAL RESOURCES: Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country. Anyway, an abundant supply of natural resources contribute to both agricultural and industrial development.
    2: HUMAN RESOURCES: Labour is a basic input for virtually all production. It is not possible to make the best possible utilization of existing natural resources unless there is sufficient manpower. If a country is able to utilize its manpower properly, it will certainly prove to be an important factor in development.
    3: CAPITAL RESOURCES: Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forthcoming.
    4: TECHNOLOGY: Technological process is considered as the most important source of development by many economists. It is said that technology has been revolutionizing our lives since the dawn of human history.
    Technology refers to our knowledge of how to convert resources into goods and services.
    Technological progress refers to an improvement in the art of production.
    5: INSTITUTIONAL ENVIRONMENT: Further progress of present day market economies is largely influenced by the institutional environment. In other words, market economies can flourish provided an appropriate institutional environment prevails.
    An effective economic institution can ensure public services to the poor and give economic incentives through opening better opportunities and empowering the excluded and the vulnerable.

    REFERENCES
    http://www.society for international development.com
    https://www.enotes.com
    https://www.economicdiscussion.com

  65. Sustainable development is meant to be the summation of economic, environmental and social considerations for the present and especially for the future. The concept of sustainable development plays an important role in european and global meetings since 1972, the year it has been set for the first time. Strategies necessary to achieve the objectives of sustainable development have been developed, indicators meant to indicate the result of the implementation of policies have been created, national plans were oriented towards achieving the proposed targets. I wanted to highlight the multidimensional character of the concept of sustainable development. Thus, using specialized national and international literature, I have revealed different approaches of one pillar to the detriment of another pillar depending on the specific field. In the different concepts of sustainable development, the consensus is undoubtedly agreed on its components: economic, social, environmental. Based on this fact, the concept of sustainability has different connotations depending on the specific content of each discipline: biology, economics, sociology, environmental ethics. The multidimensional valence of sustainable development consists of three pillars ability to act together for the benefit of present and future generations. Being a multidimensional concept, importance attached to a pillar over another is directed according to the particularities of each field: in economy profit prevails, in ecology care of natural resources is the most important, the social aims improving human living conditions. The challenge of sustainable development is to combine all the economic, environmental and social benefits and the present generation to come. Ecological approach is reflected in acceptance of limited natural resources by preserving natural capital. In terms of the importance of environmental pillar, the genesis of the concept should be considered. „Ecodevelopment” term stated in the World Conference on Environment in Stockholm in 1972 underlies sustainable development. Social approach implies eradicate poverty, providing better living conditions in terms of education, income, and the environment. When a nation’s standard of living is high, also cares for the environment is high. This is one relation between social and environment pillars. Regarded from an economic perspective, sustainable development implies a maximum profit in terms of satisfaction other pillars of sustainability: pillar environment by preserving natural capital and social pillar by increasing welfare, employment insurance, respecting the principle of equity. On perspective economy-environment relationship, sustainable development is not quantity but quality. Regardless of the approach, sustainable development requires simultaneously ensuring of economic development, environmental protection and social welfare, resulting interrelationship between the three pillars: social, economic, environmental. Sustainable development through its components – economic and environmental – has only one beneficiary – the human factor who receives income, good quality environmental factors, and enjoys equity generations.

  66. Avatar Ogbonna Loveth Nnedinso says:

    NAME: Ogbonna Loveth Nnedinso
    DEPARTMENT: Combined social sciences (Economics/political science)
    REG NO: 2018/248354
    EMAIL ADDRESS: asaloveth86@gmail.com

    ASSIGNMENT
    Discuss development economics as a multidimensional concept and lucidly explain development and process of development.
    ANSWERS
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Something is said to be multidimensional when it’s complex. Development economics is a branch of economics that focuses on improving fiscal, economic and social conditions in developing countries.
    So economic development is a multidimensional concept because development takes many dimensions in which both the non economic dimensions and economic dimensions are important. Development is multidimensional and results in gains and losses throughout. It involves the dynamic interaction of factors like physical, emotional and psychosocial development. Development this results in the simultaneous achievement of a number of objectives such as growth and equity.
    WHAT IS DEVELOPMENT
    Development is an event constituting a new stage in a changing situation. It is a process of growth and positive change or course of change. Development can create more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It indicates an increase in the per capita income of every citizen.
    PROCESSES OF DEVELOPMENT: THE CONTRIBUTING FACTORS
    1. Natural resources
    2. Human resources
    3. Capital resources
    4. Technology
    5. Institutional environment
    NATURAL RESOURCES: Environmental resources are extracted and ultilized in production process which gives rise to growth and development.
    2. HUMAN RESOURCES: Labour as an active factor of production has to be available to help in extracting other needed natural resources in the production process.
    3. CAPITAL RESOURCES: The level of economy’s output is a function of available capital resources. An increase in the quantity of capital leads to an increase in the output and vice versa.
    4. TECHNOLOGY: Technology which is also refer to as the production function of the economy goes a long way in contributing to the growth as well as development.
    5. INSTITUTIONAL ENVIROMENT: Strong institutions empower the growth and development of the economy whereas weak institutions contribute immensely to discouragement factors of growth as well as development.

  67. Avatar Onuigbo Chidimma says:

    Name: Onuigbo Chidimma
    Reg no: 2019/249019 (2/3)
    Department: Economic/Education
    Course code: Eco 361
    Course Title: Development Economic
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions.
    It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. This was so firmly believed that a number of theories, which were put across to explain development and how to achieve development, such as modernization theory, and dependency theory centered on economic growth being the key factor in development. There is no one definition of development, as persons have different interpretations of development. In Portest’s and Kincaid’s interpretation of development, they stated that it should involve a reduction in unemployment and the extension of fundamental rights and freedoms for the population. Another definition of Development
    Now, in the second definition of development it was established that development is a number of characteristics, which include political freedom, and in the first definition, freedoms for the population. This definition was correct in defining development as including other characteristics. In addition to economic growth, the main characteristics of development are improvement in Human Development Indicators (HDIs), such as life expectancy, levels of education, ratio of doctors to the population and labour productivity. Also, development must be sustainable and involve the notion of advancement, involve freedom, justice and equity, and development must be ethical.
    It has been realized by many development practitioners that development is useless if it is unsustainable. Sustainability has been interpreted as requiring some constancy in the stock of natural environmental assets, discounting future gain losses. Sustainable development then is a situation in which the development indicators do not decrease overtime, and the rate of development is generally positive over some selected time horizon. Sustainable development is also development in the interest of the excluded group, the not yet born and must adapt to the resource.

  68. Avatar Nweke Chelsea kenechi. 2018/243075( CSS- Econimics and Psychology) says:

    According to investopedia, development economics is “the branch of economics that focuses on improving physical economic and social condition in a country especially developing countries. It includes areas of improvement such as the health, education,working condition,domestic and international policies and also market conditions.
    Multi-dimensional as per definition simply means having or relating to multiple aspects.
    Development economics is a multi-dimensional concept because the word development economic involves and cut across so many aspects of the economy such as the health, education,working condition,etc. So therefore basically for a country’s economy to be termed as developing it must show growth in not just one aspect of this areas but across all the aspects of the economy that’s basically why for me development economics is said to be a multi-dimensional concept.
    Development is an event constituting a new stage in a changing situation. It can be described as something creating or resulting in a positive growth or improvement. for development to take place there are various processes it passes through. For example, a sick person being operated by the doctor, will most possibly passes through various treatment processes for him or her to get well eg cancer patients (passage through chemotherapy so go on to surgery,etc). All these processes is what the person requires to get better and so is the case of “development”.

  69. NAME: EKE SUNDAY
    REG NO:2018/245405
    DEPARTMENT : EDUCATION ECONOMICS

    QUESTION

    Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.
    The concept of development Economics have solely makes people’s life better
    i.e
    Development economics is all about people and the way of deriving people out of poverty

    In other words,
    Development Economics can be defined as the radical rethinking of the way to fight poverty
    This lead the quest for
    How can a poor country become rich.

    AS A MULTIDIMENSIONAL CONCEPTS:
    Development economics is regarded as a key growth for innovation 💡
    Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.
    This may involve restructuring market incentives
    Furthermore,
    Development economics is
    Unlike many other fields of economics, approaches in development economics it may incorporate social and political factors to devise particular plans.
     Again,
    Different approaches may consider the factors that contribute to economic convergence (Demand >Supply  or non-convergence (Demand <supply) across households, regions, and countries.

    Historically,

    One can say that Development and its process as a planned integrative process first came into practice in the 1920s in the Soviet Union.
    In the United States, planning became a normal practice for big corporations.
    In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens

    In Conclusion:
    Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty. …
    Five common
    Processes of development economics include

    Natural Resources:

    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country.

    Human Resources:

    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man­power properly, it will certainly prove to be an important factor in development.

    Capital Resources:

    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth­coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.

    Technology:

    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production. Technological progress leads to an improvement in productivity of existing resources.

    Institutional Environment:

    Further progress of present day market economies is now largely influenced by the institutional environment. In other words, market economies can flourish provided an appropriate institutional environment prevails. Development requires effective state participation. In today’s changing world, state should complement market.

  70. Avatar Roland Ifeanyi Godwin says:

    NAME: ROLAND IFEANYI GODWIN
    REG NO: 2018/241822
    DEPARTMENT: ECONOMICS
    COURSE CODE: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS 1

    ASSIGNMENT: DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES

    ANSWERS
    THE CONCEPT OF DEVELOPMENT
    Development means “improvement in country’s economic and social conditions”. More specially, it refers to improvements in way of managing an area’s natural and human resources. In order to create wealth and improve people’s lives.
    Dudley Seers while elaborating on the meaning of development suggests that while there can be value judgements on what is development and what is not, it should be a universally acceptable aim of development to make for conditions that lead to a realisation of the potentials of human personality.
    Seers outlined several conditions that can make for achievement of this aim:
    i. The capacity to obtain physical necessities, particularly food;
    ii. A job (not necessarily paid employment) but including studying, working on a family farm or keeping house;
    iii. Equality, which should be considered an objective in its own right;

    PROCESSES OF DEVELOPMENT

    Unlike the stages of economic growth (which were proposed in 1960 by economist Walt Rostow as five basic stages: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption), there exists no clear definition for the stages of economic development. Still, most development economists agree that the key stages of development are related to three different transitions: a) a structural transformation of the economy ( refers to a change in the composition of GDP)
    b) a demographic transition { determined mostly by changes in the fertility rates( i.e the number of children per woman) and changes in life expectancy}, and
    c) a process of urbanization( the main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban centers).
    An alternative, typically narrower definition of stages of development refers to patterns of development, focusing on the structural change of an economy. Two prominent World Bank economists, Hollis Chenery and Moises Syrquin defined a pattern of development as a systematic variation in any significant aspect of the economic or social structure associated with a rising level of income or other index of development.

    DEVELOPMENT ECONOMICS
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth. Areas that development economics focuses on include health, education, working conditions, and market conditions. Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty. The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. The four common theories of development Economics include Mercantilism, nationalism, the linear stages of growth model, and structural change theory.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development as a planned integrative process first came into practice in the 1920s in the Soviet Union.
    In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens. Strategies necessary to achieve the objectives of sustainable development have been developed, indicators meant to indicate the result of the implementation of policies have been created, national plans were oriented towards achieving the proposed targets.

    REFERENCES
    1. https://www.sociologydiscussion.com/society/development-meaning-and-concept-of-development/688
    2. programs.online.american.edu › resources
    3. https://www.investopedia.com/terms/d/development-economics.asp
    4. https://ideas.repec.org/a/cbu/jrnlec/y2015vspecialp82-86.html
    5. https://www.owlgen.in/development-is-a-multi-dimensional-process-discuss/

  71. Avatar Chris-Nwaije Ihuoma Nancy says:

    Name: Chris-Nwaije Ihuoma Nancy
    Reg no: 2018/241847
    Email: ihuoma.chris-nwaije.241847@unn.edu.ng
    Development Economics as a multidimensional concept.
    Development, from the point of view of an Economist, is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.  Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components
    Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life.
    Development is also a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Development must be sustainable and involve the notions of advancement and freedom, otherwise it is useless.

  72. Avatar Ochonwu Lotachi Vivian says:

    Name:Ochonwu Lotachi 2018/248806

    Dept:Economics

    E-mail:julietrecheal@gmail.com

    ASSIGNMENT: DISCUSS DEVELOPMENT ECONOMIC AS A MULTIDIMENSIONAL
    CONCEPTS AND LUÇIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND IT’S PROCESSES.

    Development Economics as a multidimensional concepts is a branch of economics that focuses on the economics of a country development and also improving the potential for the mass of the population,like providin adequate health centres bothpublic and private,througheducation,workplace conditions and hospitals.It focuses on how people in a society can escape poverty and enjoy a better standard of living and also concerned with policies that may accelerate the rate growth of per capita income.
    Primarily,development economics can be divided into two categories;
    Economic and Social.
    It can also be both domestic or international.

    DEVELOPMENT AND IT’S PROCESSES

    Development can be defined as the systematic use of scientific and technical knowledge to meet specific objectives or requirements. It is also an extension of the practical and hypothetical aspects of a design, concept, discovery, or invention.

    There are various aspects of development which are summarised below:-

    • Different persons can have different developmental goals

    • It is not necessary that development for one may not suit others. It may even be destructive for others. For e.g. Industrialists may require dams for the generation of electricity for propelling their industries. The same dams may be resented by those who are displaced.

    • It is very important to keep in mind that different persons could have different as well as conflicting notions of a country’s development.

    • National development means thinking about a fair and just path for all, whether there is a better way of doing things.

    • It pertains to the growth of an individual, a society, a nation or the entire world

    • Development involves thinking about the betterment of life and working towards progress.

    • Other common developmental goals are Increase in income, equal treatment, freedom, security, end of discrimination, a decent standard of living.

    • We have aspirations or desires about what we would like to do and how we would like to live.

    • It is only through a democratic political process that these hopes and possibilities can be achieved in real life. People seek things that are most important for them, i.e., that which can fulfil their aspirations or desires.

    DEVELOPMENT PROCESS
    The three (3) development processes are;
    1. Physical development
    2. Cognitive development
    3. Social emotional development.

  73. Avatar Ogbegu Chiamaka Maureen / Reg no 2018/242309 says:

    Development Economics as a multidimensional concept:
    Development economics studies the transformation of emerging nations. Strategies for transforming a developing economy tend to be unique because the social and political background of countries can be vary dramatically. Not only that, but the cultural and economic framework of every nation is different also, such as child labor laws. Students of economics and professional economists create theories and methods that guide practitioners practices and policies that can be used and implemented and the international and policy level. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies. The field examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development Economics may involve the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level. It also incorporate social and political factors to devise particular plan.
    Development is a multidimensional process in which both the non-economic dimensions and the economic dimensions are important. It involves the dynamic interaction of factors like physical, emotional and psychological development. Development Economics focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. They also include international trade, globalization, sustainable development, the effects of epidemics , such as HIV, and the impact of catastrophes on the economic and human development.

    What is Development?
    Development is process that creates growth, progress, positive change or addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development can also be defined as a process that creates social growth, economic, positive change or the addition of physical, progress, environmental, and demographic components. In Freud’s scientific work, the idea process of development first occurred.

    Development process:
    The development processes are
    1. The structural transformation of the economy.
    2. A demographic transition
    3. A process of urbanization
    1. The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease.
    In other words at the final stage of development, we typically have an economy in which people earn their livelihood predominately from the serivice sector and still important but diminished industry sector.
    2.The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates ( especially high infant mortality rate), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase a size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rate will limit population growth.
    3. Urbanization:The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

  74. Avatar FOLARIN GIFT FUNMILAYO 2018/241234 says:

    COURSE CODE: ECON 361
    COURSE TITLE:DEVELOPMENT ECONOMICS 1
    DEPARTMENT: SOCIAL SCIENCE EDUCATION
    UNIT: EDUCATION AND ECONOMICS
    ASSIGNMENT
    DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES

    DEVELOPMENT
    Dudley Seers suggests that development is when a country experiences a reduction or elimination of poverty,inequality and unemployment.Edgar Owens (1987) suggested that development is when there is development of people (human development) and not development of things.Development can simply be seen as technological advancement;Development is a process that creates growth,progress,positive change or the addition of physical,economic,environmental,social and demographic components.the purpose of development is a rise in the level and quality of life of the population,and the creation or expansion of local regional income and employment opportunities,without damaging the resources of the environment.Development is visible and useful,not necessarily immediately,and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    DEVELOPMENT PROCESSES
    Development and it’s process
    Development is referred to a specific state of advancement or growth. It is also the process that creates growth, progress, positive change or the addition of physical, economic, environment, social, demographic components.

    Process is a series of progressive and interdependent steps by which an end is attained or a series of steps taken to achieve a particular end

    Development and it’s process
    It describes all process and mechanism that contribute to organizing, evaluating, planning and strategizing a new product.

    We have three major types of development and it’s process
    1. physical development
    2.social- emotional development
    3.cognitive development.
    DEVELOPMENT ECONOMICS
    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.

    Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.This may involve restructuring market incentives or using mathematical methods such as inter temporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.

    Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans. Also unlike many other fields of economics, there is no consensus on what students should know.Different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.

    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach.

    REFERENCES
    Arndt, H. W. (1981). “Economic Development: A Semantic History,” Economic Development and Cultural Change, 29(3), p pp. 457–66. Chicago: The Chicago University Press.
    https://read.dukeupress.edu/hope/article-abstract/52/1/47/140687/Dudley-Seers-the-Institute-for-Development-Studies
    Bell, Clive (1987). “development economics,” The New Palgrave: A Dictionary of Economics, v. 1, p. 825.
    https://en.m.wikipedia.org/wiki/Development_economics
    https://askinglot.com/what-is-a-multidimensional-concept
    https://www.bartleby.com/essay/Development-a-Multidimensional-Concept-

  75. Avatar Nwosu Sochima Anne says:

    NAME:Nwosu Sochima Anne
    REG NO:2018/242291
    DEPARTMENT:Economics
    Assignment:Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s process.

    UNDERSTANDING DEVELOPMENT: Development can be defined as bringing about social or economic change that allows people to achieve their human potentials. It is an event constituting a new stage in a changing situation. It involves gradually evolvement from good to better, more advanced or complex form.
    Now, the process of development involves all the processes, techniques, strategy, concept generation, market plan creation and apparatus that contributes to differentiating-organizing a new product. It’s simply a pattern by means of which an innovative firm routinely converts ideas into commercially usable goods or service as the case may be.
    Having talked about and understanding the concepts above, we can now have a better understanding of what development economics is all about.
    DEVELOPMENT ECONOMICS is a branch of economics that deals with economic aspects of the development process in developing countries. It is the process where the economic well-being and quality of life of a nation, region, local, community, or an individual are improved according to targeted goals and objectives. It focuses on improving the fiscal, economic and social conditions of low income countries. It considers factors like health, education, working conditions, domestic and international policies and market conditions in the world’s poorest countries.
    Now relating it to being a multidimensional concept simply means that development economics is complex in nature and to achieve. Let’s take for instance poverty, lack of income overlaps the deprivations in health, education and standards of living. For this reason, eradication of poverty requires varied, compound and integrated approaches. The end of poverty can only happen when these deprivations are addressed simultaneously.
    Economic growth affects the society and environment, interventions in one specific area should take into account many factors. Education affects job opportunities, political participation, health, nutrition status, and gender equality.
    Multidimensionality facilitates longer term results because it will take time to achieve as it affects other factors as well.

  76. Avatar Kalu Rita Ngozi says:

    Reg no: 2018/242454
    Question:
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s process

    Answer:
    DEVELOPMENT ECONOMICS:
    Development economics firstly is a branch of economics that deals with the economic aspects of the development process in low income countries.it also studies the process by which the economic well-being and quality of life of a nation,region,local community or an individual are improved according to targeted goals and objectives
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT :
    Development is multidimensional. Meaning that it involves the dynamic interaction of factors like physical,emotional and psychosocial development.Development is multi-directional and results in gains and losses throughout life.Development is plastic,meaning that the characteristics are malleable or changeable.
    Development economics consists of three pillars;ability to act together for the benefit of present and future generations. It is to combine all the economic,environmental and social benefits for the present generation to come.
    DEVELOPMENT AND IT’S PROCESS
    Development is a process that create growth,progress,positive change or the addition of physical,economic,environmental,social and demographic components.it is the process of economic and social transformation that is based on complex cultural and environmental factors and their interactions.
    Economics development for instance takes some defined steps and tasks such as:
    Strategy
    Organizations
    Concept generation
    Marketing plan creation
    Evaluation
    Commercialization etc.
    The different mechanisms and phenomena which are associated with development forms the whole process of development. Development can be MORPHOLOGICAL, it can be PHYSIC or it can even be PHYSIOLOGICAL functions.
    TYPES OF DEVELOPMENT
    Physical development
    Cognitive development
    Social Emotional development
    Economics Development
    This the reason why we say development is multidimensional.it is not just limited to one aspect.

  77. 2018/243825
    Economics department

    Development by itself can be seen as an event constituting a new stage in a changing situation.

    According to the assignment given to us, Development economics as a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.

    Now Development Economics can be seen as a multi dimensional concept in the sense that it involves both the non-economic dimensions and the economic dimensions are important. Non-economic dimensions like the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning it is changeable.

    Now by development and it’s processes I mean Development is a process that creates growth, progress, positive change or the addition of physical, demographic, environmental, social and economic components. The processes of development I am referring to in this context are the economic developmental process. Now there are 5 stages according to Rostow’s 5 stages of development.
    1.Traditional Society: a primitive society having no access to modern science and technology. Rostow defines a tradi­tional society “as one whose structure is developed within the limited production function based on pre-Newtonian science and technology and as pre-Newtonian attitudes towards the physical world”.
    2. The Preparatory Stage: These conditions mainly comprise fundamental changes in the social, political and economic fields eg the adaptability of the labour force, political sovereignty, construction of certain economic and social infrastructure like railways, ports, power generation and educational infrastructure.
    3. The “Take-off” Stage: The take-off” is defined as “the interval dur­ing which the rate of investment increases in such a way that real output per capita rises and this initial increase carries with it radical changes in the techniques of production and the disposition of income flows which perpetuate the new scale of investment and perpetuate thereby the rising trend in per captia output.”
    4. Drive to Maturity: Period of Self-sustained Growth: This stage of economic growth occurs when the economy becomes mature and is capable of generating self-sustained growth. The rates of saving and investment are of such a magnitude that economic development becomes automatic.
    5. Stage of Mass Consumption: In this stage of development per capita income of country rises to such a high level that consumption basket of the people increases beyond food, clothing and shelters to articles of comforts and luxuries on a mass scale. New types of industries producing durable consumer goods come into existence which satisfies the wants for more consumption.
    Ref: https://www.yourarticlelibrary.com/economics/rostows-five-stages-of-growth-explained/38235

  78. Avatar Ochonwu Lotachi Vivian says:

    Name:Ochonwu Lotachi 2018/248806
    Dept:Economics
    E-mail:julietrecheal@gmail.com

    ASSIGNMENT: DISCUSS DEVELOPMENT ECONOMIC AS A MULTIDIMENSIONAL
    CONCEPTS AND LUÇIDLY EXPLAIN WHAT YOU UNDERSTAND BY
    DEVELOPMENT AND IT’S PROCESSES.

    Development Economics as a multidimensional concepts is a branch of economics
    that focuses on the economics of a country development and also improving the potential for the mass of the population,like providing adequate health centres both in public and private,through education,workplace conditions and hospitals.It focuses on how people in a society can escape poverty and enjoy a better standard of living and also concerned with policies that may accelerate the rate growth of per capita income.

    Primarily,development economics can be divided into t
    wo categories;
    Economic and Social.
    It can also be both domestic or international.

    DEVELOPMENT AND IT’S PROCESSES

    Development can be defined as the systematic use of scientific and technical knowledge to meet specific objectives or requirements. It is also an extension of the practical and hypothetical aspects of a design, concept, discovery, or invention.

    There are various aspects of development which are summarised below:-

    • Different persons can have different developmental goals

    • It is not necessary that development for one may not suit others. It may even be destructive for others. For e.g. Industrialists may require dams for the generation of electricity for propelling their industries. The same dams may be resented by those who are displaced.

    • It is very important to keep in mind that different persons could have different as well as conflicting notions of a country’s development.

    • National development means thinking about a fair and just path for all, whether there is a better way of doing things.

    • It pertains to the growth of an individual, a society, a nation or the entire world

    • Development involves thinking about the betterment of life and working towards progress.

    • Other common developmental goals are Increase in income, equal treatment, freedom, security, end of discrimination, a decent standard of living.

    • We have aspirations or desires about what we would like to do and how we would like to live.

    • It is only through a democratic political process that these hopes and possibilities can be achieved in real life. People seek things that are most important for them, i.e., that which can fulfil their aspirations or desires.

    DEVELOPMENT PROCESS
    The three (3) development processes are;
    1. Physical development
    2. Cognitive development
    3. Social emotional development.

  79. Avatar Osike Solomon Ugochukwu says:

    Name: Osike Solomon Ugochukwu
    Reg.No: 2018/242458
    Email.solomonosike19@gmail.com

    (Development Economics as a Multidimensional concept)

    what is development?

    Apart from a rise in output , development involves changes in composition of output, shift in allocation of productive resources and elimination or eradication of poverty, inequality and unemployment.
    The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment.  Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

    On the other hand development economics is concentrated on how developing economies are improved especially in developing nations. It is concerned with the efficient allocation of scarce resources but its main concern is sustained economic growth over time that improves the standard of living for the masses who live in poverty in developing countries. Development brings about improvement in trade, civilization, medical care, peoples aspirations are realized, increase in local production as farmers are encouraged, industries being raised at many places.

    Development process:
    In development economics process, the following analytical factors must be be observable.

    * A special stress on industrialization or the development of the manufacturing industries as against agriculture.

    * Reduction in the level of dependence on foreign products in favour of locally made ones.

    * The existence of political stability.

    * Rural-Urban drift in which the labour moving into urban areas are easily getting fixed up for employment.

    *Elimination of the condemnable land tenure system which has made the acquisition of land for industrial use by people difficult.

    In development economics , development process involves deliberate measures documented and taken by the government to influence the sequence of economic activities over a specified period of time in order to affect a turn around in the economy and with a view to working towards sustainable economic development.

  80. Avatar Nnodim ugonna victor. 2018/241867 says:

    Name nnodim ugonna victor
    Reg no 2018/241867
    Eco 361: development economics
    Question 1 discuss development economics(multidimensional)
    Development economics is fascinating because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world.
    According to Britannia:
    The process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.

    extension of development economics
    The creation of capacity
    More communities have come to realize that change is inevitable, and they are establishing economic development programs to help them manage that change.

    At a time when the industrial revolution has given way to the information age, a good economic development program will help a community remain “tuned in” to the world. It can help business and industry to be more productive and also contribute to the community’s overall viability. Accomplishing this takes a program that is broad-based and long-term.

    Traditionally, economic development programs have concentrated on one activity, such as industrial recruitment, working hard to put the necessary pieces in place and then stepping back to count the jobs created.

    Although many communities have experienced short-term success, many find that very little has actually improved in the long run. The quality of life in the community seems incomplete; the level of discontent grows, politically and socially, and everyone in town seems to be looking for a new answer.

    Alternately, an economic development program that addresses a range of conditions and possibilities will have a lasting impact on the community.

    Because we look at work differently now compared to 25 years ago, we need to redefine the focus of our economic development programs. No longer is it appropriate to define economic development only in terms of jobs. With concepts such as flex-time, job-sharing and transitional placement becoming part of the work world, obviously a new focus is needed.

    Defining economic development as a process of increasing the capacity of a community allows us to expand the possibilities of our programs. Broad-based, comprehensive programs are more likely to meet the community’s long-term, unique needs than are those which rely on only one strategy.

    In the final analysis, economic development is not just the creation of jobs, but is the capacity created in a community to identify and use resources for long-term growth.

    (opens in new window)Resource analysis
    Economic development is a part of community development. A good economic development program begins with an analysis of local resources, both human and material.

    No two communities start development programs from the same place, simply because every community’s resources are different. One might have higher job skill levels. Another might be a regional trade center. A third might be located near an interstate. All of them require different strategies.

    Economic development is not a precise science in the traditional sense — its focus must involve the whole community.

    In conclusion development economics is a new an exciting prospect which when properly managed will help create a clear cut path into a more sustainable and prosperous Nigeria. A multidimensional economic is what Nigeria needs.. In my point of view. …

  81. Avatar ASADU FRANCISCA SOMTOCHUKWU says:

    Name: Asadu Francisca Somtochukwu
    Reg No: 2018/241230
    Dept: Education Economics
    Assignment on Eco 361

    WHAT IS DEVELOPMENT?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    WHAT IS DEVELOPMENT ECONOMICS?
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty (Todaro, 1977)
    Development economics is considered as a Multidimensional phenomenon because it focuses on the income of the people and on the improvement of the living standards of the people of the country. Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning that characteristics are malleable or changeable.
    Development economics is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It indicates an increase in the per capita income of every citizen. The standard of living includes various things like safe drinking water, improve sanitation systems, medical facilities, the spread of primary education to improve literacy rate, eradication of poverty, balanced transport networks, increase in employment opportunities, etc. Quality of living standard is the major indicator of economic development. Therefore, an increase in economic development is more necessary for an economy to achieve the status of a Developed Nation.
    PROCESS OF ECONOMIC DEVELOPMENT: CONTRIBUTING FACTORS
    1. Natural Resources:
    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country. In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources.
    2. Human Resources:
    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man­power properly, it will certainly prove to be an important factor in development. The supply of manpower called human resources depends, among other things, on population growth. Thus the size of the population is an important factor of economic development. More labour should, therefore, mean greater potential output. In an under-populated (relative to resources) country, population increases do indeed mean economic growth as more land can be cultivated or more workers may be employed in industry and services.
    3. Capital Resources:
    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth­coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.
    4. Technology:
    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production. Technological progress leads to an improvement in productivity of existing resources.

  82. Avatar OKONKWO CHIKAODINAKA JUSTINA says:

    NAME: OKONKWO CHIKAODINAKA JUSTINA
    REG NO:2018/242322
    Department: ECONOMICS
    COURSECODE:ECO361
    EMAIL: okonkwochikaodinaka@gmail.com

    DEVELOPMENT ECONOMICS as a concept can be seen as a complex multi dimensional process Involving improvements in human well being.it is a multi dimensional because it has alot of indicies .Growth is simple to analyze but develop is complex.
    *Pro. Dudley argues that development is about outcomes i.e development occurs when there is reduction or elimination of poverty, inequality and unemployment within a growing economy. Hence compared to the objective of development, Economic growth is easy to realize by a larger mobilisation of resources and their productively active level can be raised.
    *Apart from a rise in output,it involves as in composition of output, shift in the allocation of productive resources and elimination or reduction of poverty, inequality and unemployment.
    NB: Economic development is not possible without Economic growth but growth is not an increase in GNP
    •there must be growth [1st order condition].
    •there must be development [2nd order condition].
    *According to Amartyr Sen”Development requires the removal of many major sources of freedom, poverty as well as tyranny,poor Economic opportunities as well as systematic social deprivatious neglect of public facilities as well as intolerance or over activity of repressive states .Poverty limits a man’s choice of demand, constraint one to the kind of life he wants to live.
    Development is argued as a process of expanding the real freedom that people enjoys.
    Economic development occurs when the standard of living of a large majority of people of the population rises including both income and other dimensions like health and literacy
    components of sustainable development
    •healthy environment
    •social justice
    •economic growth
    Indices To Measure Development
    UN’s human Development index(HDI) measures a country’s average achievements in 3 basic dimension of human development
    •Life expectancy
    •Educational attainment and
    •Adjusted real income (purchasing power parity per person).
    UN’s Human Poverty Index (HPI) measures deprivation using % of people expected to die before age 40, % of literate adults, % of people without access to health services and safe water and the % of under weight children under 5.
    Development Economics is a branch of economics which deals with Economic aspect of development process of low income countries.its focus is not only on methods of promoting Economic growth and structural but also on improving the potential for the mass of the population.
    PROCESSES OF DEVELOPMENT
    Development processes are the steps, approach and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product.
    The processes of development are:
    •Traditional society: Based on subsistence; farming, fishing,forestry and some mining. It is dependent on rural Economy.
    •Preconditions to take-off:it has to do with building of infrastructure that is needed before development can take place. E.g power supply, good road, effective communication. It is dependent on special appreciation of education and skill development.
    •Take-off: Introduction and rapid growth(industrial revolution) of manufacturing industries, better infrastructure, financial investment and cultural change. It is dependent on sub-urban economy.
    •Drive to maturity: New ideas and technology improvement and replacement of old industries. It is dependent on growth and developed economies.
    •Age of high mass consumption: here people have more wealth and so buy goods and services. Welfare systems are fully developed and trade expands. It is dependent on global economy and market managing economies

  83. Avatar ODO JULIANA CHINENYE says:

    NAME: ODO JULIANA CHINENYE
    REG NO: 2018/SD/37269
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Introduction
    Development economics shows how economic analysis can help us to understand the great concepts of the 21st century which include poverty and inequality, globalization and trade, and the contrasting experience of success and failure in the economies of different regions of the world. The growing inequality in the distribution of resources around the world remains the striking characteristic of the world economy in recent decades. China, the most populous country in the world, has experienced economic growth at an unprecedented rate, and India has also made substantial progress. Meanwhile, countries in sub-Saharan Africa have stagnated, and the gap in living standards continues to widen. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. You will investigate the factors that have led to this global inequality, and analyze some of the forms of market and government failure that may have contributed to the situation (Smith, 2021).
    What Is Development Economics?
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation are different. Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    KEY FEATURES OF DEVELOPMENT ECONOMICS
    As a complex subject, one may want to recognize and distinguish Development Economics within the broader set of relatable sub-disciplines of Economics as previously discussed. To do so, there are a number of characteristics of Development Economics. Here we adopt three characteristics from Dietz Vollrath (2019)’s blog and list them. These are the setting, focus, and nature of inference.
    Setting – It very consciously takes place in developing countries. However, this statement opens up a lot of debate because many challenges faced in developing countries also manifest in developed countries – albeit with lesser incidence. The 2008 Financial Crisis for example resulted in homelessness in some developed countries as a result of foreclosures as thousands failed to honor mortgage payments – yet the effects in some developing countries were not as severe since many of them were/are not well connected to the international financial market. Hence, development economics is also relevant in developed countries. In terms of ethics and institutions, controversial activities such as share buybacks are actually much more concentrated in developed countries.
    Focus – It is intensely concerned with the identification of causal effects. Examples are the effects of deworming on child health or the effects of land reform on welfare.
    Nature of inference – The nature of inference is to an extent atheoretical. We may interpret this to mean that the subject is mostly concerned about field practicalities and realities that may not necessarily conform to theory. We may interpret this to mean that due to imperfect markets in developing countries, outcomes do not always mirror the hypothetical view. Given that development economics might have more relevance in developing countries – culture, values, and norms in this setting may drive certain decisions/behaviours rather than economic theory. While in advanced countries a sitting government may be expected to behave in a rational manner that makes taxpayers happy to the extent that voters (who are also the taxpayers) will be able to vote it into power again at the next election, the same expectation may not hold in developing countries. A developing country may be trapped in a poor institutional environment such that the government may still secure an election victory even though taxpayers are not happy. Here are a few reasons:
    • Taxpayers may form a very small percentage of voters due to high informality or a rural-based majority
    • There may be high rates of illiteracy or ignorance of the political system
    • High levels of corruption, intimidation, lack of constitutional checks and balances (or lack of their enforcement), lack of transparency, and many other factors
    In the end elections in some developing countries may be held to satisfy the principle (theory) yet the process is not effective and is just a window-dressing exercise.

    CHARACTERISTICS OF DEVELOPING ECONOMIES
    We have discussed the nature of Development Economics as a subject or some of the attributes that define it. Let us now consider some of the characteristics of developing countries. We have already talked about some of them in the previous section. Some of the most important features of developing countries are listed below and explained thereafter.
    • Low Industrial Base
    • Low Human Development Index (HDI)
    • High marginal Productivity of Capital
    • Low labour productivity
    • Poor Institutions
    • Imperfect Markets
    • Low technology proliferation
    • Raw material exporting
    • Relative land abundance
    • Plenty of challenges

    Due to a low industrial base, developing countries may also be referred to as low-income countries. Therefore, the term “Low and middle-income countries” may also generally mean developing countries.
    High marginal Productivity of Capital
    Developing countries are characterized by a very low base as far as capital is concerned. That also means a unit of capital can do more than it could do in developed countries. Developed countries are characterized by capital saturation, and it means that investor funds/loanable funds are plentiful in their supply on the market to the extent that an investor is not always able to get the first chance at the best returns project. On the other hand, developing countries are capital-starved, and very good projects can spend years before attracting any funds. Thus, capital in developing countries is likely to fund the best ‘high return’ projects ceteris paribus (holding other factors constant). Secondly, given the relative absence of technology, a small amount of capital can ensure jumps in technological investment that can have an important multiplier effect on productivity, incomes, and welfare. Investing in an ox-drawn plough in a peasant area in a developing country can protect the beneficiary family from hunger, potentially also allowing it to sell excess produce on the market. This would not be the same in an advanced country where the ‘ox-drawn’ plough might now be a relic found only in museums.
    Low labour productivity
    With the little or no proliferation of technologies that complement labour, there is also very low labour productivity (output per unit of labour) in developing countries. However, labour complementation is only part of the story. Human capital theory tells us that developing Western countries have had less children per household, allowing them to invest more per child in terms of training and education whereas in a number of developing countries societies still invest in more children per family – hence reducing the amount of money that can be invested per child. Hence, the low labour productivity.
    Poor Institutions
    Institutions are related to the rule of law, transparency, property rights enforcement and corruption (among other issues). Ruttan and Hayami (1984) defines institutions as the organizational or societal rules that assist in facilitating coordination by helping members of the society/organization develop expectations that form the basis of interaction. Corruption, transparency and rule of law are important topics in the development discourse because without them there is little or no development. In the words of Demsetz (1967), “property rights specify how persons may be benefited and harmed, and, therefore, who must pay whom to modify the actions taken by persons”. According to Demsetz (1967), property rights function by ensuring greater internalization of externalities by properly guiding incentives. Externalities (to be discussed in greater detail in later topics) are scenarios in which individuals are affected by a transaction that they are not party to. These effects can either be positive or negative. As an example, if politicians can unfairly benefit from ‘protection payments’ from a business, then property rights are ill-defined and institutions are not well-formed in such a jurisdiction.
    Imperfect Markets
    Perfect markets will be discussed in more detail later in the course in Lesson 3 (Section 3.8). Three defining conditions for perfect markets are free market entry and exit, many buyers and sellers and perfect (widely available) information. Perfect markets are free markets without any exogenous barriers or restrictions. However, in developing countries the low rates of technological proliferation may result in market imperfections. Market imperfections are distorted markets that do not reflect genuine market equilibrium. For example, for certain political ends, a government may enforce certain ideological training programs (diplomas and degrees) in a manner that do not correspond to the dictates of the market in any way, thus creating market distortions by creating an oversupply of graduates that are not sought after on the market. Due to low technological proliferation (internet for example), a recent graduate in a developing country may struggle to find a position that matches his or her profile yet in a developed country there may be job matching programs or even phone applications that match graduate profiles to jobs to create nearly a ‘perfect information’ scenario.
    Low technology proliferation
    Developing countries are also not as technologically advanced as their developed counterparts. The industrial revolution did not take place in many developing parts of the world, and ‘catch-up’ is the name of the ‘game’ that developing countries are currently engaged in. However, importing technology is expensive. Where developing countries do manage to import technology it is usually in the form or finished products or components for assembly. Despite the high technology costs, developing countries also have a long way to go from the perspective of increasing technical capabilities and their applications in universities.
    Raw material exporting
    Related to low technological proliferation, developing countries are mostly raw material exporters because they lack the technology to convert those materials into finished products.
    Plenty of challenges
    ‘You heard that right’. In some developing countries almost nothing works. There are no proper roads, clinics, educational and recreational facilities for young people. In some developing countries there is no electricity and piped water even in urban areas. The schools and universities do not have enough capacity, and there are no proper provisions in the constitution or rather enforcement of property rights to ensure the right incentives are there to attract capital and investment.

  84. Avatar Ugwu Chikaodinaka Augustina says:

    Name:Ugwu Chikaodinaka augustina
    Reg no:2018/246451
    Course code:Eco361
    Department:Economics
    Assignment
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes.

    First,
    What is Development Economics?
    Development Economics is a branch of economics that focuses on improving fiscal,economic and social conditions in developing countries. Development Economics considers factors such as health, education, working conditions, domestic and international policies and market condition with a focus on improving conditions in the world’s poorest countries.

    Development Economics as a multidimensional concept
    Development is a multidimensional process in which both the non economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Roger says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity.
    Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria. Also some plans are put into effect, others have remained on paper.
    Plans can be long term, medium term and short term on the basis of duration of their implementation.
    Long term plans run for a long period, maybe for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set forth in broad terms
    Medium term plan runs for about five years and the development effort is planned in a way that is consistent with the design of the long term plan.
    Short term plans are undertaken in each financial year.

    Development and it’s processes
    What is development?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

    Process of development
    There are three major processes of development, they are;
    1.physical development
    2.cognitive development
    3.socio emotional development

  85. Avatar ASADU FRANCISCA SOMTOCHUKWU says:

    Name: Asadu Francisca Somtochukwu
    Reg No: 2018/241230
    Dept: Education Economics
    Assignment on Eco 361
    WHAT IS DEVELOPMENT?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    WHAT IS DEVELOPMENT ECONOMICS?
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty (Todaro, 1977)
    Development economics is considered as a Multidimensional phenomenon because it focuses on the income of the people and on the improvement of the living standards of the people of the country. Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning that characteristics are malleable or changeable.
    Development economics is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It indicates an increase in the per capita income of every citizen. The standard of living includes various things like safe drinking water, improve sanitation systems, medical facilities, the spread of primary education to improve literacy rate, eradication of poverty, balanced transport networks, increase in employment opportunities, etc. Quality of living standard is the major indicator of economic development. Therefore, an increase in economic development is more necessary for an economy to achieve the status of a Developed Nation.
    PROCESS OF ECONOMIC DEVELOPMENT: CONTRIBUTING FACTORS
    1. Natural Resources:
    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country. In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources.
    2. Human Resources:
    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man­power properly, it will certainly prove to be an important factor in development. The supply of manpower called human resources depends, among other things, on population growth. Thus the size of the population is an important factor of economic development. More labour should, therefore, mean greater potential output. In an under-populated (relative to resources) country, population increases do indeed mean economic growth as more land can be cultivated or more workers may be employed in industry and services.
    3. Capital Resources:
    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth­coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.
    4. Technology:
    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production. Technological progress leads to an improvement in productivity of existing resources.

  86. Avatar Udumukwu Emmanuel Chibueze. 2018/242302 says:

    Name: Udumukwu Emmanuel Chibueze
    Reg no: 2018/242302
    Department: Economics
    Email address: manuelbueze07@gmail.com
    Question: Discuss development economics as a multidimensional concept and processes to development.

    According to investopedia, Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
    Areas that development economics focuses on include health, education, working conditions, and market conditions.

    Development economics as a multi-dimensional concept
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Plans can be long-term, medium-term and short-term on the basis of duration of their implementation.
    THE PROCESSES TO DEVELOPMENT
    1. Physical development.
    2. Cognitive development.
    3. Social development.
    4. Economic development.

  87. Avatar Neboh chiziterem margeretrose says:

    Name: Neboh chiziterem margeretrose
    Reg no:2018/242341
    Email: chiziteremmargret@gmail.com
    Department: Economics

    Question
    In view of this you are required to discuss development economics as a multi-dimensional concept and lucidly explain what you understand by development economics and its process.

    Answer
    Development economics is a branch of economics that focuses on improving fiscal economic and social conditions in developing countries. It involves the creation of theories and methods that aid in the determination of policies and practices that can lead to a country’s development
    Development economics is a multi-dimensional concept because its focus is not only on methods of promoting economic development, economic growth and structural changes buh also a multi-dimensional process involving reorganization and reorientation of the entire economic and social system. It deals with different aspect such as health, education, working conditions, domestic and international policies and market conditions with a focus on improving conditions in the world’s poorest countries.
    Development can be defined as a process that creates growth, progress, postive change or the addition of physical, economic, environmental, social and demographic components. Development includes increase in real per capita income, improvement in living standard of people, reduction on poverty etc.
    Processes of development is used to describe all processes and mechanism that contributes to differentiating, organizing a living being from the start of life onwards. The major processes involved in development includes;
    1] Economic development
    2] Cognitive development
    3] Social development
    4] physical development.

  88. Avatar Kalu Ezinne obiwe says:

    NAME : KALU EZINNE OBIWE
    REG. NUMBER : 2018/247194
    DEPARTMENT : SOCIAL SCIENCE EDUCATION (ECONOMICS EDUCATION)
    EMAIL ADDRESS : kaluezinne007@gmail.com
    ASSIGNMENT : discuss Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.
    DEFINITION OF CONCEPTS
    WHAT IS DEVELOPMENT?
    The concept of development as a generic word encompasses other factors beyond the narrow confines of economic and technological achievements. The term development has its proper meaning and application when appraised within the context of human society. Development addresses the goals and the aspirations of people living in a cultural environment and also tied to their world view.
    Rodney (2005:1) notes that Development in human society is a mere-sided process. At the level of the individual, it implies increased skill and capacity, greater freedom, creativity, self-discipline, responsibility and material well-being.
    According to Asadu(2015), a nations level of development can be judged from the economic, social, cultural, political and spiritual status of such a nation. Above all the individual development of its citizens is paramount, for it is the individual that make up a nation.
    WHAT IS ECONOMIC DEVELOPMENT?
    From the above definitions of development, I can say that economics development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.
    Michael Porter (1998:19-20), in his very influential work, The Competitive Advantage of Nations, considers that, “Economic development seeks to achieve long-term sustainable development in a nation’s standard of living, adjusted for purchasing power parity.”
    Schumpeter views economic development as a fundamental transformation of an economy. This includes altering the industrial structure, the educational and occupational characteristics of the population, and indeed the entire social and institutional fabric.
    WHAT IS A MULTIDIMENSIONAL CONCEPT?
    When we say something is “multidimensional” it implies that Something is complex. You could even call a person multidimensional if he/she had a particularly complicated personality.
    DEVELOPMENT A MULTIDIMENSIONAL CONCEPT
    Development is primarily concerned with economic growth, this means that once there is economic growth a country would develop. There is no one definition of development, as persons have different interpretations of development.
    ECONOMIC DEVELOPMENT AS A MULTIDIMENSIONAL CONCEPT
    Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty (Todaro, 1977).
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through them gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria.
    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for about one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.
    PROCESS OF ECONOMIC DEVELOPMENT
    Process of economic development include:
    1. Natural Resources: This are resources transformed into production. This includes land,soil, mineral deposits, capital labours etc
    2. Human Resources: This has to do with the man power needed in the development of any economy.
    3. Capital Resources: No country can achieve adequate or higher growth if certain minimum rate of capital formation is not realised .
    4. Technology: This is regaged as the most important source of development in any given economy because it increases output, it makes work easier and faster.
    REFERENCES
    https://askinglot.com/what-is-a-multidimensional-concept: retrieved on 10/08/2021.
    https://www.owlgen.in/development-is-a-multi-dimensional-process-discuss: retrieved on 10/08/2021.
    Schumpeter, J. A. (1961). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle (Vol. 55). Transaction Books.

  89. Avatar Onyemelukwe Chinenye Favour says:

    NAME: Onyemelukwe Chinenye Favour
    REG. NO.: 2018/241854
    DEPT: Economics (UNN)
    EMAIL: favourchinenye99@yahoo.com

    Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    Development economics is the study of how (low-income) economies are transformed from stagnation to growth and overcome absolute poverty.

    A multidimensional concept is one with many sides and development economics fits perfectly into this because it considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. It is concerned with the economic, cultural, and political necessities for effecting rapid institutional and structural transformations of entire nations in a manner that will bring economic progress to the broadest segments of their populations.
    The objective of Development Economics is to help us understand developing economies in order to help improve the material lives of the majority of the global population.

    Development can take on different forms, but for an economist, it can traditionally mean achieving sustained rates of growth to enable a nation to expand its output at a rate faster than the growth rate of its population and in turn raise their economic wellbeing.
    Development is a process rather than an outcome; it is dynamic in that it involves a change from one state or condition to another (and ideally, such a change is a positive one)

    Processes of development include;
    •Growth
    For development take place there must be growth, in human, capital and natural resources. A country with a high GDP set a suitable precedence for development.

    •Technological advancement
    Technology refers to our knowledge of how to convert resources into goods and services. Technological progress leads to an improvement in productivity of existing resources aiding development.

    •Institutional environment
    Market economies can flourish provided an appropriate institutional environment prevails. Development requires effective state participation. In today’s changing world, state should complement market.

  90. Avatar OKONKWO CHIKAODINAKA JUSTINA says:

    NAME: OKONKWO CHIKAODINAKA JUSTINA
    REG NO:2018/242322
    EMAIL: okonkwochikaodinaka@gmail.com

    DEVELOPMENT ECONOMICS as a concept can be seen as a complex multi dimensional process Involving improvements in human well being.it is a multi dimensional because it has alot of indicies .Growth is simple to analyze but develop is complex.
    *Pro. Dudley argues that development is about outcomes i.e development occurs when there is reduction or elimination of poverty, inequality and unemployment within a growing economy. Hence compared to the objective of development, Economic growth is easy to realize by a larger mobilisation of resources and their productively active level can be raised.
    *Apart from a rise in output,it involves as in composition of output, shift in the allocation of productive resources and elimination or reduction of poverty, inequality and unemployment.
    NB: Economic development is not possible without Economic growth but growth is not an increase in GNP
    •there must be growth [1st order condition].
    •there must be development [2nd order condition].
    *According to Amartyr Sen”Development requires the removal of many major sources of freedom, poverty as well as tyranny,poor Economic opportunities as well as systematic social deprivatious neglect of public facilities as well as intolerance or over activity of repressive states .Poverty limits a man’s choice of demand, constraint one to the kind of life he wants to live.
    Development is argued as a process of expanding the real freedom that people enjoys.
    Economic development occurs when the standard of living of a large majority of people of the population rises including both income and other dimensions like health and literacy
    components of sustainable development
    •healthy environment
    •social justice
    •economic growth
    Indices To Measure Development
    UN’s human Development index(HDI) measures a country’s average achievements in 3 basic dimension of human development
    •Life expectancy
    •Educational attainment and
    •Adjusted real income (purchasing power parity per person).
    UN’s Human Poverty Index (HPI) measures deprivation using % of people expected to die before age 40, % of literate adults, % of people without access to health services and safe water and the % of under weight children under 5.
    Development Economics is a branch of economics which deals with Economic aspect of development process of low income countries.its focus is not only on methods of promoting Economic growth and structural but also on improving the potential for the mass of the population.
    PROCESSES OF DEVELOPMENT
    Development processes are the steps, approach and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product.
    The processes of development are:
    •Traditional society: Based on subsistence; farming, fishing,forestry and some mining. It is dependent on rural Economy.
    •Preconditions to take-off:it has to do with building of infrastructure that is needed before development can take place. E.g power supply, good road, effective communication. It is dependent on special appreciation of education and skill development.
    •Take-off: Introduction and rapid growth(industrial revolution) of manufacturing industries, better infrastructure, financial investment and cultural change. It is dependent on sub-urban economy.
    •Drive to maturity: New ideas and technology improvement and replacement of old industries. It is dependent on growth and developed economies.
    •Age of high mass consumption: here people have more wealth and so buy goods and services. Welfare systems are fully developed and trade expands. It is dependent on global economy and market managing economies

  91. Avatar Ubechu Agatha Chidinma says:

    Name: Ubechu Agatha Chidinma
    Reg no: 2018/242441
    Dept: Economics
    Email: dinmagatha@gmail.com

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT. Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development.
    By multidimensionality, Baltes is referring to the fact that a complex interplay of factors influence development across the lifespan, including biological, cognitive, and socioemotional changes. Baltes argues that a dynamic interaction of these factors is what influences an individual’s development. Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.

    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.

    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year. Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Economic development is multidimensional concept because

  92. Avatar Obiyo, Uchechukwu Ngozi says:

    Obiyo, Uchechukwu Ngozi
    2018/241841
    When we say something is multidimensional, it simply means that that particular subject can be viewed from various dimensions. This automatically implies that Development Economics as multidimensional means Development Economics can be viewed from many dimensions. From the definitions given by the Development Pundits it can be seen that Development Economics isn’t just viewed from the point of economic development as the name implies but could also be seen from other concept like ensuring the Availability and distribution of life sustaining goods
    and Increase in standard of living (Todaro)

    Development and its processes:
    To a lay man, development is the process of developing or being developed. According to Sid Israel, development is a process that creates growth, progress, positive change, or the addition of physical, economic, environmental, social and demographic content.
    There are processes attached to development and some of them include physical development, cognitive development and social emotional development. There are also basic steps to show the processes of development and they are: Define Desired Outcomes and Actions, Endorse the Process, Establish Criteria, Develop Alternatives or Options, Evaluate, Select, and Refine Alternative or Option, Finalize Documentation and Evaluate the Process.

  93. Avatar Name : Igwe Moses Ozioma Reg No: 2018/246562 says:

    ASSIGNMENT
    DEVELOPMENT AND ITS PROCESSES
    Development can be defined as a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    Development economics on the other hand is a branch of economics that focuses on improving fiscal, economic and social conditions in developing countries. It studies the transformation of emerging nations into more prosperous nations, “hence development economics is about economic development”.
    It is the process of an Economy being developed or the process of Economic Development.

    PROCESSES OF ECONOMIC DEVELOPMENT
    The expression “processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its “level of development.”
    These processes include activities, actions, and operations that involve the production and sale of goods and services.
    There are four major processes of economic development;
    1. peak
    2. Expansion
    3. contraction
    4. trough
    PEAK PHASE; This phase is reached when growth hits its maximum rate. This typically creates some imbalances in the economy that need to be corrected.
    EXPANSION PHASE; During this phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressure builds.
    CONTRACTION PHASE; The correction of the peak phase occurs through a period of contraction when growth slows, employment falls, and prices stagnate.
    TROUGH PHASE; This stage is reached when the economy hits a low point and growth begins to recover

  94. Avatar Aneke nelson maduakonam says:

    Name. Aneke Nelson Maduakonam
    Reg no. 2018/242192
    Gmail: Nelsonmadu80@gmail.com
    Dept: Education Economics
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    While Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is multidimensional and measures the increase in the level of production in an economy along with enrichment of living standards and the advancement of technology.
    Dimensions of economic development

    Fiscal dimensions :
    Fiscal policy can foster growth and human development through a number of different channels. These channels include the macroeconomic (for example, through the influence of the budget deficit on growth) as well as the microeconomic (through its influence on the efficiency of resource use).
    From a macroeconomic perspective, one of the central insights from past research on developing countries is that prudent fiscal policy that is, low budget deficits and low levels of public debt—is a key ingredient for economic growth, which in turn is essential for reducing poverty and improving social outcomes.2 Small budget deficits also reduce the risk of economic crises caused by concerns about the government’s ability to service its debt.

    Economic dimensions
    The economic dimension handles all economic outputs/externalities of the event firm and the individual event. Values measured range from the direct economic impacts on the host community and the world- to the more complex indirect impacts, both being of great interest to event researchers. In the case of the Baseline Evaluation, it is the organisational processes that influence these values that are scrutinized.
    Social dimensions
    sustainable economic development cannot be achieved unless and until social development also takes place. Consequently, the social dimensions of economic development and productivity are as important as the economic dimensions. If the performance of the social sector is inadequate. These conditions are severely hampering economic growth and individual prosperity. More attention and investment is needed to reduce inequality and improve social performance. Part of this process of change is the improvement of social measurement and international statistical standards in the social areas. In the light of:
    Education: large disparity in educational achievement exists among and within countries, which is borne out by the international analysis published annually in Education at a Glance.
    Health care: to a large extent the economic development is being affected buy the level of health care in the country.
    Reducing poverty or improved standard of living: There is a relationship between economic growth on the one hand and income inequality and poverty on the other hand. While economic growth reduces absolute poverty, it does not reduce income inequality. For solid social analysis to take place, a flow of reliable social data are needed

    What is development ?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment
    Process of development

    Natural Resources:
    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country.In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources.

    Human Resources:
    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man­power properly, it will certainly prove to be an important factor indevelopment.The supply of manpower—called human resources—depends, among other things, on population growth. Thus the size of the population is an important factor of economic development. More labour should, therefore, mean greater potential output.
    Capital Resources:
    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth­coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.

    Technology:
    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production.
    Institutional Environment:
    Further progress of present day market economies is now largely influenced by the institutional environment. In other words, market economies can flourish provided an appropriate institutional environment prevails. Development requires effective state participation. In today’s changing world, state should complement market.
    Reference
    Finnemore, Martha (1996). National Interests in International Society. Cornell University Press. pp. 89–97.
    JSTOR 10.7591/j.ctt1rv61rh.
    Simon Kuznets (1966). Modern Economic Growth: Rate, Structure and Spread, Yale University Press, New Haven, Connecticut.
    Kenneth Shepsle and Mark Bonchek (2010), Analyzing Politics, Second Edition, Norton, pp. 67 – 86.

  95. Avatar Chidozie Julieth Chisom says:

    Name- Chidozie Julieth Chisom
    Reg no- 2018/250055
    Department- Education Economics
    Email- chidoziejulieth165@gmail.com

    Development economics – is a branch of economics which deals with economics aspects of development process in low-income countries.
    Multi-dimensional -is having or relating to many dimensions or aspects

    DEVELOPMENT ECONOMICS AS A MULTI-DIMENSIONAL CONCEPT:

    Development economics as a multi-dimensional concept makes development economics complex,development economics involves economics growth Plus progressive change in certain important variables that determine the well-being of the people such as education ,health ,good working conditions e t c .the goal of development economics cannot be fully achieved when the interest of the masses are not considered or when the potentials for the masses of the population are not improved. It is the process by which a nation improves the economic, political, and social wellbeing of its people.
    The World Bank (1991 :49) attests that development must be conceived as a multidimensional process involving major changes in social structures, popular attitudes, and national institutions, as well as the acceleration of economic growth, the reduction of inequality, and the eradication of poverty. development economics is associated with improvement in variety of areas ,not only on promoting economic development ,economic growth and structural change but also on improving the potentials for the masses of the population of low income countries for example through education and health.
    The multi-dimensional nature of development economics makes it’s objective multiple , ranging from examining and improving a developing country both at economic, political and social leve ,the macro and micro level ,the local and international level . these multidimensional goals of development economics are achieved when the wellbeing of the people are improved through building hospital or clinics to improve the health conditions of the masses, establishing schools to reduce illiteracy, improving working conditions, promoting economic development, economics growth and structural change, this therefore means that development economics focus on all levels and dimensions (economic, political and social)of a developing country to ensure that development is achieved.

    Development and its processes:

    DEVELOPMENT: I understand development as an improvement or transformation of something, an institution or a country’s condition, from what it formally is to a more advanced and improved condition,it is a process of establishing something new that can lead to improvement in living standard of people it can be through infrastructural , structural, economics , social development. Development tend to make something more desirable than it use to be .a country is developed when the citizens enjoy good road,power supply,good education, health, employment opportunities, security, desirable balance of payments etc
    Development in relation to economics is the process whereby a nation improves the economic, Political and social well being of the people. A developed nation is characterized by equitable balance of payments,low prices of goods, employment,good working conditions,q patriotic leadership, good roads,power supply , security,health facilities etc,an underdeveloped nation lacks the above feature.

    DEVELOPMENT PROCESSES: are the series of actions or steps which are carried out to achieve development. Development can come in different forms such as biological development, economics development, social development, etc.
    In my understanding, the processes of development with regard to Economics are as follows:
    . (1) Investment -following the view and understanding in the economic world, investment is recognized as a major priority in the area of development . investment brings development into a particular nation ,when companies come into Nigeria to invest into our oil and gas for the purpose of making profits ,it brings development by creating jobs for the people of the country.investment also creates the availability of money circulation in the economic market
    . (2) Manufacturing-these are the steps through which raw materials are transformed into finished goods or products. A good manufacturing company with quality product can lead to a country’s Economic development where people from other countries Can locate a particular product to Nigeria because of it’s effectiveness and standard of production.A good manufacturing company brings quality change in the economic market of a country and it also bring government recognition and awareness of a particular product
    . (3) Innovation process – this is change creation in nature and is very important to the continuing success of any organization in any countries economics . innovation brings creativity and development in the Market economy because it brings quality productivity and when quality productivity emerge in the market system ,it leads to the production of more goods and services which in turn increases a country’s GDP

  96. Avatar AKACHUKWU PRECIOUS CHUKWUEKWOLA says:

    NAME: AKACHUKWU PRECIOUS CHUKWUEKWOLA
    REG NO: 2018/SD/37433
    DEPT: ECONOMICSS EDUCATION
    CORSE CODE: ECO 361
    TITLE: DEVELOPMENT ECONOMICS
    Assignment: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    DISCUSSION

    DEVELOPMENT
    A multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest terms, development can be defined as bringing about social change that allows people to achieve their human potential. An important point to emphasise is that development is a political term: it has a range of meanings that depend on the context in which the term is used, and it may also be used to reflect and to justify a variety of different agendas held by different people or organisations. The idea of development articulated by the World Bank, for instance, is very different from that promoted by Greenpeace activists. This point has important implications for the task of understanding sustainable development, because much of the confusion about the meaning of the term ‘sustainable development’ arises because people hold very different ideas about the meaning of ‘development’ (Adams 2009). Another important point is that development is a process rather than an outcome: it is dynamic in that it involves a change from one state or condition to another. Ideally, such a change is a positive one – an improvement of some sort (for instance, an improvement in maternal health). Furthermore, development is often regarded as something that is done by one group (such as a development agency) to another (such as rural farmers in a developing country). Again, this demonstrates that development is a political process, because it raises questions about who has the power to do what to whom.

    WHAT IS ECONOMICS
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results.
    Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the economy as a whole, and microeconomics, which focuses on individual people and businesses.

    ECONOMIC DEVELOPMENT
    Economic development is the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.
    Economic development first became a major concern after World War II. As the era of European colonialism ended, many former colonies and other countries with low living standards came to be termed underdeveloped countries, to contrast their economies with those of the developed countries, which were understood to be Canada, the United States, those of western Europe, most eastern European countries, the then Soviet Union, Japan, South Africa, Australia, and New Zealand. As living standards in most poor countries began to rise in subsequent decades, they were renamed the developing countries.
    There is no universally accepted definition of what a developing country is; neither is there one of what constitutes the process of economic development. Developing countries are usually categorized by a per capita income criterion, and economic development is usually thought to occur as per capita incomes rise. A country’s per capita income (which is almost synonymous with per capita output) is the best available measure of the value of the goods and services available, per person, to the society per year. Although there are a number of problems of measurement of both the level of per capita income and its rate of growth, these two indicators are the best available to provide estimates of the level of economic well-being within a country and of its economic growth.

    PROCESS OF ECONOMIC DEVELOPMENT: 5 CONTRIBUTING FACTORS
    1.Natural Resources:
    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country.
    In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources.
    Other things remaining the same, the growth and prosperity of a nation may be associated with the kind and size of the resources possessed by it.
    There is a presumption that natural resources are ‘finite’. In fact, no one should ignore the possibility of adding more resources through discovery. Through discovery, opening up and by utilising new resources, many countries in the past had made a higher contribution in output.
    However, that does not mean natural resources are ‘infinite’. Economic processes impact on the of environment. For instance, perils of resource depletion— both renewable and non-renewable— Trough uses generate insurmountable problems on growth and development of a nation. This then suggests conservation of resources so as to have a sustainable development.
    2. Human Resources:
    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man¬power properly, it will certainly prove to be an important factor in development.
    The supply of manpower—called human resources—depends, among other things, on population growth. Thus the size of the population is an important factor of economic development. More labour should, therefore, mean greater potential output. In an under-populated (relative to resources) country, population increases do indeed mean economic growth—as more land can be cultivated or more workers may be employed in industry and services
    It is to be remembered that not only the size of population but also the quality of laboure force is also an important determinant of an economy’s capacity. There is a feeling among some economists that the quality of labour input—human capital— is the single-most important factor of economic development. Modern economists consider resources devoted to education and training as investment in human capital.
    Anyway, the stock of educated and healthy labour force in any economy contributes to growth and development by (a) creating a more productive and healthy labour force endowed with skills and knowledge, (b) opening up employment oppor¬tunities in various sectors of the economy, (c) Indeed, an educated and skilled labour force is a necessary condition for sustained economic growth. Further, there is ample evidence that health and nutrition of a nation affects employment, productivity, and wages favourably. A healthy population is a pre-requisite for economic development.
    3. Capital Resources:
    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth¬coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.
    Capital accumulation or investment refers to the creation of additional capital like plant, equipment, machinery, structures, etc. (physical capital), and social and economic structures like roads, electricity, water, sanitation, etc., to aug¬ment output and income. An increasing amount of capital per worker a rising capital/labour ratio is clearly a major source of productivity or output per man-hour.
    4. Technology:
    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production. Technological progress leads to an improvement in productivity of existing resources.
    It is the result of research, invention, development, and innovation. With the advance¬ment of scientific and technological knowledge, people discover more and more sophisticated techniques of production which steadily raise the productivity levels.
    5.Institutional Environment:
    Further progress of present day market economies is now largely influenced by the institutional environment. In other words, market economies can flourish provided an appropriate institutional environment prevails. Development requires effective state participation. In today’s changing world, state should complement market.
    However, benefits of development must he widespread and inclusive so that poor people can harvest benefit from the market-oriented growth. It is observed that the state, because of poor governance and ineffective institutional framework, fail to protect property rights, law and order, freedom of individuals, human rights, and so on. Even it fails to protect the poor, vulnerable people. An effective economic institution can ensure public services to the poor and give economic incentives through opening better opportunities and empowering the excluded and vulnerable.
    It is thus dear that technological progress in a country depends on both pure and applied science. And science depends on the resources allocated towards research and development. Thus education is of crucial importance in any economy in furthering technological improvement. Besides education, entrepreneurial ability is another impor¬tant determinant of technical progress. Joseph A. Schumpeter assigned a very important role to the entrepreneur in the economic development of a country. In his view, one of the most important functions of the entrepreneur is innovation getting new methods adopted in effective ways.
    ECONOMIC DEVELOPMENT AS A MULTIDIMENTIONAL CONCEPTS
    Development of any component of national economy, particularly such an important one as the system of education is not purely an economic phenomenon but rather a multidimensional process involving reorganization and reorientation of entire economic and social system.
    Development can be considered both as a result and process of enlarging or deepening of the current state, level or situation. Development in the system of education is considered to be aimed at improving the quality of human lives through three equally important aspects (Todaro & Smith, 2009) including –
    1. Raising peoples’ living levels, i.e. income and consumption, levels of food quality and amount, medical services, education through relevant growth processes;
    2. Creating conditions conducive to the growth of peoples’ self-esteem through the establishment of social, political and economic systems and institutions, which promote human dignity and respect;
    3. Increasing peoples’ freedom to choose by enlarging the range of their choice variables, e.g. varieties of goods and services.
    Today, the development of higher schools as research centres is widely recognized, but the current environment, both European and global, requires their multidimensional development as global institutions, i.e. durable and enduring conveners, assemblers of talent, and unmatched idea factories (Crow, 2014), generators of creativity and problem-solving and advancers of societal and economic well-being.
    To develop in this multidimensional perspective, higher schools must adapt and innovate, embrace their cultural, socioeconomic and physical setting, focus on the individual, and become effective partners for global development (ibid.).
    In the economically developed countries, the very notion of success has altered recently – according to Crow, in the new environment successful universities will be those capable of being nimble, anticipatory, imaginative and reactive. We share this opinion but with a correction – we believe that being reactive is a feature of the past; today and particularly tomorrow universities must be proactive. And indeed, universities must be socially embedded, thereby fostering development through direct engagement and they must be willing to take risks to become even greater forces of societal transformation..

  97. Avatar Chidozie Julieth Chisom says:

    Name- Chidozie Julieth Chisom
    Reg no- 2018/250055
    Department- Education Economics
    Email- chidoziejulieth165@gmail.com

    Development economics – is a branch of economics which deals with economics aspects of development process in low-income countries.
    Multi-dimensional -is having or relating to many dimensions or aspects

    DEVELOPMENT ECONOMICS AS A MULTI-DIMENSIONAL CONCEPT:
    Development economics as a multi-dimensional concept makes development economics complex,development economics involves economics growth Plus progressive change in certain important variables that determine the well-being of the people such as education ,health ,good working conditions e t c .the goal of development economics cannot be fully achieved when the interest of the masses are not considered or when the potentials for the masses of the population are not improved. It is the process by which a nation improves the economic, political, and social wellbeing of its people.
    The World Bank (1991 :49) attests that development must be conceived as a multidimensional process involving major changes in social structures, popular attitudes, and national institutions, as well as the acceleration of economic growth, the reduction of inequality, and the eradication of poverty. development economics is associated with improvement in variety of areas ,not only on promoting economic development ,economic growth and structural change but also on improving the potentials for the masses of the population of low income countries for example through education and health.
    The multi-dimensional nature of development economics makes it’s objective multiple , ranging from examining and improving a developing country both at economic, political and social leve ,the macro and micro level ,the local and international level . these multidimensional goals of development economics are achieved when the wellbeing of the people are improved through building hospital or clinics to improve the health conditions of the masses, establishing schools to reduce illiteracy, improving working conditions, promoting economic development, economics growth and structural change, this therefore means that development economics focus on all levels and dimensions (economic, political and social)of a developing country to ensure that development is achieved.

    Development and its processes:

    DEVELOPMENT: I understand development as an improvement or transformation of something, an institution or a country’s condition, from what it formally is to a more advanced and improved condition,it is a process of establishing something new that can lead to improvement in living standard of people it can be through infrastructural , structural, economics , social development. Development tend to make something more desirable than it use to be .a country is developed when the citizens enjoy good road,power supply,good education, health, employment opportunities, security, desirable balance of payments etc
    Development in relation to economics is the process whereby a nation improves the economic, Political and social well being of the people. A developed nation is characterized by equitable balance of payments,low prices of goods, employment,good working conditions,q patriotic leadership, good roads,power supply , security,health facilities etc,an underdeveloped nation lacks the above feature.

    DEVELOPMENT PROCESSES: are the series of actions or steps which are carried out to achieve development. Development can come in different forms such as biological development, economics development, social development, etc.
    In my understanding, the processes of development with regard to Economics are as follows:
    . (1) Investment -following the view and understanding in the economic world, investment is recognized as a major priority in the area of development . investment brings development into a particular nation ,when companies come into Nigeria to invest into our oil and gas for the purpose of making profits ,it brings development by creating jobs for the people of the country.investment also creates the availability of money circulation in the economic market
    . (2) Manufacturing-these are the steps through which raw materials are transformed into finished goods or products. A good manufacturing company with quality product can lead to a country’s Economic development where people from other countries Can locate a particular product to Nigeria because of it’s effectiveness and standard of production.A good manufacturing company brings quality change in the economic market of a country and it also bring government recognition and awareness of a particular product
    . (3) Innovation process – this is change creation in nature and is very important to the continuing success of any organization in any countries economics . innovation brings creativity and development in the Market economy because it brings quality productivity and when quality productivity emerge in the market system ,it leads to the production of more goods and services which in turn increases a country’s GDP

  98. Avatar ASADU FRANCISCA SOMTOCHUKWU says:

    ASADU FRANCISCA SOMTOCHUKWU
    Reg no: 2018/241230
    Dept: Education Economics

    WHAT IS DEVELOPMENT?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    WHAT IS DEVELOPMENT ECONOMICS?
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty (Todaro, 1977)
    Development economics is considered as a Multidimensional phenomenon because it focuses on the income of the people and on the improvement of the living standards of the people of the country. Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning that characteristics are malleable or changeable.
    Development economics is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It indicates an increase in the per capita income of every citizen. The standard of living includes various things like safe drinking water, improve sanitation systems, medical facilities, the spread of primary education to improve literacy rate, eradication of poverty, balanced transport networks, increase in employment opportunities, etc. Quality of living standard is the major indicator of economic development. Therefore, an increase in economic development is more necessary for an economy to achieve the status of a Developed Nation.
    PROCESS OF ECONOMIC DEVELOPMENT: CONTRIBUTING FACTORS
    1. Natural Resources:
    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country. In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources.
    2. Human Resources:
    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man­power properly, it will certainly prove to be an important factor in development. The supply of manpower called human resources depends, among other things, on population growth. Thus the size of the population is an important factor of economic development. More labour should, therefore, mean greater potential output. In an under-populated (relative to resources) country, population increases do indeed mean economic growth as more land can be cultivated or more workers may be employed in industry and services.
    3. Capital Resources:
    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth­coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.
    4. Technology:
    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production. Technological progress leads to an improvement in productivity of existing resources.

  99. Avatar Eze Naomi says:

    EZE NAOMI ONYINYECHI
    2018/241870
    ECONOMICS MAJOR 300L
    naomi.eze.241870@unn.edu
    ECO 361 ONLINE DISCUSSION QUIZ
    discuss Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    Development economics is a branch of economics that focuses on improving fiscal, economic and social conditions in developing countries. It studies the transformation of emerging economies into modern industrial economies. Development Economics is the study of how economies are transformed from stagnation to growth and from low income to high income status, and overcome problems of absolute poverty.
    According to famous development economists Michael P. Todaro. ”Development is regarded as a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, reduction of economic inequality , eradication of absolute poverty.”
    In addition to being concerned with the efficient allocation of existing scarce productive resources and with their sustained growth over time, development Economics also deals with the economic, social, political, and institutional mechanisms, both public and private, necessary to bring about rapid and large-scale improvements in living standards.

    DEVELOPMENT?
    I see development as something not very different from growth. It is simply growth in a more advanced and broader sense. A kind of conspicuous growth that affects more aspects of a Nation.
    According to Todaro(1981:56) refers to development as a multi-dimensional process involving the reorganization and reorientation of the entire economic and social systems.
    According to American Economist W.W. Rostow, there are 5 stages (also known as processes) of development:
    Traditional Stage, Pre-Take Off Stage,Take Off Stage, Stage to Drive to Maturity, High Mass Consumption Stage
    ..The traditional Stage is the primary stages of economic development. In this stage, the economy is dependent upon agriculture. Traditional methods are adopted and family customs and religious beliefs dominate.
    ..The pre-Takeoff Stage is the second stages of economic development and it means that is also known as pre-condition stage. All the factors of production such as raw materials, labor, capital, technology are organized. There are significantly improve events in political, social, and economic spheres.
    ..The Takeoff Stageis the third stages of economic development and it is also called as economic takeoff or stage of economic development. It is a stage of short spaces of radical changes. The economy witness changes in industrial organization, technical, and infrastructural facilities.
    ..The maturity Stageis the fourth stages of economic development and in this, the latest techniques or technologies are adopted and used in old sectors of the economy. The rate of economic development is higher than population growth.This stage is very important because technologies are helping to improve the old concept and transfer into the new concept.
    ..The High Mass Consumption Stage is the fifth and last stages of economic development (The economy is fully developed and self-sustained at this stage). All the goods and services, necessities, comforts, and luxury are produced in the economy itself. The level of consumption, savings, and investment reaches a maximum.

  100. Avatar Ezema Samuel Nnamdi says:

    Ezema Samuel Nnamdi
    Reg.No. 2018/249458

    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 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 economic backward situation. Michael, 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 temporary development experience of African, Asia and Latin America. Debra Ray (2007) puts it that development economics studies economics of developing world and has made excellent use of economic theory, econometrics, anthropology, sociology, political science, biology and demography.
    Development is a process that creates growth,progress, positive change or the addition of physical, economic,environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population and creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of the change.

  101. Avatar Obasi Chidera Godwin says:

    Obasi Chidera Godwin. . 2018/250687 Economics department

    Assignment
    Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes

    As defined above.. Development economics deals with economic aspects of the development process in low income countries.

    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. it studies the transformation of emerging nations into more prosperous nations. some aspects includes determining to what extent rapid population growth helps or hinders development, the role of education and healthcare in development (effects of epidemics, such as HIV, measles, cholera, Ebola virus, Lassa fever etc

    it is said by Roger that development economics is a part of social change in society, that aims towards the advancement of social and material control over the environment of majority of people. . Development is considered one of the basic elements of social and human stability and progress, and it is a process of progress and growth that is partially or continuously comprehensive, varying in its forms, and focuses on achieving progress.
    initially development simple means an event constituting a new stage in a changing situation.

    Comprehensive development: The Comprehensive Development is a long-term plan for urban development. It describes how land is expected to be developed and how land uses may change over time to create a residential and employment hub

    Sustainable development: Sustainable development is the idea that human societies must live and meet their needs without compromising the ability of future generations to meet their own needs. …

    Integrated development: It aims to co-ordinate the work of local(rural) and other spheres of government in a coherent plan to improve the quality of life for all the people living in an area.

    The development of a country has been associated with different concepts but generally encompasses economic growth through higher productivity, Many times the economic development goals of specific countries cannot be reached because they lack the State’s capabilities to do so. For example, if a nation has little capacity to carry out basic functions like security and policing or core service delivery it is unlikely that a program that wants to foster a free-trade zone (special economic zones) or distribute vaccinations to vulnerable populations can’t accomplish their goals

  102. Avatar Udeh Josephine Nkemakoram says:

    Name: Udeh Josephine Nkemakoram
    Reg no: 2018/241843
    Department: Economics
    Course: Eco 361 – Development Economics
    According to famous development economists Michael P. Todaro. ” Economic development is regarded as a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, reduction of economic inequality , eradication of absolute poverty.” To better understand this, the term “development” should be emphasized upon, development can be defined as bringing about social change that allows people to achieve their human potential. it has a range of meanings that depend on the context in which the term is used, in the economic field Simon Kuznets stated that a country’s economic growth may be defined as a long-term rise in capacity to supply increasingly diverse economic goods to its population, this growing capacity based on advancing technology and the institutional and ideological adjustments that it demands. Another definition is Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents.
    ECONOMIC DEVELOPMENT AS A MULTIDIMENSIONAL CONCEPT
    A multidimensional approach is defined as the act of assessing and implementing an approach (e.g., method, tactic, strategy, etc.) that consists of more than one feature/design to address a situation/problem that is considered complex or needs to be assessed from several points of view. This implies a particular subject in this case development economics possessing more than one dimension. Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Economic dimensions could be inflation rate, GDP, poverty index and so many others. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    PROCESSES OF DEVELOPMENT
    Processes are those activities, actions, and operations that involve the production and sale of goods and services. This includes the extraction of raw materials and natural resources, human resources, capital resources, technology, institutional environment. Also various transformations occur in the development process, they are:
    • The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease.
    • The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.
    • The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

  103. Avatar E-Patrick Febosah Mary says:

    NAME: E-PATRICK FEBOSAH
    REGISTRATION NO: 2018/242214
    ECO 361 ASSIGNMENT
    What is Economic Development
    We define economic development as activities that expand capacities to realize the
    potential of individuals, firms or communities who contribute to the advancement of society
    through the responsible production of goods and services. Economic development addresses the
    functioning of the microeconomics of the economy. Without economic development, economic
    growth is limited. The ultimate result of economic development is greater prosperity and higher
    quality of life.

    What then is Development Economics?
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. A good example of such a country is Nigeria. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving these conditions. Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz
    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. It studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary. Students of economics, and professional economists, create theories and methods that guide practitioners in determining practices and policies that can be used and implemented at the domestic and international policy level
    The Multidimensional Nature of Development
    Development Economics is Multidimensional in nature anJeffrey D. Sachsd this is because it’s focus is on improving conditions (social, economic and fiscal) in a developing country. The goal of development economics is achieved through focusing on various sectors which include health, education, working conditions, and market conditions.
    Development Economics branches into population demography. This is due to the fact that some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies. Economists , Andrew Mellinger, and John Gallup argue that a nation’s geographical location and topography are key determinants and predictors of its economic prosperity.[22] Areas developed along the coast and near “navigable waterways” are far wealthier and more densely populated than those further inland. Furthermore, countries outside the tropic zones, which have more temperate climates, have also developed considerably more than those located within the Tropic of Cancer and the Tropic of Capricorn. These climates outside the tropic zones, described as “temperate-near,” hold roughly a quarter of the world’s population and produce more than half of the world’s GNP, yet account for only 8.4% of the world’s inhabited area.[22] Understanding of these different geographies and climates is imperative, they argue, because future aid programs and policies to facilitate must account for these differences.
    Development Economics also focuses on healthcare in developing countries as well as effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.
    It also focuses on ethnicity in respect to development of a country, many developing nations today are in Africa; which as we know has various ethnic groups and cultures. ethnicity
    A growing body of research has been emerging among development economists since the very late 20th century focusing on interactions between ethnic diversity and economic development, particularly at the level of the nation-state. While most research looks at empirical economics at both the macro and the micro level, this field of study has a particularly heavy sociological approach.

    Conclusion
    In conclusion, By studying development economics, you will have the opportunity to apply the tools of economic analysis to the problems and challenges facing less-developed countries, and to begin to understand why some countries have been able to go through a process of economic and human development whilst others have languished.

  104. Avatar Ani Ozoemena Emmanuel 2018/248134 says:

    Name:Ani Ozoemena Emmanuel
    Reg:2018/248134
    Department:Combine social science (Eco/Soc)

    Development economics is a process that creates growth, progress, favourable change or an addition of physical, economic , environmental, social and demographic components.
    In the economic study of the public sector, economic development is the process of enhancing the economic welfare and the quality of life of a nation, region, and individuals according to the planned goal and objectives
    DEVELOPMENT PROCESSES
    According to Todero, there are three processes that needs to be achieved for economic development to take place. Which are
    1: Availability and distribution of life sustainable goods
    2: increase in standard of living
    3: Expansion of economic and social choices.
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development economics being a multidimensional concept implies that it cuts across different but related aspects, which is the reason why it can be referred to in different ways.for example,
    Sen defined economic development as a process which involves improving peoples well being and quality of life.while
    Rogers defined economic development as a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through gaining greater control over their environment.

  105. Avatar Peter Emmanuel uzoma says:

    NAME: PETER EMMANUEL UZOMA
    REG NO:2018/246577
    DEPARTMENT: ECONOMICS EDUCATION
    ASSIGNMENT ON 361(development economics)
    QUESTION:DISCUSS DEVELOPMENT ECONOMICS AS A MULTI DIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES.

    What Is Development Economics?
    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.
    Development economics is also a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws. Students of economics, and professional economists, create theories and methods that guide practitioners in determining practices and policies that can be used and implemented at the domestic and international policy level. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development.They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.

    Development economics as a multidimensional concept
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper. Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.

    Development and its process
    What is development
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    development process is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its level of development.The different phenomena involved in development must be considered in terms of the somatic level (morphological growth, development of physiological functions), behavioral level and psychic level, the level of psychogenesis. The work of genetic (or developmental ) psychology is defined in terms of this last level, but an essential aspect of psychoanalytic theory and clinical practice is also situated at this level.

  106. Avatar Aneke Nelson maduakonam says:

    Name. Aneke Nelson Maduakonam
    Reg no. 2018/242192
    Gmail: Nelsonmadu80@gmail.com
    Dept: Education Economics

    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    While Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is multidimensional and measures the increase in the level of production in an economy along with enrichment of living standards and the advancement of technology.

    Dimensions of economic development

    Fiscal dimensions :
    Fiscal policy can foster growth and human development through a number of different channels. These channels include the macroeconomic (for example, through the influence of the budget deficit on growth) as well as the microeconomic (through its influence on the efficiency of resource use).
    From a macroeconomic perspective, one of the central insights from past research on developing countries is that prudent fiscal policy that is, low budget deficits and low levels of public debt—is a key ingredient for economic growth, which in turn is essential for reducing poverty and improving social outcomes.2 Small budget deficits also reduce the risk of economic crises caused by concerns about the government’s ability to service its debt.

    Economic dimensions :

    The economic dimension handles all economic outputs/externalities of the event firm and the individual event. Values measured range from the direct economic impacts on the host community and the world- to the more complex indirect impacts, both being of great interest to event researchers. In the case of the Baseline Evaluation, it is the organisational processes that influence these values that are scrutinized.

    Social dimensions

    sustainable economic development cannot be achieved unless and until social development also takes place. Consequently, the social dimensions of economic development and productivity are as important as the economic dimensions. If the performance of the social sector is inadequate. These conditions are severely hampering economic growth and individual prosperity. More attention and investment is needed to reduce inequality and improve social performance. Part of this process of change is the improvement of social measurement and international statistical standards in the social areas. In the light of:

    Education:large disparity in educational achievement exists among and within countries, which is borne out by the international analysis published annually in Education at a Glance.

    Health care: to a large extent the economic development is being affected buy the level of health care in the country.

    Reducing poverty or improved standard of living: There is a relationship between economic growth on the one hand and income inequality and poverty on the other hand. While economic growth reduces absolute poverty, it does not reduce income inequality. For solid social analysis to take place, a flow of reliable social data are needed

    What is development ?

    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment
    Process of development

    Natural Resources:

    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country.In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources.

    Human Resources:

    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man­power properly, it will certainly prove to be an important factor in development.The supply of manpower—called human resources—depends, among other things, on population growth. Thus the size of the population is an important factor of economic development. More labour should, therefore, mean greater potential output.
    Capital Resources:
    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth­coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.

    Technology:

    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production.

    Institutional Environment:
    Further progress of present day market economies is now largely influenced by the institutional environment. In other words, market economies can flourish provided an appropriate institutional environment prevails. Development requires effective state participation. In today’s changing world, state should complement market.

    Reference
    Finnemore, Martha (1996). National Interests in International Society. Cornell University Press. pp. 89–97. JSTOR 10.7591/j.ctt1rv61rh.

    Simon Kuznets (1966). Modern Economic Growth: Rate, Structure and Spread, Yale University Press, New Haven, Connecticut.

    Kenneth Shepsle and Mark Bonchek (2010), Analyzing Politics, Second Edition, Norton, pp. 67 – 86.

  107. Avatar Peter Emmanuel uzoma says:

    NAME: PETER EMMANUEL UZOMA
    REG NO:2018/246577
    DEPARTMENT: ECONOMICS EDUCATION
    ASSIGNMENT ON 361(development economics)
    QUESTION:DISCUSS DEVELOPMENT ECONOMICS AS A MULTI DIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES.
    What Is Development Economics?
    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.
    Development economics is also a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws. Students of economics, and professional economists, create theories and methods that guide practitioners in determining practices and policies that can be used and implemented at the domestic and international policy level. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development.They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.
    Development economics as a multidimensional concept
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper. Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.
    Development and its process
    What is development
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    development process is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its level of development.The different phenomena involved in development must be considered in terms of the somatic level (morphological growth, development of physiological functions), behavioral level and psychic level, the level of psychogenesis. The work of genetic (or developmental ) psychology is defined in terms of this last level, but an essential aspect of psychoanalytic theory and clinical practice is also situated at this level.

  108. Avatar Ugochukwu ugonnaya Judith says:

    Name: ugochukwu ugonnaya Judith
    Reg No: 2018/244297
    Dept: Education economics
    Assignment: Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes.

    What is Development?
    According to the English dictionary, Development is the process of making progress, applying new ideas to practical problems, and effecting change.
    Development as a concept has attracted the attention of many schools of thoughts over time. Eurocentric school sees development purely from the point of view of technological advancement.
    Margery Perham saw the concept in terms of having stone houses, wheels, and the plough. Those with no such indices of development are termed as primitive, undercivilized, and underdeveloped.
    The term development has it’s proper meaning and application when appraised within the context of human society. The concept of development addresses the goals and aspirations of a people living in a cultural environment and is also tied to their world view.

    What is Development economics?
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social condition of developing countries. It considers factors such as health, education, working condition, domestic and international policies, and market condition in the world’s poorest countries.
    Development economics studies the transformation of emerging Nations into more prosperous Nations. Strategy for transforming a developing economy tends to be unique because the social and political backgrounds of countries can vary dramatically.

    What is Development economics as a multidimensional concept?
    Describing something as multidimensional implies that it’s complex. It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. There is no one definition of development as a person have different interpretation of development.

    How is Development multidimensional?
    It means that it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidimensional multidimensional and results in gains and losses throughout life.
    Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty….. (Todaro 1977)
    Development is a multidimensional process in which both non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity.

    Processes of development
    There are there three major processes of development in the common sense of the word. They are;
    * Physical development
    This refers to the advancement of major skills or in other words ability to use and control the body. Bringing it to the economy, this is the the stage of development where the whole economy moves in unison as one, everything working together.
    * Cognitive development
    This refers to how thinking are formed. The development of knowledge, skills, problem solving, and dispositions which help people to think about and understand the world around them. Brain development is part of cognitive development.. In the economy, this is the stage where planning and budgeting are made to better the economy.
    * Social emotional development
    This represents a specific domain of development. It is a gradual process through which people acquire the capacity to understand, experience, express, and manage emotion and to develop meaningful relationship with others. In an economy, this is the stage where they can relate with external factors such as import and export market, take risks, accept losses and still bounce back.

  109. Avatar Onwujiuba Obianuju Nnenna says:

    NAME: ONWUJIUBA OBIANUJU NNENNA
    REG NO.: 2018/247080
    DEPT: COMBINED SOCIAL SCIENCES
    COMBINATION: ECONOMICS/POLITICAL SCIENCE
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL DIMENSIONAL CONCEPT
    Development economics is a branch of economics that focuses on improving fiscal, economic and social conditions in developing countries. It considers factors such as; health, education, working conditions, domestic and international policies and market conditions with a focus on improving living conditions in the world’s poorest countries. As a multidimensional concept it does not only consider the above mentioned factors, it also examines both macro and micro economic factors relating to the structure of developing economies as well as domestic and international economic growth. It studies the transformation of emerging nations into more prosperous nations and how this is achieved.
    There are different aspects to development economics and it includes;
    -to what extent rapid population growth helps or hinders development
    -The structural transformation of economies
    -The roles of education and health care in development.
    DEVELOPMENT AND PROCESSES OF DEVELOPMENT
    Development is any process that brings about growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. In its simplest terms it can be defined as bringing about social change that allows people to achieve their human potentials.
    PROCESSES OF DEVELOPMENT
    The process of development is used to describe all the factors and mechanisms that contribute to the improvement of economies and living conditions in any country. These include ;
    -Natural resources
    -Human resources
    -Capital resources
    -Technology
    -institutional environment

  110. Avatar Ezema Samuel Nnamdi says:

    Ezema Samuel Nnamdi
    Reg.No. 2018/249458
    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 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. Michael,P. (2003) 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 of traditional economics analysis along with new models and border multi disciplinary approaches from historical and co temporary development experience of Africa, Asia and Latin America. Debraj Ray (2007) puts it that development economics studies economics of developing world and has made excellent use of economic theory, econometrics, anthropology, sociology,political science, biology and demography.
    Development is the process that creates growth, progress, positive change or the addition of physical, economic, environmental , social and demographic components. The purpose of development is a rise in the level and quality of life of the population and creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

  111. Avatar Aneke Nelson maduakonam says:

    Dept. Education economics
    Name. Aneke Nelson Maduakonam
    Reg no. 2018/242192
    Gmail: Nelsonmadu80@gmail.com

    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. While Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is multidimensional and measures the increase in the level of production in an economy along with enrichment of living standards and the advancement of technology.

    Dimensions of economic development

    Fiscal dimensions
    Fiscal policy can foster growth and human development through a number of different channels. These channels include the macroeconomic (for example, through the influence of the budget deficit on growth) as well as the microeconomic (through its influence on the efficiency of resource use). From a macroeconomic perspective, one of the central insights from past research on developing countries is that prudent fiscal policy that is, low budget deficits and low levels of public debt—is a key ingredient for economic growth, which in turn is essential for reducing poverty and improving social outcomes.2 Small budget deficits also reduce the risk of economic crises caused by concerns about the government’s ability to service its debt.

    Economic dimensions
    The economic dimension handles all economic outputs/externalities of the event firm and the individual event. Values measured range from the direct economic impacts on the host community and the world- to the more complex indirect impacts, both being of great interest to event researchers. In the case of the Baseline Evaluation, it is the organisational processes that influence these values that are scrutinized.

    Social dimensions:
    sustainable economic development cannot be achieved unless and until social development also takes place. Consequently, the social dimensions of economic development and productivity are as important as the economic dimensions. If the performance of the social sector is inadequate. These conditions are severely hampering economic growth and individual prosperity. More attention and investment is needed to reduce inequality and improve social performance. Part of this process of change is the improvement of social measurement and international statistical standards in the social areas. In the light of:

    Education
    :large disparity in educational achievement exists among and within countries, which is borne out by the international analysis published annually in Education at a Glance.

    Health care:
    to a large extent the economic development is being affected buy the level of health care in the country.

    Reducing poverty or improved standard of living:
    There is a relationship between economic growth on the one hand and income inequality and poverty on the other hand. While economic growth reduces absolute poverty, it does not reduce income inequality. For solid social analysis to take place, a flow of reliable social data are needed.

    What is development?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment Process of development Natural Resources: Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country.In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources.

    Human Resources:
    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man­power properly, it will certainly prove to be an important factor in development.The supply of manpower—called human resources—depends, among other things, on population growth. Thus the size of the population is an important factor of economic development. More labour should, therefore, mean greater potential output.

    Capital Resources:
    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth­coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.

    Technology:
    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production.

    Institutional Environment:
    Further progress of present day market economies is now largely influenced by the institutional environment. In other words, market economies can flourish provided an appropriate institutional environment prevails. Development requires effective state participation. In today’s changing world, state should complement market.

    Reference
    Finnemore, Martha (1996). National Interests in International Society. Cornell University Press. pp. 89–97. JSTOR 10.7591/j.ctt1rv61rh.

    Simon Kuznets (1966). Modern Economic Growth: Rate, Structure and Spread, Yale University Press, New Haven, Connecticut.

    Kenneth Shepsle and Mark Bonchek (2010), Analyzing Politics, Second Edition, Norton, pp. 67 – 86.

  112. Avatar Iheukwumere Chinedu Kingsley says:

    Name: Iheukwumere Chinedu Kingsley
    Reg. Number: 2018/243099
    Department: Economics/Political science
    Course Code: Eco 361
    Course title: Development Economics 1
    Email address: leonedkingsley@gmail.com

    DISCUSSION

    Economic Development as a Multidimensional Concept

    An economy as it is conventionally known is simply made up of the households, the firms, and the government (closed economy), where members of the economy belongs to either one or all of the different component of the economy. In economic terms, economy is used more or less to refer to the same thing as country.
    Development is a multi-versatile phenomenon or concept that can’t be said to belong to any particular field of study, rather, it cuts across several fields of studies and can stand out to mean different things in those fields of study, but the basic or common theme or concept of development is that it’s a process that cause a positive advancement in
    the original condition of a thing or a person.
    A multidimensional concept simply means a concept that has different aspects or perspective from which it can be viewed or interpreted from.

    Development Economics as a multidimensional concept simply
    means that there are several aspects and components that makes up
    the development of an economy. Development, as an abstract or
    independent concept, on its own can’t be said to be peculiar to any
    phenomenon but the very term ‘economics’ in the word phrase ‘development economics’ indicates it to be in relation to man (refer to previous definition of an economy). Hence, development economics as a multidimensional concept simply looks at the multifaceted process of
    development that causes a direct impact on the welfare of man’s living. Economic development is done within the territory of a nation or country.

    Process of Economic Development

    According to most development economists, there are three (3)
    processes or stages of development within an economy:
    1. The structural transformation of the economy
    2. The demographic transition
    3. The process of urbanization
    The Structural Transformation of an economy simply refers to a situation whereby what makes up the G.D.P (Gross Domestic Product) of an economy, that is, the dominant goods produced domestically within the country, changes or shifts from what it used to be to something else, for instance, an Agricultural based
    structure of an economy to an industrial based structure of an economy where people move from agriculture to industrialization.

    The Demographic Transition is simply a situation or the state of an economy where the population of that economy is affected by the fertility rate (how much they reproduce), mortality rate and life expectancy of the people; where an increase of the fertility rate and a decrease in mortality rate increases the population size, and life expectancy of the people increases the people increases as a result of adequate access to healthcare facilities and substances.

    The Process of Urbanization is simply the situation in an economy where people residing in the rural part of the nation migrates to the urban parts to seek for jobs and higher earnings to afford the cost of living and the transformation of semi-urban areas into fully
    urban areas.

    The process of development economics as a multidimensional concept highlights the different aspects of the economic development of man, in the sense that, man himself is a multidimensional or multifaceted being whose life is made up and affected by several factors, structurally, socially, and environmentally.
    Development Economics which, in this case is skewed towards man, is a multidimensional concept because man himself is a multidimensional being, hence, development economics must take into account of the several dimensions or factors or components that makes
    for the advancement of or causes a positive change in the life of man; improvement in the strategies that is used as a template for the distribution of resources among the people of a nation or an economy, increase and affordable access to healthcare to everyone regardless of one’s social status, provision of employment for the unemployed, efficiency in the structure put in place by the government to provide the basic amenities needed by the people within the state, control of all forms of pollution that may be harmful to the people’s health, increased standard of living and affordable cost of living, realistic and executable plans and schemes that increases the general quality of life of the people.

    Reference: https://programs.online.american.edu/econ/masters-economics/resources/stages-of-economic-development.

  113. Avatar Mbah Chisom Mary says:

    Name: mbah chisom Mary
    Reg. No: 2018/244295
    Email address: chisommary111@gmail.com
    Discussion quiz on Eco 361
    Answer to the question why development economics is considered a multidimensional concept
    Multidimensional means something to be complex, something with many or different parts. Development economics was initially believed to mean the process by which the economics well-being and quality of life of a nation, religion,local community or an individual are improved according to targeted goals and objectives. It was once a worthwhile belief that development is primarily concerned with economic growth meaning that once there was economic growth, a country will develop.
    Development economics deals with the overall processes and procedures necessary for the improvement and development of both the individual persons in the society and the society at large. It encompasses the development of both human and material aspects of an economy.
    Explanation of development and it’s processes
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The process of economic and social transformation that is based on complex cultural environmental factors and their interactions. It can be said to be an improvement of certain situation or an advancement in all aspects of an economy.
    However, Umuru, (2002) gave a list of what constitutes development to include urbanization, socio-cultural transformation, Mass literacy, vertical and horizontal mobility, employment opportunities and the emergence of specialized and independent occupational roles. Gboyega (2003) captures development as an idea that embodies all attempts to improve the conditions of human existence in all ramifications.
    From the above definitions, development is understood as a process through which the political, social and cultural institutions are transformed so as to improve the living standard and the life chances of the people within the society, (okpoko, (ed.), 2006).
    Processes of development
    The processes of development refers to those actions that aids or brings about development. It is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    The processes of economic development include:
    1. Natural resources: The quantity and availability of natural resources affect the rate of economic growth. The discovery of more natural resources, such as oil or mineral deposits, will give a boost to the economy by increasing a country’s production capacity. The effectiveness of a county at utilizing and exploiting its natural resources is a function of the skills of the labor force, type of technology and the availability of capital. Skilled and educated workers are able to use these natural resource to spur the growth of the economy.
    2. Human resources: The skills, education and training of the labor force have a direct effect on the growth and development of an economy. A skilled, well-trained workforce is more productive and will produce a high-quality output that adds efficiency to an economy while a shortage of skilled labor can be a deterrent to economic growth. An under-utilized, illiterate and unskilled workforce will become a drag on an economy and may possibly lead to higher unemployment.
    3. Physical resources: Improvements and increased investment in physical capital – such as roadways, machinery and factories – will reduce the cost and increase the efficiency of economic output. Higher productivity leads to increased output. Labor becomes more productive as the ratio of capital expenditures per worker increases. An improvement in labor productivity increases the growth rate of the economy.
    4. Improvement in technology: Improvements in technology have a high impact on economic growth. The application of better technology means the same amount of labor will be more productive, and economic growth will advance at a lower cost.

  114. Avatar Ezenwa chibuzo franklin says:

    NAME:EZENWA CHIBUZO FRANKLIN
    REG NO:2018/242324
    DEPT: ECONOMICS/EDUCATION
    ASSIGNMENT :Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and its process ANSWERS
    WHAT IS DEVELOPMENT ECONOMIC :Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    Development Economic as a dimensional concept. Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity.
    process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity.
    DEVELOPMENT AND ITS PROCESSES
    What is development: Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment.
    ITS PROCESSES
    The expression “processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its “level of development.”
    The different phenomena involved in development must be considered in terms of the somatic level (morphological growth, development of physiological functions), behavioral level and psychic level, the level of psychogenesis.

  115. Avatar Okechukwu chioma Sandra says:

    Name:Okechukwu chioma sandra
    Reg no:2018/243748
    Dept: Economics

    Assignment:
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes.
    Development economics
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
    Areas that development economics focuses on include health, education, working conditions, and market conditions.
    Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of povetry.
    Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory.

    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.

    Development economics as a multidimensional process::
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.

    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.

    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.

    Processes of development

    This is all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its “level of development.”

    The different phenomena involved in development must be considered in terms of the somatic level (morphological growth, development of physiological functions), behavioral level and psychic level, the level of psychogenesis. The work of genetic (or developmental ) psychology is defined in terms of this last level, but an essential aspect of psychoanalytic theory and clinical practice is also situated at this level.

  116. Avatar Aneke Nelson maduakonam says:

    Dept. Education economics
    Name. Aneke Nelson Maduakonam
    Reg no. 2018/242192
    Gmail: Nelsonmadu80@gmail.com

    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    While Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is multidimensional and measures the increase in the level of production in an economy along with enrichment of living standards and the advancement of technology.

    Dimensions of economic development

    Fiscal dimensions
    Fiscal policy can foster growth and human development through a number of different channels. These channels include the macroeconomic (for example, through the influence of the budget deficit on growth) as well as the microeconomic (through its influence on the efficiency of resource use).
    From a macroeconomic perspective, one of the central insights from past research on developing countries is that prudent fiscal policy that is, low budget deficits and low levels of public debt—is a key ingredient for economic growth, which in turn is essential for reducing poverty and improving social outcomes.2 Small budget deficits also reduce the risk of economic crises caused by concerns about the government’s ability to service its debt.

    Economic dimensions
    The economic dimension handles all economic outputs/externalities of the event firm and the individual event. Values measured range from the direct economic impacts on the host community and the world- to the more complex indirect impacts, both being of great interest to event researchers. In the case of the Baseline Evaluation, it is the organisational processes that influence these values that are scrutinized.

    Social dimensions
    sustainable economic development cannot be achieved unless and until social development also takes place. Consequently, the social dimensions of economic development and productivity are as important as the economic dimensions. If the performance of the social sector is inadequate. These conditions are severely hampering economic growth and individual prosperity. More attention and investment is needed to reduce inequality and improve social performance. Part of this process of change is the improvement of social measurement and international statistical standards in the social areas. In the light of:
    Education:large disparity in educational achievement exists among and within countries, which is borne out by the international analysis published annually in Education at a Glance.
    Health care: to a large extent the economic development is being affected buy the level of health care in the country.
    Reducing poverty or improved standard of living: There is a relationship between economic growth on the one hand and income inequality and poverty on the other hand. While economic growth reduces absolute poverty, it does not reduce income inequality. For solid social analysis to take place, a flow of reliable social data are needed
    What is development
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment
    Process of development
    Natural Resources:
    Resources created not through human effort but available from nature and transformed into productive resources have been playing an important role in the development process of a country.In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. The critical element here is the availability of such resources.
    Human Resources:
    Labour is a basic input for virtually all production. It is not possible to make the best possible utilisation of existing natural resources unless there is sufficient manpower. If a country is able to utilise its man­power properly, it will certainly prove to be an important factor in development.The supply of manpower—called human resources—depends, among other things, on population growth. Thus the size of the population is an important factor of economic development. More labour should, therefore, mean greater potential output.
    Capital Resources:
    Increases in labour and land productivity, in their turn, depend greatly upon new technology and increased capital resources. The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is argued that lack of capital is the principal obstacle to growth and no plan for economic development will succeed unless adequate capital is forth­coming. No country can achieve higher growth if certain minimum rate of capital formation is not realised.
    Technology:

    Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolutionising our lives since the dawn of human history. Modem day technological progress that is going on is something unique as far as its depth and rapidity are concerned. Technology refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production.
    Institutional Environment:
    Further progress of present day market economies is now largely influenced by the institutional environment. In other words, market economies can flourish provided an appropriate institutional environment prevails. Development requires effective state participation. In today’s changing world, state should complement market.

    Reference
    Finnemore, Martha (1996). National Interests in International Society. Cornell University Press. pp. 89–97. JSTOR 10.7591/j.ctt1rv61rh.

    Simon Kuznets (1966). Modern Economic Growth: Rate, Structure and Spread, Yale University Press, New Haven, Connecticut.

    Kenneth Shepsle and Mark Bonchek (2010), Analyzing Politics, Second Edition, Norton, pp. 67 – 86.

  117. Avatar Nwakpa Ruth Nnenna. 2018/242402. Economics department says:

    What is Development?
    Development is multidimensional concept does not have a single definition (Sumners and Tribe); the interpretation can vary from each individual, politician, international institutions, and development agencies, hence leading to the “complexity and ambiguity” (Thomas 200, p.773) that currently exists in trying to define the term.

    Economic development takes into account the following information:
    Average life expectancy, i.e., how long people people’s lifespans are.
    Education standards.
    Literacy rates, i.e., what percentage of the population can read.
    Environmental standards.
    Availability of housing, plus the quality of housing.
    Access to healthcare. This takes into account the number of doctors per thousand people, access to affordable medicine, etc.
    Income per capita.

    The four stages of the economic cycle are also referred to as the business cycle. These four stages are expansion, peak, contraction, and trough.

    During the expansion phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressures build. The peak of a cycle is reached when growth hits its maximum rate. Peak growth typically creates some imbalances in the economy that need to be corrected. This correction occurs through a period of contraction when growth slows, employment falls, and prices stagnate. The trough of the cycle is reached when the economy hits a low point and growth begins to recover.

  118. Avatar EZEA SOPULUCHUKWU LUKE says:

    NAME::EZEA SOPULUCHUKWU LUKE

    REG NO::2018/251024

    EMAIL::sopuluchukwuluke@gmail.com

    DEPARTMENT:: ECONOMICS
    ASSIGNMENT
    DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT?

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.

    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.

    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.

    Describing something as multidimensional implies that it’s complex. You could talk about a multidimensional book filled with intricate themes, characters, plots, and symbols; or you could even call a person multidimensional if she had a particularly complicated personality. The word dimension forms the root of multidimensional, so if you imagine “many dimensions,” you’ll have a clear idea of what the word means.

    What is Multidimensional Approach
    1.The act of assessing and implementing an approach (e.g., method, tactic, strategy, etc.) that consists of more than one feature/design to address a situation/problem that is considered complex or needs to be assessed from several points of view.

    Sustainable development imposed itself as a corollary of economic term “development”. Sustainable development is meant to be the summation of economic, environmental and social considerations for the present and especially for the future. The concept of sustainable development plays an important role in european and global meetings since 1972, the year it has been set for the first time. Strategies necessary to achieve the objectives of sustainable development have been developed, indicators meant to indicate the result of the implementation of policies have been created, national plans were oriented towards achieving the proposed targets. I wanted to highlight the multidimensional character of the concept of sustainable development. Thus, using specialized national and international literature, I have revealed different approaches of one pillar to the detriment of another pillar depending on the specific field. In the different concepts of sustainable development, the consensus is undoubtedly agreed on its components: economic, social, environmental. Based on this fact, the concept of sustainability has different connotations depending on the specific content of each discipline: biology, economics, sociology, environmental ethics. The multidimensional valence of sustainable development consists of three pillars ability to act together for the benefit of present and future generations. Being a multidimensional concept, importance attached to a pillar over another is directed according to the particularities of each field: in economy profit prevails, in ecology care of natural resources is the most important, the social aims improving human living conditions. The challenge of sustainable development is to combine all the economic, environmental and social benefits and the present generation to come. Ecological approach is reflected in acceptance of limited natural resources by preserving natural capital. In terms of the importance of environmental pillar, the genesis of the concept should be considered. „Ecodevelopment” term stated in the World Conference on Environment in Stockholm in 1972 underlies sustainable development. Social approach implies eradicate poverty, providing better living conditions in terms of education, income, and the environment. When a nation’s standard of living is high, also cares for the environment is high. This is one relation between social and environment pillars. Regarded from an economic perspective, sustainable development implies a maximum profit in terms of satisfaction other pillars of sustainability: pillar environment by preserving natural capital and social pillar by increasing welfare, employment insurance, respecting the principle of equity. On perspective economy-environment relationship, sustainable development is not quantity but quality. Regardless of the approach, sustainable development requires simultaneously ensuring of economic development, environmental protection and social welfare, resulting interrelationship between the three pillars: social, economic, environmental. Sustainable development through its components – economic and environmental – has only one beneficiary – the human factor who receives income, good quality environmental factors, and enjoys equity generations.

  119. Avatar Nwakpa Ruth Nnenna. 2018/242402 says:

    What is Development?
    Development is multidimensional concept does not have a single definition (Sumners and Tribe); the interpretation can vary from each individual, politician, international institutions, and development agencies, hence leading to the “complexity and ambiguity” (Thomas 200, p.773) that currently exists in trying to define the term.

    Economic development takes into account the following information:
    Average life expectancy, i.e., how long people people’s lifespans are.
    Education standards.
    Literacy rates, i.e., what percentage of the population can read.
    Environmental standards.
    Availability of housing, plus the quality of housing.
    Access to healthcare. This takes into account the number of doctors per thousand people, access to affordable medicine, etc.
    Income per capita.

    The four stages of the economic cycle are also referred to as the business cycle. These four stages are expansion, peak, contraction, and trough.

    During the expansion phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressures build. The peak of a cycle is reached when growth hits its maximum rate. Peak growth typically creates some imbalances in the economy that need to be corrected. This correction occurs through a period of contraction when growth slows, employment falls, and prices stagnate. The trough of the cycle is reached when the economy hits a low point and growth begins to recover.

  120. Avatar Onah Pascal Chukwuebuka says:

    Name: Onah Pascal Chukwuebuka.
    Reg. Number:2018/248446.
    Department: Economics/Psychology.
    Email address: Pascalonah1@gmail.com.
    Course Code: Eco 361
    Course title: Development Economics 1.

    DISCUSSION:

    Development Economics as a Multidimensional Concept
    The very concept of the word ‘development’ has an ambiguous
    meaning, in the sense that, development is not a phenomenon that is
    generic to any particular field of study, rather the concept of
    development can be found in several diverse field of study and we can
    then see the same word with the same spelling, portray different
    meaning in different field of study, hence, the meaning to the concept of
    development is given by or aligned to the word or concept it is
    associated to at any point in time.
    The concept of development generally denotes an advancement or a
    positive change in someone or something that yields positive outcome or
    results.
    Therefore, in context of the idea of ‘development economics as a
    multidimensional concept’, it simply means that development economics
    or the development of an economy is made up of different aspects or
    components that forms the several dimensions of the economy’s
    development, hence, the economy cannot be said to have attained a
    sustainable level of development by simply just an advancement or a
    positive change in one component or one dimension of the several
    dimensions that makes up the development of the economy.
    Processes of Development Economics
     Natural Resources: These are resources not created by man,
    rather they are given or provided by nature to man; and these
    resources which are transformed into productive resources which
    contributed immensely to the development process of man.
     Human Resources: These are simply resources created or
    produced by man or from man’s effort that enhances the
    development process of an economy. For instance, labour is a
    human resource.
     Capital Resources: These are resources that are used by a nation
    to produce further resources and enhances productivity within a
    country which then leads to an advancement in the development
    process of an economy.
     Technology: This simply refers to man’s technical know-how which
    has revolutionized the way things are done and has enhanced
    productivity which leads to an advancement in the development
    process of the economy.
     Institutional Environment: The institutional environment simply
    refers to the institutional organization put in place to enhance the
    effectiveness of economic activities within the nation and enhance
    the quality of life of the people which then leads to an
    advancement in the development process of the nation.
    Development Economics as a multidimensional concept indicates or
    signifies that there are several dimensions to the development of an
    economy, and this development is simply the process that leads to an
    advancement or a positive change in the state of each of these
    dimensions of development economics.
    Hence, development economics, being a social science concept, has
    its centre focus on Man. Therefore, all economic development is toward
    the aim of benefiting and advancing the welfare and quality of life of
    humanity or Man. Therefore, economic development as a
    multidimensional concept is a development process that doesn’t just
    cause an advancement in the method and strategic planning pattern of
    development but also cause a positive change or advancement in the
    economic, social and environmental life of Man. In essence, there shall
    be an improvement in the living standard of the people, better healthcare
    system that increase equitable access to healthcare facilities, thereby
    increasing the life expectancy ratio of the people, increase in individual
    earnings, improvement in the provision of basic amenities like roads
    provided by the government, reduction and control of waste and
    environmental hazards, increase in employment ratio and creation of
    schemes and programmes that enhances the earning capability of
    citizens, equitable access to education, also, freedom of worship
    because it increases the quality of human life, security of lives and
    properties , to provide a sense of safety which increases the quality of
    life of the people etc. Economic developments are usually planned and
    executed within a defined territory called a nation or a country by the
    leaders and for the people in that territory.
    In conclusion, development economics as a multidimensional concept
    of social sciences – which indicates that its centre focus is Man – is not
    said to have been achieved if all the advancements and strategic plans
    executed does not directly advance or cause a positive change in the
    general wellbeing of the people within the territory.

    Reference: https://www.economicsdiscussion.net/economic-development/process-of-economic-development.

  121. Avatar Chibugo faith Enyesiobi says:

    Name: Chibugo Faith Enyesiobi
    Reg no: 2018/247409
    Department: Combined social science
    (Economics and psychology)
    Question:Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes
    three major types of development and it’s process exist
    1. physical development
    2.social- emotional development
    3.cognitive development.

    Firstly, Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    Thus, Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its “level of development.”

    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

  122. Avatar AJAH, ANGELA N. says:

    AJAH, ANGELA. N.
    REG. NUMBER: 2019/246659
    DEPARTMENT: LIBRARY AND INFORMATION SCIENCE/ECONOMICS
    EMAIL: ajahangelanelly@gmail.com
    DATE: 13/08/2021
    Assignment topic: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes

    INTRODUCTION
    Understanding Development EconomicsDevelopment economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    ECONOMICS: Economics is the study of how individuals and societies, experiencing virtually unlimited wants, choose to allocate scarce resources to satisfy their wants. Development Economics: also called Economics for Development, studies how to help low income countries become wealthier, i.e. nations that are going through the transition from being an agricultural economy to an industrial one. Development economics shows how economic analysis can help us better understand the big themes of this century. Globalization and trade, poverty and wealth inequality, for example, are the big themes of the century. Development economics also looks at how and why some countries have succeeded in their development goals while others have failed.Development economics entails the creation of methods and theories that help determine policies and practices than can be put into action either at national or international level. This may involve using mathematical methods, restructuring market incentives, or both.
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPTIt is considered a multidimensional concept because it focuses on the income of the people and on the improvement of the living standards of the people of the country. It is a multidimensional process in which both the non-economic dimensions and the economic dimensions are important. Multi dimensional analysis of development economics allows economic data from various view points. This concept is a process in which both the non-economic dimensions such as culture, religion, class, tradition, social & political dependence and the economic dimensions are important.
    Types of development economic:
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different. Four common theories of development economics include
    1. Mercantilism,
    2. Nationalism,
    3. The linear stages of growth model,
    4. Structural-change theory.
    Characteristics of development economic
    1. Low Per Capita Real Income.
    2. High Population Growth Rate.
    3. High Rates of Unemploymen.
    4. Dependence on Primary Sector.
    5. Dependence on Exports of Primary Commodities.
    DEVELOPMENT: This is the application of new ideas to practical problems. It is not purely an economic phenomenon but rather a multidimensional process involving reorganization and reorientation of entire economic and sociall system. Development is process of improving the quality of all human lives.
    Development process:
    Development processes are the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product. It is a cycle by which an innovative firm routinely converts ideas into commercially viable goods or services.The following are the processes involved in economic development;
    1. NATURAL RESOURCES: Natural resources such as land, soil, mineral deposits etc. are mainly used in production. The growth and prosperity of a nation may be attributed to kind and size of the natural resources possessed by it.
    2. HUMAN RESOURCES: It is not possible to make the best possible utilization of existing natural resources unless there is sufficient manpower.
    3. CAPITAL RESOURCES: It is argued that lack of capital is the principal obstacle to growth and no economic development plan will succeed unless there is adequate capital formation.
    4. TECHNOLOGY: This refers to our knowledge of how to convert resources into goods and services. Technical progress refers to an improvement in the art of production.
    5. INSTITUTIONAL ENVIRONMENT: Market economies can flourish if an appropriate institutional environment prevails.

  123. Avatar Onah Pascal Chukwuebuka says:

    Name: Onah Pascal Chukwuebuka
    Reg. Number:2018/248446
    Department: Economics/Psychology
    Email address: Pascalonah1@gmail.com
    Course Code: 361
    Course title: Development Economics 1

    DISCUSSION
    Development Economics as a Multidimensional Concept
    The very concept of the word ‘development’ has an ambiguous
    meaning, in the sense that, development is not a phenomenon that is
    generic to any particular field of study, rather the concept of
    development can be found in several diverse field of study and we can
    then see the same word with the same spelling, portray different
    meaning in different field of study, hence, the meaning to the concept of
    development is given by or aligned to the word or concept it is
    associated to at any point in time.
    The concept of development generally denotes an advancement or a
    positive change in someone or something that yields positive outcome or
    results.
    Therefore, in context of the idea of ‘development economics as a
    multidimensional concept’, it simply means that development economics
    or the development of an economy is made up of different aspects or
    components that forms the several dimensions of the economy’s
    development, hence, the economy cannot be said to have attained a
    sustainable level of development by simply just an advancement or a
    positive change in one component or one dimension of the several
    dimensions that makes up the development of the economy.
    Processes of Development Economics
     Natural Resources: These are resources not created by man,
    rather they are given or provided by nature to man; and these
    resources which are transformed into productive resources which
    contributed immensely to the development process of man.
     Human Resources: These are simply resources created or
    produced by man or from man’s effort that enhances the
    development process of an economy. For instance, labour is a
    human resource.
     Capital Resources: These are resources that are used by a nation
    to produce further resources and enhances productivity within a
    country which then leads to an advancement in the development
    process of an economy.
     Technology: This simply refers to man’s technical know-how which
    has revolutionized the way things are done and has enhanced
    productivity which leads to an advancement in the development
    process of the economy.
     Institutional Environment: The institutional environment simply
    refers to the institutional organization put in place to enhance the
    effectiveness of economic activities within the nation and enhance
    the quality of life of the people which then leads to an
    advancement in the development process of the nation.
    Development Economics as a multidimensional concept indicates or
    signifies that there are several dimensions to the development of an
    economy, and this development is simply the process that leads to an
    advancement or a positive change in the state of each of these
    dimensions of development economics.
    Hence, development economics, being a social science concept, has
    its centre focus on Man. Therefore, all economic development is toward
    the aim of benefiting and advancing the welfare and quality of life of
    humanity or Man. Therefore, economic development as a
    multidimensional concept is a development process that doesn’t just
    cause an advancement in the method and strategic planning pattern of
    development but also cause a positive change or advancement in the
    economic, social and environmental life of Man. In essence, there shall
    be an improvement in the living standard of the people, better healthcare
    system that increase equitable access to healthcare facilities, thereby
    increasing the life expectancy ratio of the people, increase in individual
    earnings, improvement in the provision of basic amenities like roads
    provided by the government, reduction and control of waste and
    environmental hazards, increase in employment ratio and creation of
    schemes and programmes that enhances the earning capability of
    citizens, equitable access to education, also, freedom of worship
    because it increases the quality of human life, security of lives and
    properties , to provide a sense of safety which increases the quality of
    life of the people etc. Economic developments are usually planned and
    executed within a defined territory called a nation or a country by the
    leaders and for the people in that territory.
    In conclusion, development economics as a multidimensional concept
    of social sciences – which indicates that its centre focus is Man – is not
    said to have been achieved if all the advancements and strategic plans
    executed does not directly advance or cause a positive change in the
    general wellbeing of the people within the territory.
    Reference: http://www.economicsdiscussion.net

  124. Avatar Nwoke Eberechi says:

    Nwoke Eberechi Angel
    2018/251570
    Economics Major

    ANSWER

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents.

    Economic development means different things to different people. On a broad scale, anything a community does to foster and create a healthy economy can fall under the auspice of economic development. Today’s economic development professionals are trying harder than ever to define their field in terms that are more concrete and salient to policymakers, the public, and other professionals. There are probably as many definitions for economic development as there are people who practice it.

    It is important to know that economic development is not community development. Community development is a process for making a community a better place to live and work. Economic development is purely and simply the creation of wealth in which community benefits are created. There are only three approaches used to enhance local economic development. They are:

    Business Retention and Expansion – enhancing existing businesses
    Business Expansion – attracting new business
    Business Creation – encouraging the growth of new businesses

  125. Avatar Ibukun Bamiduro says:

    Name: Bamiduro ibukun obianuju
    Reg No: 2018/243749
    Email: Ibukun.maya@gmail.com

    Development Economics as a Multidimensional Concept

    Development seems to achieve quite a several objectives such as growth and equity. There is no one definition of development, as persons have different interpretations of development.

    Development economics is a sector of economics whose objective is to enhance the fiscal, economic, and social conditions of evolving countries. There are different areas that development economics focuses on comprising health, education, working conditions, and market conditions.

    Multidimensional describes anything with many different parts or aspects.

    Development is a multitude of dimensional concepts in which both the Noneconomic dimensions and the economic dimensions are vital. It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop.

    Development and its processes

    This refers to the overall state of the economy going through four stages in a cyclical pattern.

    The four stages of the economic cycle are also referred to as the business cycle. These four stages are expansion, peak, contraction, and trough.

    During the expansion phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressures build. The peak of a cycle is reached when growth hits its maximum rate. Peak growth typically creates some imbalances in the economy that need to be corrected. This correction occurs through a period of contraction when growth slows, employment falls, and prices stagnate. The trough of the cycle is reached when the economy hits a low point and growth begins to recover.

  126. Avatar Ezeorah Mariagoretti Ukamaka says:

    Name: EZEORAH MARIAGORETTI UKAMAKA
    REG. NO: 2018/244494
    Dept: EDUCATION ECONOMICS

    ASSIGNMENT
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes

    INTRODUCTION
    Development is the primary objective of the majority of the world’s nations. This truth is accepted without controversy, or so it would appear in public discourse at least. Raising the well-being and socioeconomic capabilities of peoples everywhere is easily the most crucial social task facing us today. Every year, aid is disbursed, investments are undertaken, policies are framed, and elaborate plans hatched to achieve this goal, or at least to get closer to it. How do we identify and track the results of these e↵orts? What criteria do we use to evaluate the extent of “development” a country has undergone or how “developed” or “underdeveloped” a country is at any point in time? How do we measure development?

    DEFINITION OF CONCEPTS
    Development: It is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    Economics: It is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.
    Development Economics: Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Developmen Economicst a Multidimensional Concept. It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. There is no one definition of development, as persons have different interpretations of development. They rather use multidimensional analysis? Multidimensional analysis allows users to observe data from various viewpoints. This enables them to spot trends or exceptions in the data. A hierarchy is an ordered series of related dimensions. In Web Intelligence you can use drill up or down to perform multi dimensional analysis.
    Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty (Todaro, 1977).
    Economic Development is considered as a Multidimensional phenomenon because it focuses on the income of the people and on the improvement of the living standards of the people of the country. Economic Growth is considered as a single-dimensional in nature as it only focuses on the income of the people of the country.

    DEVELOPMENT AND IT’S PROCESSES

    A multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest terms, development can be defined as bringing about social change that allows people to achieve their human potential. An important point to emphasise is that development is a political term: it has a range of meanings that depend on the context in which the term is used, and it may also be used to reflect and to justify a variety of different agendas held by different people or organisations. The idea of development articulated by the World Bank, for instance, is very different from that promoted by Greenpeace activists. This point has important implications for the task of understanding sustainable development, because much of the confusion about the meaning of the term ‘sustainable development’ arises because people hold very different ideas about the meaning of ‘development’ (Adams 2009). Another important point is that development is a process rather than an outcome: it is dynamic in that it involves a change from one state or condition to another. Ideally, such a change is a positive one – an improvement of some sort (for instance, an improvement in maternal health). Furthermore, development is often regarded as something that is done by one group (such as a development agency) to another (such as rural farmers in a developing country).

    PROCESSES OF DEVELOPMENT
    The expression “processes of development” is used to describe all the processes and mechanisms that contribute to differentiating-organizing a living being from the start of life onwards. The result of these processes for any given organism at any given time corresponds to its “level of development.”
    The three developmental processes are *Biological (Physical)*, *Cognitive*, and *Socioemotional*. The Biological developmental process focuses on the physical development of an individual, such as perceptual and motor capacities and changes in the body’s size, while the Cognitive process focuses on the cognitive development [memory, creativity, language, and knowledge]. The Socioemotional developmental process is focused on the changes in the individual’s psychosocial development, so it covers changes involving self-sufficiency and self-understanding, along with their morality and emotional communication. Each period of development includes pieces of the three developmental processes. Because of this, the developmental…show more content…
    The Cognitive changes include the emergence of capacities such as perception and intellect.
    The Socioemotional changes that take place include the child making its first connection to another human being.
    Early Childhood: This period is from two to six years.
    The Biological changes that occur during this period of time include the individual’s body growing and becoming taller and thinner.
    The Cognitive changes occurring include the child becoming more self-sufficient and the capacities of thought and language begin to expand.
    The Socioemotional changes taking place include the child growing in ways of morality, self-understanding, and in their relationships with peers
    Middle Childhood: This period takes place from 6 to 11 years.
    The Biological changes taking place during this period include advancement in athletic abilities.
    The Cognitive changes that occur in this period include the child becoming more logical in their though processes and their basic literacy skills come more naturally to them.
    The Socioemotional changes that take place include the child’s self-understanding and morality becoming more evident, as well as more advanced. It also shows progress in their ability to create and maintain friendships.
    Adolescence: This period spans from 11 to 18 years.
    The Biological changes taking place include the occurrence of Puberty which leads to changes in the body, such as, the body growing larger and becoming “adult-sized”

  127. Avatar OKELEKE CHINEMEMMA VICTORY says:

    ASSIGNMENT ON ECO 361
    NAME: OKELEKE CHINEMEMMA VICTORY
    REG NO: 2018/247843
    DEPT: ECONOMICS
    LEVEL:300L
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.
    Development is a multi-dimensional process or concept in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment. Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.
    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.
    Development and it’s processes is just all about the various or stages of development in the economy. Development is not one – time event, it deals with the accumulation or series of small growth put together to form a whole. It also entails the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.
    REFERENCE:
    https://www.owlgen.in/development-is-a-multi-dimensional-process-discuss/
    https://www.owlgen.in/development-is-a-multi-dimensional-process-discuss/
    https://www.google.com/url?q=https://en.m.wikipedia.org/wiki/Economic_development&sa=U&ved=2ahUKEwiYiPanpa3yAhXS3KQKHcKABNUQFnoECAwQBQ&usg=AOvVaw16Y0mcQ4wgxQlD2OmNCVBF

  128. Avatar Chidozie Julieth chisom says:

    Name- Chidozie Julieth Chisom
    Reg no- 2018/250055
    Department- Education Economics
    Email- chidoziejulieth165@gmail.com

    Development economics – is a branch of economics which deals with economics aspects of development process in low-income countries
    Multi-dimensional -is having or relating to many dimensions or aspects

    DEVELOPMENT ECONOMICS AS A MULTI-DIMENSIONAL CONCEPT:
    Development economics as a multi-dimensional concept makes development economics complex,development economics involves economics growth Plus progressive change in certain important variables that determine the well-being of the people such as education ,health ,good working conditions e t c .the goal of development economics cannot be fully achieved when the interest of the masses are not considered or when the potentials for the masses of the population are not improved. It is the process by which a nation improves the economic, political, and social wellbeing of its people.
    The World Bank (1991 :49) attests that development must be conceived as a multidimensional process involving major changes in social structures, popular attitudes, and national institutions, as well as the acceleration of economic growth, the reduction of inequality, and the eradication of poverty. development economics is associated with improvement in variety of areas ,not only on promoting economic development ,economic growth and structural change but also on improving the potentials for the masses of the population of low income countries for example through education and health.
    The multi-dimensional nature of development economics makes it’s objective multiple , ranging from examining and improving a developing country both at economic, political and social leve ,the macro and micro level ,the local and international level . these multidimensional goals of development economics are achieved when the wellbeing of the people are improved through building hospital or clinics to improve the health conditions of the masses, establishing schools to reduce illiteracy, improving working conditions, promoting economic development, economics growth and structural change, this therefore means that development economics focus on all levels and dimensions (economic, political and social)of a developing country to ensure that development is achieved.

    Development and its processes:

    DEVELOPMENT: I understand development as an improvement or transformation of something, an institution or a country’s condition, from what it formally is to a more advanced and improved condition,it is a process of establishing something new that can lead to improvement in living standard of people it can be through infrastructural , structural, economics , social development. Development tend to make something more desirable than it use to be .a country is developed when the citizens enjoy good road,power supply,good education, health, employment opportunities, security, desirable balance of payments etc
    Development in relation to economics is the process whereby a nation improves the economic, Political and social well being of the people. A developed nation is characterized by equitable balance of payments,low prices of goods, employment,good working conditions,q patriotic leadership, good roads,power supply , security,health facilities etc,an underdeveloped nation lacks the above feature.

    DEVELOPMENT PROCESSES: are the series of actions or steps which are carried out to achieve development. Development can come in different forms such as biological development, economics development, social development, etc.
    In my understanding, the processes of development with regard to Economics are as follows:
    . (1) Investment -following the view and understanding in the economic world, investment is recognized as a major priority in the area of development . investment brings development into a particular nation ,when companies come into Nigeria to invest into our oil and gas for the purpose of making profits ,it brings development by creating jobs for the people of the country.investment also creates the availability of money circulation in the economic market
    . (2) Manufacturing-these are the steps through which raw materials are transformed into finished goods or products. A good manufacturing company with quality product can lead to a country’s Economic development where people from other countries Can locate a particular product to Nigeria because of it’s effectiveness and standard of production.A good manufacturing company brings quality change in the economic market of a country and it also bring government recognition and awareness of a particular product
    . (3) Innovation process – this is change creation in nature and is very important to the continuing success of any organization in any countries economics . innovation brings creativity and development in the Market economy because it brings quality productivity and when quality productivity emerge in the market system ,it leads to the production of more goods and services which in turn increases a country’s GDP

  129. Avatar Ugwu chidiebere loveth says:

    Name: ugwu chidiebere loveth
    Reg number: 2018/242902
    Deptment: Education and Economics
    EMAIL : ugwuchidiebereloveth1@gmail.com

    What is development?
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.
    Development can be defined as a process of economic and social advancement in terms of quality of human life. It can be measured in terms of culture, wealth, education, healthcare, opportunities and can be commonly classified by the following terms: HDI- human development index, a UN standardised measure based on 3 factors: life expectancy, literacy/education, and standard of living. GDP- Gross domestic product, value of goods and services divided by the number of people in the country. Development has been traditonally classified into first, second, third world countries, or the global north/ south. However this is where we reach a problem. There is a ‘development continuum’. This means that there is not a gap seperating rich from poor countries, North from South. All countries are at different stages of development- the Asian Tigers, BRICS, America- how do you actually define the term if it encorperates so mnay different types, levels and stages? The second problems is that the term ‘development’ can be seen as ‘western centric’ – destructive to traditonal cultures and ways of life, damaging to indigenous populations or sustainability. Therefore in conclusion, development is a complex and difficult to define term that requires unpicking and deconstructing, not simply taking for granted its meaning at face value.

    UNDERSTANDING DEVELOPMENT ECONOMICS
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries,
    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.
    Students of economics, and professional economists, create theories and methods that guide practitioners in determining practices and policies that can be used and implemented at the domestic and international policy level.Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.
    DEVELOPMENT AND ITS PROCESS
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    PROCESS OF ECONOMIC DEVELOPMENT
    These processes include activities, actions, and operations that involve the production and sale of goods and services.
    We HV four process of economic and they include:
    1. Expansion stage
    2. Peak stage
    3. Contraction stage
    4. Trough stage
    EXPANSION STAGE:During this stage, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressure builds.
    PEAK STAGE:The peak stage is reached when growth hits its maximum rate. This typically creates some imbalances in the economy that need to be corrected.
    CONTRACTION STAGE: The correction of the peak phase occurs through a period of contraction when growth slows, employment falls, and prices stagnate.
    TROUGH STAGE: This stage is reached when the economy hits a low point and growth begins to recover
    REFERENCE
    ■ Dudley Seers, “The meaning of development,” paper presented at the Eleventh World Conference of
    the Society for International Development, New
    Delhi (1969), p. 3.
    https://www.google.com/search?q=what%20development
    https://content.ucpress.edu/chapters/128//.ch01.pdf

  130. Avatar Chidozie Julieth Chisom says:

    Name- Chidozie Julieth Chisom
    Reg no- 2018/250055
    Department- Education Economics
    Email- chidoziejulieth165@gmail.com

    Development economics – is a branch of economics which deals with economics aspects of development process in low-income countries.
    Multi-dimensional -is having or relating to many dimensions or aspects

    DEVELOPMENT ECONOMICS AS A MULTI-DIMENSIONAL CONCEPT:
    Development economics as a multi-dimensional concept makes development economics complex,development economics involves economics growth Plus progressive change in certain important variables that determine the well-being of the people such as education ,health ,good working conditions e t c .the goal of development economics cannot be fully achieved when the interest of the masses are not considered or when the potentials for the masses of the population are not improved. It is the process by which a nation improves the economic, political, and social wellbeing of its people.
    The World Bank (1991 :49) attests that development must be conceived as a multidimensional process involving major changes in social structures, popular attitudes, and national institutions, as well as the acceleration of economic growth, the reduction of inequality, and the eradication of poverty. development economics is associated with improvement in variety of areas ,not only on promoting economic development ,economic growth and structural change but also on improving the potentials for the masses of the population of low income countries for example through education and health.
    The multi-dimensional nature of development economics makes it’s objective multiple , ranging from examining and improving a developing country both at economic, political and social leve ,the macro and micro level ,the local and international level . these multidimensional goals of development economics are achieved when the wellbeing of the people are improved through building hospital or clinics to improve the health conditions of the masses, establishing schools to reduce illiteracy, improving working conditions, promoting economic development, economics growth and structural change, this therefore means that development economics focus on all levels and dimensions (economic, political and social)of a developing country to ensure that development is achieved.

    Development and its processes:

    DEVELOPMENT: I understand development as an improvement or transformation of something, an institution or a country’s condition, from what it formally is to a more advanced and improved condition,it is a process of establishing something new that can lead to improvement in living standard of people it can be through infrastructural , structural, economics , social development. Development tend to make something more desirable than it use to be .a country is developed when the citizens enjoy good road,power supply,good education, health, employment opportunities, security, desirable balance of payments etc
    Development in relation to economics is the process whereby a nation improves the economic, Political and social well being of the people. A developed nation is characterized by equitable balance of payments,low prices of goods, employment,good working conditions,q patriotic leadership, good roads,power supply , security,health facilities etc,an underdeveloped nation lacks the above feature.

    DEVELOPMENT PROCESSES: are the series of actions or steps which are carried out to achieve development. Development can come in different forms such as biological development, economics development, social development, etc.
    In my understanding, the processes of development with regard to Economics are as follows:
    . (1) Investment -following the view and understanding in the economic world, investment is recognized as a major priority in the area of development . investment brings development into a particular nation ,when companies come into Nigeria to invest into our oil and gas for the purpose of making profits ,it brings development by creating jobs for the people of the country.investment also creates the availability of money circulation in the economic market
    . (2) Manufacturing-these are the steps through which raw materials are transformed into finished goods or products. A good manufacturing company with quality product can lead to a country’s Economic development where people from other countries Can locate a particular product to Nigeria because of it’s effectiveness and standard of production.A good manufacturing company brings quality change in the economic market of a country and it also bring government recognition and awareness of a particular product
    . (3) Innovation process – this is change creation in nature and is very important to the continuing success of any organization in any countries economics . innovation brings creativity and development in the Market economy because it brings quality productivity and when quality productivity emerge in the market system ,it leads to the production of more goods and services which in turn increases a country’s GDP

  131. Avatar Ubechu Agatha Chidinma says:

    Name: Ubechu Agatha Chidinma
    Reg no: 2018/242441
    Dept: Economics
    Email: dinmagatha@gmail.com

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT. Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development.
    By multidimensionality, Baltes is referring to the fact that a complex interplay of factors influence development across the lifespan, including biological, cognitive, and socioemotional changes. Baltes argues that a dynamic interaction of these factors is what influences an individual’s development. Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.

    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.

    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year. Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their environment.

  132. Avatar Igboneme Adaeze Patience / Reg no 2018/250527 says:

    Development Economics as a multidimensional concept:
    Development economics studies the transformation of emerging nations. Strategies for transforming a developing economy tend to be unique because the social and political background of countries can be vary dramatically. Not only that, but the cultural and economic framework of every nation is different also, such as child labor laws. Students of economics and professional economists create theories and methods that guide practitioners practices and policies that can be used and implemented and the international and policy level. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies. The field examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development Economics may involve the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level. It also incorporate social and political factors to devise particular plan.
    Development is a multidimensional process in which both the non-economic dimensions and the economic dimensions are important. It involves the dynamic interaction of factors like physical, emotional and psychological development. Development Economics focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. They also include international trade, globalization, sustainable development, the effects of epidemics , such as HIV, and the impact of catastrophes on the economic and human development.

    What is Development?
    Development is process that creates growth, progress, positive change or addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development can also be defined as a process that creates social growth, economic, positive change or the addition of physical, progress, environmental, and demographic components. In Freud’s scientific work, the idea process of development first occurred.

    Development process:
    The development processes are
    1. The structural transformation of the economy.
    2. A demographic transition
    3. A process of urbanization
    1. The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease.
    In other words at the final stage of development, we typically have an economy in which people earn their livelihood predominately from the serivice sector and still important but diminished industry sector.
    2.The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates ( especially high infant mortality rate), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase a size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rate will limit population growth.
    3. Urbanization:The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

  133. Avatar Obeleze Christiantus Ifeanyi says:

    Name: Obeleze Christiantus Ifeanyi
    Reg no: 2018/242407
    Dept: Economics

    ASSIGNMENT:
    discuss Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    Answer:
    Development economies is a branch of economics that focuses on improving fiscal, economic and social conditions in developing countries. Development economics shows how economic analysis helps us to understand the central problem of poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world.
    It attempts to explore some of the economic challenges peculiar to poorest countries in the world, factors that have led to this global inequality, and analyze some of the forms of market and government failure that may have contributed to the situation, focusing on improving fiscal, economic, and social conditions in developing countries.
    DEVELOPMENT
    Development means “improvement in country’s economic and social conditions”. More specially, it refers to improvements in way of managing an area’s natural and human resources. In order to create wealth and improve people’s lives.Dudley Seers while elaborating on the meaning of development suggests that while there can be value judgements on what is development and what is not, it should be a universally acceptable aim of development to make for conditions that lead to a realisation of the potentials of human personality.Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    PROCESSES OF DEVELOPMENT
    Processes of development means system or stages that are involved in development. Some of these processes are :
    1. The Traditional Society: At this stage, modern science and technology are either not available or are not being systematically applied. A large proportion of productive resources are devoted to agriculture. There exist a ceiling to the level attainable per capital output.
    2. The Pre-conditions to Take-off: These mainly comprises of fundamental changes in the social, political and economic field like the construction of certain economic and social overheads like rail-roads and educational institutions,etc. This stage covers a long period of a century or more.
    3. The “Take-off” Period: The interval during which the rate of investment increases in such a way that real output per capital rises and this initial increase carries with it radical changes in the techniques of production and the disposition of income flows which perpetuate the new scale of investment. The term “take-off’ implies three things-, firstly the proportion of invest­ment to national income must rise from 12% to 15%, dennitely outstripping the likely population increase; secondly the period must be relatively short so that it should show the characteristics or an economic revolution; and thirdly, it must culminate in self -sustaining and self-generating economic growth. This is the most crucial period in the development process.
    4. Drive to Maturity: The rates of savings and investments are of such a magnitude economic development becomes automatic. Overall capital per head increases as the economy matures. The structure of the economy changes increasingly, this is a period of self-generating and self-propelling economic growth. The proportion of t population engaged in rural pursuits declines and the structure t the country’s foreign trade undergoes a radical change.
    5. The Age of High Mass Consumption: During this stage, the per capital real income increases to the level at which a large number of people can afford consumption transcending the basic food, shelter and clothing requirements.

  134. Avatar Asogwa Martha Adaugo says:

    Name: Asogwa Martha Adaugo

    Reg No: 2018/243642

    Unit : Economics education

    Email: shantelmartha12@gmail.com

    Question: discuss economics as a multi-dimensional concept and lucidly explain what you understand by development and it processes.

    Answer
    Development is a word used to describe a new and advanced idea or product or an event that constitute a new stage under changing circumstances. Put in a simple way development is a different stages of growth be it human or non human growth. Thus Rogers says-development is a widely participatory process of directed social change in a society intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment. Thus development is growth and growth is development. Development economics Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Development economics involves the creation of theories and methods that aid in the determination of policies and practices which can be implemented at either the domestic or international level. It also studies the transformation of emerging issues into more prosperous Nations. Development economics create more opportunities in the sectors of education health care employment and conservation of the environment in most countries. *
    *Developmental economics as a multi-dimensional concept. Multi-dimensional means that which is complex to understand or explain. The concept drives home form of numerous knowledge and understandings. Economic Development is considered as a Multidimensional concept because it focuses on the income of the people and on the improvement of the living standards of the people of the country. It’s multi-dimensional aspects focuses on having and relating to multiple stages on improving fiscal , social and economic condition in both developed and developing countries. These stages include 1 traditional society 2 preconditions to take off 3 take off 4 drive to maturity 5 age of high mass consumption. Development economics shows how economic analysis helps us to understand the central problem of poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world. It also seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty. It studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political background of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labour laws.
    Processes of development These are the stages of growth
    1 physical development
    2 cognitive development
    3 social-emotional development
    4 economic development

  135. Avatar Asogwa Martha Adaugo says:

    Name: Asogwa Martha Adaugo

    Reg No: 2018/243642

    Unit : Economics education

    Question: discuss economics as a multi-dimensional concept and lucidly explain what you understand by development and it processes.
    Answer
    Development is a word used to describe a new and advanced idea or product or an event that constitute a new stage under changing circumstances. Put in a simple way development is a different stages of growth be it human or non human growth. Thus Rogers says-development is a widely participatory process of directed social change in a society intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment. Thus development is growth and growth is development. Development economics Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Development economics involves the creation of theories and methods that aid in the determination of policies and practices which can be implemented at either the domestic or international level. It also studies the transformation of emerging issues into more prosperous Nations. Development economics create more opportunities in the sectors of education health care employment and conservation of the environment in most countries. *
    *Developmental economics as a multi-dimensional concept. Multi-dimensional means that which is complex to understand or explain. The concept drives home form of numerous knowledge and understandings. Economic Development is considered as a Multidimensional concept because it focuses on the income of the people and on the improvement of the living standards of the people of the country. It’s multi-dimensional aspects focuses on having and relating to multiple stages on improving fiscal , social and economic condition in both developed and developing countries. These stages include 1 traditional society 2 preconditions to take off 3 take off 4 drive to maturity 5 age of high mass consumption. Development economics shows how economic analysis helps us to understand the central problem of poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world. It also seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty. It studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political background of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labour laws.
    Processes of development These are the stages of growth
    1 physical development
    2 cognitive development
    3 social-emotional development
    4 economic development

  136. Avatar Asogwa Martha Adaugo says:

    Name: Asogwa Martha Adaugo
    Reg No: 2018/243642
    Unit : Economics education
    Question: discuss economics as a multi-dimensional concept and lucidly explain what you understand by development and it processes.
    Answer

    Development is a word used to describe a new and advanced idea or product or an event that constitute a new stage under changing circumstances. Put in a simple way development is a different stages of growth be it human or non human growth. Thus Rogers says-development is a widely participatory process of directed social change in a society intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Thus development is growth and growth is development.

    Development economics
    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Development economics involves the creation of theories and methods that aid in the determination of policies and practices which can be implemented at either the domestic or international level.
    It also studies the transformation of emerging issues into more prosperous Nations. Development economics create more opportunities in the sectors of education health care employment and conservation of the environment in most countries.

    **Developmental economics as a multi-dimensional concept.

    Multi-dimensional means that which is complex to understand or explain. The concept drives home form of numerous knowledge and understandings. Economic Development is considered as a Multidimensional concept because it focuses on the income of the people and on the improvement of the living standards of the people of the country. It’s multi-dimensional aspects focuses on having and relating to multiple stages on improving fiscal , social and economic condition in both developed and developing countries. These stages include 1 traditional society 2 preconditions to take off 3 take off 4 drive to maturity 5 age of high mass consumption.
    Development economics shows how economic analysis helps us to understand the central problem of poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world.
    It also seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty. It studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political background of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labour laws.

    Processes of development
    These are the stages of growth
    1 physical development 2 cognitive development 3 social-emotional development 4 economic development

  137. Avatar CHINWUBA IFEANYI INNOCENT 2018/242447. says:

    NAME: CHINWUBA IFEANYI INNOCENT
    REG NO: 2018/242447
    CLASS:300LVL
    COURSE CODE: ECO 361
    QUESTION: Discuss development economics as a multidimensional concept.
    Lucidly explains what you understand by development and its process.
    Firstly, what is development? Development is the process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Having defined the concept development economics, I will be discussing ‘DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT’.
    In Discussing Development economics as a multidimensional process both the economic and non-economic dimensions are important. Development economics as a multidimensional concept focuses on improving fiscal, economic and social conditions in developing countries. Development economics consists of factors such as; health, education, working conditions, domestic and international policies. Development economics also looks at market conditions with a focus on improving conditions in the world’s poorest countries.
    The development economics field examines both macroeconomic and microeconomic factors relating to the structure of developing countries.
    Furthermore, development economics is a multidimensional concept involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of in equality and the eradication of poverty in developing countries. It studies the transformation of emerging nations into prosperous nations.
    TYPES OF DEVELOPMENT ECONOMICS
    1. Mercantilism
    2. Economic nationalism
    3. Linear stages of growth model
    4. Structural-change theory

    MERCANTILISM: Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory in the 16th to the 18th centuries. The theory promoted an economic sovereign state power.
    ECONOMIC NATIONALISM: Economic nationalism reflects the policy that focuses on domestic control of capital formation, the economy and the labour, using tariffs and other boundaries.
    LINEAR STAGES OF GROWTH MODEL: This type of development economics states that economic growth can only stem from industrialization.
    STRUCTURAL-CHANGE THEORY: Structural-change theory focuses on changing the over all economic structure of a nation, which aims to shift the society from being a primarily agrarian one to a primarily industrial one.

    In discussing the concept of development, development can furthermore be defined as the process of developing or being developed. It can also be defined as an event consisting a new stage in a changing situation. Based on the definition above I will be discussing about DEVELOPMENT AND IT’S PROCESS.
    Development is a process that creates growth, progress,positive change or the addition of physical,economic, environmental,social and demographic components.
    It is also the process by which the economic well-being and quality of life of a Nation,region,local community or an individual are improved according to targeted goals and objectives. It is also an improvement in country’s economic and social conditions.
    PROCESSES OF DEVELOPMENT
    1.Traditional society
    2. Precondition to take-off
    3. Take-off
    4. Drive to maturity
    5. Age of high mass consumption

    Processes of development can this be explained using the W.W. ROSTOWS’s 5 stages of development.
    *TRADITIONAL SOCIETY: Based on subsistence; farming, fishing,forestry and some mining. It is dependent on the rural economy( the people).
    *PRECONDITION TO TAKE-OFF: Has to do with building of infrastructure that is needed before development can take place. E.g power supply, good road, effective communication. It is dependent on special appreciation of education and skill development.
    *TAKE-OFF: Introduction and rapid growth(industrial revolution) of manufacturing industries, better infrastructure, financial investment and cultural change. It is dependent on sub-urban economy.
    *DRIVE THROUGH MATURITY: New ideas and technology improvement and replacement of old industries. It is dependent on growth and developed economies.
    *AGE OF HIGH MASS CONSUMPTION: here people have more wealth and so buy goods and services. Welfare systems are fully developed and trade expands. It is dependent on global economy and market managing economies.

  138. Avatar Asogwa Martha Adaugo says:

    Name: Asogwa Martha Adaugo
    Reg No:2018/243642
    Unit: Economics education
    Question: Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s process .
    Answer*
    *Development economics involves the creation of theories and methods that aid in the determination of policies and practice which can be implemented at both domestic or international level.Development Economics is also a branch of Economics which deals with the efficient allocation of scarce resources
    *Development is a word use to describe a new and advanced idea or product or an event that constitutes a new stage under changing circumstances .put in a simple way it is different stages of growth be it human or non-human growth.
    Quoting Rogers: Development is a widely participatory process of directed social Change in a society intended to bring about both social and material advancement for the majority of people through their gaining greater control over their environment.The purpose of development is a rise in the level and quality of life of the population and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment.
    * Development economics as a multidimensional concept
    Multidimensional means something that is so complex ;the concept drives home numerous knowledge and understanding.
    Developmental economics as a multidimensional concept focuses on having and relating to multiple stages on improving fiscal, social and economic condition in both developed and developing countries.Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty .Those economic stages are of -traditional society, preconditions to take -off, take-off , drive to maturity and age of high mass consumption.Development economics deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.
    In this concept both the economic and non economic dimensions are important.
    *Process of development are stages or steps involved in growth,
    1 cognitive development
    2 physical development
    3 socio_emotional development
    4 economic development.

  139. Avatar Udeh Josephine Nkemakoram says:

    Name: Udeh Josephine Nkemakoram
    Reg no: 2018/241843
    Department: Economics
    Course: Eco 361 – Development economics
    According to famous development economists Michael P. Todaro. ” Economic development is regarded as a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, reduction of economic inequality , eradication of absolute poverty.” To better understand this, the term “development” should be emphasized upon, development can be defined as bringing about social change that allows people to achieve their human potential. it has a range of meanings that depend on the context in which the term is used, in the economic field Simon Kuznets stated that a country’s economic growth may be defined as a long-term rise in capacity to supply increasingly diverse economic goods to its population, this growing capacity based on advancing technology and the institutional and ideological adjustments that it demands. Another definition is Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents.
    ECONOMIC DEVELOPMENT AS A MULTIDIMENSIONAL CONCEPT
    A multidimensional approach is defined as the act of assessing and implementing an approach (e.g., method, tactic, strategy, etc.) that consists of more than one feature/design to address a situation/problem that is considered complex or needs to be assessed from several points of view. This implies a particular subject in this case development economics possessing more than one dimension. Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Economic dimensions could be inflation rate, GDP, poverty index and so many others. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    PROCESSES OF DEVELOPMENT
    Processes are those activities, actions, and operations that involve the production and sale of goods and services. This includes the extraction of raw materials and natural resources, human resources, capital resources, technology, institutional environment. Also various transformations occur in the development process, they are:
    • The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease.
    • The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.
    • The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

  140. Avatar Aneke Hannah Chimuaya says:

    Name: Aneke Hannah Chimuaya
    Reg. No: 2018/242453
    Dept: Economics
    Email: chimuaya.aneke.242453@unn.edu.ng
    Assignment: Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by development and its processes.

    Developmental economics is a branch of economics whose goal is to better the fiscal, economic and social conditions of developing countries. it focuses on promoting economic development which is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.

    Development economies studies as a multidimensional concept is the transformation of emerging nations into more prosperous nations. This field of study is fascinating because it shows how economic analysis can help us to understand social and economic problems such as; poverty ,and inequality, globilization and trade and the contrasting experience of success and failure in the economy. Areas that development focuses on include; health, education, working conditions and market conditions. This field of economy tend to be unique because the social and political backgrounds of the economy can be vary dramatically. Not only that, the cultural and economic frameworks of every nation is different such as; women rights, and child labor laws.

    Development and its Processes.
    Development is a process that creates growth, progress, positive change or the addition of physical,economic, environmental, social and demographic components. The process of economic and economic transformation that is based on complex cultural and environmental factors and their interactions. Economic development is the process by which the economic well-being and quality of life of a nation, region, local community or an individual are improved according to targeted goals and objectives.

  141. Avatar Unadike Fabian Chinemezu says:

    NAME: UNADIKE FABIAN CHINEMEZU
    REG NO: 2018/249698
    EMAIL ADDRESS: Fabzycf@gmail.com
    DEPARTMENT: ECONOMICS
    COURSE CODE: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS 1

    QUESTION: DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT:
    Development Economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    While saying that something is “multidimensional” implies that it’s complex
    So generally,Development Economics according to famous development economists Michael P. Todaro is a Multidimensional process which involves major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.
    It is considered as a multidimensional concept because it focuses on the income of the people and on the improvement of the living standards of the people of the country. It is a multidimensional process in which both the non-economic dimensions and the economic dimensions are important.
    In addition to being concerned with the efficient allocation of existing scarce productive resources and with their sustained growth over time, development Economics also deals with the economic, social, political, and institutional mechanisms, both public and private, necessary to bring about rapid and large-scale improvements in living standards.

    WHAT IS DEVELOPMENT AND ITS PROCESSES
    Development.:Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    Processes of Development
    Development processes are the mediums through which change and development occur in a being from it’s beginning onwards.
    There are Five(5) Development Processes/Stages.,they are as follows:

    1. The Traditional Society: At this stage, modern science and technology are either not available or are not being systematically applied. A large proportion of productive resources are devoted to agriculture. There exist a ceiling to the level attainable per capital output.

    2. The Pre-conditions to Take-off: These mainly comprises of fundamental changes in the social, political and economic field like the construction of certain economic and social overheads like rail-roads and educational institutions,etc. This stage covers a long period of a century or more.

    3. The “Take-off” Period: The interval during which the rate of investment increases in such a way that real output per capital rises and this initial increase carries with it radical changes in the techniques of production and the disposition of income flows which perpetuate the new scale of investment. The term “take-off’ implies three things-, firstly the proportion of invest­ment to national income must rise from 12% to 15%, dennitely outstripping the likely population increase; secondly the period must be relatively short so that it should show the characteristics or an economic revolution; and thirdly, it must culminate in self -sustaining and self-generating economic growth. This is the most crucial period in the development process.

    4. Drive to Maturity: The rates of savings and investments are of such a magnitude economic development becomes automatic. Overall capital per head increases as the economy matures. The structure of the economy changes increasingly, this is a period of self-generating and self-propelling economic growth. The proportion of t population engaged in rural pursuits declines and the structure t the country’s foreign trade undergoes a radical change.

    5. The Age of High Mass Consumption: During this stage, the per capital real income increases to the level at which a large number of people can afford consumption transcending the basic food, shelter and clothing requirements.

  142. Avatar OGBONNA NGOZIKA says:

    Name: Ogbonna Ngozika
    Reg. No: 2018/SD/37371
    Dept: Social science (Education/Economics)
    Course code: Eco 361
    Course title: Development Economics
    Email: ogbonnangozika@gmail.com
    Assignment: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    Introduction
    Development is the bedrock of national progress and development economics focuses on the economic development of a nation. Unlike political economy, development economics is multi-dimensional cutting through various scope and level.
    Development economics
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different. Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory.
    The development economics has a wide scope which includes; Mercantilism and economic nationalists, it also possess the linear stages of growth model portrays an appropriately designed addition of capital partnered with public intervention. This injection of capital and restrictions from the public sector leads to economic development and industrialization.
    This module examines development processes and policies from developmental perspective. It is designed to provide citizens with a core competency in economic theory and policy relevant to the national development through theory and practice. It does this by exploring four key themes related to the political economy of development. Firstly, this explores international economics, before, secondly, turning to engage with a range of economic theories essential for understanding modern development processes and policies. Thirdly, the module explores development institutions, their policies and strategies, and how those feed into economic policy. Finally, the module focuses on core activities in economic development, such as how we measure development; the role of finance (including taxation, microcredit, inflation) in economic growth and development; labour markets; and foreign aid.
    Considering the wide scope covered by development economics in dealing with the nations developmental process, it can be inferred that development economics is multi-dimensional.
    Development and its Processes
    Development can be defined as a widely participatory process of direct social change in a society intended to bring about both social and material advancement for the majority of their people through their gaining greater control over their environment. Several Economists agree that the key stages of development are related to three different transitions.
    – demographic transitions
    – a process of urbanization.
    – structural transformation of the economy

  143. Avatar Ifedilichukwu Perpetual says:

    Name: Ifedilichukwu Perpetual
    Reg. No: 2018/SD/37431
    Dept: Social science (Education/Economics)
    Course code: Eco 361
    Course title: Development Economics
    Email: ifediliozor@gmail.com
    Assignment: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    Introduction
    Development is viewed by economist as the process of increasing business, trade and industrial activities. On the order hand, Economic development refers to the process by which the overall health, well-being, and academic level the general population improves. During the development, there is a population shift from agriculture to industry, and then to services. Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics focuses on include health, education, working conditions, and market conditions.
    Development economy is a multi-dimensional concept as it studies and in cooperate different concepts within its scope.
    Economic Development Process
    Economic development is both a process and a set of desired outcomes. The process is multi-dimensional and dynamic and results in new private investment, job creation, increased wealth, and a higher standard of living for residents. What drives economic development is private sector business activity; that is, businesses of all sizes starting up, relocating, or expanding in an area. They may be involved in manufacturing, distribution, agriculture, transportation, research and development (R&D), business services, or other sectors of the economy. The investment these businesses make in a community gives rise to a range of related commercial activities and services. Residential growth can also occur, bringing a wide variety of retail, consumer services, recreational, tourism, and other commercial enterprises.
    Contributing factors to economic development includes; Natural resources, human resources, capital resources, technology and institutional environment.
    Development Economic as a multi-dimensional concept
    It has been seen through the study of economy and its development that there are several areas which development economic reaches for. As a course of study, it helps learners to inculcate valuable attitudes toward proper resource use and management. In politics it informs key players on how to distribute the scares resources of the state. In government it helps coordinate national resources both human and non-human for proper utilization and meeting national goals. In business developmental economy produces the mix required for growth and profit maximization. Space will fail me to elaborate on its place in industry, tourism, ecology, conflict management, agriculture amongst others.
    Indeed developmental economics is multi-dimensional as it plays significant role in key aspect of life.

  144. Avatar OGBONNA NGOZIKA says:

    Name: Ogbonna Ngozika
    Reg. No: 2018/SD/37371
    Dept: Social science (Education/Economics)
    Course code: Eco 361
    Course title: Development Economics
    Email: ogbonnangozika@gmail.com
    Assignment: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    Introduction
    Development is the bedrock of national progress and development economics focuses on the economic development of a nation. Unlike political economy, development economics is multi-dimensional cutting through various scope and level.
    Development economics
    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries. Areas that development economics focuses on include health, education, working conditions, and market conditions. Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different. Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory.
    The development economics has a wide scope which includes; Mercantilism and economic nationalists, it also possess the linear stages of growth model portrays an appropriately designed addition of capital partnered with public intervention. This injection of capital and restrictions from the public sector leads to economic development and industrialization.
    This module examines development processes and policies from developmental perspective. It is designed to provide citizens with a core competency in economic theory and policy relevant to the national development through theory and practice. It does this by exploring four key themes related to the political economy of development. Firstly, this explores international economics, before, secondly, turning to engage with a range of economic theories essential for understanding modern development processes and policies. Thirdly, the module explores development institutions, their policies and strategies, and how those feed into economic policy. Finally, the module focuses on core activities in economic development, such as how we measure development; the role of finance (including taxation, microcredit, inflation) in economic growth and development; labour markets; and foreign aid.
    Considering the wide scope covered by development economics in dealing with the nations developmental process, it can be inferred that development economics is multi-dimensional.
    Development and its Processes
    Development can be defined as a widely participatory process of direct social change in a society intended to bring about both social and material advancement for the majority of their people through their gaining greater control over their environment. Several Economists agree that the key stages of development are related to three different transitions.
    – demographic transitions
    – a process of urbanization.
    – structural transformation of the economy

  145. Avatar Okenwa chinedu says:

    Development economics can be defined as the process of using economics factors or concepts through special instrument In the specialization and growth of different aspects of the economy.
    Development economics is a branch of economics that focuses on improving fiscal, economics and social conditions in developing countries.
    Development economics considers factors such as health, education, working and international policies with a focus on improving condition.
    It’s multidimensional?
    Because it involves the dynamic interaction of factors like physical, emotional and physchosocial development.
    It is also dimensional because it also promotes a direct social change in a society,to intend to bring about both social and material advancement for the majority of the people through their gaining greater control over the environmental.it is multidimensional in the sense that it crosses around all aspects of economics through innovation and specialization, making it the most growing factor or aspect or branch in economics.
    Development and it’s processes?
    Development is a process that creates growth, progress, positive change to the addition of physical economic, environmental, social and demographic components
    Processes are planning, analysis design, dtesting and deployment and maintenance.

  146. Avatar Agboeze Nkechinyere Juliet says:

    Name: Agboeze Nkechinyere Juliet
    Reg. No: 2018/SD/37259
    Dept: Social science (Education/Economics)
    Course code: Eco 361
    Course title: Development Economics
    Email: nkechinyerejulieta@yahoo.com
    Assignment: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.
    Introduction
    National growth of any nation is tied to the nature and type of economy practiced in the nation. Nations who view development as the driving force explore all avenues to sustain development. Development economics is multi-dimensional
    Development Economics
    Development economics is a concerted effort on the part of the responsible governing body in a city or county to influence the direction of private sector investment toward opportunities that can lead to sustained economic growth. Sustained economic growth can provide sufficient incomes for the local labor force, profitable business opportunities for employers and tax revenues for maintaining an infrastructure to support this continued growth. There is no alternative to private sector investment as the engine for economic growth, but there are many initiatives that you can support to encourage investments where the community feels they are needed the most. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    This form of economy focuses on both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics is the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. It is important to note that the cultural and economic framework of every nation is different.
    Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. Development economics includes international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.
    Processes of Development Economics
    Step 1. Define desired outcomee and actions
    Step 2. Endorse the process
    Step 3. Establish criteria
    Step 4. Develop alternatives
    Step 5. Evaluate, select and refine alternative or option
    Scope of Development economics
    Mercantilism
    Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory practiced in Europe from the 16th to the 18th centuries. The theory promoted augmenting state power by lowering exposure to rival national powers.
    Economic Nationalism
    Economic nationalism reflects policies that focus on domestic control of capital formation, the economy, and labour, using tariffs or other barriers. It restricts the movement of capital, goods, and labour.
    Linear Stages of Growth Model
    This model states that economic growth can only stem from industrialization. The model also agrees that local institutions and social attitudes can restrict growth if these factors influence people’s savings rates and investments.
    Structural-Change Theory
    The structural-change theory focuses on changing the overall economic structure of a nation, which aims to shift society from being a primarily agrarian one to a primarily industrial one.
    Like political absolutism and absolute monarchies, mercantilism promoted government regulation by prohibiting colonies from transacting with other nations.
    Conclusion
    In view of the nature, scope and models through which development economics seeks to meet development needs of the society, it evident that development economics is multi-dimensional.

  147. Avatar Aja Nnenwogo says:

    Name: Aja Nnenwogo
    Reg. No: 2018/SD/37152
    Dept: Social science (Education/Economics)
    Course code: Eco 361
    Course title: Development Economics
    Email: ajannenwogo@gmail.com
    Assignment: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    Development economics is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents.
    Development economics means different things to different people. On a broad scale, anything a community does to foster and create a healthy economy can fall under the auspice of development economics.
    Development economics involves the allocation of limited resources – land, labor, capitol and entrepreneurship in a way that has a positive effect on the level of business activity, employment, income distribution patterns, and fiscal solvency. It is a process of deliberate intervention in the normal economic growth by making it easier or more attractive. Today, communities in California are giving attention to what they can do to promote fiscal stability and greater development economics. There are only three approaches used to enhance local development economics. They are:
    • Business Retention and Expansion – enhancing existing businesses
    • Business Expansion – attracting new business
    • Business Creation – encouraging the growth of new businesses
    Development Economics as a multidimensional concept
    multidimensional describes anything with many different parts or aspects. Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    Processes/Stages of Development
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change. The stages involved in development economics include:
    – Traditional Society: This stage is characterized by a subsistent, agricultural based economy, with intensive labor and low levels of trading, and a population that does not have a scientific perspective on the world and technology.
    – Preconditions to Take-off: Here, a society begins to develop manufacturing, and a more national/international, as opposed to regional, outlook.
    – Take-off: Rostow describes this stage as a short period of intensive growth, in which industrialization begins to occur, and workers and institutions become concentrated around a new industry.
    – Drive to Maturity: This stage takes place over a long period of time, as standards of living rise, use of technology increases, and the national economy grows and diversifies.
    – Age of High Mass Consumption: At the time of writing, Rostow believed that Western countries, most notably the United States, occupied this last “developed” stage. Here, a country’s economy flourishes in a capitalist system, characterized by mass production and consumerism.

  148. Avatar Onah chisom benita says:

    Name: Onah Chisom Benita
    Reg no:2018/248537
    Department:Economics
    Course code:Eco 361
    Course title:Development economics
    Gmail:sombabyonason@gmail.com
    Assignment:Discuss development economics as a multi dimensional concept and development and its process
    Development economic is considered as a multidimensional phenomenon because it’s focuses on both the income of the people,and the improvement of the living standard of the people in a country .Economic development focuses on both qualitative and quantitative growth of the economy.it’s measures all the aspect which includes people in a country become wealthier,healthier,well educated,and have great access to good quality things.Economic development can creat more opportunities in the sector of education,employment,conservation of the environment and healthcare.it indicate an increase in the per capital income of the citizen.standard of living includes various things like safe drinking water,medical facilities,the spread of primary education to eradicate illetracy,increase in employment opportunities etc.quality of living standard is the major indicator of economic development .in addition to economic growth, the man characteristics of development is the improvement of the Human Development Indicator(HDIs),such as life expectancy,level of education,labor productivity etc.it has been realized by many development practitioners that development is useless it is not sustainable .sustainability has be interpreted as requiring some constancy in the stock of natural environmental assets, discounting future gain losses.it is a situation in which the development indicator do not decrease overtime, and the rate of development is generally positive.
    The major process of development include:
    1) Physical development
    2) Cognitive development
    3) Social emotional development
    4) Economic development
    The theories of development economics include;1)Structural-change theory:this theory deals with policies focused on changing the economic structure of developing countries from being composers primarily of subsistence agricultural practice to being a more modern,urbanizied manufacturing and service economy.2)International dependency theory:this theory have their origin in developing countries and view obstacles to development as be primarily external in nature rather than internal.3)Neoclassical theory:this policy argues that’s government should not intervene in the economy

  149. Avatar Aja Nnenwogo says:

    Name: Aja Nnenwogo
    Reg. No: 2018/SD/37152
    Dept: Social science (Education/Economics)
    Course code: Eco 361
    Course title: Development Economics
    Email: ajannenwogo@gmail.com
    Assignment: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.

    Development economics is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents.
    Development economics means different things to different people. On a broad scale, anything a community does to foster and create a healthy economy can fall under the auspice of development economics.
    Development economics involves the allocation of limited resources – land, labor, capitol and entrepreneurship in a way that has a positive effect on the level of business activity, employment, income distribution patterns, and fiscal solvency. It is a process of deliberate intervention in the normal economic growth by making it easier or more attractive. Today, communities in California are giving attention to what they can do to promote fiscal stability and greater development economics. There are only three approaches used to enhance local development economics. They are:
    • Business Retention and Expansion – enhancing existing businesses
    • Business Expansion – attracting new business
    • Business Creation – encouraging the growth of new businesses
    Development Economics as a multidimensional concept
    multidimensional describes anything with many different parts or aspects. Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Processes/Stages of Development
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change. The stages involved in development economics include:
    – Traditional Society: This stage is characterized by a subsistent, agricultural based economy, with intensive labor and low levels of trading, and a population that does not have a scientific perspective on the world and technology.
    – Preconditions to Take-off: Here, a society begins to develop manufacturing, and a more national/international, as opposed to regional, outlook.
    – Take-off: Rostow describes this stage as a short period of intensive growth, in which industrialization begins to occur, and workers and institutions become concentrated around a new industry.
    – Drive to Maturity: This stage takes place over a long period of time, as standards of living rise, use of technology increases, and the national economy grows and diversifies.
    – Age of High Mass Consumption: At the time of writing, Rostow believed that Western countries, most notably the United States, occupied this last “developed” stage. Here, a country’s economy flourishes in a capitalist system, characterized by mass production and consumerism.

  150. Avatar Ezechukwu Rita Chioma says:

    NAME: EZECHUKWU RITA CHIOMA
    REG NO: 2018/250327
    DEPARTMENT: ECONOMICS

    ASSIGNMENT TOPIC:
    Development Economics as a multidimensional concept; Development and it’s processes

    *DEVELOPMENT ECONOMICS
    Development according to the English dictionary is “a process of developing, growth directed change”. Development as an economic concept entails the improvement of a country’s economic and social conditions not necessarily promoting economic growth only, but bringing about a better life (increasing per capita income) of majority of the people, through a combination of social, institutional, and economic processes.
    Development Economics is a branch of economics which focusses on or studies developing or low income countries, with the aim of transforming their developing economy, thus, improving the standard of living of their citizen, by the improvement of the fiscal, economic and social conditions of the country. “Arthur Lewis . W” is regarded as the founding father of development economics. He brought about the idea of “Industrialization by invention” which depicts simultaneous development of agriculture and industry, as a Development strategy as he reaches out to bring the Caribbean out of its bad state.
    * DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.
    Development economics in studying the transformation of developing country’s has to deal with countries with different social and political background, having differing economic and cultural framework. Thus, a development economist considers the fact that a particular development strategy might not work for every country. Development is based on complex factors, thus, development economics examines so many dimensions, both economic (microeconomic and macroeconomic) and non economic ( social and environmental) dimensions. Development economics focusses on factors like; education, health, working conditions, income, domestic and international policies, and market conditions. This makes development Economics a multidimensional concept with different interpretations by different scholars.
    *DEVELOPMENT AND ITS PROCESSES
    Development and it’s processes has to do with stages, a developing country have to pass through as it moves towards maturity ( being developed). It passes through stages of being a traditional society, characterized by rural economy, to a society characterized by special appreciation of education and skill development, sub-urban economy, econmic growth and finally to economy with developed welfare system. Different strategies can be used in different countries to attain this stage of development. The overall objective, is to lift poor country out of poverty and to achieve good standard of living for majority of the people.

  151. Avatar Agboeze Nkechinyere Juliet says:

    Name: Agboeze Nkechinyere Juliet
    Reg. No: 2018/SD/37259
    Dept: Social science (Education/Economics)
    Course code: Eco 361
    Course title: Development Economics
    Email: nkechinyerejulieta@yahoo.com
    Assignment: Discuss development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.
    Introduction
    National growth of any nation is tied to the nature and type of economy practiced in the nation. Nations who view development as the driving force explore all avenues to sustain development. Development economics is multi-dimensional
    Development Economics
    Development economics is a concerted effort on the part of the responsible governing body in a city or county to influence the direction of private sector investment toward opportunities that can lead to sustained economic growth. Sustained economic growth can provide sufficient incomes for the local labor force, profitable business opportunities for employers and tax revenues for maintaining an infrastructure to support this continued growth. There is no alternative to private sector investment as the engine for economic growth, but there are many initiatives that you can support to encourage investments where the community feels they are needed the most. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    This form of economy focuses on both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics is the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. It is important to note that the cultural and economic framework of every nation is different.
    Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. Development economics includes international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.
    Processes of Development Economics
    Step 1. Define desired outcomee and actions
    Step 2. Endorse the process
    Step 3. Establish criteria
    Step 4. Develop alternatives
    Step 5. Evaluate, select and refine alternative or option
    Scope of Development economics
    Mercantilism
    Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory practiced in Europe from the 16th to the 18th centuries. The theory promoted augmenting state power by lowering exposure to rival national powers.
    Economic Nationalism
    Economic nationalism reflects policies that focus on domestic control of capital formation, the economy, and labour, using tariffs or other barriers. It restricts the movement of capital, goods, and labour.
    Linear Stages of Growth Model
    This model states that economic growth can only stem from industrialization. The model also agrees that local institutions and social attitudes can restrict growth if these factors influence people’s savings rates and investments.
    Structural-Change Theory
    The structural-change theory focuses on changing the overall economic structure of a nation, which aims to shift society from being a primarily agrarian one to a primarily industrial one.
    Like political absolutism and absolute monarchies, mercantilism promoted government regulation by prohibiting colonies from transacting with other nations.
    Development Economics as a multidimensional concept
    In view of the nature, scope and models through which development economics seeks to meet the development needs of the society, it evident that development economics is multi-dimensional.

  152. Avatar Chinekezie Oluchi Faustina says:

    *Name:* Chinekezie Oluchi Faustina
    *Reg no:* 2018/249787
    *Email:* faustylucky@gmail.com

    *Assignment:* Discuss development Economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes

    *DEFINITION OF DEVELOPMENT ECONOMICS:*
    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.

    Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level. This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.

    *DEFINITION OF DEVELOPMENT AND IT’S PROCESSES:* Development is a process that creates “social, growth, economic, positive change or the addition of physical, progress, environmental, and demographic components”.
    The different mechanisms and phenomena which are associated with development form the whole process of development.
    Development can be morphological, it can be physic or it can even physiological functions.
    In Freud’s scientific work, the idea of the process of development first occurred.
    He then the coming years linked it to his further study in psychoanalysis.
    In his work with hysteria, he linked into childhood trauma which only aggravates after the child reaches puberty.

    *DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT:* Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.

  153. Avatar Odo Godsmark Onochie says:

    ODO ONOCHIE GODSMARK
    2017/249540
    ECONOMICS DEPARTMENT
    13/08/2021
    Onochieodo2021@gmail.com
    (1) DISCUSS DEVELOPMENT ECONOMICS AS A MULTI-DIMENSIONAL CONCEPT
    Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth, the reduction of inequality and the eradication of poverty
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development.
    Types of Development Economics
    1. Mercantilism

    Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. The theory promoted augmenting state power by lowering exposure to rival national powers.

    2. Economic Nationalism

    Economic nationalism reflects policies that focus on domestic control of capital formation, the economy, and labor, using tariffs or other barriers. It restricts the movement of capital, goods, and labor. Economic nationalists do not generally agree with the benefits of globalization and unlimited free trade.

    (2)EXPLAIN LUCIDLY THE EXPLANATION OF DEVELOPMENT AND IT’S PROCESSES

    WHAT IS DEVELOPMENT?
    Development is the process of developing or being developed.
    It is the bringing about of social change that allows people to achieve their human potential. But development is not simply about the interactions between human groups; it also involves the natural environment. So, from another point of view, development is about the conversion of natural resources into cultural resources. Development is also a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    Process of Development

    The product development process encompasses all steps needed to take a product from concept to market availability. This includes identifying a market need, researching the competitive landscape, conceptualizing a solution, developing a product roadmap, building a minimum viable product, etc. The process of Development are
    1. Idea generation
    2. Research
    3. Planning

  154. Avatar Machi Chinedu Clement says:

    Name: MACHI CHINEDU CLEMENT
    Reg. No.: 2018/242796
    Dept: COMBINED SOCIAL SCIENCE
    Combo: ECONOMICS/SOCIOLOGY AND ANTH.

    Quiz:
    Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by development and its processes.

    Answer:

    WHAT IS DEVELOPMENT ECONOMICS?
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth
    Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.

    KEY TAKEAWAYS
    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
    Areas that development economics focuses on include health, education, working conditions, and market conditions.
    Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    Four common theories of development economics include Mercantilism, Nationalism, The Linear Stages Of Growth Model, and Structural-change Theory.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development economics is multidimensional, meaning it involves a dynamic and complex nature. It focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels. Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level. This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods. Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans. Also unlike many other fields of economics, there is no consensus on what students should know. Different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.

    UNDERSTANDING DEVELOPMENT ECONOMICS
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws. Students of economics, and professional economists, create theories and methods that guide practitioners in determining practices and policies that can be used and implemented at the domestic and international policy level Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development. They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.

    TYPES OF DEVELOPMENT ECONOMICS:
    1. MERCANTILISM
    Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory practiced in Europe from the 16th to the 18th centuries. The theory promoted augmenting state power by lowering exposure to rival national powers. Like political absolutism and absolute monarchies, mercantilism promoted government regulation by prohibiting colonies from transacting with other nations. Mercantilism monopolized markets with staple ports and banned gold and silver exports. It believed the higher the supply of gold and silver, the more wealthy it would be. In general, it sought a trade surplus (exports greater than imports), did not allow the use of foreign ships for trade, and it optimized the use of domestic resources.

    2. ECONOMIC NATIONALISM
    Economic nationalism reflects policies that focus on domestic control of capital formation, the economy, and labor, using tariffs or other barriers. It restricts the movement of capital, goods, and labor. Economic nationalists do not generally agree with the benefits of globalization and unlimited free trade. They focus on a policy that is isolationist so that the industries within a nation are able to grow without the threat of competition from established companies in other countries. The economy of the early United States is a prime example of economic nationalism. As a new nation, it sought to develop itself without relying so much on outside influences. It enacted measures, such as high tariffs, so its own industries would grow unimpeded.

    3. LINEAR STAGES OF GROWTH MODEL
    The linear stages of growth model was used to revitalize the European economy after World War II. This model states that economic growth can only stem from industrialization. The model also agrees that local institutions and social attitudes can restrict growth if these factors influence people’s savings rates and investments. The linear stages of growth model portrays an appropriately designed addition of capital partnered with public intervention. This injection of capital and restrictions from the public sector leads to economic development and industrialization.

    STAGES OF ECONOMIC GROWTH AND DEVELOPMENT
    An alternative, typically narrower definition of stages of development refers to patterns of development, focusing on the structural change of an economy. Two prominent World Bank economists, Hollis Chenery and Moises Syrquin defined a pattern of development as a systematic variation in any significant aspect of the economic or social structure associated with a rising level of income or other index of development.

    Unlike the stages of economic growth (which were proposed in 1960 by economist Walt Rostow) as five basic stages:
    1. Traditional Society
    2. Preconditions For Take-off
    3. Take-off
    4. Drive To Maturity
    5. Age Of High Mass Consumption
    there exists no clear definition for the stages of economic development. Still, most development economists agree that the key stages of development are related to three different transitions:
    A) A STRUCTURAL TRANSFORMATION OF THE ECONOMY
    The structural transformation refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease. In other words, at the final stage of development, we typically have an economy in which people earn their livelihood predominantly from the service sector and a still important but diminished industry sector.

    B) A DEMOGRAPHIC TRANSITION
    The demographic transition is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.

    C) A PROCESS OF URBANIZATION.
    The main factors leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas

    REFERENCE
    https://www.investopedia.com/terms/d/development-economics.asp#:~:text=Four%20common%20theories%20of%20development,%2C%20and%20structural%2Dchange%20theory
    https://en.m.wikipedia.org/wiki/Development_economics
    https://programs.online.american.edu/econ/masters-economics/resources/stages-of-economic-development

  155. Avatar Eze Ngozi Josephine says:

    Name: Eze Ngozi Josephine
    Reg No: 2018/241825
    Email: josephinengozi2030@gmail.com

     ECONOMIC DEVELOPMENT
    Economic development can be easily described as a multidimensional process that involves major changes in popular attitudes, social structure and national institutions. It also refers to the increase in economic growth, reduction in inequality, helps to eradicate absolute poverty.
    Therefore, it is safe to establish that development economics is more concerned with the cultural, economic and political requirements meant to provide effective rapid structural and institutional transformations for entire societies in a manner that will most efficiently harvest the fruits of economic progress to the broadest segments of their populations.
    Development economics studies the transformation of developing countries into fully or semi developed countries. The patterns used in the transformation of developing countries are usually distinctive due to the vast differences between the social and political backgrounds of these countries. Countries have got different cultural and economic framework such as child labor and women’s rights and hence development economics is dubbed a multidimensional concept.

     DEVELOPMENT
    Development can be best described as the means of achieving a sustained rate of growth in multiple aspects. In strictly economic terms however, development has traditionally meant achieving sustained rates of growth of income per capita to enable a nation to expand its output at a rate faster than the growth rate of its population.

    Processes of Development
    Development processes are the various stages an entity passes through before development is completed. The three major processes of development are physical development, cognitive development, and socioeconomic development.
    Core values of development include;
    • Sustenance- The ability to meet basic needs
    • Self-esteem- To be a person
    • Freedom from servitude- To be able to choose

    There are also three objectives of development which include;
    • To effectively expand the distribution and provide availability of basic life amenities such as food, shelter, clothing, good health and protection.
    • To improve on the standard of living through provision of jobs, addition to income and the provision of good education.
    • Lastly, development aims to expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

  156. Avatar Ekpe Esther Chidinma says:

    Name: Ekpe Esther Chidinma
    Reg. Number: 2018/250324
    Department: Economics
    Assignment: Discuss Development Economic as a multidimensional concept

    What is development? Development according to wikipedia is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity.

    Economic development is taken to be the structural transformation of an economy by introducing more mechanized and updated technologies to increase labor productivity, employment, incomes, and standard of living of the population. Economic development should be accompanied by improvements in infrastructure, as well as social, political, and institutional factors to facilitate transformation of the economy. Economic development is regarded as important for a country to reduce its poverty by providing more employment, higher incomes, improved goods and services, and latest technologies of production.

    Economic development has greatly improved living conditions and incomes across the world.
    However, an alarming and inevitable consequence of modern economic development is the
    massive negative impact on the natural environment. Modern technology is highly resource
    dependent, needing enormous inputs of minerals,
    metals, power, fuel, timber, water, etc. At the same time, production and consumption do not “use” up all these materials, they are let off into the environment in the form of pollution and wastes. But the capacity of the Earth to absorb and recycle wastes and pollution is limited, leading to many environmental disasters as pollution chokes land, air, and water adversly affecting living system on Earth.

  157. Avatar Eze Chibuike Benjamin says:

    Name :Eze Chibuike Benjamin
    Reg no :2018/244287
    Dept Economics/Education

    What Is Development Economics?

    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.

    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    KEY TAKEAWAYS

    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.

    Areas that development economics focuses on include health, education, working conditions, and market conditions.

    Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.

    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.

    •Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory.

    Types of Development Economics
    Mercantilism
    Mercantilism is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation. It was a dominant economic theory practiced in Europe from the 16th to the 18th centuries. The theory promoted augmenting state power by lowering exposure to rival national powers.

    Like political absolutism and absolute monarchies, mercantilism promoted government regulation by prohibiting colonies from transacting with other nations.

    Mercantilism monopolized markets with staple ports and banned gold and silver exports. It believed the higher the supply of gold and silver, the more wealthy it would be. In general, it sought a trade surplus (exports greater than imports), did not allow the use of foreign ships for trade, and it optimized the use of domestic resources.

    Economic Nationalism

    Economic nationalism reflects policies that focus on domestic control of capital formation, the economy, and labor, using tariffs or other barriers. It restricts the movement of capital, goods, and labor.

    Economic nationalists do not generally agree with the benefits of globalization and unlimited free trade. They focus on a policy that is isolationist so that the industries within a nation are able to grow without the threat of competition from established companies in other countries.

    The economy of the early United States is a prime example of economic nationalism. As a new nation, it sought to develop itself without relying so much on outside influences. It enacted measures, such as high tariffs, so its own industries would grow unimpeded.

    Linear Stages of Growth Model

    The linear stages of growth model was used to revitalize the European economy after World War II.

    This model states that economic growth can only stem from industrialization. The model also agrees that local institutions and social attitudes can restrict growth if these factors influence people’s savings rates and investments.

    The linear stages of growth model portrays an appropriately designed addition of capital partnered with public intervention. This injection of capital and restrictions from the public sector leads to economic development and industrialization.

    Development indicators and indices

    There are various types of macroeconomic and sociocultural indicators or “metrics” used by economists and geographers to assess the relative economic advancement of a given region or nation. The World Bank’s “World Development Indicators” are compiled annually from officially recognized international sources and include national, regional and global estimates.

    GDP per capita – growing development population

    GDP per capita is gross domestic product divided by mid year population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidizes not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

    Modern transportation

    European development economists have argued that the existence of modern transportation networks- such as high-speed rail infrastructure constitutes a significant indicator of a country’s economic advancement: this perspective is illustrated notably through the Basic Rail Transportation Infrastructure Index (known as BRTI Index) and related models such as the (Modified) Rail Transportation Infrastructure Index (RTI).

    Introduction of The GDI and GEM

    In an effort to create an indicator that would help measure gender equality, the UN has created two measures: the Gender-related Development Index (GDI) and the Gender Empowerment Measure (GEM). These indicators were first introduced in the 1995 UNDP Human Development Report.

    Gender Empowerment Measure

    The Gender Empowerment Measure (GEM) focuses on aggregating various indicators that focus on capturing the economic, political, and professional gains made by women. The GEM is composed of just three variables: income earning power, share in professional and managerial jobs, and share of parliamentary seats.

  158. Avatar Okoye favour says:

    NAME:OKOYE FAVOUR
    REG NO:2018/249186
    Ifyfavourokoye@gmail.com

    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.

    Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world.

    Development economics as a multidimensional concept means it does not have a single definition the interpretation can vary from each individual, politician, international institutions, and development agencies.

    Development can be defined as bringing about social change that allows people to achieve their human potential.

    The word ‘development’ is widely used to refer to a specified state of advancement or growth. It could also be used to describe a new and advanced idea or product; or an event that constitutes a new stage under changing circumstances.

    Generally, the term development describes good change.

    Development process is a system of defined steps and tasks such as:
    1. Strategy.
    2. Organization.
    3. Concept generation.
    4. Marketing plan creation.
    5. Evaluation.
    6. Commercialization of a new product.

  159. Avatar Chidozie Julieth Chisom says:

    Name- Chidozie Julieth Chisom
    Reg no- 2018/250055
    Department- Education Economics
    Email- chidoziejulieth165@gmail.com

    Development economics – is a branch of economics which deals with economics aspects of development process in low-income countries
    Multi-dimensional -is having or relating to many dimensions or aspects

    DEVELOPMENT ECONOMICS AS A MULTI-DIMENSIONAL CONCEPT:
    Development economics as a multi-dimensional concept makes development economics complex,development economics involves economics growth Plus progressive change in certain important variables that determine the well-being of the people such as education ,health ,good working conditions e t c .the goal of development economics cannot be fully achieved when the interest of the masses are not considered or when the potentials for the masses of the population are not improved. It is the process by which a nation improves the economic, political, and social wellbeing of its people.
    The World Bank (1991 :49) attests that development must be conceived as a multidimensional process involving major changes in social structures, popular attitudes, and national institutions, as well as the acceleration of economic growth, the reduction of inequality, and the eradication of poverty. development economics is associated with improvement in variety of areas ,not only on promoting economic development ,economic growth and structural change but also on improving the potentials for the masses of the population of low income countries for example through education and health.
    The multi-dimensional nature of development economics makes it’s objective multiple , ranging from examining and improving a developing country both at economic, political and social leve ,the macro and micro level ,the local and international level . these multidimensional goals of development economics are achieved when the wellbeing of the people are improved through building hospital or clinics to improve the health conditions of the masses, establishing schools to reduce illiteracy, improving working conditions, promoting economic development, economics growth and structural change, this therefore means that development economics focus on all levels and dimensions (economic, political and social)of a developing country to ensure that development is achieved.

    Development and its processes:

    DEVELOPMENT: I understand development as an improvement or transformation of something, an institution or a country’s condition, from what it formally is to a more advanced and improved condition,it is a process of establishing something new that can lead to improvement in living standard of people it can be through infrastructural , structural, economics , social development. Development tend to make something more desirable than it use to be .a country is developed when the citizens enjoy good road,power supply,good education, health, employment opportunities, security, desirable balance of payments etc
    Development in relation to economics is the process whereby a nation improves the economic, Political and social well being of the people. A developed nation is characterized by equitable balance of payments,low prices of goods, employment,good working conditions,q patriotic leadership, good roads,power supply , security,health facilities etc,an underdeveloped nation lacks the above feature.

    DEVELOPMENT PROCESSES: are the series of actions or steps which are carried out to achieve development. Development can come in different forms such as biological development, economics development, social development, etc.
    In my understanding, the processes of development with regard to Economics are as follows:
    . (1) Investment -following the view and understanding in the economic world, investment is recognized as a major priority in the area of development . investment brings development into a particular nation ,when companies come into Nigeria to invest into our oil and gas for the purpose of making profits ,it brings development by creating jobs for the people of the country.investment also creates the availability of money circulation in the economic market
    . (2) Manufacturing-these are the steps through which raw materials are transformed into finished goods or products. A good manufacturing company with quality product can lead to a country’s Economic development where people from other countries Can locate a particular product to Nigeria because of it’s effectiveness and standard of production.A good manufacturing company brings quality change in the economic market of a country and it also bring government recognition and awareness of a particular product
    . (3) Innovation process – this is change creation in nature and is very important to the continuing success of any organization in any countries economics . innovation brings creativity and development in the Market economy because it brings quality productivity and when quality productivity emerge in the market system ,it leads to the production of more goods and services which in turn increases a country’s GDP.

  160. Avatar Nwogwugwu Chisom Jennifer says:

    Name: Nwogwugwu Chisom Jennifer.
    Reg no: 2018/245129
    Department: Economics
    Email address: chisom.nwogwugwu.245129@unn.edu.ng

    ASSIGNMENT
    Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes.

    ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.
    Development economics is a branch of economics that deals with economic aspects of development as well as fiscal and social conditions in less developed nations; it is multidimensional which implies it is complex, intricate, multifaceted and polygonal. Development economics not only incorporates economic growth and results that are simultaneously achieved by a number of objectives but also encompasses social and political factors that devise particular plans to create theories and methods used in aiding policies and practices implemented at domestic or international market. It involves using mathematical methods or restructuring market incentives.
    It examines both macroeconomic and microeconomic factors relating to the structure of developing economies in order to shape and lift poor countries out of poverty. It’s application is varied as the cultural, social and economic frameworks of nations are different. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, structural transformation of economic and the role of education and healthcare in development.
    Other aspects include international trade, globalization, sustainable development, effects of epidemics and impact of catastrophes on economic and human development.
    DEVELOPMENT:
    There are multitude of meanings attached to the idea of development, it is seen as the process that creates growth, progress, positive change or the addition of physical, economic and social components. It is also a process of economic and social advancement in terms of quality of human life.
    Development from an economic point of view means an increase in the size or pace of the economy such that more products and services are produced. There’s an assumption that if an economy generates more products and services, then humans will enjoy a higher standard of living.
    DEVELOPMENT PROCESSES.
    Development processes involves a system of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation and commercially viable goods and services.
    Strategy: Is a plan of action designed to achieve a long-term or overall aim. This is where you will focus your efforts to achieve your goals and how you will succeed, it defines a specific course of action that will take you from where you are now to where you want to be.
    Organization: has to do with the action of organizing something, it is the act of putting things into a logical order by a collection of people in order to pursue a defined objective.
    Marketing plan creation: Is the creation of a report that outlines a marketing strategy for a year, quarter or a month it gives an overview of the marketing and advertising goals of a business.
    Evaluation: also known as assessment, it involves a systematic determination of a subject’s merit, worth and significance using a criteria governed by a set of standards.
    CONCLUSION:
    The origin of development economics are often traced to the need for likely problems with the industrialization of eastern Europe in the aftermath of world war 2. Therefore Development Economics implies that there must be something different about studying economics in low-income countries as it seeks to understand the economic aspects of development.
    REFERENCES:
    https://sid-israel.org/en/what-is-development/
    https://en.m.wikipedia.org/wiki/Development_economics#:~:text=The%20origins%20of%20modern%20development,aftermath%20of%20World%20War%20II.&text=Arthur%20Lewis%20was%20an%20analysis,growth%20but%20also%20structural%20transformation.
    https://www.investopedia.com/terms/d/development-economics.asp

  161. Avatar Nwoko Nnamdi Netochukwu 2018/245660 says:

    Name: Nwoko Nnamdi Netochukwu
    Reg No: 2018/245660
    -DEVELOPMENT AS A MULTIDIMENSIONAL CONCEPT
    It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. This was so firmly believed that a number of theories, which were put across to explain development and how to achieve development, such as modernization theory, and dependency theory centered on economic growth being the key factor in development. There is no one definition of development, as persons have different interpretations of development. In Portest’s and Kincaid’s interpretation of development, they stated that it should involve a reduction in unemployment and the extension of fundamental rights and freedoms for the population.
    Luxembourg, Switzerland, Norway, United States of America and Canada all have high GDPs and are considered some of the most developed countries in the world. Now, in some definitions of development it was established that development has a number of characteristics, which include political freedom, and in the first definition, freedoms for the population. This definition was correct in defining development as including other characteristics. In addition to economic growth, the main characteristics of development are improvement in Human Development Indicators (HDIs), such as life expectancy, levels of education, ratio of doctors to the population and labour productivity. Also, development must be sustainable and involve the notion of advancement, involve freedom, justice and equity, and development must be ethical. It has been realized by many development practitioners that development is useless if it is unsustainable. Sustainability has been interpreted as requiring some constancy in the stock of natural environmental assets, discounting future gain losses. Sustainable development then is a: situation in which the development indicators do not decrease overtime, and the rate of development is generally positive over some selected time horizon.
    – DEVELOPMENT AND ITS PROCESS

    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    The process of economic and social transformation that is based on complex cultural and environmental factors and their interactions. development process. System of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product.

  162. Avatar IFEOMA FEECHI says:

    NAME: IFEOMA FEECHI FAVOUR
    REG NUMBER: 2018/242455
    DEPT: ECONOMICS

    ASSIGNMENT
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes.

    ANSWER
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions basically in developing countries. It focuses on applying economic analysis tools solve the problems and challenges facing less developed countries.
    A multidimensional concept is said to describe anything with many different parts or aspects.
    Development economics as a multidimensional concept implies that it involves the dynamic interaction of both economic and non-economic factors. That is to say that it cuts across all disciplines. Development economics thus, results in the simultaneous achievement of a number of objectives.

    A multitude of meaning is being attached to the concept “development”, it is complex, contested, ambiguous and elusive. However, it can be seen as a process of expanding the real freedoms that people enjoy. It is the process of improving the quality of all human lives and capabilities by raising people’s level of living, self esteem and freedom. Protest and Kincaid defined development, they stated that “it should involve a reduction in unemployment and the extension of fundamental rights and freedoms for the population.”.
    Development processes includes all activities and actions put in place to generate, sustain and enhance economic and development. This means that for development to be acknowledged, it must be sustainable and involve the notion of advancement, involve freedom, justice and equity and must be ethical. Development without sustainability is useless as development must be consistent to be functional and effective.

  163. Avatar AGUBUZO SOMTOCHUKWU THELMA says:

    NAME: AGUBUZO SOMTOCHUKWU THELMA
    REG NO: 2018/242444
    DEPARTMENT: ECONOMICS

    Assignment: Discuss development economics as a multidimensional concept and explain what you understand by development and its processes
    DEVELOPMENT
    • Development is a specified state of advancement and growth.
    It refers to a positive change in a country’s method of managing and allocating their natural and human resources.
    • Multidimensional means complexity,it means that it is consisting of many different and connected parts
    Development is seen as multidimensional because it involves the dynamic interplay of factors such as: physical,cognitive and psychosocial changes
    DEVELOPMENT ECONOMICS
    • Development economics is a branch of economics that aims to improve the economic challenges of some of the poorest countries in the world (developing countries). Developmental economics is concerned with improving the potential and standard of living of the population. It deals with the economic, social, political and cultural requirements affecting the entire society

    • Development economics is seen as multidimensional because it is concerned with a lot of different but related factors such as efficient allocation of resources,income of the people and their standard of living which are all different but interrelated It deals with the economic, social, political and institutional mechanism that is necessary for improvement of the economy for the general wellbeing of the society

    DEVELOPMENT AND IT’S PROCESSES
    As stated above,development can be seen as a positive change in the country’s economic and social conditions in order to create wealth and improve people’s lives.

    Development process refers to all the processes and mechanisms that contribute to the change in an individual or country The result of these processes for any given country or person at any given time corresponds to its “level of development.”

      The three key developmental processes are:
    •Physical development
    •Cognitive development
    •Social emotional development

  164. Avatar Anyanta Minah Ngozi says:

    NAME:ANYANTA MINAH NGOZI
    DEPARTMENT: COMBINED SOCIAL SCIENCE (ECONOMICS/SOCIOLOGY AND ANTHROPOLOGY)
    REG NO: 2018/249540
    Email: ngozianyanta10@gmail.com

    Question: Discuss Development Economics as a Multidimensional concept and Lucidly explain what you understand by Development and it’s process.
    Firstly Development Economics is a branch of Economics that focuses on the fiscal policies which includes the Contractionary and expansionary policies, as well as the socio_economic conditions of countries and nations in their developing stage.
    Development Economics is a Multidimensional concept because of it complexity and variability as a result of the fact that different nations, countries and developing economies differs in their Economics frameworks, cultural and social settings, ideologies and principles in determining the role of education, Human resources, capital resources, technology, globalization, international trade, import and export trade as well as health and effects of epidemics such as STDS and pandemic such as Corona virus in determining human development in order to transport growing economies out of poverty.
    What I understand by Development.
    Development is an increase and a transformation in the production capacity of a Nation and an increase in the quality of a Nation as well as an increase in the standard and quality of living of a Nation or country. In other words, it is an increase in Economic Growth and desirable cultural and social change.
    There are different processes of development.
    These processes are foundation on which every developing nation undergoes in their developing processes. And these includes
    NATURAL RESOURCES: These includes availability of land, labour, capital and of course the Entrepreneur.
    HUMAN RESOURCES: This include the effort of a healthy and working labour as well as an entrepreneur who organizes these natural resources for efficient production and output of goods and resources
    CAPITAL RESOURCES: This could come in the form of increased salaries to motivate labour, thereby increasing output or it could also come in form of making capital available for production purposes.
    Technology: An adequate technical knowledge of how to effectively utilize machineries rather than Human strength to improve production capacity and make work easier is also needed.
    Instutitional Environment: This requires the government to grant and provide an enabling institutional environment and institutional reforms in the area of land tenure, taxation, credit allocation, pricing policies etc.

  165. Avatar Ebubechukwu ilouba stanley says:

    ILOUBA EBUBECHUKWU STANLEY
    2018/242474
    Combined social science (economics/political science )
    Course code:Eco 361
    Course title:Development Economics
    Email:Ebubeilouba@gmail.com
    Questions:
    1)Discuss Development Economics as a multi dimensional concept.
    2)Explain the term Development and its processes.
    Answers:
    Development Economics as a multi dimensional concept.
    It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. This was so firmly believed that a number of theories, which were put across to explain development and how to achieve development, such as modernization theory, and dependency theory centered on economic growth being the key factor in development. There is no one definition of development. Economic growth or more widely some development achieved in low-income countries cannot be attributed to conventional factors of production such as physical capital and formal employment. It is rather an outcome of private investment, social households, and individual behaviors with the use of assets from the natural environment. We give some examples in justification of this argument. Private spending health has always been far larger than government spending on health in low-income countries, including Sudan. Even on primary education, household spending exceeds government spending although primary education is supposed to be free and universal. This can be indicated by a large number of school dropouts, where school-age children go to work in informal jobs so as to help their often poor families. In the political arena, political and personal rights are lacking behind, and individuals are left to themselves to find ways to exercise and express their views and voices. Social media have been playing a major role in providing information to the public replacing the official government media channels. This has typically taken place in Sudan since December 2018. Communications and organization of activities through social media have contributed strongly to massive demonstrations which succeeded in ousting the regime that ruled the country for almost three decades. Thus defective social and political fabrics in less developed countries cannot be disentangled from all types of economic and political corruption which have been the chronic illness in these countries in postcolonial periods. In such cases, it is by no means to expect that economic policies and pure economic factors contribute economic growth and development and social equity. Instead, social and environmental progresses achieved however small have to be attributed to the private and household’s behaviors and initiatives and thus are the main contributors to economic growth. Furthermore, economic growth achieved through these channels is always skewed toward the rich who are not necessarily contributing a fair share to its achievement. This can be reflected by a wide and even increasing income gap between the rich and the poor in low-income countries. Also, economic growth can be expected really to resolve and revert environmental degradation in terms of massive resource depletion and accumulation of pollution. Thus, arguably it is not more than luxury to seek a verification of environmental Kuznets curve in low-income countries. Furthermore, environmental policies in these countries are usually lax and lacking behind. This in turn has been pushing low-income countries to trade environment for development and become pollution havens. It is a fact that trade in its export side has been intensive in primary products and natural resources, both renewable and nonrenewable. Even this pattern has been a major dragger to economic growth in the sense of the so-called resource curse hypothesis. These facts and accounts are our rationale to model GDP growth against social and environmental performance indicators, rather than the other way around.

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.
    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.
    2)Explain the term Development and it’s processes :
    Development:
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.  The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment.  Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    Process of development:

    1. The Traditional Society: At this stage, modern science and technology are either not available or are not being systematically applied. A large proportion of productive resources are devoted to agriculture. There exist a ceiling to the level attainable per capital output.
    2. The Pre-conditions to Take-off: These mainly comprises of fundamental changes in the social, political and economic field like the construction of certain economic and social overheads like rail-roads and educational institutions,etc. This stage covers a long period of a century or more.
    3. The “Take-off” Period: The interval during which the rate of investment increases in such a way that real output per capital rises and this initial increase carries with it radical changes in the techniques of production and the disposition of income flows which perpetuate the new scale of investment. The term “take-off’ implies three things-, firstly the proportion of invest­ment to national income must rise from 12% to 15%, dennitely outstripping the likely population increase; secondly the period must be relatively short so that it should show the characteristics or an economic revolution; and thirdly, it must culminate in self -sustaining and self-generating economic growth. This is the most crucial period in the development process.
    4. Drive to Maturity: The rates of savings and investments are of such a magnitude economic development becomes automatic. Overall capital per head increases as the economy matures. The structure of the economy changes increasingly, this is a period of self-generating and self-propelling economic growth. The proportion of t population engaged in rural pursuits declines and the structure t the country’s foreign trade undergoes a radical change.
    5. The Age of High Mass Consumption: During this stage, the per capital real income increases to the level at which a large number of people can afford consumption transcending the basic food, shelter and clothing requirements.

  166. Avatar THEOPHILUS OKONKWO NWABUEZE says:

    Name: Okonkwo Theophilus Nwabueze
    Reg no: 2018/241839
    Dept : Economics
    Course: Eco 361 Development Economics
    Question 1:Why is Development Economics Multidimensional Concept
    Development a Multidimensional Concept. It was once a worldwide belief that development is primarily concerned with economic growth, meaning that once there was economic growth a country would develop. There is no one definition of development, as persons have different interpretations of development.Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.
    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.

    Question 2: Lucidly explain what you understand by Development and its processes.
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
    Processes:
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    The process of economic and social transformation that is based on complex cultural and environmental factors and their interactions. development process. System of defined steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product.

  167. Avatar UGWU CHIBUIKE JUDE says:

    NAME: UGWU CHIBUIKE JUDE
    REGNO: 2018/249382
    EMAIL: cugwu35@gmail.com

    DEVELOPMENT:
    A multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest terms, development can be defined as bringing about social change that allows people to achieve their human potential. An important point to emphasize is that development is a political term: it has a range of meanings that depend on the context in which the term is used, and it may also be used to reflect and to justify a variety of different agendas held by different people or organizations. The idea of development articulated by the World Bank, for instance, is very different from that promoted by Greenpeace activists. This point has important implications for the task of understanding sustainable development, because much of the confusion about the meaning of the term ‘sustainable development’ arises because people hold very different ideas about the meaning of ‘development’ (Adams 2009). Another important point is that development is a process rather than an outcome: it is dynamic in that it involves a change from one state or condition to another. Ideally, such a change is a positive one – an improvement of some sort (for instance, an improvement in maternal health). Furthermore, development is often regarded as something that is done by one group (such as a development agency) to another (such as rural farmers in a developing country). Again, this demonstrates that development is a political process, because it raises questions about who has the power to do what to whom. But development is not simply about the interactions between human groups; it also involves the natural environment. So, from another point of view, development is about the conversion of natural resources into cultural resources. This conversion has taken place throughout the history of human societies, although the process has generally increased in pace and complexity with time. If we use a system diagram to illustrate – in very general terms – what an economy does, we see that the basic function of an economy is to convert natural resources (in the forms of raw materials and energy) into products and services that are useful to humans (see 2.1.1). Inevitably, because conversion processes are never totally efficient, some waste is produced which is usually discarded into the environment as various forms of pollution. Therefore, the environment is both a source and a sink in relation to economic processes: it is a source of raw materials and energy and a sink for pollution.

    DEVELOPMENT: ECONOMIC GROWTH PERPEECTIVE:
    From this point of view, development means an increase in the size or pace of the economy such that more products and services are produced. Conventionally, a common assumption has been that, if an economy generates more products and services, then humans will enjoy a higher standard of living. The aim of many conventional approaches to development has been to increase the size of the economy (economic growth) in order to increase the output of products and services. Of course, without any change in the fundamental economic processes involved, the production of more products and services will inevitably require more raw materials and energy, and will generate more waste. In a system diagram (see 2.1.2), this would simply be represented by greater flows of materials and energy through the central box, the economy.
    PROCESSES OF ECONOMIC DEVELOPMENT:
    These processes include activities, actions, and operations that involve the production and sale of goods and services. There are four(4) processes of economic development;
    a. Expansion
    b. Peak
    c. Contraction
    d. Trough
    EXPANSION PHASE; During this phase, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressure builds.
    PEAK PHASE; The peak phase is reached when growth hits its maximum rate. This typically creates some imbalances in the economy that need to be corrected.
    CONTRACTION PHASE; The correction of the peak phase occurs through a period of contraction when growth slows, employment falls, and prices stagnate.
    TROUGH PHASE; This stage is reached when the economy hits a low point and growth begins to recover.

    DEVELOPMENT ECONOMICS AS MULTI DIIMENSIONAL:
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment. Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens. All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper. Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a long period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.

  168. Avatar Ogbu Emmanuel Chimaobim says:

    Name: Ogbu Emmanuel Chimaobim
    Reg no.: 2018/246272
    Department: Combined social sciences, (ECONOMICS/POLITICAL SCIENCE)
    Email: emmanuelogbu571@gmail.com

    Assignment
    Economic development as a concept is a qualitative measure of the country’s standard of living. It is a more multidimensional concept than economic growth as it involves reducing widespread poverty, reducing income inequalities and increasing employment opportunities.
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity.

    Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Developing countries range enormously in their resources, history, climate, political systems and degree of political stability. Take a look at this map showing the main exports of each country to see how developing countries compare to those that are more developed.

  169. Avatar Ugwu chidiebere loveth says:

    Name: ugwu chidiebere loveth
    Reg number: 2018/242902
    Deptment: education and Economics
    EMAIL : ugwuchidiebereloveth1@gmail.com

    What is development?
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.
    Development can be defined as a process of economic and social advancement in terms of quality of human life. It can be measured in terms of culture, wealth, education, healthcare, opportunities and can be commonly classified by the following terms: HDI- human development index, a UN standardized measure based on 3 factors: life expectancy, literacy/education, and standard of living. GDP- Gross domestic product, value of goods and services divided by the number of people in the country. Development has been traditionally classified into first, second, third world countries, or the global north/ south. However this is where we reach a problem. There is a ‘development continuum’. This means that there is not a gap separating rich from poor countries, North from South. All countries are at different stages of development- the Asian Tigers, BRICS, America- how do you actually define the term if it encorperates so many different types, levels and stages? The second problems is that the term ‘development’ can be seen as ‘western centric’ – destructive to traditonal cultures and ways of life, damaging to indigenous populations or sustainability. Therefore in conclusion, development is a complex and difficult to define term that requires unpicking and deconstructing, not simply taking for granted its meaning at face value.

    UNDERSTANDING DEVELOPMENT ECONOMICS
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries,
    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.
    Students of economics, and professional economists, create theories and methods that guide practitioners in determining practices and policies that can be used and implemented at the domestic and international policy level.Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.
    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into the effect, others have remained on paper.
    DEVELOPMENT AND ITS PROCESS
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    PROCESS OF ECONOMIC DEVELOPMENT
    These processes include activities, actions, and operations that involve the production and sale of goods and services.
    We HV four process of economic and they include:
    1. Expansion stage
    2. Peak stage
    3. Contraction stage
    4. Trough stage
    EXPANSION STAGE:During this stage, the economy experiences relatively rapid growth, interest rates tend to be low, production increases, and inflationary pressure builds.
    PEAK STAGE:The peak stage is reached when growth hits its maximum rate. This typically creates some imbalances in the economy that need to be corrected.
    CONTRACTION STAGE: The correction of the peak phase occurs through a period of contraction when growth slows, employment falls, and prices stagnate.
    TROUGH STAGE: This stage is reached when the economy hits a low point and growth begins to recover
    REFERENCE
    ■ Dudley Seers, “The meaning of development,” paper presented at the Eleventh World Conference of
    the Society for International Development, New
    Delhi (1969), p. 3.
    https://www.google.com/search?q=what%20development
    https://content.ucpress.edu/chapters/128//.ch01.pdf

  170. Avatar Okoye Adaezechukwu precious says:

    Name: OKOYE ADAEZECHUKWU PRECIOUS

    Reg no: 2018/241831
    Email: adaezeprecious333@gmail.com
    Blog address: http://adaezefashion.blogspot.com
    Dept: Economics
    Course code: Eco 361(Development Economics)
    Date: 11/08/2021

    1. Development Economics as a multidimensional concept.

    Definition of the term Development economics?
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions …

    Describing Development Economics as multidimensional implies that it is complex or composite
    Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. Development is multidirectional and results in gains and losses throughout life. Development is plastic, meaning that characteristics are malleable or changeable.
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity. Rogers says development is “a widely participatory process of directed social change in a society, intended to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.

    2. Explanation of Development and its process

    A multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest terms, development can be defined as bringing about social change that allows people to achieve their human potential.
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.

    *rocess of development by Walt Rostow as five basic stages:

    1. Traditional Society :
    This initial stage of traditional society signifies a primitive society having no access to modern science and technology. In other words, it is a society based on primi­tive technology and primitive attitude towards the physical World. Thus, Rostow defines a tradi­tional society “as one whose structure is developed within the limited production function based on pre-Newtonian science and technology and as pre-Newtonian attitudes towards the physical world”
    However, Rostow does not view this traditional society as being completely static. In this stage of a society output could be increasing through the expansion of land area under cultivation or through the discovery and spread of a new crop.

    2. Pre-Conditions or the Preparatory Stage:
    The covers a long period of a century or more during which the preconditions for take-off are established.
    These conditions mainly comprise fundamental changes in the social, political and economic fields; for example:(a) A change in society’s attitudes towards science, risk-taking and profit-earning;
    (b) The adaptability of the labour force;
    It is evident from above that in this second stage of growth foundations for economic transfor­mation are laid. The people start using modern science and technology for increasing productivity in both agriculture and industry.

    3. The “Take-off” Stage:
    This is the crucial stage which covers a relatively brief period of two to three decades in which the economy transforms itself in such a way that economic growth subsequently takes place more or less automatically. “The take-off” is defined as “the interval dur­ing which the rate of investment increases in such a way that real output per captia rises and this initial increase carries with it radical changes in the techniques of production and the disposition of income flows which perpetuate the new scale of investment and perpetuate thereby the rising trend in per captia output.”

    4. Drive to Maturity: Period of Self-sustained Growth:
    This stage of economic growth occurs when the economy becomes mature and is capable of generating self-sustained growth. The rates of saving and investment are of such a magnitude that economic development becomes automatic. Overall capital per head increases as the economy matures. The structure of the economy changes increasingly.

    5. Stage of Mass Consumption:
    In this stage of development per capita income of country rises to such a high level that consumption basket of the people increases beyond food, clothing and shelters to articles of comforts and luxuries on a mass scale. Further, with progressive industrialisa­tion and urbanisation of the economy values of people change in favour of more consumption of luxuries and high styles of living. New types of industries producing durable consumer goods come into existence which satisfies the wants for more consumption. These new industries producing durable consumer goods become the new leading sectors of economic growth.

    There exists no clear definition for the stages of economic development. Still, most development economists agree that the key stages of development are related to three different transitions:

    a. The structural transformation: refers to a change in the composition of GDP. Initially, economic activities and jobs are based in the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs shift towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector will slowly overtake the share of industry, while the share of agriculture continues to decrease.

    b) The demographic transition : is determined mostly by changes in the fertility rates (i.e., the number of children per woman) and changes in life expectancy. Initially, fertility rates are high, but due to relatively high death rates (especially high infant mortality rates), population growth is limited. In the next stage, both fertility rates and life expectancy are increasing, causing a sharp increase in the size of population. With continuous development, life expectancy continues to increase, but sharply declining fertility rates will limit population growth.

    c) a process of urbanization: is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban.

  171. Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. In the United States, planning became a normal practice for big corporations. In the development process, social groups which were earlier inactive now insist on participating actively in the development process, and sharing equitably in the fruits of productivity. Privileged groups on the other hand are not too keen to share the power they have previously monopolized with their fellow citizens.

    All the nations now have adopted planning machinery and formulated plans for economic development. The plans may differ in character and quality as some are built on a solid factual foundation, while others have been put together with figures. The goals of some plans may be moderate, or realistic, some have goals which are out of reach. Some plans are adopted on government criteria while some others have no governing criteria. Also some plans are put into effect, others have remained on paper.

    Plans can be long-term, medium-term and short-term on the basis of duration of their implementation. Long-term plans run for a tong period, may be for one or two decades. In such plans, intended direction, pattern and rate of development and the strategy to achieve the goals are set-forth in broad terms. Medium-term plans run for about five years and the development effort is planned in a way that is consistent with the design of the long-term plan. Short-term plans are undertaken in each financial year.

  172. Avatar Ik-Ukennaya Ezekiel says:

    Name: Ik-Ukennaya Ezekiel
    Department: Economics
    Reg no:2018/249 788
    Email: ezekielikukennaya4@gmail.com

    ASSIGNMENT:
    discuss Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes

    First I will discuss what development Economics is

    What Is Development Economics?
    Many scholars have different views on this concept Development Economics.
    However,Development Economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.

    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.

    Development Economics as multi dimensional concept.

    Development Economics being multi dimensional implies that
    Development economics focuses on multiple aspect,I.e it doesn’t focus on a singular aspect .
    Development Economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.
    Some aspects of Development Economics include:
    1.Role of education in development
    2.Role of health care in development
    3.international trade
    4.Globalization etc

    TYPES OF DEVELOPMENT ECONOMICS
    1.Mercantilism:this is the earliest form of development economics that foster nation’s development
    2.Economic Nationalism:it focuses on internal control of nations economic activities
    3.Linear stages of growth model:this theory states that economic growth can only be enhanced by industrialization
    4.Structural change theory: this theory aims at transforming the society from rural economy to industrial economy

    DEVELOPMENT AND IT’S PROCESSES

    I understand development to be a process that creates growth,progress and positive change on the environment and the economy.

    Development processes can be broken down into
    (a)Structural transformation:this is the change in the composition of GDP.
    (b)demographic transition:it’s determined by fertility rates and changes in life expectancy

    (C) urbanization and migration:
    process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers, the transformation of originally semi-urban suburbs into fully urban centers, and differences in population dynamics between rural and urban areas.

  173. Avatar Stephen Ifessy Precious says:

    Name: Stephen Ifessy Precious
    Reg no: 2018/244261
    Department: Education Economics
    Development Economics as a multidimensional concept
    Development econ