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.

 

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Comments 315

  1. Osike Solomon Ugochukwu says:

    Osike Solomon Ugochukwu
    Reg.No. 2018/242458
    Email: Solomonosike19@gmail.com

  2. Onyedekwe Henry Chinedu. 2018/242306 says:

    Development implies a process which involves growth, progress or positive change or the addition of physical, economic, environmental, social and demographic components.

    The process of development is based on complex factors and their interactions which includes strategy, organisation, concept generation, market plan creation, evaluation and commercialization of a new idea.

    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”.

    Development economics being a multi dimensional concept implies that it deals with a lot of different but related aspects, hence can be defined in different ways. According to Sen, economic development is a ” process” which involves improving people’s well-being and quality of life, whereas Todaro explains that the three things that needs to be achieved for economic development to take place is
    1. Availability and distribution of life sustaining goods.
    2. Increase in standard of living.
    3. Expansion and economic and social choices.

    The difference between the two explanations is that Sen sees economic development as a process whereas Todaro sees economic development as an achieved phenomenon.

    • Uzor Ngozi Nnenna says:

      NAME; Uzor Ngozi Nnenna
      DEPARTMENT: Economics
      REG. NO: 2018/251387

      ASSIGNMENT:
      discuss Development Economics as a multidimensional concept and lucidly explain what you understand by Development and its processes.
      ANSWER:
      DEVELOPMENT ECONOMICS AND A MULTIDIMENSIONAL CONCEPT
      This concept is a process in which both the non-economic dimensions ( culture, religion, class, tradition, social & political dependence) and the economic dimensions are important. Development thus, results in the simultaneous achievement of a number of objectives such as broth and equity.
      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.
      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;
      1, expansion
      2, peak
      3, contraction
      4, 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

  3. Chinedum Success Ezeozue Lotachukwu says:

    Name: Chinedum Success Ezeozue Lotachukwu

    Reg No: 2018/246452

    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.

  4. NAME : OGENYI, CHUKWUEBUKA FREDERICK
    REG. NO: 2018/241864
    EMAIL :
    ogenyichukwuebukafrederick@gmail.com
    Blog Address : ogenyichukwuebuka.blogspot.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.
    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 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.

    What I understand by development :

    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.

    Development processes :

    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.

  5. Ukachukwu Divine Amarachi - 2018/242426 says:

    ECONOMIC DEVELOPMENT AS A MULTIDIMENSIONAL CONCEPT
    Describing something as multidimensional implies that it is complex. Economics 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.
    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.
    It has an evergreen scope in addition to being concerned with the efficient allocation of existing scarce productive resources and with their sustained growth over time, it must also deal with the economic, social, political and institutional mechanisms both in public and private, necessary to bring about rapid and large scale improvement in levels of living for the people of Africa, Asia, Latin America and the formerly socialist transition economies.

    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.

    PROCESSES OF DEVELOPMENT
    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.

    The three key developmental processes includes
    1. The physical or Biological development
    2. The Cognitive development
    3. Socio-emotional development.

  6. Onuigbo Chidimma says:

    Onuigbo Chidimma
    2019/249019 (2/3)
    onuigbodimma18@gmail.com

  7. NAME: UGWUEZE MARTHA CHIOMA
    REG N0:2018/247847
    DEPT: ECONOMICS
    Assignment
    Discuss Development economics as a multi dimensional concept.
    Development economics as a multi dimensional concept implies that’s is complex.you could intricate themes, characters,plots and symbols or you could even call a person multi dimensional if she had a particularly complicated personality development economics is a multi dimensional Concept the process involves major changes in social structure,popular attitude and national institution as well as acceleration of economics growth, reduction of inequality and eradication of absolute poverty.
    Economics development is considered a multi dimensional because it focus on the income of the people and on the improvement of the living standards of the people.
    Multi dimensional analysis of development economics allows economic data from various view points.this enable them to spot trends or exceptions Into data.
    Development economics has a greater scope that’s why it is multi dimensional because it’s concerned with the efficient allocation of existing scarce products resources and with their sustained growth overtime.It deals with the economic, social, political and institutional mechanism both political and private necessary for rapid and large-scale improvement in all levels of the economy of the people.
    It’s multi dimensional concerned with the economic, cultural and political requirements for affecting and institutional transformation of enteir societies in a manner that will most efficiently bring the friuts of economic progress to the broadest segment of the population.
    It’s multi dimensional aspect help to understand development economics in order to improve the material lives of the majority of the global population.
    What Do You Understand by development and it’s processes
    Development means different things to different people.
    What I understand is that
    Development means” improvement in a country’s economics and social condition” more specifically it refers to improvement in way of managing an area’s natural and human resources in order to create wealth and improve people’s lives.
    Processes of Development
    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 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.

    The reason he became so excited by Josef Breuer’s account of the case of Anna O. in 1885 was because he saw it as proof that when subjects themselves go back in time through their own history, this has a curative effect. The cases reported in Studies on Hysteria (1895d) are all built around this principle, as is the accompanying theoretical writing.

    He thought he had found the psychopathological equivalent of the source of the Nile: every case of psychoneurosis, particularly hysteria, can be considered as a progressively constituted formation based on a traumatic incident in childhood, an incident that is always of a sexual nature and whose effect is deferred, not appearing until the subject reaches puberty. He nevertheless came to doubt that “seduction” of girls by their fathers was as frequent as the hysterics he treated would have had him believe. After a brief period of discouragement (“they are only fantasies”), he effected a remarkable recovery (“they are fantasies” that the patient places in the past and which must be analyzed). The analysis of the case of Little Hans in 1905 (the text was not published until 1909) offered him a live study of the development of such fantasies in the child, as well as their pathogenic effects.

    This developmental point of view was to continue to have major importance in Freudian thought. He thus wrote his Formulations on the Two Principles of Mental Functioning (1911b) in the imperfect tense, as if he were telling a story. In 1913 he wrote that the psychoanalytic approach “consists in relating a psychic formation to others preceding it in time and from which it has developed [. . .] from the very beginning psychoanalysis has been led to look for processes of development” (1913i).

    Freud had to have recourse to a general theory of development in order to account for mental pathologies: they were deviations from the normal pathways, fixations at any given stage that should have been surpassed, regressions to earlier formations, the whole culminating in repetitive, rigid, and irritating structures. It was in these terms that he analyzed the case of the Wolf Man. It was indeed, as its title indicates (From the History of an Infantile Neurosis ), by reconstructing the past that he explained the pathology of the adult (text written essentially in 1914, was published in 1918).

    In 1915, Freud wrote Overview of the Transference Neurosis (1985a) in a state of feverish agitation. He was trying to establish correspondences between three histories: the history of the succession of stages in normal psychogenesis; then, more hypothetically, the history of the layering of the psychoneuroses and neuroses (depending on the time of the fixation) in the course of those stages and, even more hypothetically, the history of the stages he refers to as being “phylogenic” in the course of the history of humanity (Perron, 1994). In doing so he based his reasoning, as he had already done on several occasions (particularly in Totem and Taboo, 1912-13a), on Ernst Haeckel’s hypothesis, “ontogeny recapitulates phylogeny.”

    He finally developed a general theory of psychogenesis wherein the stages are considered to be “developmental phases” (today we prefer to speak of “modes of organization”) that are characterized by the primacy of an erogenous zone and an object-based mode of relation: the oral, anal, phallic stages and adult genital organization (Brusset, 1992).

    Having formulated his second topography and his second theory of the instincts (1920-23), Freud devoted more time to structural considerations and allowed synchronic aspects to outweigh diachronic aspects. Others nevertheless devoted themselves to developing a direct approach to children and the psychoanalytic treatment of children. The pioneers, his daughter Anna Freud and Melanie Klein, took quite different stances on practical and theoretical questions, so much so that their opposing positions shook the foundations of the British Psychoanalytic Society.

    Since then an important trend in research, supported by extensive experience of analyzing children, has stressed the pregenital phases of development and the processes of the first individuation, with direct observation of the baby and the interactions between the mother and baby (J. Bowlby, R. Spitz, D. W. Winnicott, D. Stern, B. Cramer, S. Lebovici), but also with regard to the serious alterations we find in cases of infantile autism and psychoses (M. Mahler, M. Klein, F. Tustin, D. Multzer, R. Diatkine). It is worth observing that infant and child psychiatry owes a large part of its remarkable development over the last thirty years to psychoanalysts.

    The developmental perspective in psychoanalysis calls for a certain number of comments:

    As we have seen, Freud was the first to try to go back through personal history to undo a fixation point; in order, according to a metaphor that was dear to him, to deconstruct a unit and then reconstruct it with a better balance from the vestiges thus revealed. He went on to considerably modify these oversimplistic views, admitting that traces of the past do not exist as such but are constantly remodeled retroactively.
    In which case, what history is in question (Le Beuf, Perron, Pragier, 1997)? Analysts cannot limit themselves to working on factual history, the history that any careful anamnestic investigation would reveal. The analyst’s only informant is the patient and the history he or shere-counts is made up as much of fantasies as it is of memories of events whose reality is unverifiable; it is largely constructed retroactively and most of the materials are consigned to the unconscious (Viderman, 1970). In fact the history that the analyst is trying to reconstitute is the psychic history of the subject as revealed by the functioning of the subject’s mind. It may be very different from a “real” history as told step by step.
    But how is it grasped? Direct observation of the baby, which is supposed to provide first-hand objective material is far from being as conclusive as it might appear: the data has no meaning except when interpreted in the light of the psychoanalytic theory it is supposed to support.
    From a theoretical point of view, psychoanalysis was shaken by the great controversy on “structure or history?” which began to spread during the seventies from linguistics to all human sciences. We have seen and continue to see in this context the opposition between those who give pride of place to individual history (in currents as diverse as Hartmanian Ego-Psychology and the Kleinian school) and those who reserve it for structure (particularly Lacan and those who followed him).
    Roger Perron

    See also: Anthropology and psychoanalysis; Change; “Claims of Psychoanalysis to Scientific Interest”; Developmental disorders; Fixation; Individual; Infant development; Infant observation (direct); Maturation; Ontogenesis; Phylogenesis; Process.

    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.

    ——. (1995). Prendre pour vrai. Revue française de Psychanalyse, 59, 2, 499-512.

    ——. (1995). Théories de la psychogenèse. In Encyclopédie médico-chirurgicale. Vol. Psychiatrie. Paris: E.M.-C., fasc. 37-810-F-30.

    Viderman, Serge. (1970). La construction de l’espace analytique. Paris: Denoël.

    Further Reading
    Tyson, Phyllis, and Tyson, Robert. (1990). Psychoanalytic theories of development: An integration. New Haven; London: Yale University Press.

    Tyson, Phyllis. (2002). The challenges of psychoanalytic developmental theory. Journal of the American Psychoanalytic Association, 50, 19-5

  8. Development economics is all about the environment on how to develop it in other to improve human living

  9. MBA COLLINS CHIDUMEBI (2018/242336) says:

    ECO 361: DEVELOPMENT ECONOMICS
    DISCUSSION QUIZ: Development Economics as a multidimensional concept.
    Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by development and its processes.
    DEFINITION OF CONCEPTS
    Development Economics is a juxtaposition of two words `development` and `economics`.
    DEVELOPMENT
    Development is a multidimensional concept which has various concepts like social, economic, political and human development.
    The traditional way of defining Development was majorly seen as economic development, i.e. the transformation of the structure of an economy.
    Okpoko, (2006) defined Development as a process through which the political, social, and cultural institutions of a society are transformed so as to improve the living standard and the life chances of the people.
    ECONOMICS

    Economics is a social science subject that guides the allocation of scarce resources to meet unlimited wants or needs of a given society.
    Lord Lionel Robbins defined Economics as a social science subject which studies human behavior as a relationship between `scarce and ends` means which have alternative uses.
    DEVELOPMENT ECONOMICS
    Development Economics is a branch of Economics that focuses on improving fiscal, economic, and social conditions of low income countries.
    Development Economics as a multidimensional concept involves processes whereby simple, low income economies are transformed into modern industrial economies. It describes a change in a country`s economy involving qualitative improvement, i.e. improved standard of living, as well as quantitative improvement, i.e. increased economic output.
    The theory of Development Economics-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 Development Economics are discussed.

    FEATURES OF DEVELOPMENT ECONOMICS
    We adopt three characteristics of Development Economics according to Dietz Vollrath (2019). These are, setting, focus and nature of inference.
    SETTING: Development Economics takes place in developing or low income countries.
    FOCUS: It is intensively concerned with identification of causal effects, e.g., the effects of land reform on welfare etc.
    NATURE OF INFERENCE: We may interpret this to mean that the subject is mostly concerned about field practicalities and realities that may not necessarily conform to economic theory. For instance, given that Development Economics might have more significance in developing countries – culture, values and norms in this setting may drive certain decisions/behaviors rather than economic theory.

    PROCESS 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.
    STAGES OF DEVELOPMENT
    Stages of development refers to patterns of development focusing on the structural change of an economy. Most Development Economists agree that the key stages of development are related to three different transitions:
    ● a structural transformation
    ● a demographic transition
    ● a process of urbanization
    STRUCTURAL TRANSFORMATION: This refers to a change in the composition of the GDP. Initially, economic activities and jobs are based on the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs adjust towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector slowly overtake the share of the industry, while the share of agriculture continues to decrease.
    DEMOGRAPHIC TRANSITION: This is determined mostly by changes in fertility rates (i.e., the number of children per woman of child bearing age) 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 rate and life expectancy are increasing, causing a sharp increase in population size. With continuous development, life expectancy continue to increase, but sharply declining fertility rates will limit population growth.
    PROCESS OF URBANIZATION: The main leading factors leading to 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 areas.
    REFERENCES
    Nigerian Peoples and Cultures (pp. 205, 206)
    https://economicsdiscussion.net/economic-development-5-contributing-factors/11753
    https://programs.online.american.edu/econ/macs/resources/stages-of-economic-development
    https://www.britannica.com/topic/economic-development
    https://www.astro4dev.org/lesson-2-what-is-development-economics/

  10. Molokwu Chiamaka Goodness says:

    Molokwu Chiamaka Goodness
    2018/242393
    goodness.molokwu.242393@unn.edu.ng
      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.
      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. 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.

    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. Etc.
     

    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
    4. Sourcing Etc.

  11. Enemuo Paul Onyedikachi (Reg:2018/248652) says:

    The term “development” has evolved with time, depending on the needs and priorities of the human societies. Economic growth regarded as key to development since the age of industrialization is giving way to a multidimensional concept encompassing factors that influence the quality of human life,so development evolves as the human life evolves that is to say that development is dynamic (it changes or varies )
    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 can also be said to be plastic, meaning that characteristics are malleable or changeable.

    The expression “processes of development” or “development and it’s processes” 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…
    For nation’s economy to be considered developed, every aspect or sector of that economy has to evenly contribute to the economy ..or evenly impacted by the development strides of the economy in areas such as technological advancement, intellectual development etc before it can be considered a developed economy
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. … The identification of these traps enables relating to political – economic – social conditions in a country in an attempt to advance development.

  12. Nnadebe Jane Amarachi (2018/241863) says:

    NNADEBE JANE AMARACHI
    2018/24186
    amarachinnadebe@gmail.com

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.

    DEVELOPMENT:
    There is no one definition of development, as personal have 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.
    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 ECONOMICS AS A MULTIDIMENSIONAL CONCEPT :
    It is really difficult to give an accurate and acceptable definition of interpretation of development economics. Development economics is dynamic and multidimensional concept.
    The concept of “Economic Development” is often referred to the characteristics
    that are either causes of or an effect of under development e.g. low capital
    formation, chronic unemployment, a large percentage of the population living on
    primary sector and negligible savings are said to be the general conditions that are
    found in the under developed countries. When a country is set on the course of
    industrialization and urbanization, then that country is said to be undergoing
    economic development.
    The term economic development refers to the process through which an economy is
    transformed from a traditional one to a developed one. In the past, it has also been
    typically seen in terms of the planned alteration of the structure of production and
    employment so that agriculture’s share of both declines and that of the
    manufacturing and service industries increases. Development strategies have
    therefore usually focused on rapid industrialization, often at the expense of
    agriculture and rural development. Finally, these principal economic measures of
    development have often been supplemented by casual reference to non-economic
    social indicators, e.g. gains in literacy, schooling, health conditions and services
    and provision of housing etc.
    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.” Hence, Economic development is a complex process related to many economic and non-economic factors.

    The great depression of the thirties and the second world war were seen as the to notable historic event that brought radical change in the study of the principles,
    problems and policies of economic development. This was also necessitated
    perhaps due to the fact that most of the Asian and African countries got
    independence from the colonial rule immediately after Second World War.
    At present economic development had its roots in Europe, which spread to USA,
    Australia and to several other parts of the world. During the last fifty years, these
    countries have witnessed highly accelerated rate of economic growth. But other
    large numbers of countries of Asia, Africa and Latin America have remained more
    or less stagnant or have progressed with extremely slow rate.

    There are two approaches or view of development economics. They are 1) traditional approach and 2) modern approach
    TRADITIONAL APPROACH:
    In this approach, the Classical and Neo-Classical economists took national income as a criterion for
    measuring economic development. Later on
    some economists replaced it by per capita
    income. This approach failed to pay attention to the real problems facing developing countries e.g Pakistan, Nepal etc. The Fruit of economic development and growth was not received by the majority of people of these countries. Hence there is change in this view in recent year.

    MODERN APPROACH:
    Economists relate the concept of development
    to personal and community welfare, which requires some kind of agreement on the
    various dimensions of welfare.These would
    obviously include basic necessities of life,
    education, health employment and equity in
    the distribution of income and wealth.

  13. Odo Ruth somtochi(2018/242445) says:

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

    DEVELOPMENT ECONOMICS
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries.
    DEVELOPMENT PROCESS
    The three key developmental processes are 1.physical development
    2.cognitive development, and
    3. social emotional development.

    When we talk of multidimensional It implies that it’s complex.
    Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development.
    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important.

    Development economic 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.

    • Okoli Chibuzor Divinelove says:

      Okoli Chibuzor Divinelove. 2018/249713
      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.
      Economic development is a multidimensional process involving major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth.
      Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development.

      CHARACTERISTICS
      1. Low per capital real income
      2. High population growth rate
      3. High rate of unemployment
      4. Dependency on the primary sector
      5. Primary commodity exports dependency

      PROCESS OF ECONOMIC DEVELOPMENT
      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 goareflecting the most recent developments in research and incorporating the latest empirical data, as well as key theoretical advances and many new topics. The world has seen vast economic growth in China, economic transformation in India, new challenges in Latin America, rapid economic progress in Southeast Asia, and the deepening impact of environmental issues such as climate change. This reflexs the most recent developments in research and incorporating the latest empirical data, as well as key theoretical advances and many new topics.
      Economic development has stages and the include:
      (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.
      (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.

  14. Okpuzor Emmanuel Chidera. Reg.no 2018/242433. Economics department. says:

    ECO 361 ASSIGNMENT.
    TOPIC:
    – DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.
    – DEVELOPMENT AND ITS PROCESSES

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONECPT
    Development Economics is a branch of Economics which deals with economic aspects of the development process in low income countries. It can be seen as that branch of Economics that focuses on the economics of country development and how people in a society can escape poverty and enjoy a better standard of living.
    Development Economics seek to explore the theories, issues and evidences in economic analysis as applied to underdeveloped or developing countries. It is a process whereby simple, low income national economics are transformed into modern industrial economics.
    Development Economics 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 study of Development Economics can be viewed in 2 aspects;
    i.) Economic aspects and
    ii.) Social aspects.
    The economic aspect include Economic growth, structural change and technological changes.
    Economic growth: Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy over time. Development economics uses economic growth as indicator of country development efficiency. It is the most obvious and quantitative indicator for the evaluation of country development.
    Structural change: This is the way a country’s economy is organized and how a market functions. It is usually in between free market operation and state control. Structural change is the most fundamental aspect of country development.
    Technological changes: Technology can significantly change economic behavior , such as production and consumption. When new technology appears, development economics will analyze its effect on country development.
    The social aspects of development economics analyze the economic consequences of social-related development. They include the institutions, education, the public health and the working condition.
    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 objectives of Development economics have become increasingly multidimensional. The goals have evolved from growth and industrialization, poverty reduction and improved basic needs (Health and education), stabilization and adjustment for growth recovery, pursuit of the millennium development goals, responding to country perceptions of multidimensional wellbeing in the current period and so on.
    Development Economics is a branch of Economics which deals with the efficient allocation of scarce resources. Its major concern is the sustenance of economic growth over time in other to improve the standard of living of the masses that live in poverty in developing countries. In other to achieve this purpose, one of the main goals of development economics is the formulation of public policies designed to bring about sustainable economic growth and development. The study of development economics deals also with economic, social, political and institutional mechanisms to bring about rapid and large scale improvements.
    The ultimate purpose of development economics is to help understand developing economics, to improve the material lives of the majority of the global population.

    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(shubham )
    Development is associated with the improvement of a certain situation. Development leads to the betterment and an increase in quality(skyfall63).
    Development is a process that creates “social, growth, economic, positive change or the addition of physical, progress, environmental, and demographic components”. It is the process of improving the quality of all human lives and capabilities by raising people’s levels of living, self esteem and freedom.

    UNDERSTADING THE TERM DEVELOPMENT PROCESS
    The term development process may not have any general acceptable definition as it can be viewed by people with various occupations, at various fields of study and works of life.
    Biologists may see development processes as the series of biological changes associated with information transfer, growth, and differentiation during the life cycle of organisms.
    Development process can also be seen in view of software programming. The process, also known as the Software Development Life Cycle (SDLC), includes several phases that provide a method for building products that meet technical specifications and user requirements. They include Needs identification, requirement analysis, design, development and implementation, testing, deployment and maintainance.
    A Product Development Process can be described as all of the stages that must be completed by a business in order to take a product from its idea germination through to the point at which it becomes available on the market. The most pivotal role in the entire product development process is the Product Manager.
    Development process in psychology looks at the processes of developments in children.
    In construction, development in terms of land, property or real estate, is a complex process of coordinating various activities to transform ideas and plans into physical reality.

    DEVELOPMENT PROCESSES
    Step 1: Define Desired Outcomes and Actions.
    Step 2: Endorse the Process.
    Step 3: Establish Criteria.
    Step 4: Develop Alternatives or Options.
    Step 5: Evaluate, Select, and Refine Alternative or Option.
    Step 6: Finalize Documentation and Evaluate the Process.
    The 6-Step Process is the starting point for all projects on the I-70 Mountain Corridor, and it is used to ensure collaboration. The 6-Step Process is consistent with Decision Science principles and can be followed on all projects from corridor-wide planning to construction change orders.

    REFERENCES
    – Colarado. Department of Transportation. Retrieved from https://www.Codot-govt/projects/context sensitive solutions/decision/ 6 step-process.
    – Encyclopedia.com. https://www.Science/encyclopedia- almanacs-transcripts and maps development process.
    – Hall B.K. Evolutionary developmental; biology Chapman and Hall, Inc,1992. Kugiens.P. Developmental Biology. Kendall- Hunt publishing company, 1993.
    – Brainy. Define Development retrieved from https://www.define development/brainy in/ question/6831865.
    – Askinglot. https://www. askinglot.com/what is a multidimensional concept.
    – Michael .P. Todaro, Stephen. C. Smith. Economic development 11th Edition. Addison Wesley’s pearson production limited.

  15. MBA COLLINS CHIDUMEBI says:

    NAME: MBA COLLINS CHIDUMEBI
    REG. NO.: 2018/242336
    E-MAIL ADDRESS: collins.mba.242336@unn.edu.ng
    DISCUSSION QUIZ: Development Economics as a multidimensional concept.
    Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by development and its processes.
    DEFINITION OF CONCEPTS
    Development Economics is a juxtaposition of two words `development` and `economics`.
    DEVELOPMENT
    Development is a multidimensional concept which has various concepts like social, economic, political and human development.
    The traditional way of defining Development was majorly seen as economic development, i.e. the transformation of the structure of an economy.
    Okpoko, (2006) defined Development as a process through which the political, social, and cultural institutions of a society are transformed so as to improve the living standard and the life chances of the people.
    ECONOMICS
    Economics is a social science subject that guides the allocation of scarce resources to meet unlimited wants or needs of a given society.
    Lord Lionel Robbins defined Economics as a social science subject which studies human behavior as a relationship between `scarce and ends` means which have alternative uses.
    DEVELOPMENT ECONOMICS
    Development Economics is a branch of Economics that focuses on improving fiscal, economic, and social conditions of low income countries.
    Development Economics as a multidimensional concept involves processes whereby simple, low income economies are transformed into modern industrial economies. It describes a change in a country`s economy involving qualitative improvement, i.e. improved standard of living, as well as quantitative improvement, i.e. increased economic output.
    The theory of Development Economics-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 Development Economics are discussed.
    FEATURES OF DEVELOPMENT ECONOMICS
    We adopt three characteristics of Development Economics according to Dietz Vollrath (2019). These are, setting, focus and nature of inference.
    SETTING: Development Economics takes place in developing or low income countries.
    FOCUS: It is intensively concerned with identification of causal effects, e.g., the effects of land reform on welfare etc.
    NATURE OF INFERENCE: We may interpret this to mean that the subject is mostly concerned about field practicalities and realities that may not necessarily conform to economic theory. For instance, given that Development Economics might have more significance in developing countries – culture, values and norms in this setting may drive certain decisions/behaviors rather than economic theory.

    PROCESS 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.
    STAGES OF DEVELOPMENT
    Stages of development refers to patterns of development focusing on the structural change of an economy. Most Development Economists agree that the key stages of development are related to three different transitions:
    ● a structural transformation
    ● a demographic transition
    ● a process of urbanization
    STRUCTURAL TRANSFORMATION: This refers to a change in the composition of the GDP. Initially, economic activities and jobs are based on the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs adjust towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector slowly overtake the share of the industry, while the share of agriculture continues to decrease.
    DEMOGRAPHIC TRANSITION: This is determined mostly by changes in fertility rates (i.e., the number of children per woman of child bearing age) 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 rate and life expectancy are increasing, causing a sharp increase in population size. With continuous development, life expectancy continue to increase, but sharply declining fertility rates will limit population growth.
    PROCESS OF URBANIZATION: The main leading factors leading to 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 areas.
    REFERENCES
    Nigerian Peoples and Cultures (pp. 205, 206)
    https://economicsdiscussion.net/economic-development-5-contributing-factors/11753
    https://programs.online.american.edu/econ/macs/resources/stages-of-economic-development
    https://www.britannica.com/topic/economic-development
    https://www.astro4dev.org/lesson-2-what-is-development-economics/

  16. Onyemalu Ogochukwu Maryanne says:

    Onyemalu Ogochukwu Maryanne
    2018/242424
    Assignment
    Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by 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 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. There are different processes of development :
    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
    Step 6. Finalize documentation and evaluate the process
    Development Economics
    Development 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. Multidmensional deals with complexity.Development economics has a very great 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 must also deal with the economic, social, political, and institutional mechanisms, both public and private, necessary to bring about rapid (at least by historical standards) and large-scale improvements in levels of living for the peoples of Africa, Asia, Latin America, and the formerly socialist transition economies.traditional neo￾classical economics or even political economy, must be 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. Consequently, a larger government role and some degree of coordinated economic decision making directed toward transforming the economy are usually viewed as essential components of development economics.

  17. Name: ugwuoke cornelius chinemeogo
    Reg No:2018/241852
    Level:300lvl
    Department: Economics.
    Development Economics as a multidimensional concept:
    Development economics is a branch of economics that is multidimensional because it 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 discipline also fosuses on areas such as:
    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.
    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.

    3. Stages of Growth Model
    The linear stages of growth model was used to revitalize the European economy after World War II.
    4. 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 e.t.c
    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.[6]

    Development
    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 dvelopment.
    TAYEBWA (1992:261) states that development is a broad term which should not be limited to mean economic development, economic welfare or material wellbeing as per Tayebwa, development in general includes improvements in economic, social and political aspects of whole society like security, culture, social activities and political institutions.
    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.
    ROGERS (1990:30) adds “development is a long participatory process of social change in the society whose objective is the material and social progress for the majority of population through a better understanding of their environment”.
    Processes of Development
    most development economists agree that the key processes of development are related to three different transitions:
    a.The structural transformation refers to a change in the composition of GDP.
    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.
    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.
    But according to psychologist like Freud 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 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.ven time corresponds to its “level of development.”
    Looking at the economic aspect development processes can also be explained using the Business cycle which includes the expansion, peak, trough and contraction.

  18. Unegbu Charles Emeka says:

    Name: Unegbu Emeka Charles
    Reg no:2018/241829
    Dept.: Economics
    Course: Eco361 Development Economics

    Question 1: Why is Development Economics Multi-dimensional and 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.

    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.
    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.
    It’s Processes:
    There are five stages in Rostow’s Stages of Development: traditional society, preconditions to takeoff, takeoff, drive to maturity, and age of high mas consumption.

  19. Joseph chinonso Lucky 2018/241859 says:

    Development as a multi-dimensional concept to my understanding implies that it has many definitions as it is viewed by different scholars in different ways.
    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.

    The key Economic development process includes;
    • The structural transformation: which 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: this 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 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.

  20. NAME:OBETA MAGRET UZOCHUKWU
    REG:2018/243669
    DEPT: SOCIAL SCIENCE EDUCATION (EDUCATION ECONOMICS)
    ASSIGNMENT TOPIC: DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT, LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND IT’S PROCESS.

    Definition concept: development economics is derived from two main concept, Development and economics
    Economics is defined as a social science that studies how people interact with value in particular, the production, distribution and consumption of goods and services.
    Development is a process of developing or been developed.It can also be seen as an event constituting a new stage in a changing situation.
    Therefore Development economics is a process where by the well-being of an economy and quality life of a nation, community or individual are improved according to a targeted goal.it means a different thing for different people.development economics is anything one or
    Community does to improve and create a healthy economy.
    DEVELOPMENT ECONOMICS AS MULTIDIMENSIONAL CONCEPT:
    Development economics as a multidimensional means that it is complex.it implies that it has different aspects of development.
    By multidimensionality,Baltes is referring to the fact that a complex interplay of factors influence development across the lifespan including biological, cognitive and socio emotional changes.
    Finally development economics is multidimensional because it does not only focus on promoting economic growth and structural changes but also on developing the future of the masses.
    WHAT I UNDERSTAND BY DEVELOPMENT: Development is an event constituting a new stage in a changing situation.
    Portest’s and Kincaid’s interpreted development as a reduction in unemployment and the extension of fundamental right and freedom for the population.
    DEVELOPMENT PROCESS:
    Development process is that process you adopt to create growth, progress, positive change or additional of physical economic environmental, social and emograghic component.e.g. New product development process for small business,
    1:Idea generation
    2: Screening
    3:Concept development
    4: Product development
    5: Commercialization

  21. IBENYENWA JUSTICE JUNIOR (2018/245647) says:

    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.
    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 the person had a particularly complicated personality.
    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 dynamic, which means that its 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).

  22. Oyem Lawrence Ifechukwude - 2018/241846 says:

    DEVELOPMENT
    Development is an ambiguous, complex and multidisciplinary word whose meaning has been contested over time. It means different things at different times, in different places, and by different people, in different professions and organizations. That is to say, there is no one, simple, and consensus definition of development. Etymologically’ development’ means ‘unfolding’, that is the progressive unfolding of pre-existing form or capacities. Sid Israel noted that it is ‘’a process that creates growth, progress and positive change’’. Development has a history of being linked with capitalism, commonly associated with industrialization and modernization. Thus, it has often been defined within the ambit of economic growth. The objective of development is wellbeing for all. It extends much beyond industrial and economic growth, which, ab initio was the determining factor in societal development.

    DEVELOPMENTAL PROCESSES:
    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.

    ECONOMIC DEVELOPMENT IS A MULTIDIMENSIONAL CONCEPT:
    Economic development is a multidimensional concept and also an interconnected and multi-sectorial concept because for an economy to improve, different sectors of an economy such as agriculture, tourism, industry, etc. should be given equal maximum attention. There is an inter-dependence between the different sectors of an economy. An economic activity that is one sided-based will result to a mere economic growth living the current standard of living no different from the previous. When crude oil was discovered in Nigeria, the Nigerian government abandoned other means of foreign exchange like cocoa, rubber, groundnut (agricultural products), etc. This neglect of agricultural product lead to low food production which further result to food shortage in the 1970s. For an economy to be fully developed, all the different sectors need to be given proper and adequate attention. Today, some countries of the world have realized huge national income cum high standard of living from economic sectors that were initially neglected. Also, economic development as a multidimensional concept deals with employing different combination of approaches in order to aid development. Thus, it has to do with strategic thinking. The government, investors or individuals should carry out feasibility studies in order to know the best way or combination of ways to effect a business plan.

  23. CHIMA PRINCE CHUKWUEMEKA says:

    ECO 361: DEVELOPMENT ECONOMICS
    DISCUSSION QUIZ: Development Economics as a multidimensional concept.
    Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by development and its processes.
    ✓Multidimensional refers to something that is so complex. Development is multidimensional because it is relating to multiple dimensions and aspects. Development can thus have both the economic dimension and non-economic dimension. The economic dimension can be viewed as GDP, investment and unemployment. It also had to do with efforts to improve well being of people. The non Economic comprises of both social and environmental dimensions. Development Economics as a multidimensional concept refers to situation where simple,low and even average income Economies are changed to modern industrial economies.
    ✓ 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:
    Development processes is the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product..
    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 rural Economy.
    *Preconditions 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 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.

  24. Ezeilo Kanayochukwu Chimuanya (2018/242412) says:

    Development as a multidimensional concept
    Development economics as a multidimensional concept focuses on having or relating to multiple dimensions on improving fiscal, economic and social conditions in developing countries. It considers factors such as health, education, working policies and market condition with a focus on improving condition overall in the developing country.
    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 inequality and the eradication of absolute poverty.

    Development and its processes
    Development is a 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 quanlity as well as quantity improvements. It’s also a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.

  25. CHIMA PRINCE CHUKWUEMEKA says:

    CHIMA PRINCE CHUKWUEMEKA
    2018/243755
    Economics Department
    ECO 361: DEVELOPMENT ECONOMICS
    DISCUSSION QUIZ: Development Economics as a multidimensional concept.
    Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by development and its processes.
    ✓Multidimensional refers to something that is so complex. Development is multidimensional because it is relating to multiple dimensions and aspects. Development can thus have both the economic dimension and non-economic dimension. The economic dimension can be viewed as GDP, investment and unemployment. It also had to do with efforts to improve well being of people. The non Economic comprises of both social and environmental dimensions. Development Economics as a multidimensional concept refers to situation where simple,low and even average income Economies are changed to modern industrial economies.
    ✓ 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:
    Development processes is the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product..
    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 rural Economy.
    *Preconditions 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 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.

  26. Ugochukwu Clement Chukwuemeka says:

    Name: Ugochukwu Clement Chukwuemeka
    Reg No: 2018/SD/37180
    Department: Education Economics
    Date: 10th August 2021
    Email address: emekaugochukwu880@gmail.com

    Answer
    Economic development is considered as a multi dimensional concept because it focuses on the income of the people and on the improvement of the living standard of the people in a given 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 multi dimensional because it involves the dynamic interaction of factors like physical, emotional and psycho-social development. It results in gains and losses throughout life. It is also changeable. It is also believed world-wide that development is primarily concerned with economic growth. It is a multidimensional process in which both the non-economic dimensions and economic dimensions are important. Development results in the simultaneous achievement of a number of objectives such as growth and equity.

    Development is 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. Development as a planned integrated process came into practice in the 1920’s in the Soviet Union. It became a normal practice for big cooperations in the United States. All the nations of the world have adopted planning machinery and formulated plans for economic development. The goals of some plans may be moderate or realistic while some have goals that are out of reach. Some plans are adopted on government criteria while some others does not have. Some plans are put into effect or action while some others had remained on paper. Plans can be long tern,medium term and short term.

    Process of Economic development can be divided into five. These includes
    1. Natural Resources: This are resources created from nature itself and transformed into production uses. It plays a very important role in the development process of a given country. 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 enhances output and make work easier.
    5. Institutional Environment: This implies that development requires effective state participation in today’s changing world for the growth of the economy.
    Portest’s and Kincaid’s stated that development involves a reduction in unemployment and the extension of fundamental rights and freedom for the population. Genuine development includes improvement in human development. Indicators such as life expectancy, level of education, ratio of doctors to the population and labour productivity are signs of development. It must be ethical sustainable, involves notion of advancement, freedom, justice, equity etc.
    In conclusion, development economics as a multi dimensional concept is complex and focuses on the improvement of the fiscal economic and social condition in low income earning countries.

    • Onuh Onyinye says:

      Name: Onuh Onyinye
      Reg no: 2018/241872
      Email : onuhonyinye7@gmail.com
      Department :Economics department

      A natural example of development is the changing of a catapillar to a butterfly, biologically development is the study of how multi-cellular organisms grow, develop and change over their lives.
      Development however in this context can be defined as a process that creates growth, progress, positive change or the addition of physical, economic, environmental and social components etc.
      The purpose of development in the human society is a rise in the level of living standard, the creation or expansion of local regional income and employment opportunities.
      Dudley Seers helps suggest conditions that set the pace for development in the human society, they include :
      – The capacity to obtain physical necessities particularly food.
      -Equality.
      -Participation in government.
      – Being part of a politically and economically independent nation.
      Development Economics on the other hand focuses on improving the fiscal, economic and social conditions in developing countries. These countries have economies changing from one base on Agriculture to one based on industrial production. Broadly economic development is taken to be the structural transformation of an economy by introducing mechanized and updated technologies to increase labour productivity, employment and standard of living
      Developmental Economics as being multi-dimensional involves a process in which the non-economic dimensions are important.
      Development thus results in the simultaneous achievement of a number of objectives, such as growth and equity.
      The process of (economic) development could take the form of:
      -Increase in people’s freedom.
      -Reduction of poverty, so that people can adequately be fed and sheltered.
      -Public provision of health, education and the maintenance of law and order.
      -Reduction of income inequalities.
      -increasing employment opportunities.

      Therefore, factors which contribute to the process of economic development are :
      – Natural resources : These are created not through human effort, but available from nature and transformed into productive resources.
      – Human resources : labour is an input for virtually all production, if a country is able to utilize its man power properly, it certainly would prove to be an important factor in development.
      – Capital resources : Increases in labour and land productivity in their turn depends greatly on new technology and increased capacity resources
      Capital accumulation or investment refers to the creation of additional capital like plant, equipment, machinery , structures etc. to augment output and income.
      Other factors include technology and the institutional environment.

  27. Oyibe Ebere Izuinya. 2018/245131 says:

    ECO 361.
    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. According to 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 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 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.Economic development is a policy intervention aiming to improve the well-being of people.
    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.
    The processes of development can be aided by several factors. These factors could be economic, political, social, cultural,etc. And can be classified into two(2): economic, and non-economic factors.
    1. ECONOMIC FACTORS: These includes natural resources, human resources, capital resources (formation), technological progress, and institutional environment, etc
    i. 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.
    ii. 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.
    iii. 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.
    iv. 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 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.
    v. 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.
    2. NON-ECONOMIC FACTORS: Non-economic factors includes social, political and administrative factors.
    i. Social factors: it has to do with such factors like social attitude,values, and institution which defines the totality of beliefs of the society.
    ii. Political and administrative factors are equally important in the processes of development of any economy because the behavior of government plays an important role in stimulating or discouraging economic activities. Eg. Peace, stability,etc.

  28. Eze Uchechukwu says:

    ECO 361 – Online Discussion Quiz
    NAME:EZE UCHECHUKWU
    REG NO:2018/241866
    DEPT: ECONOMICS
    LEVEL:300L
    EMAIL uchechukwu.eze.241866@unn.edu.ng
    Theme: DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN DEVELOPMENT AND IT’S PROCESSES.
    Objectives of the study; Definition and clarification of Concepts:
    (a) Development
    (b) Economics
    (c) Development Economics
    (d) Multidimensional concept explained
    (e) Development Economics as a multidimensional concept
    (f) Development and it’s processes
    DEVELOPMENT
    The concept of development involves various aspects ranging from economics, political socio-cultural, and human development. The concept has generated a lot of Controversies due to the fact that the term cut across various aspects or sphere of life. For instance, Development can be view as a biological concept, social,etc. From the political scientist perspective, development implies freedom from political rule While Sociologists/social anthropologists view development as the process of differentiation that features modern societies (Ehizuelen,1996)
    According to Edward (1993.p.80)… development is much about enrichment of the lives of all the people in the society.
    Therefore, from the above definition we can arrive that development is a process through which various institutions and people within the society are transformed to enhance better living.
    ECONOMICS
    Economics is simply a social science which deals with allocation of scarce resources in other to satisfy various human wants and needs with the ultimate aim of resources maximization.
    DEVELOPMENT ECONOMICS
    Development Economics is the arm of Economics that deals chiefly with the developmental processes in the developing countries.techincally, Development Economics is pertinent in developing nations. This means development economics is not much relevant in industrialized or sophisticated countries.
    Development Economics also involve the creation of theories and methods that aid in the determination of policies and practice or international level (en.m.wikipedia.org)
    MULTIDIMENSIONAL CONCEPT EXPLAINED
    The term “ multidimensional” implies having many aspects or something that multifaceted or pluridimensional.describing something as a multidimensional simply means it is complex. For instance, you could talk about a multidimensional book filled with intricate themes, characters, plots and symbols: or you could even call a person multidimensional if he/she has a particular complicated personality.
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL
    According to Todaro (1977) development economics is a multidimensional process or concept involving major changes in social structure, popular attitudes and national institutions as well as acceleration of Economics growths the reduction of inequality and the eradication of absolute poverty. It also implies that Development Economics 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 IT’S PROCESSES
    What I understood by Development and it’s processes is that development involves series of process or stages. Development in a country does not just happen once, it evolves from simple to the complex facet. This entails that development is staged. This is the reason Encyclopedia.com defined it as “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.

    Reference:
    • Nigerian peoples and culture (pp,205,206)
    • https:// http://www.sarthake.com
    • Studyrank.online.com
    https://www.owlgen.in/development-is-a-multi-dimensional-process-discuss/
    • Encyclopedia.com

  29. Ogbuewu Cosmos Nnachetam says:

    Name: OGBUEWU COSMOS NNACHETAM
    Reg no: 2018/243754
    Email: ogbuewucosmos@gmail.com

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    First off, what is Development?
    Development as grand as it sounds, have diverse definitions but all meaning the same thing.
    According to the English dictionary App; Development is the process of changing in progression with a specific direction or the process of progressing through a sequence of changes.
    According to Bing; it is the process of growing or causing to grow in order to become more mature, advanced or elaborate.
    To a layman, Development is the process of being developed in which there are positive changes from its previous state.
    All definitions above are all accurately diversed but mean the same thing. To my own knowledge, development and growth work hand in hand as there are closely related. Development sees a progression, evolution, expansion and growth in all spheres of life as it moves from one stage to a more advanced stage.
    PROCESSES OF DEVELOPMENT
    The processes of development is same as its stages. In order to ascertain the stages of development, I’ll have to be specific as there are various types when discussing the stages of development as there are child stages, military stages, psychological stages, etc.
    I’m going to pounder on the economic stages.
    According to American Economist W.W. Rostow, there are 5 stages of development:
    Traditional Stage,
    Pre-Take Off Stage,
    Take Off Stage,
    Stage to Drive to Maturity,
    High Mass Consumption Stage
    1. Traditional Stage:
    This 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 agriculture stage is the major stage of the development of any country because through this the country exports the materials to other countries.
    2. Pre-Takeoff Stage:
    This 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. In this stage, factors like infrastructures facilities like road, communication, electricity, and warehousing.
    3. Takeoff Stage:
    This is 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. Rostow said there can be a political revolution or technological revolution or new favorable international environment.
    The economy witness changes in industrial organization, technical, and infrastructural facilities.
    4. Maturity Stage:
    This is 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.
    According to Rostow, “This change can be defined as a period in which society has adopted the latest techniques effectively in most of the resources”.
    5. High Mass Consumption Stage:
    This 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.
    The scientific and technological development reaches the fullest potential and the economy has achieved everything what its capable of …For example– Economies of the nation like the United States.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    The word MULTIDIMENSIONAL simply means involving of several dimensions or aspects.
    According to the Lecturer, Development Economics in its multidimension view does not focus 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 another view, Indicators of development Economic usually refers to the adoption of new technologies, transition from agriculture-based to industry-based economy, and general improvement in living standards.
    To ascertain a perspective of development Economics, economic development expands the availability of work and the ability of individuals to secure an income to support themselves and their families. Economic development includes industry, sustainable agriculture, as well as integration and full participation of global economy. On the contrary, it sees Economic development also takes social implications into account.
    It also considers international trade as it checks the relationship of transaction between nations of the world as well as to overview the balance of trade and payment.
    For me, Development Economics consists of all the ramifications of the economy and society at large as it checks development and growth from individuals to firms to the nation’s economy and international trade in general.

  30. Onah Amarachi Jane says:

    Name: Onah Amarachi Jane
    Reg no: 2018/246265
    Department: Economics
    Course code:Eco 361
    Course title: Development Economics 1

    Assignment Topic
    Development Economics as a multidimensional concept.
    Development Economics.
    This 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 condition with a focus on improving conditions in the world’s poorest countries.
    This field 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.
    This implies that it is complex and development is a Multidimensional process in which both the non- economic dimensions and economic dimensions are important. development thus, results in the simultaneous achievement of a number of objectives such as growth and equity.

    Development and it’s processes
    It 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 can be morphological,it can be physic or it can be even physiological functions.
    In the economic Study of the public sector, economic and social development is the process by which the economic wellbeing and quality of life of a nation, region are improved according to targeted goals and objectives.

    Contributing factors of economic development.
    – Natural resources.
    – Human resources: manpower.
    – Capital resources: increase in amount of capital per worker.
    – Technology: result of research and innovation.
    – Institutional environment: progress of present day market economies.

    Reference
    https://www.investopedia.com/terms/d/development.econs.asp.
    https://www.owlgen.in/development is a Multidimensional process.discuss/
    https://www.studyrankeronline.com
    https:/en.m.wikipedia.org.wiki
    https://www.economicsdiscussion.net/economic development.5 contributing factors.

  31. Obeta Princess Oluchi says:

    Name: Obeta Princess Oluchi
    Reg no. 2018/242409
    Department: Economics
    Date: 10-08-2021

    Assignment
    In discussing development economics as multidimensional concept, we must first understand what development economics is. 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.Simply put, Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.

    when we say something is multidimensional, we mean that it is related to multiple dimensions or aspects. now relating with development economics, 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.

    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.

    The word Development on the other hand is widely used to refer to a specified level of 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 or positive attainment. Basically, development transforms the economy which leads to the growth of that economy.
    There are five (5) development processes and they are listed and briefly explained below;
    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.
    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 man-­power 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.
    4. Technology:
    Technological progress 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.
    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.

  32. Ukwuma Ifunanya Clara. Reg.No: 2018/243088. Department: Economics department says:

    Ukwuma Ifunanya Clara
    2018/243088
    Department of Economics
    Eco 361:Development Economics
    Discussion quiz
    Define Development Economics As A Multidimensional Concept.
    Economics is a social science subject that guides the allocation of scarce resources to meet unlimited wants or needs of a given society.
    Development Economics is defined as a branch of economics that focuses on improving fiscal,economic and social condition of low income countries.
    Development Economics as a multidimensional concept implies that development economics is complex.It involves the process of transforming simple low income economies into modern industrial economic.It also explains a change in a country’s economy involving qualitative improvement (improved standard of living) as well as quantitative improvement (increased economic output).Also it included major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth,reduction of inequality and eradication of poverty.

    Development And The Processes Of Development
    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
    Development processes is the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product.
    The processes of development are:
    1.Traditional society: Based on subsistence; farming, fishing,forestry and some mining. It is dependent on rural Economy.
    2.Preconditions 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.
    3.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.
    4.Drive to maturity: New ideas and technology improvement and replacement of old industries. It is dependent on growth and developed economies.
    5.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

  33. Owoh Anayo Jonathan says:

    NAME: OWOH ANAYO JONATHAN
    DEPT: ECONOMICS
    REG NO: 2018/250325
    EMAIL: owohaj@gmail.com
    ECO 361: DEVELOPMENT ECONOMICS
    DISCUSSION QUIZ: DISCUSS DEVELOPMENT ECONOMICS AS A MULTI DIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES.
    ANSWERS:
    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.
    Development economics studies the transformation of emerging nations into more prosperous nations.
    DEVELOPMENT ECONOMICS AS A MULTI DIMENSIONAL CONCEPT:
    First of all, when something is said to be a multi dimensional concept it simply means it is complex.
    Development Economics is a multi development concept because it is complex. It is complex in the sense that it deals with both non economic dimension(e.g SOCIAL AND ENVIRONMENTAL DEVELOPMENT) and economic dimension(e.g GDP, NATIONAL INCOME), both dimensions being very important.
    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.
    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 processes: According to Rostow, there are 5 stages of development, namely:
    * Traditional society
    * Precondition for take off
    * Take off
    * Drive to maturity
    * Age of high mass consumption
    Note: Economic growth and development are usually interused but it is worthy to note that while Economic growth deals mostly with the increase in the National income or GDP, Economic development takes into account the welfare of the citizens unlike Economic growth.

  34. AGBO LOVETH AMARACHI says:

    NAME: AGBO LOVETH AMARACHI
    REG NO: 2018/248 680
    DEPARTMENT: EDUCATION ECONOMICS

    Discussion quiz on ECO 361: Development Economics
    Question: Explain Development Economics as a multi dimensional concept and lucidly explain development and it’s processes.

    Development Economics is a branch of Economics that focuses on the study of the processes and ways of improving the life and well-being of the masses in low income countries. It is multi-dimensional in the sense that it’s focus is not only on methods of promoting Economic development, Economic growth and structural change but also on improving the potential of the mass of the population through improved health care, access to quality education and availability of good working conditions in both private and public setting. It also considers domestic and international policies and market conditions that gives room for Economic and social welfare in a country.
    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies to understand and shape those policies in order to lift poor countries out of poverty.
    However,it is important to note that the application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    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 health care in development.
    They also include international trade ,globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of terrible disasters 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 include:
    Mercantilism : This is thought to be one of the earliest forms of development economics that created practices to promote the success of a nation.
    Economic nationalism: This reflects policies that focus on domestic control of 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 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.
    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 investment.
    The structural-change theory: This 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.

    What is Development?
    Development is the process of developing or being developed. It can also be referred to an event constituting a new stage in a changing situation.
    Bringing the concept of development in Economic context, one can say that Economic development is the process in which people in a country become wealthier, better educated and have greater access to good quality housing.
    The development process in an economy encompasses all the processes by which people in a country move from :
    • high rate of illiteracy to a high literacy
    ratee,
    • Lack of basic infrastructure to
    availability of infrastructural facilities
    • Poor internet access to good internet
    accesss
    • Attaining only primary or secondary
    education to higher education for
    betterr human capital development.
    • Experience poor quality housing to
    accessing good quality housing
    • Being primarily Agrarians to industry
    and then to service sector
    • Low to high standard of living through
    increasee in per capita income
    • Poor access to medical facilities to
    accesss to good quality health care.

  35. Ukwuma Ifunanya Clara. Reg.No: 2018/243088. Department: Economics department says:

    Define Development Economics As A Multidimensional Concept.
    Economics is a social science subject that guides the allocation of scarce resources to meet unlimited wants or needs of a given society.
    Development Economics is defined as a branch of economics that focuses on improving fiscal,economic and social condition of low income countries.
    Development Economics as a multidimensional concept implies that development economics is complex.It involves the process of transforming simple low income economies into modern industrial economic.It also explains a change in a country’s economy involving qualitative improvement (improved standard of living) as well as quantitative improvement (increased economic output).Also it included major changes in social structure, popular attitudes and national institutions as well as acceleration of economic growth,reduction of inequality and eradication of poverty.

    Development And The Processes Of Development.
    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
    Development processes is the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation, and commercialization of a new product.
    The processes of development are:
    1. Traditional society: economic activities mainly includes farming,fishery,forestry and mining in rural areas.
    2. Preconditions to take off:this stage is characterised by building of infrastructure that is needed before development takes place which includes good roads,clean water supply,power supply,etc
    3. Take off:this stage includes the introduction and rapid growth of manufacturing industries,better infrastructure and financial investment
    4. Drive to Maturity:New ideas and technology,improvement and replacement of old industries
    5. Age of height mass consumption:people have more wealth and so buy goods and services therefore expanding trade.

  36. Obeta Princess Oluchi says:

    Name: Obeta Princess Oluchi
    Reg no: 2018/242409
    Department: Economics
    Date: 11-0802021
    Assignment: discuss development economics as a multidimensional concept
    • In discussing development economics as a multidimensional concept, we must first understand what development economics is. 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. Simply put, Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
    When we say something is multidimensional, we mean that it involves several spheres or dimensions, relating multidimensional with development economics, it brings us to the assignment question
    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. Development economics 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.

    The word Development on the other hand is widely used to a specified level of growth. It could be used to describe a new and advanced idea or an event that constitutes a new stage under changing circumstances. Generally, the term development describes good change or positive attainment. Basically, development transforms the economy which leads to the growth of that economy. There are five (5) development processes and they are listed and explained below;
    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.
    # 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.
    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.
    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.
    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.

  37. Ugwuoke Godwin Izuchukwu says:

    Name: Ugwuoke Godwin Izuchukwu
    Reg No: 2018/249529
    Department: Economics

    Development economics is seen to be multidimensional. This implies that it focuses on improving fiscal, economic, an bd 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 and developing 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 it’s processes.

    When the concept” development is mentioned, it may be wrongly believed to mean only economic development where the economic activities of a Nation is in a great improvement. But however, the concept of development is not only limited to the economic growth of a Nation, it also focuses on overall improvement of all aspect of human life including the social aspect, religious and cultural, environmental, educational aspects, health, etc. This has to do with the overall well being of a Nation not limited to economic growth only.

    TAYEBWA (1992:261) states that development is a broad term which should not be limited to mean economic development, economic welfare or material wellbeing. To Tayabwa, development in general includes improvements in economic, social and political aspects of whole society like security, culture, social activities and political institutions.
    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.

    The process of economic development maybe considered thus as adopted by many economists.
    . The structural transformation: which refers to a change in the composition of GDP. Through development, the GDP generation of a Nation can be diversified from agricultural base to industrial, mining, tourism, etc.

    . The demographic transition: this is determined mostly by changes in the fertility rate and changes in life expectancy. With improving and a sustained development, the death rate could be reduced through improvement in healthcare facilities.

    . The 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.

  38. ABONYI AMAKA MARY says:

    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.
    Development economics as a sub discipline in economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. Development economics 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.
    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. It also means an increase in the size or pace of the economy such that more products and services are produced.
    The process of development is far more extensive than rise in output , it involves changes in composition of output , shift in the allocation of production , of poverty e.t.c.
    Economic development is not possible without growth but requires the removal of restrictions, observation and things that restricts individuals living freely such as poverty.

  39. OBIAJULU OLISAEMEKA CHARLES says:

    Name: OBIAJULU OLISAEMEKA CHARLES
    Reg no: 2018/242803
    Dept: COMBINED S0CIAL SCIENCES (ECO/POL)
    Email: ochinwejosepine@gmail.com
    Date: 11th August 2021

    1. Development Economics as a Multidimensional concept
    Development economics is multidimensional, meaning it involves the dynamic interaction of factors like micro and macro 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.

    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.
    The field of development economics is concerned with the causes of underdevelopment and with policies that may accelerate the rate of growth of per capita income. While these two concerns are related to each other, it is possible to devise policies that are likely to accelerate growth (through, for example, an analysis of the experiences of other developing countries) without fully understanding the causes of underdevelopment.
    Studies of both the causes of underdevelopment and of policies and actions that may accelerate development are undertaken for a variety of reasons. There are those who are concerned with the developing countries on humanitarian grounds; that is, with the problem of helping the people of these countries to attain certain minimum material standards of living in terms of such factors as food, clothing, shelter, and nutrition. For them, low per capita income is the measure of the problem of poverty in a material sense. The aim of economic development is to improve the material standards of living by raising the absolute level of per capita incomes. Raising per capita incomes is also a stated objective of policy of the governments of all developing countries. For policymakers and economists attempting to achieve their governments’ objectives, therefore, an understanding of economic development, especially in its policy dimensions, is important. Finally, there are those who are concerned with economic development either because they believe it is what people in developing countries want or because they believe that political stability can be assured only with satisfactory rates of economic growth. These motives are not mutually exclusive. Since World War II many industrial countries have extended foreign aid to developing countries for a combination of humanitarian and political reasons.

    Ascribing to the multidimensional views, understandings revolving around
    the development of communities and their economic systems have become cen-
    trally important especially over the last few years (Liu 2016:4). In comparison to
    the purely quantitative views, economic development is rather seen from more
    qualitative and multidimensional perspectives. Storank (2017:59) suggests that
    the process incorporates not only foci on the economic elements but likewise
    considers the advancement of communities and their underlying geographies
    regarding the social and cultural aspects. In this light regions and their associ-
    ated developmental progress no longer ascribe to the casual nature of the ex-
    ogenous environment but rather have incorporated a more bottom-up approach
    (Shannon & van Egeraat 2013:75). This approach in stark contrast to the beliefs
    of Perroux (1955:42) and Krugman (1979:471) advocates that as opposed to the
    exogenous nature of development regional prosperity it is largely driven by the
    endogenous elements inherent in societies. These elements include an array of
    aspects which among others correspond to the degree of social cohesion, envi-
    ronmental protection and considerations and decision-making of these regions for
    future generations.

    The analysis of economic growth, economic convergence and social
    inequality represent traditional topics in the EU integration studies, the GDP and the
    Gini indicator are the main focus in this type of studies. Besides the Gini index and the
    poverty rate, there are many other economic and social indicators reflecting the
    standard of living, but most of them are simply ignored in the macroeconomic
    analyses examining the relationship between economic growth, inequality and
    poverty. The complex analysis of this relationship requires examining a set of
    multifaceted indicators because the one-dimensional and objective indicators are not
    able to capture the complex picture of the standard of living. For this, the subjective
    and multidimensional indicators are needed as well.

    The analysis of the common determinants of poverty measures and inequality is
    instrumented here through GMM panel regression models. Random effects panel
    regression models are also used to study the relationship between the poverty
    measures, inequality and economic growth.

    Despite the economic growth and economic development that have accompanied the
    enlargement of the European Union in the last decades, on the path to real economic
    convergence the social discrepancies between and within countries are still important,
    especially in the developed countries (François and Rojas-Romagosa, 2005). The
    multidimensional poverty, social inequality and financial strain have not decreased
    over time, so one could say that the advantages of the economic progress inside the
    EU were not reflected in the improvement of the EU citizen’s standard of living. The
    growing social inequality, the raise of new forms of inequalities and the shrinking of
    the middle class are consequences of economic development not only in the EU, but
    in other developed regions and countries in the world as well.
    Development economics is also 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.

    2. LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES

    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.
    While elaborating on the meaning of development. 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.

    From another 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.
    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.

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

    Processes of development can this be explained using these 5 stages of development.
    *Traditional society
    *Preconditions to take-off
    *Take-off
    *Drive to maturity
    *Age of high mass consumption

    – The 6-Step Process is consistent with Decision Science principles and can be followed on all projects from corridor-wide planning to construction change orders. Established plans, such as emergency plans, do not require that implementation decisions use the 6-Step Process.
    These steps are intended to provide a clear and repeatable process that is fair and understandable. The order of the steps is as important as the activities within each step.

    Development can also be followed using the 6 step process

    Step 1: Define Desired Outcomes and Actions
    Step 2: Endorse the Process
    Step 3: Establish Criteria
    Step 4: Develop Alternatives or Options
    Step 5: Evaluate, Select, and Refine Alternative or Option
    Step 6: Finalize Documentation and Evaluate the Process

  40. BENJAMIN GIFT IHUNANYA. 2018/241855 says:

    Development economics is a branch of Economics that 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.
    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 is about outcomes i.e development occurs with the reduction and elimination of poverty , inequality and unemployment within a growing economy. Development requires the removal of major sources of unfreedom , tyranny , poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance over activity of repressive stores.
    The process of development is wide ranging ; it involves changes in composition of output , reduction in inequalities and unemployment , shift in the allocation of production.

  41. ABONYI AMAKA MARY. 2018/241874 says:

    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.
    Development economics as a sub discipline in economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. Development economics 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.
    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. It also means an increase in the size or pace of the economy such that more products and services are produced.
    The process of development is far more extensive than rise in output , it involves changes in composition of output , shift in the allocation of production , of poverty e.t.c.
    Economic development is not possible without growth but requires the removal of restrictions, observation and things that restricts individuals living freely such as poverty.

  42. Damian ihechukwu David 2018/245468 says:

    Damian David ihechukwu
    2018/245468
    Economics dept.

    Economic development, 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. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions …
    According to Rostow 1960 an American economist there are 5 stages of development which are
    Stage 1: Traditional society – the economy dominated by subsistence activity
    Stage 2: Transitional stage(Preconditions for takeoff)
    Stage 3: Takeoff
    Stage 4: Drive to maturity
    Stage 5: High mass consumption

    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.
    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 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.
    However, in the simplest terms, development can be defined as bringing about social change that allows people to achieve their human potential. … 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
    Idea Generation
    Idea Screening
    Concept Development
    Concept Testing
    Building Market Strategy
    Product Development
    Market Testing
    Market Commercialization .

  43. Uwa Chioma Maryjane says:

    NAME: Uwa Chioma Maryjane
    Reg no: 2018/ 241876
    Department: Economics
    Email: chioma.uwa.241876@unn.edu
    Assignment: Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes.
    Development Economics as a multidimensional process:
    Development economics is a branch of economics that looks at how development works from an economic perspective in developing nations. As a field, it looks not only at traditional economic rubrics, such as GDP or per-capita income, but also looks at things like standard of living, health care, education, and equal rights opportunities. As a result, this field concerns itself a great deal with political processes and agendas, as well as with more specific economic agendas.
    From the above statement, we can say that development economics 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. 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.
    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 AND IT’S PROCESSES:
    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;
    iv. Participation in government;
    v. Belonging to a nation that is truly independent, both economically and politically; and
    vi. Adequate educational levels (especially literacy).
    PROCESSES OF DEVELOPMENT
    Economic development include the following processes/ stages;
    (1) The Traditional Society:
    In a traditional society, modern science and technology are either not available or are not being systematically applied. However, there may be ad hoc application of innovations. Production can also increase due to increase in acreage.Domestic and foreign trade can change in composition. But the distinguishing 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:
    Covers a long period of a century or more during which the pre-conditions for take-off are established.These conditions mainly comprise fundamental changes in the social, political and economic fields.
    (3) The “Take off” Period:
    This is the crucial stage which covers a relatively brief period of two or 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 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 there by the rising trend in per capita output.”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, of course, a long 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.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 pioneering leaders; the proportion of the population engaged in rural pursuit’s declines, and the structure of the country’s foreign trade undergoes a radical change.
    (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. The present economies of the U.S.A., the U.K., Western Germany and Japan represent this stage. India seems to be yet in the second stage, i.e., pre-conditions to the take-off stage.

  44. Okoye Chidimma Favour says:

    NAME: OKOYE CHIDIMMA FAVOUR
    REG: 2018/246412
    DEPT: ECONOMICS EDUCATION
    EMAIL: chidimmafs700@gmail.com

    ASSIGNMENT: DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT AND DEVELOPMENT AND ITS PROCESSES

    DISCUSSION:
    WHAT IS DEVELOPMENT:
    Development involves various aspects social, economic, political and human development. Development is 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. Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.

    WHAT IS DEVELOPMENT ECONOMICS:
    Development economies is a branch of economics that focuses on improving fiscal, economic and social conditions in developing countries. Development economies considers factors such as health. Development economies understand and shape macro and micro policies in order to lift poor countries out of poverty. The application of development economies 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, and the role of education and health care in development.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT:
    Development as a concept in development economies is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important.
    Development is a multi-dimensional meaning it involves the dynamic interaction of factors like physical, emotional and psychosocial development. Developments results in the simultaneous achievements of a number of objectives such as growth and equity. Development economics looks at many dimensions, multi, different parts of the economy that is a lot of thing in order to meet it’s objectives. Just as mentioned earlier, some aspects of development economies include, determining to what extent rapid population growth helps or hinders development, 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 economies considers factors such as health, education, working conditions, domestic and international policies and with a focus on improving market conditions. By studying development economies we will have the opportunity to apply the tools of economic analysis to the problems and challenges facing less developed countries. We can also call development economics economic development because is a process by which emerging economic rules become advanced economic and economic development results to a longer average life expectancy, improved productivity, higher literacy rate and better public Education.

    DEVELOPMENT AND ITS PROCESSES:
    As seen above, Development is traditionally defined as the transformation of the structure of an economic system. Development inverse various aspects; social, economic, political and human development. Todaro and Smith (2006) expresses that development ensures growth in wealth acquisition, mental enrichment and the betterment of the quality living conditions of all the people in which the society uses a combination of social, economic and institutional processes as the means to acquire better living conditions. Collectively, development can be seen 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.

    DEVELOPMENT PROCESS:
    These steps below are intended to provide a clear and repeatable process that is fair and understandable. The order of the steps is as important as the activities within each step.
    Development can be viewed in this 6 processes Step 1: Define desired outcomes and actions Step 2: Endorse the process
    Step 3: Establish criteria
    Step 4: Develop alternatives or options
    Step 5: Evaluate, select and refined alternative or option
    Step 6: Finalize documentation and evaluate the process.

    IN CONCLUSION
    Development is a multi-dimensional process which encompasses a lot of things like people, growth and equity which makes development economics a multi-dimensional concept. Development processes creates growth, progress, positive change etc.

  45. Okonkwo chinaza favour says:

    Name: OKONKWO CHINAZA FAVOUR
    Reg no:2018/242315
    Dept: ECONOMICS

    EXPLAIN DEVELOPMENT ECONOMICS AS A
    MULTI-DIMENSIONAL CONCEPT.

    Development economics is the field of economics which deals with economic aspects of development process in developing nations. As a multi-dimensional concept, it’s limelight is not only on methods of promoting economic growth but also on structural changes and improving people’s well-being through different mechanism. So the nature of development economics being multi-dimensional concept elucidates that it does not only focus on the economic dimension of the nation but also comprises of other non- economic scopes. Development economics incorporate social, political, economic, environmental and institutional factors to Devise plans that will effectively and efficiently improve the quality of life of larger proportion of the population.

    DEVELOPMENT AND IT’S PROCESSES
    Development is the process that generates favourable change and growth in the overall quality of life of the population. Development must be sustainable and involve the notion of advancement, freedom, justice equity and improvement in people’s well-being and quality of life.
    PROCESS OF DEVELOPMENT
    The processes of development are the necessary steps to put in place for development plan to be effective. It includes planning which ensures that things are started off on the right foot. Another process is requirements analysis which involves evaluating what it will take for the development objective to be a reality. The third process is to design that how it will function and flow. The fourth process is the implementation of the development plan which is the main target. The last process is the maintenance of the development plan. This is because positive development should have a long term effect on the masses and as such should be sustainable.

  46. Name: Onyeabo Michael Chukwuebuka
    Department: Economics
    Reg No: 2018/248280

    Development Economics as a Multidimensional Concept

    It was commonly believed that Development Economics was solely concerned with methods for encouraging economic development, growth, and structural change. However, the definitions by modern economists have shown that Development Economics is a multidimensional concept.

    Carol Kopp defined Development Economics as 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 is clearly a multidimensional concept, as shown by the preceding definition.

    Development and its processes

    Growth, progress, good change, or the addition of physical, economic, environmental, social, and demographic components are all examples of development. The goal of development is to improve people’s living standards and quality of life, as well as to create or expand local regional income and employment possibilities while preserving the environment’s resources. Development is apparent and beneficial, although not always immediately, and involves aspects of quality change as well as the establishment of conditions for a continuation of that change.

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

    The process of development and social transformation is based on complex cultural and environmental factors and their interactions.

  47. Name: Onyeabo Michael Chukwuebuka
    Department: Economics
    Reg No: 2018/248280

    Development Economics as a Multidimensional Concept

    It was commonly believed that Development Economics was solely concerned with methods for encouraging economic development, growth, and structural change. However, the definitions by modern economists have shown that Development Economics is a multidimensional concept.

    Carol Kopp defined Development Economics as 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 is clearly a multidimensional concept, as shown by the preceding definition.

    Development and its processes

    Growth, progress, good change, or the addition of physical, economic, environmental, social, and demographic components are all examples of development. The goal of development is to improve people’s living standards and quality of life, as well as to create or expand local regional income and employment possibilities while preserving the environment’s resources. Development is apparent and beneficial, although not always immediately, and involves aspects of quality change as well as the establishment of conditions for a continuation of that change.

    Development is a process that creates growth, progress, positive change, or the addition of physical, economic, environmental, social, and demographic components. The process of development and social transformation is based on complex cultural and environmental factors and their interactions.

  48. Omeke Chinenye Joy says:

    Name: omeke Chinenye Joy
    Reg.No: 2018/244290
    Email address: joyc6538@gmail.com
    Discussion quiz on Eco 361 ( development economics)
    Answer to why development economics is a multidimensional concept.
    Development economics according to Bird, 2019 is a branch of economics that focuses on improving fiscal, economic and social conditions in developing countries.
    Development economics being described as a multidimensional concept means that it is a complex concept. It is a complex concept meaning that it is that branch of economics that not only focuses on improving the fiscal, economic and social conditions in developing countries but also 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 seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty. It studies the transformation of emerging nation’s into more prosperous Nations.
    Explanation of development and it’s processes
    Development in my own understanding is a process that involves economic growth and the advancement or improvement in the living conditions of people in a society or an economy.
    However, Todaro and Smith (2006, p.22) argues that development is both a physical reality and a state of mind in which society has secured the means for obtaining a better life. This definition expresses that development ensures growth in wealth acquisition, mental enrichment and the betterment of the quality living conditions of all the people in which the society uses a combination of social, economic and institutional processes as the means to acquire better living conditions.
    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. In all these definitions one can say that development involves all processes or attempts to improve the conditions of human existence in all ramifications.
    Processes of development
    The processes of development refers to those actions or factors 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:
    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.
    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.
    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. A shortage of skilled labor can be a deterrent to economic growth.
    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.
    Political stability/Law and order: Political stability and the protection of private property was ranked as the most important factors for encouraging firms to invest in developing economies. Any sign of instability increases the economic and personal risk of investing in developing countries.
    References
    Nigerian people’s and culture (2021, p.206).
    https://www.astro4dev.org/lesson-2-what-is-development-economics/
    https://www.economicshelp.org/blog/147654/economics/factors-affecting-economic-development/
    https://www.investopedia.com/terms/d/development-economics.asp
    https://sid-israel.org/en/what-is-development/
    https://smallbusiness.chron.com/factors-affecting-economic-development-growth-1517.html

  49. Adigwe ifeoma Favour says:

    Name: Adigwe ifeoma Favour
    Reg no: 2018/241871
    Course code: Eco 361
    Assignment: Discuss development economics as a multidimensional concept and explain what you understand by developments and its processes.
    Question 1: why is development economics a multidimensional concept.
    What is development economics
    Economic development is defined by Wikipedia as “the process by which a nation improves the economic, political, and social well-being of its people.” Like we said, it’s a broad scope. … This means a focus on innovation, skills and infrastructure, as well as overall economic growth.
    What is multidimensional
    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.
    Why is development economics a
    multidimensional concept
    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.
    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.
    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.
    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.
    What measures can be used to assess the
    development gap?
    There are many different measures used to assess the development gap, each one offering an alternate way of dividing up the world with regards to how developed it is. Here, we shall look at some of the most common indicators of development used in geography.

    Gross Domestic Product (GDP)
    1:GDP is s how much money a country makes from its products over the course of a year, usually converted to US Dollars:

    the sum of gross value added by all resident producers in the economy + product taxes – any subsidies not included in the value of the products.
    Gross National Product (GNP)
    GNP is the GDP of a nation together with any money that has been earned by investment abroad minus the income earned by non-nationals within the nation.

    2:GNP per capita
    GNP per capita is calculated as GNP divided by population; it is usually expressed in US Dollars.

    It’s a common indicator used for measuring development, but is imperfect as the calculation doesn’t take into account certain forms of production, such as subsistence production.

    3:Birth and death rates
    Crude Birth and Death rates (per 1000) can be used as an overall measure of the state of healthcare and education in a country, though these numbers do not give a full picture of a nation’s situation.

    4:The Human Development Index (HDI)
    The HDI is a composite statistic calculated from the:

    Life expectancy index
    Education index
    Mean years of schooling index
    Expected years of schooling index
    Income index
    Countries are ranked based on their score and split into categories that suggest how well developed they are.

    5:Infant mortality rate
    Infant mortality rate is the number of infants dying before reaching one year of age per 1,000 live births in a given year.

    6:Literacy rate
    The rate, or percentage, of people who are able to read is a useful indicator of the state of education within a country.

    High female literacy rates generally correspond with an increase in the knowledge of contraception and a falling birth rate.

    7:Life expectancy
    This simple statistic can be used as an indicator of the:

    healthcare quality in a country or province
    level of sanitation
    provision of care for the elderly
    It should not, of course, be used on its own to describe these things.
    Developments 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 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.
    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.
    Three key developmental processes
    The three developmental processes are Biological (Physical), Cognitive, and Socioemotional.

  50. Lawal Precious says:

    Lawal Precious
    2018/243819
    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.
    Thank you

  51. Nnamani Chidimma Esther says:

    Name: Nnamani Chidimma Esther
    Reg num:2018/243795
    Department:Economics
    Assignment on Eco 361

    1)WHAT IS DEVELOPMENT?
    Oxford languages define development as the process of developing or being developed, it can also be defined as an event constituting a new stage in a changing situation. Development can be seen from the technological advancement point of view.Development has its proper meaning and application when appraised with the context of human society.
    The term development is use to capture all indices of achievements found in a given society in in all spheres of human endeavors be it economically,politically,socially etc.
    Prof Amartya Sen see development as the process of economic and social change in a society whereby there is not only growth in GDP but also there is wider distribution of benefits or gains of growth of GDP and expansion in employment opportunities for the people

    2) DEVELOPMENT PROCESS:its also stages of development because development is a process and it follows some procedures; they are
    A) The structural transformation:it 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 shifts towards the industrial sector,especially manufacturing
    B) The demographic transition: it is determined mostly by changes in the fertility rates and changes in life expectancy.this controls the population rate
    C) Urbanization:this is majorly cause by migration of people from rural areas to urban areas in search of jobs, then the transformation of originally semi-urban suburbs into fully urban center

    3) DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development Economics as a subject that studies the economics of 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 social science
    Development Economics contains varieties of things like
    1) it’s income growth( there must be economic growth before economic development)
    2) it’s welfare economics including the study of poverty and inequality
    3) it’s the study of markets for goods,services, inputs, credit and insurance, without which whole economies can grind to a standstill
    4)it’s labour economics:education,health,condition s in the workplace
    5) it’s public economics,including the provision of public goods from roads and communications to utilities and waste treatment and its about managing the macroeconomy too
    6) it’s Agricultural economics
    7) it’s economic demography
    Development Economics seeks to understand the economic aspects of the development process in low-income countries

    REFERENCE
    https://www.google.com/search?q=what%20development
    https://content.ucpress.edu/chapters/128//.ch01.pdf
    https://pages.nyu.edu/Deborah/papers/Raypalgeave.pdf
    Joshua O.Uzuegbu,Christian O.Agbo,Josephine N.Akah,chinenye A. Ezema and Joy I .Obayi.(2021).Nigerian peoples and culture.Enugu,Nigeria:Newland Designs and print solutions
    S.Chand.(2017)Modern Economics(20th
    Edition)India: Vikas publishing House Ltd

  52. Aroh oluchukwu perpetua says:

    Name:Aroh oluchukwu perpetua

    Reg no:2018/243120

    Dept: Economics

    Quiz on Eco 361

    Discuss development economics as a multidimensional concept.
    Ans:I will first and explain what development economics is all about, It can be seen as 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.

    Then it can said to be multidimensional when it involves the dynamic interaction of factors like physical, emotional and psychosocial development. Also Development is multidirectional and results in gains and losses throughout life, it’s (Development)also plastic meaning that characteristics are malleable or changeable.

    Then what is development?
    Development can said to be improvement in country’s economic and social conditions. It also refers to improvements in way of managing an area’s natural and human resources in order to create wealth and improve people’s lives.

    Process of development in the economy;

    five factors that contributes to the process of economic development are;.

    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 rin 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.

    Modem economists like T. W. Schultz, Jan Tinbergen, Gary S. Becker, etc., have pointed out that human capital formation (investment in training and investment) is as important as physical capital formation, if not more. They have emphasised the contribution of investment in human beings for economic development.

    Factor # 3. 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.

    hampered. This means that we have landed in a two-way problem because of two-way relation between population growth and economic develop­ment. Even then, the quality of human capital is an important element in the progress of a nation.

    Factor # 4. 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 # 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.

  53. NGADI GOD'PROMISE CHICHOROBIM says:

    NAME: NGADI GOD’SPROMISE CHICHOROBIM
    REG. NO.: 2018/242405
    DEPARTMENT: ECONOMICS
    EMAIL ADDRESS: emmanuelgodspromise@gmail.com
    ECO 361: DEVELOPMENT ECONOMICS
    DISCUSSION QUIZ: Development Economics as a multidimensional concept.
    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. It studies the transformation of emerging nations into more prosperous nations.
    Development economics is a multidimensional concept in the sense that it incorporates factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s low income countries.
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    Development economics attempts to explore some of the economic challenges peculiar to some of the developing countries in the world.
    THEORIES OF DEVELOPMENT ECONOMICS
    There are four common theories of development economics, these are; mercantilism, nationalism, the linear stages of growth model, and structural-change theory.
    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. 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.
    3. 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.
    4. 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.
    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.
    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.
    The traditional view of Development entails economic development, that is, the transformation of the structure of an economic system. But in recent times development has come to be seen as not just economic development but also societal transformation, that is, improvement in the welfare and standard of living of the people in the society.
    PROCESS OF DEVELOPMENT
    The development process occurs in stages. These stages are referred to as patterns of development that are focused on the structural change of an economic system. . Most Development Economists agree that the key stages of development are related to three different transitions, these are:
    ● A structural transformation
    ● A demographic transition &
    ● A process of urbanization
    REFERENCES
    http://www.studyingeconomics.ac.uk/module-options/development-economics/
    https://sid-israel.org/en/what-is-development/
    https://www.investopedia.com/terms/d/development-economics.asp
    https://programs.online.american.edu/econ/masters-economics/resources/stages-of-economic-development

  54. ODOH, VICTOR CHUKWUEMEKA. REG NO: 2018/248582 says:

    NAME: ODOH, VICTOR CHUKWUEMEKA
    REG NO: 2018/248582
    DEPARTMENT: ECONOMICS MAJOR
    COURSE: ECO 361
    LEVEL: 300

    Question:
    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.
    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).
    It 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 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 not purely an economic phenomenon but rather a multi- dimensional process involving reorganization and reorientation of entire economic AND social system Development is process of improving the quality of all human lives with three equally important aspects.

    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.

    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.
    Process of Economic Development
    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.[1]
    Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but “one aspect of the process of economic development”. Economists primarily focus on the growth aspect and the economy at large, whereas researchers of community economic development concern themselves with socioeconomic development as well.
    Many institutions of higher education offer economic development as an area of study and research such as McGill University, London School of Economics, International Institute of Social Studies, Balsillie School of International Affairs, and the Norman Paterson School of International Affairs.

  55. Obiora chidinma Jennifer
    NAME: Obiora chidinma Jennifer
    REG NO:2018/241834
    DEPT: Economics
    EMAIL:ceejay.nma@gmail.com
    DATE:11/08/21
    Development means’ ‘improvement in country’s economic and social conditions”. More specifically, it refers to improvements in way of managing an area’s natural and human resources .In order to create wealth and improve peoples 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 realization of the potentials of human personality.
    Seers outlined several conditions that can make for achievements 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
    iv.Participation in government;
    v.belonging to a nation that is truly independent, both economically and politically; and
    vi. Adequate educational levels[especially literacy]
    The people are held to be the principal actors in human scale development. Respecting the diversity of the people as well as the autonomy of the spaces in which they must act converts the present day object person to a subject person in the human scale development. Development of the variety that we have experienced has largely been a top-down approach where there is little possibility of popular participation and decision making.
    Human scale development calls for a direct and participatory democracy where the state gives up its traditional paternalistic and welfarist role in favour of a facilitator in enacting and consolidating people’s solutions flowing from below.”Empowerment’ of people takes development much ahead of simply combating or ameliorating poverty.In this sense development seeks to restore or enhance basic human capabilities and freedoms and enables people to be agents of their own development.
    In the process of capitalistic development and leading national economy towards integration into foreign markets, even politically democratic states are apt to effectively exclude the vast masses from politically democratic states are apt to effectively exclude the vast masses from political and economic decision-making. The state itself evolves into a national oligarchy hedged with authoritian and bureaucratic structures and mechanisms that inhibit social participation and popular action.
    The limited access of the majority to social benefits and the limited character of participation of the masses can often not be satisfactorily offset by the unsuccessful and weak redistributive policies of the government. Powerful economic interest groups set the national agenda of development, often unrepresentative of the heterogenous and diverse nature of our civil society making for a consolidation and concentration of power and resources in the hands of a few.
    Also, a focus on people and the masses implies that there could be many different roads to development and self reliance. The slogans ”human centered development”, ”the development of people”, ”integrated development”,all call for a more inclusive and sensitive approach to fundamental social, economic and political changes involved in development such that all aspects of life of a people ,their collectivity, their own history and consciousness, and their relations with others make for a balanced advancement.
    The adoption of a basic needs approach with the concept of endogenous development make for a development agenda that is universally applicable while at the same time allowing for country specific particularities to be given due account.
    The challenge of human scale development is to nurture diversity instead of being threatened by it, to develop processes of political and economic decentralisation, to strengthen democratic, indigenous traditions and institutions and to encourage rather than repress emerging social movements which reflect the people’s need for autonomy and space.
    The fruits of economic development may be distributed more equitably if local spaces are protected, micro-organisations are facilitated and diverse collective identities that make up the social body are recognised and represented.Greater control of popular masses over environment is a must. In fact this concept of development seeks for the civil society rather than the state to own up and nurture development, so that the role of social actors is enhanced
    We need to ensure that development does not mean social dislocation, violence and war that we meet ”the needs of the present generation without compromising the ability of future generations to meet their own needs”
    DEVELOPMENT ECONOMICS:
    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.
    One of the most striking characteristics of the world economy in recent decades has been the growing inequality in the distribution of resources between different parts of the world .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 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.
    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 make 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 takes 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.
    DEVELOPMENT AS A MULTI DIMENSIONAL PROCESS:
    Development is a multi-dimensional process in which both the non-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, 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 the 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 the 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.
    REFERENCES:
    https://www.sociology discussion.com
    https://www.studying economics.ac.uk
    https://www.owlgen.in

  56. Uwa Chioma Maryjane says:

    NAME: Uwa Chioma Maryjane
    Reg no: 2018/ 241876
    Department: Economics
    Email: chioma.uwa.241876@unn.edu.ng
    Assignment: Discuss Development Economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes.
    Development Economics as a multidimensional process:
    Development economics is a branch of economics that looks at how development works from an economic perspective in developing nations. As a field, it looks not only at traditional economic rubrics, such as GDP or per-capita income, but also looks at things like standard of living, health care, education, and equal rights opportunities. As a result, this field concerns itself a great deal with political processes and agendas, as well as with more specific economic agendas.
    From the above statement, we can say that development economics 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. 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.
    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 AND IT’S PROCESSES:
    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;
    iv. Participation in government;
    v. Belonging to a nation that is truly independent, both economically and politically; and
    vi. Adequate educational levels (especially literacy).
    PROCESSES OF DEVELOPMENT:
    (1) The Traditional Society:
    In a traditional society, modern science and technology are either not available or are not being systematically applied. However, there may be ad hoc application of innovations. Production can also increase due to increase in acreage.Domestic and foreign trade can change in composition. But the distinguishing 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: Covers a long period of a century or more during which the pre-conditions for take-off are established.These conditions mainly comprise fundamental changes in the social, political and economic fields.
    (3) The “Take off” Period: This is the crucial stage which covers a relatively brief period of two or 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 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 there by the rising trend in per capita output.”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, of course, a long 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.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 pioneering leaders; the proportion of the population engaged in rural pursuit’s declines, and the structure of the country’s foreign trade undergoes a radical change.
    (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. The present economies of the U.S.A., the U.K., Western Germany and Japan represent this stage. India seems to be yet in the second stage, i.e., pre-conditions to the take-off stage.

  57. Stephen Faith Kuranen says:

    Name: Stephen Faith Kuranen
    Reg.no: 2018/242333
    Email address: faithkuranen@gmail.com
    Dept: Economics department.

    “The ultimate resource in economic development is people. It is people, not capital or raw materials that develop an economy.” ~ Peter Drucker.
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    Development can be morphological, it can be physics or it can even be physiological functions.
    Development 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 Economics is a branch of Economics as which deals with economic aspects of the development process in low income countries. It 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.
    Development Economics is a wide course of study with multidimensional process which both the non-economic dimensions and the economic dimensions are important.
    Martha 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, freedom of economic, social and family actions etc. This approach became a basis for the measurement of development by Human Development Index (HDI) which was developed by the UN Development Program (UNDP) in 1990. Development is used to describe all the process and mechanisms that contribute to differentiating -organizing a living being from the start of life onwards.
    The ultimate purpose of development Economics however, remains unchanged: to help us understand developing economics in order to help improve the material lives of the majority of the global population.
    My understanding on Development is either a change in all sectors of the economy or inflation in economic growth of a country. Let’s use Nigeria as a case study, we all know that our population rate according to statistics is 211.4 millions inhabitants while our growth rate is 2.55% with and in inflation rate of 17.75% as at June. It’s either we have a positive transformation or a negative transformation in our economic development. In Freud’s scientific work, the idea of the process of development first occurred, and then the coming years linked it to his further study in psychoanalysis. In his work with hysteria, her linked into childhood trauma which only aggravates after the child reaches puberty. We should all participate actively in the development process and share equitably in the fruits of productivity just as some of my colleagues have mentioned above.
    Thank you sir.

  58. Kalu Melody Chinaza says:

    Kalu Melody Chinaza
    2018/245127
    Economics Department.
    An assignment on Eco 361

    1: Discuss development economics as a multidimensional concept
    We shall begin by understanding the theme of this discussion “development economics”.
    Simply put, Development economics is a branch of economics that focuses on the economics of country development. It focuses on how people in a society can escape poverty and enjoy a better standard of living. Development economics research ultimately describes and explores the causal reasons why some countries, communities and people are rich and others are poor. What structural factors distinguish the experience of those who enjoy high and/or rising standards of living from those enduring low and/or stagnant conditions? Of greatest practical importance, what can be done to reinforce the experience of the former subpopulation and to relieve the
    suffering of the latter? Thus frontier research in the field has always taken place at multiple scales of analysis, from the micro realm of individuals, households, and firms, through the mesa range of communities, groups, networks, regions and villages, to the macro level of nation states, continents and the globe. The natural integration of these scale‐specific literatures is too often overlooked as we scholars specialize in our own niche. Yet the complementarity is there, just beneath the surface of the journals and monographs. Development economics is the domain of those who wish to be able to explain better the behavior of poor individuals and communities in order that useful predictions and prescriptions might be feasible. Development economists do good positive analysis not because that is the end of good economic analysis, but because that is the start, the foundation from which one can offer rigorous, defensible prescriptive analyses in an effort to improve the human condition. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth. The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    ASPECTS OF DEVELOPMENT ECONOMICS
    Primarily, development economics can be divided into two categories – economic and social

    1. ECONOMIC

    Economic growth: Development economics uses economic growth as an indicator of country development efficiency. Economic growth shows how well a country is running and potentially growing. It is the most obvious and quantitative indicator for the evaluation of country development.

    Structural change: Structural change is the way a country’s economy is organized and how a market functions. It’s usually in between free-market operation and state control. Structural change is the most fundamental aspect of country development. Hence, development economics also study the structural changes in a country.

    Technological changes: Technology can significantly change economic behavior, such as production and consumption. When a new technology appears, development economics will analyze its effect on country development.

    2. SOCIAL
    Social aspects of development economics analyze the economic consequences of social-related development.

    Institutions: Institutions are essential for a country’s economy. Well-established institutions facilitate economic and country development.

    Education: Educated human capital leads to better economic production and a higher standard of living. Many countries focus on investing in their human capital through education. Therefore, development economics considers the economic results of such education policies. It is primarily about finding the current human capital level, developing, and providing direction for education policy.

    Public health: Better living standards include improvement in public health. Countries see public health as part of their development. Since public health advancement involves a substantial cost, development economics is crucial.

    Working conditions: Working conditions are closely associated with the advanced level of an economy. Working conditions include salaries and employee benefits, which represent the purchasing power in an economy. Development economics can assist in evaluating the impact of working conditions on the future economy.
    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.

    4. 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 instance, 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 CAN DEVELOPMENT ECONOMICS RESEARCH DO?
    1. It helps to evaluate current development practices
    2. It can provide direction for country development
    3. It defines problems in future country development
    4. Development economics indicates the economic aspects of country development
    In summary, it is very important for us to take our time in understanding fully what development economics entails because, it deals with our nation, our individual lives and wellbeing.

    2 LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND ITS PROCESSES
    Development simply 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 realization 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

    iv. Participation in government;

    v. Belonging to a nation that is truly independent, both economically and politically; and

    vi. Adequate educational levels (especially literacy).

    Development is the process of improving the quality of all human lives and capabilities by raising peoples levels of living, self esteem and freedom. 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.
    Development is a very important and veritable tool for sustenance of human life. Development should not be pursued for its own sake, but in order to restructure the economy and facilitate a positive peace that addresses the causes and consequences of conflict and improves the well being of both citizens and foreign residents in the country.

  59. Hassan Fadhilah Olamide says:

    Hassan Fadhilah Olamide
    Education Economics
    2019/245672 (2/3)

    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 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

  60. Nduka Olisazoba Chiebuniem REG NO: 2018/241844 says:

    Development 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.
    It is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development results in the simultaneous achievement of a number of goals such as growth and equity.
    This means that development causes growth and equity to occur at the same time. The process of development is unique because it invovles the activities of people directed towards social change in a society, planned to bring about both social and material advancement for the majority of the people through their gaining greater control over their environment.
    Development is a process that makes 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.

  61. Ajah Favour chinyere says:

    Name: Ajah favour chinyere
    Reg Number: 2018/241836
    Department: Economics
    Course code:Eco 361
    Course title: Development Economics 1

    Assignment question
    Discuss development 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. 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 as a multidimensional concept:
    Development economics is multidimensional because it involves the micro and macro 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..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
    1.Human resource development:Human resource development is the process of assisting employees in a certain organization to improve their personal and organizational skills, their abilities and use of knowledge. This includes helping them through taking them for training, career development t courses, organizational and performance management.
    2.Technology:Technology Development Process, is a directed process at developing new knowledge, skills and artefacts that in turn facilitates platform development (Halman et al., 2003).
    3. Natural resources:Natural resources have a double-edge effect on economic growth, in that the intensity of its use raises output, but increases its depletion rate. Natural resource is a key input in the production process that stimulates economic growth.
    4.Institutional environment:The institutional environment is composed of regulations, customs and taken-for-granted norms prevalent in states, societies, professions and organizations, which impinge upon and shape organizational behaviour and outcomes.
    5.Capital resources: Capital resources include money to start a new business, tools, buildings, machinery, and any other goods people make to produce goods and provide services.

    References
    https//www.sciencedirect.com/development.economics
    https//www.recruiter.com
    https//link.springer.com/development.process

    • Nwokolo Emmanuel Chibuike says:

      Nwokolo Emmanuel Chibuike
      Economics department
      2018/248270
      Eco 361: Development Economics
      Question: Discuss Development as a multidimensional concept and lucidly explain what you understand by development and it’s processes.
      Ans:I will first and explain what development economics is all about, It can be seen as 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.

      Then it can said to be multidimensional when it involves the dynamic interaction of factors like physical, emotional and psychosocial development. Also Development is multidirectional and results in gains and losses throughout life, it’s (Development)also plastic meaning that characteristics are malleable or changeable.

      Then what is development?
      Development can said to be improvement in country’s economic and social conditions. It also refers to improvements in way of managing an area’s natural and human resources in order to create wealth and improve people’s lives.

      Process of development in the economy;

      five factors that contributes to the process of economic development are;.

      A. 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.

      B. 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 rin 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.

      Modem economists like T. W. Schultz, Jan Tinbergen, Gary S. Becker, etc., have pointed out that human capital formation (investment in training and investment) is as important as physical capital formation, if not more. They have emphasised the contribution of investment in human beings for economic development.

      C. 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.

      hampered. This means that we have landed in a two-way problem because of two-way relation between population growth and economic development. Even then, the quality of human capital is an important element in the progress of a nation.
      D. 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
      .
      E. 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.

  62. Ajah Favour chinyere says:

    Name: Ajah favour chinyere
    Reg Number: 2018/241836
    Department: Economics
    Course code:Eco 361
    Course title: Development Economics 1

    Assignment question
    Discuss development 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. 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 as a multidimensional concept:
    Development economics is multidimensional because it involves the micro and macro 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..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
    1.Human resource development:Human resource development is the process of assisting employees in a certain organization to improve their personal and organizational skills, their abilities and use of knowledge. This includes helping them through taking them for training, career development t courses, organizational and performance management.
    2.Technology:Technology Development Process, is a directed process at developing new knowledge, skills and artefacts that in turn facilitates platform development (Halman et al., 2003).
    3. Natural resources:Natural resources have a double-edge effect on economic growth, in that the intensity of its use raises output, but increases its depletion rate. Natural resource is a key input in the production process that stimulates economic growth.
    4.Institutional environment:The institutional environment is composed of regulations, customs and taken-for-granted norms prevalent in states, societies, professions and organizations, which impinge upon and shape organizational behaviour and outcomes.
    5.Capital resources: Capital resources include money to start a new business, tools, buildings, machinery, and any other goods people make to produce goods and provide services.

    References
    https//www.sciencedirect.com/development.economics
    https//www.recruiter.com
    https//link.springer.com/development.process

  63. Nweke Monday says:

    Name – Nweke Monday
    Reg no – 2018/SD/37147
    Department- Education/Economics
    E-mail address – nwekemonday44@gmail.com
    Year – 3/4
    Date – 12th August 2021
    QUESTION
    Development is multi dimensional concept, discuss development economics and lucidly explain what you understand by development and it’s processes

    ANSWERS
    To further explain more on the basic concepts of multi dimensional concept on development economics illustrates that it is complex, ambiguous and does not have a single definition.
    Development Economics is a branch of economics that focuses on improving the fiscal economic and social conditios in developing countries. It also takes into consideration of the following factors that facilitates developments, for example health education, working condition, domestic and international policies and market conditions in the world poorest countries. Also,this sector examines both macro economics and micro economics factors relating to the structure of developing economies and domestic economic growth.
    In other words development economics seeks to understand and shapemacro and micro economic policies in order to lift poor countries out of poverty. Also 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 background differs. Moreover,we have four common theoriyof development economics:
    1. Mercantilism,nationalism, structural change theory and the linear stage model.
    2. Development can be defined as an improvement in country’s economic and social conditions. It also refers to improvements in a way of managing an areas natural and human resources in order to create wealth and improve people’s lives. According to Dudley seers,while elaborating on the meaning of development suggests that while there can be value judgement on what is development and what is not, it should be a universally acceptable aim of development that leads to a realisation of the potential of human personality.

    PROCESSES OF DEVELOPMENT
    Processes of development means system or stages that are involved in development. So e of those processes are :
    1. Human Resources: These are factors that contributes immensely in all production.If a country is able to utilize it’s man-power properly,it will certainly prove to be an important factor in development and so more labour brings about potential output. The stock of educated and healthy labour force in any economy contributes to growth and development.
    2. Capital Resources: The amount of output that workers can produce depends largely on the availability of complementary resources like capital. It is impossible for a country to achieve higher growth if certain minimum rate of capital formation is not realized. An increasing amount of capital per worker and a rising capital 1 labour ratio is clearly a major source of productivity or output per man-hour .
    3. Technology: Technological progress is considered as the most important source of development by many economists. It is said that technology has been revolution, using our lives since the dawn of human history . Technology refers to our knowledge of how to convert resources into goods and services. With the advancement of scientific and technological knowledge people discover more and more sophisticated techniques of production which steadily raise the productivity levels. Through new technique and methods of production a country can increase it’s productive capacity.
    4. Institution at Environment: Market economics can flourish provided an appropriate institutional environment prevails. It implies that development requires effective state participation. In today’s modern world ,the state should complement the market. 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. Protecting poor people from insecurity requires participation and empowerment of these people so that public action is desigy by them according to their priorities.
    5. Natural Resources: Natural resources such as land,soil mineral like iron ore, fossil,fuel, are three main factors of production,the other two being labour and capital,the important elements here is the availability of such resources and so the growth and prosperity of a Nation depends on the size and kind of the resources it possesses .An abundant supply of natural resources improves both agricultural and industrial development.

    In summary, development economics is a branch of economics that focuses on economic aspects of low-income countries, while development is an improvement in countries economic and social condition. Some of the processes of development are natural resources, institutional environment, technology,human resources and capital resources.
    Conclusion,based on the above explanations,it is a fact that cannot be debunked that development economics as a multi-dimensional concept has an ambiguous and complex definitions which focuses on improving the fiscal, economic and social conditions in low-income countries.

  64. OKOYE ARTHUR-KINGSLEY KANAYO says:

    Name:- Okoye Arthur-Kingsley Kanayo
    Reg. Number:- 2018/241820

    Development Economics as a multidimensional Concept:-
    Development, a process – an end – or the means to an end – one may ponder in soliloquy. In a sampled estimation, there are about 7 billion unit of humanity who wallow and mire in an impetuous state of abject poverty. As humans, there always is a reason to survive therefore internalising the prone use of crime and delinquencies for everyday survival.
    In a Nutshell, development in economical terms can be described as the process(scrutiny on the word ‘process’) of improving the quality of all human lives and capabilities by raising people’s levels of living and freedom. Research and public opinions has it that this ‘development’ goes beyond increased income, health, education and woman empowerment.
    The subtle and almost rhetorical question being – ‘why does affluence and portentous poverty coexist not just between the usual juxtaposed continents – country setting but also within the country aswell.’
    GENERAL OBJECTIVES OF DEVELOPMENT
    Irrespective of the specific components of ‘the better life ‘ an economy looks forward to, development in all societies must have atleast the following objectives:-
    ●To increase the availability and widen the distribution of fundamental life-sustaining commodities such as food, health, protection and shelter.
    ●To ameliorate living standards including , in addition to higher income ; the provision of more employment opportunities; better education; greater attention to cultural and human values – all of which will not only enhance material wellbeing but also generate greater prospects in individuals and a notable national self-esteem.
    ● To expand the range of economic and social choices and options available to individuals and nations by granting them liberty from servitude and dependence not only in relation to other people and nation states but also to the forces of ignorance, negligence and human misery.
    The process in developing countries cannot be properly analysed if found void of the presence of forces of the economically developed nations directly or indirectly promoting or retarding that development. Perhaps, an outstanding reason for the enlightenment of citizens on adverse effects of what may be perceived as development(as a process). To mention but a few examples:-
    ● The incessant deforestation of trees which has led to the current global condition popularly known as ‘Global Warming.’
    ● The increased spread-rate of new diseases due to increased human mobility.

    Personally from research, the aforementioned concepts leads to a term known as Development economics of which Adam Smith whom was ascribed the laureate title – ‘Father of Development Economics.’ He drew his first treatise of development Economics in his book ‘Wealth Of Nations(1776).’
    The nature of development economics encompasses two broad fields/approaches namely:-
    ●Traditional economics
    ●Political economics
    These fields manifest as a result of development economics rapidly evolving its own distinctive analytical and methodological identity known as ‘Multidimensional concept.’
    Notwithstanding, development economics can be defined as the study of how economies are transformed from a recession/inactive phase to growth – and from low standard of living to a higher standard of living.
    Based on my thorough research, I stand corrected when I eloquently elucidate on the fact which states Development economics could be seen as an intricate and integral field/branch of economics which deals with advancement measures(usually carried out by developing countries) concerning an economy to adjust from an idle/stagnant condition to a more productive and efficient state with an orientation on improvement of citizens standard of living by changing the the income status(i.e from low income status to a high income status). These measures could be put in place by Government, NGOs, and enforced by structural and institutional changes whether owned by public or private individuals . In my context, less developed countries includes ; Latin America, Asia and emphatically – Africa! . Basically the aforementioned continents could be nicknamed underdeveloped, euphemistically, they are referred to as developing countries.
    These developing countries are nonetheless subjected to being susceptible to offers made by economically developed countries whether a lurking danger or actual good. Therefore development economist are advised to meticulously focus on those mechanisms that keeps units of society trapped in this condition of abject fervent poverty and adopt ways to mitigate the condition by employing structural and institutional transformation in order to breakout of the sequence of past poverty which may inextricably lead to future conditions of poverty(a worse case scenario from the status quo) amongst the citizens.
    In conclusion, due to the differences in developing countries and the complexity of the development process – Development economics should involve unconventional and Spontaneous protocols attempt to combine various concept and new models alongside multidisciplinary approaches which may include historical and modern development experiences of the developing countries. Thus, one can say the major objective of development economics is to internalise in us(readers) the trait of understanding the plight of developing countries(e.g Nigeria , Burundi, etc) in order to improve the socio-economic, political, welfare and life conditions of majority of the cosmopolitan population.

    Reference(s)
    ■ Dudley Seers, “The meaning of development,” paper presented at the Eleventh World Conference of
    the Society for International Development, New
    Delhi (1969), p. 3.
    ■Amartya Sen, Development as Freedom (New York:
    Knopf, 1999). p. 14. See also Sen, Commodities and
    Capabilities (Amsterdam: Elsevier, 1985).

  65. Nkachukwu Paul chukwuanugo says:

    Name: NKACHUKWU PAUL CHUKWUANUGO
    Reg No: 2018/245112
    Dept: Combined social sciences.
    (Economics/Political science)
    Course: Development economics.
    Email address: coolestkidpaul@gmail.com

    Question;
    Discuss development as a multidimensional concept and lucidly explain what you understand by development and it’s processes.

    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.
    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.
    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 AND ITS PROCESSES.
    Development is the process of economic and social transformation that is based on complex cultural and environmental factors and their interactions.

    PROCESSES OF DEVELOPMENT.
    (1) The Traditional Society:
    In a traditional society, modern science and technology are either not available or are not being systematically applied. However, there may be ad hoc application of innovations. Production can also increase due to increase in acreage.Domestic and foreign trade can change in composition. But the distinguishing 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: Covers a long period of a century or more during which the pre-conditions for take-off are established.These conditions mainly comprise fundamental changes in the social, political and economic fields.
    (3) The “Take off” Period: This is the crucial stage which covers a relatively brief period of two or 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 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 there by the rising trend in per capita output.”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, of course, a long 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.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 pioneering leaders; the proportion of the population engaged in rural pursuit’s declines, and the structure of the country’s foreign trade undergoes a radical change.
    (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. The present economies of the U.S.A., the U.K., Western Germany and Japan represent this stage.

  66. Onyemaechi Favour ozioma says:

    Onyemaechi Favour Ozioma
    2018/244292
    Social science education ( education/economics
    favzy17@gmail. Com
    An Assignment; Discuss development economics as a multi dimensional concept and lucidly explain what you understand by development and it’s processes.

    Economic development is considered as a multi dimensional phenomenon because it focuses on the income of the people and on the improvement if the living standards of people in the country.Development is multi dimensional means that it involves the dynamic interaction of factor like physical, emotional and psychosocial.
    Also Development is a multi dimensional process in which both the non economic and economic dimension are important development thus, results in the simultaneous achievement of a number of objectives such as growth and equity.

    DEVELOPMENT
    The concept of development is very broad, it involves various aspects; social, economic, political and human development.
    From the political scientist perspective, development implies freedom from political rulewhile sociologist/ social Anthropology view development as the process of differentiation that features modern societies (Ehizuelen 1996)
    Gboyega (2003) capture development as an idea that embodies all attempts to improve the Condition of human existence in all ramifications.
    Development is a process that creates growth, progress, positive Change or the addition of physical, economic, environment, social and demographic components, the process of economic and social transformation that is based on complex cultural and environmental factors and it’s interaction.
    In another view, 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, the various definitions points that people participatating in their development processes helps to improve the quality of life, empowering the people and giving them right in participating in their own affairs.
    DEVELOPMENT AS A PROCESS
    Development processes can be said to be the series of biological changes associated with information transfer, growth and differentiation during the life cycle an issue organism, it can also be system development process which is a term used in the development of software where a set of methodical processes, activities or phrases are used to develop and implement a system, development process can also be related to products development process which encompasses all steps needed to take a product from concept to market availability

    REFERENCES
    Ehizuelen, J.E. (1996). Theories of development and underdevelopment. University of Benin, Benin city, Nigeria.
    Umuru, G.(2002). Refocusing Science Technology and Mathematics Education for Rapid National Development refocusing Education in Nigeria, a Book of Reading. 8(75)

  67. Abugu Jonas frank says:

    Name: Abugu Jonas Frank
    Reg no: 2028/SD/37266
    Department:Edu/Economics
    Course code:Eco 361
    Course Title: Development Economics.
    Quiz 1
    Question: Discuss Development Economics as a Multidimensional concept. And lucidly explain what you understand by Development and its process.
    Answer:
    Definition of Terms:
    Development Economics is a combination of two words words; development and economics.
    Economics is the study of scarcity and its implications for the use of resources, production and goods and services growth of production and welfare over time and great variety of other complex issues of vital concern to the society.
    Development on the other hand 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 the creation or expansion of local regional income and employment opportunities without damaging the resources of the environment. It’s equally visible and useful not necessarily immediately.
    However, Development Economics can be refer as that 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 population for example through health, education, and work-place conditions whether through public or private channels.
    In addition, Development must be therefore be seen as a Multidimensional concept, 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, in its essence, must represent the all the changes by which an entire social system turned to the diverse basic needs and involving aspirations of individuals and social groups within the system, moves away from a condition of life widely perceived as unsatisfactory towards a situation or condition life regarded as materially and I better.
    The current approach to development owes a great deal to writings and view of Noble Laureate Dr. Amartaya Sen. He is regarded as the leading thinker on the meaning of development. As Sen
    Put it; Economic growth cannot be sensibly treated as an end in itself. Development has to be more concerned with enhancing the lives we lead and the freedoms we enjoy. This new Approach popularly known as Sen’s Capabilities Approach.
    According to this approach, development is not just about increasing the availability of commodities (focus of the per-capita approach) but expanding the capabilities of individuals to use these commodities and enhancing the freedom of choice of people. Higher income is important an element of one’s well being. But well being of individuals also depends on their health, education, geographical and some social environment, and political system.
    The Three Core Values of Development:
    For one to have the inner understanding of development. These core values or components should serve as conceptual basis and practical guideline. The three core values are as follows:
    1) Sustainance: Ability to Meet Basic Needs. All people have certain basic needs without which life would be impossible. These life sustaining basic human needs include food, shelter, clothing, health, and protection. When any of these is absent or in critical short in supply, a condition of absolute underdevelopment exist.
    2) Self-esteem Esteem: To be a person A second universal component of the good life is self-esteem- a sense of worth and self-respect, of not being used as a tool by others for their own ends. All peoples and societies seek some basic form of Self-esteem, although they may call it authenticity, identity, dignity, respect, honor, or recognition.
    3) Freedom from Servitude: A third and final universal value that we suggest should constitute the meaning of development is the concept of human freedom. Freedom here is to be understood in the sense of emancipation from alienation material conditions of life and from social Servitude to nature, other people, misery, oppressive institutions and dogmatic beliefs, especially that porverty is predestination.
    In summary, one can conclude that Development is both a physical reality and a state of mind in which society has, through some
    combination of social economic, and institutional processes secured the means for obtaining a better life. Whatever the the specific components of this better life, development in all societies must have at least the following three objectives:
    The three Objectives of Development:
    1)To increase the the availability and widen the distribution of basic life sustaining goods such as food, shelter, clothing, health, insurance, and protection.
    2)To raise levels of living, including in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values,all of which will serve not only to enhance material well being but also to generate greater individual and national self –
    esteem.
    3)To expand the range of economic and social choices available to individuals and nations by freeing them from Servitude and dependence not only in relation to other people and nation-states but also to forces of ignorance and human misery.
    Process of Development:
    Development processes are those activities,action and operation that involves the production and sale of goods and services.
    However, there are five major factors contributing to the process of Development:
    1) Natural Resources: these are 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.
    2)Human Resources: labour is a basic input for all production. It’s not possible to make the best possible ultilization of existing natural resources unless there’s sufficient manpower.
    3) Capital Resources: increase in labor and land productivity in the turn depends greatly upon new technology and increased capital resources.
    4) Technology: technological progress is considered as the most important source of development by economist. It refers to an improvement in art of production.
    5) Institutional Environment: further progress of present day market economies is now largely influenced by institutional environment..
    References:
    United Nation Development Program”Millenium Development Goal”, htts://www.undp.org/mdg/goallist Shtml, Aug.16,2007.
    https://www.owlgen.in/development is a multidimensional process.discuss/
    https://www.britannica.com/topic/economic.development.
    https://economic discussion.net/ economic- development 5 contributing factor/11753
    Tyson, Phyllis,(2002). The challenges of psychoanalytic developmental theories of development . An integration. New Haven,Linton:rale University press.

  68. Nnamani Dorathy nchido 2018/245743 says:

    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).
    Traditional economics 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. Traditional neoclassical economics deals with an advanced capitalist world of perfect markets; consumer sovereignty; automatic price adjustments; decisions made on the basis of marginal, private-profit, and utility calculations; and equilibrium outcomes in all product and resource markets. It assumes economic “rationality” and a purely materialistic, individualistic, self-interested orientation toward economic decision making.
    Political economy goes beyond traditional economics to study, among other things, the social and institutional processes through which certain groups of economic and political elites influence the allocation of scarce productive resources now and in the future, either for their own benefit exclusively or for that of the larger population as well. Political economy is therefore concerned with the relationship between politics and economics.
    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 must also deal with the economic, social, political, and institutional mechanisms, both public and private, necessary to bring about rapid (at least by historical standards) and large-scale improvements in levels of living for the peoples of Africa, Asia, Latin America, and the formerly socialist transition economies. Unlike the more developed countries (MDCs), in the less developed countries, most commodity and resource markets are highly imperfect, consumers and producers have limited information, major structural changes are taking place in both the society and the economy, the potential for multiple equilibria rather than a single equilibrium is more common, and disequilibrium situations often prevail (prices do not equate supply and demand). In many cases, economic calculations are dominated by political and social priorities such as unifying the nation, replacing foreign advisers with local decision makers, resolving tribal or ethnic conflicts, or preserving religious and cultural traditions. At the individual level, family, clan, religious, or tribal considerations may take precedence over private, self-interested utility or profit-maximizing calculations. Thus development economics, to a greater extent than traditional neoclassical economics or even political economy, must be 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. Consequently, a larger government role and some degree of coordinated economic decision making directed toward transforming the economy are usually viewed as essential components of development economics. Yet this must somehow be achieved despite the fact that both governments and markets typically function less well in the developing world. In recent years, activities of nongovernmental organizations, both national and international, have grown rapidly and are also receiving increasing attentions Because of the 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 economic analysis with new models and broader multidisciplinary approaches derived from studying the historical and contemporary development experience of Africa, Asia, and Latin America. Development economics is a field on the crest of a breaking wave, with new theories and new data constantly emerging. These theories and statistics sometimes confirm and sometimes challenge traditional ways of viewing the world. 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 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. 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.
    IMPORTANT OF ECONOMICS DEVELOPMENT
    Job creation
    Economic developers provide critical assistance and information to companies that create jobs in our economy. We help to connect new-to-market and existing companies with the resources and partners they need to expand, such as CareerSource Central Florida, utilities, and county and city partners.
    2. Industry diversification
    A core part of economic development works to diversify the economy, reducing a region’s vulnerability to a single industry. While tourism plays an important role in creating jobs in the Orlando region, economic development efforts help to grow industries outside of tourism, including Innovative Technologies and Digital Media, Life Sciences & Healthcare, Aviation, Aerospace & Defense, Advanced Manufacturing, and Business Services.
    3. Business retention and expansion
    A large percentage of jobs in the Orlando economy are created by existing companies that are expanding their operations. Our economic development team executed 73 business retention and expansion visits to local companies just last year to assist with their operational needs.
    4. Economy fortification
    Economic development helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers.
    5. Increased tax revenue
    The increased presence of companies in the region translates to increased tax revenue for community projects and local infrastructure.
    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 questions to ask about a country’s development are therefore: What has been happening to poverty? What has been happening to unemployment? What has been happening to inequality? If all three of these have declined from high levels, then beyond doubt this has been a period of development for the country concerned. If one or two of these central problems have been growing worse, especially if all three have, it would be strange to call the result “development” even if per capita income doubled. This assertion was neither idle speculation nor the description of a hypothetical situation. A number of developing countries experienced relatively high rates of growth of per capita income during the 1960s and 1970s but showed little or no improvement or even an actual decline in employment, equality, and the real incomes of the bottom 40% of their populations. By the earlier growth definition, these countries were developing; by the newer poverty, equality, and employment criteria, they were not. The situation in the 1980s and 1990s worsened further as GNI growth rates turned negative for many developing countries, and governments, facing mounting foreign-debt problems, were forced to cut back on their already limited social and economic programs. Nor can we count on high rates of growth in the developed world to trickle down to the poor in developing countries. Growth was rapid in much of the developing world in the 2000s, while many wondered if it was fueled by the bubbles in the West and could be derailed by the financial crisis and later Aftershock.
    PROCESS OF 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.
    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.
    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
    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.
    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.

  69. Aziude Favour Ifunanyachukwu says:

    Development economics is a branch of economic study that focuses on improving fiscal, economic, and social conditions in developing countries.
    Developing countries 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(multidimensional)
    Areas that development economics focuses on include:
    Health,
    Education,
    Working conditions and
    Market conditions.

    There are four common theories/types of development economics namely:
    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.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 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.

    *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.
    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.

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important.
    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.Describing something as multidimensional implies that it’s complex.

    In economics development process is the process or procedures 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.

    Five Contributing Factors For The Process 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.

    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 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. No country can achieve higher growth if certain minimum rate of capital formation is not realized.

    4. Technology:
    Technological progress 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. 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.

    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.

  70. Chime Doris chinenye says:

    Name:chime Doris chinenye
    Reg number: 2018/250191
    Email : chimedoris2@gmail.com
    Department : Economics major
    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 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.
    Developmental economics as multidimensional concepts is seen below:
    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 oIff growth model, and structural-change theory.
    Developmental economics is a multidimensional process in which both the non economic dimension and the economic dimensions are important,
    Development thus, results 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 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.

  71. Chime Doris chinenye says:

    Name:chime Doris chinenye

    Reg number:2018/250191

    Email: chimedoris2@gmail.com

    Department: Economics major

    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 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. Developmental economics as multidimensional concepts is seen below: 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 oIff growth model, and structural-change theory. Developmental economics is a multidimensional process in which both the non economic dimension and the economic dimensions are important, Development thus, results 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 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.

  72. MELONE BENEDETTE CHINENYE REG NO:2018/242196. DEPARTMENT:SOCIAL SCIENCE EDUCATION:ECONOMICS EDUCATION. says:

    DEVELOPMENT ECONOMICS AS A MULTI DIMENSIONAL CONCEPT
    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 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
    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

    DEVELOPMENT AND IT’S PROCESSES
    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 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
    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
    iv. Participation in government;
    v. Belonging to a nation that is truly independent, both economically and politically; and
    vi. Adequate educational levels (especially literacy).
    The people are held to be the principal actors in human scale development. Respecting the diversity of the people as well as the autonomy of the spaces in which they must act converts the present day object person to a subject person in the human scale development. Development of the variety that we have experienced has largely been a top-down approach where there is little possibility of popular participation and decision making.
    Human scale development calls for a direct and participatory democracy where the state gives up its traditional paternalistic and welfarist role in favour of a facilitator in enacting and consolidating people’s solutions flowing from below. “Empowerment” of people takes development much ahead of simply combating or ameliorating poverty. In this sense development seeks to restore or enhance basic human capabilities and freedoms and enables people to be the agents of their own development.
    In the process of capitalistic development and leading national economy towards integration into foreign markets, even politically democratic states are apt to effectively exclude the vast masses from political and economic decision-making. The state itself evolves into a national oligarchy hedged with authoritarian and bureaucratic structures and mechanisms that inhibit
    social participation and popular action.
    The adoption of a basic needs approach with the concept of endogenous development make for a development agenda that is universally applicable while at the same time allowing for country specific particularities to be given due account.

  73. MELONE BENEDETTE CHINENYE REG NO: 2018/242196. DEPARTMENT: SOCIAL SCIENCE EDUCATION:ECONOMICS EDUCATION. says:

    DEVELOPMENT ECONOMICS AS A MULTI DIMENSIONAL CONCEPT

    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 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
    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

    DEVELOPMENT AND IT’S PROCESSES

    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 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

    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
    iv. Participation in government;
    v. Belonging to a nation that is truly independent, both economically and politically; and
    vi. Adequate educational levels (especially literacy).

    The people are held to be the principal actors in human scale development. Respecting the diversity of the people as well as the autonomy of the spaces in which they must act converts the present day object person to a subject person in the human scale development. Development of the variety that we have experienced has largely been a top-down approach where there is little possibility of popular participation and decision making.
    Human scale development calls for a direct and participatory democracy where the state gives up its traditional paternalistic and welfarist role in favour of a facilitator in enacting and consolidating people’s solutions flowing from below. “Empowerment” of people takes development much ahead of simply combating or ameliorating poverty. In this sense development seeks to restore or enhance basic human capabilities and freedoms and enables people to be the agents of their own development.
    In the process of capitalistic development and leading national economy towards integration into foreign markets, even politically democratic states are apt to effectively exclude the vast masses from political and economic decision-making. The state itself evolves into a national oligarchy hedged with authoritarian and bureaucratic structures and mechanisms that inhibit
    social participation and popular action.
    The adoption of a basic needs approach with the concept of endogenous development make for a development agenda that is universally applicable while at the same time allowing for country specific particularities to be given due account.

  74. Adigwe ifeoma Favour says:

    Name: Adigwe ifeoma Favour
    Reg no: 2028/241871
    Course code: Eco 361
    Department: Economics department

    Assignment: Discuss development economics as a multidimensional concept and explain what you understand by developments and its processes.

    Question 1: why is development economics a multidimensional concept.

    What is development economics

    Economic development is defined by Wikipedia as “the process by which a nation improves the economic, political, and social well-being of its people.” Like we said, it’s a broad scope. … This means a focus on innovation, skills and infrastructure, as well as overall economic growth.
    What is multidimensional

    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.

    Why is development economics a
    multidimensional concept

    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.
    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.
    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.
    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.

    What measures can be used to assess the
    development gap?

    There are many different measures used to assess the development gap, each one offering an alternate way of dividing up the world with regards to how developed it is. Here, we shall look at some of the most common indicators of development used in geography.

    Gross Domestic Product (GDP)
    1:GDP is s how much money a country makes from its products over the course of a year, usually converted to US Dollars:

    the sum of gross value added by all resident producers in the economy + product taxes – any subsidies not included in the value of the products.
    Gross National Product (GNP)
    GNP is the GDP of a nation together with any money that has been earned by investment abroad minus the income earned by non-nationals within the nation.

    2:GNP per capita
    GNP per capita is calculated as GNP divided by population; it is usually expressed in US Dollars.

    It’s a common indicator used for measuring development, but is imperfect as the calculation doesn’t take into account certain forms of production, such as subsistence production.

    3:Birth and death rates
    Crude Birth and Death rates (per 1000) can be used as an overall measure of the state of healthcare and education in a country, though these numbers do not give a full picture of a nation’s situation.

    4:The Human Development Index (HDI)
    The HDI is a composite statistic calculated from the:

    Life expectancy index
    Education index
    Mean years of schooling index
    Expected years of schooling index
    Income index
    Countries are ranked based on their score and split into categories that suggest how well developed they are.

    5:Infant mortality rate
    Infant mortality rate is the number of infants dying before reaching one year of age per 1,000 live births in a given year.

    6:Literacy rate
    The rate, or percentage, of people who are able to read is a useful indicator of the state of education within a country.

    High female literacy rates generally correspond with an increase in the knowledge of contraception and a falling birth rate.

    7:Life expectancy
    This simple statistic can be used as an indicator of the:

    healthcare quality in a country or province
    level of sanitation
    provision of care for the elderly
    It should not, of course, be used on its own to describe these things.

    Question 2:Developments 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 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.
    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.
    Developments and its type

    Developments are grouped into 3 kinds. The 3 kinds of developments are: • Complying; • Merit; and • Non-Complying. Each of the different kinds of development has a different assessment process.
    Why do we need developments

    Development helps in making things easier simpler quicker and faster in life of human beings. It also improves living standards. So it improves quality of life.

  75. Adigwe ifeoma Favour says:

    Name: Adigwe ifeoma Favour

    Reg no: 2018/241871

    Course code: Eco 361

    Department: Economics department

    Assignment: Discuss development economics as a multidimensional concept and explain what you understand by developments and its processes.

    Question 1: why is development economics a multidimensional concept.

    What is development economics

    Economic development is defined by Wikipedia as “the process by which a nation improves the economic, political, and social well-being of its people.” Like we said, it’s a broad scope. … This means a focus on innovation, skills and infrastructure, as well as overall economic growth.

    What is multidimensional

    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.

    Why is development economics a
    multidimensional concept

    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.
    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.
    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.
    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.

    What measures can be used to assess the
    development gap?

    There are many different measures used to assess the development gap, each one offering an alternate way of dividing up the world with regards to how developed it is. Here, we shall look at some of the most common indicators of development used in geography.

    Gross Domestic Product (GDP)
    1:GDP is s how much money a country makes from its products over the course of a year, usually converted to US Dollars:
    the sum of gross value added by all resident producers in the economy + product taxes – any subsidies not included in the value of the products.
    Gross National Product (GNP)
    GNP is the GDP of a nation together with any money that has been earned by investment abroad minus the income earned by non-nationals within the nation.

    2:GNP per capita
    GNP per capita is calculated as GNP divided by population; it is usually expressed in US Dollars.
    It’s a common indicator used for measuring development, but is imperfect as the calculation doesn’t take into account certain forms of production, such as subsistence production.

    3:Birth and death rates
    Crude Birth and Death rates (per 1000) can be used as an overall measure of the state of healthcare and education in a country, though these numbers do not give a full picture of a nation’s situation.

    4:The Human Development Index (HDI)
    The HDI is a composite statistic calculated from the:Life expectancy index
    Education index
    Mean years of schooling index
    Expected years of schooling index
    Income index
    Countries are ranked based on their score and split into categories that suggest how well developed they are.

    5:Infant mortality rate
    Infant mortality rate is the number of infants dying before reaching one year of age per 1,000 live births in a given year.

    6:Literacy rate
    The rate, or percentage, of people who are able to read is a useful indicator of the state of education within a country.
    High female literacy rates generally correspond with an increase in the knowledge of contraception and a falling birth rate.

    7:Life expectancy
    This simple statistic can be used as an indicator of the:healthcare quality in a country or province
    level of sanitation
    provision of care for the elderly
    It should not, of course, be used on its own to describe these things.

    Question 2:Developments 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 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.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.
    Developments and its type

    Developments are grouped into 3 kinds. The 3 kinds of developments are
    1• Complying
    2• Merit
    3• Non-Complying.
    Each of the different kinds of development has a different assessment process.

    Why do we need developments

    Development helps in making things easier simpler quicker and faster in life of human beings. It also improves living standards. So it improves quality of life.

  76. ERHIJAKPOR FLOURISH OGHENEOCHUKOME
    2018/242450
    jakneo3002@gmail.com
    http://www.jakflora.blogspot.com

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

    ANSWER:
    WHAT IS DEVELOPMENT ECONOMICS?
    Development Economics studies the forces that contribute to economic development, particularly in less developed nations. It explores the role of decisions by households, firms, and governments, the effects of development aid policies, and the consequences of rising incomes in emerging economies.

    DEVELOPMENT AND IT’S 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. 
    Development as a planned integrative process first came into practice in the 1920s in the Soviet Union. Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development. 

    Economic development is defined by Wikipedia as “the process by which a nation improves the economic, political, and social well-being of its people.” 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. Economic development has a broad scope, and as such development Economics is multidimensional.

    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
    c) a process of urbanization.
    -The structural transformation refers to a change in the what makes up the 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. 
    -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.
    -The main factor leading to the process of urbanization is the migration of people from rural areas seeking jobs in the emerging urban centers.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development economics has a multidimensional 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 must also deal with the economic, social, political, and institutional mechanisms, both public and private, necessary to bring about rapid (at least by historical standards) and large-scale improvements in levels of living for the peoples of Africa, Asia, Latin America, and the formerly socialist transition economies. Unlike the more developed countries (MDCs), in the less developed countries, most commodity and resource markets are highly imperfect, consumers and producers have limited information, major structural changes are taking place in both the society and the economy, the potential for multiple equilibria rather than a single equilibrium is more common, and disequilibrium situations often prevail (prices do not equate supply and demand). In many cases, economic calculations are dominated by political and social priorities such as unifying the nation, replacing foreign advisers with local decision makers, resolving tribal or ethnic conflicts, or preserving religious and cultural traditions. At the individual level, family, clan, religious, or tribal considerations may take precedence over private, self-interested utility or profit-maximizing calculations.
    Because of the heterogeneity of the developing world and the complexity of the development process, development economics must be multidimensional, 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 different continents.

  77. JULIUS LOVETH OLACHI says:

    JULIUS LOVETH OLACHI
    2018/242294
    juliusloveth2002@gmail.com

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

    DEVELOPMENT ECONOMICS AND IT’S SCOPE
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. 

    By studying development economics, we 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.

    DEFINITION OF DEVELOPMENT
    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 is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. 

    ECONOMIC DEVELOPMENT AND DEVELOPMENT PROCESSES
    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. Below is CALED’s definition as published in the Economic Development Handbook:
    From a public perspective, economic development 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.

    MULTIDIMENSIONAL NATURE OF DEVELOPMENT ECONOMICS
    Development Economics has a great scope. Thus development economics, to a greater extent than traditional neoclassical economics or even political economy, must be 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. Consequently, a larger government role and some degree of coordinated economic decision making directed toward transforming the economy are usually viewed as essential components of development economics. Yet this must somehow be achieved despite the fact that both governments and markets typically function less well in the developing world.
    In recent years, activities of non-governmental organizations, both national and international, have grown rapidly and are also receiving increasing attention.

  78. E-Patrick Dalosah says:

    NAME:E-PATRICK DALOSAH
    REG NO:2018/242457
    DEPARTMENT: ECONOMICS
    ASSINGMENT:ECO 361

           Development is a Multidimensional Concept. It was once a global belief that development is primarily concerned with economic growth, in this sense once there was economic growth a country would develop. Development as a concept has been defined by different people who subjected the concept to their own ideologies, hence there is no one definition of development but rather various definitions of development which is most times relative to the field we are interested in.

    What are some definitions of development(as regards various fields)?
    According to Collins English dictionary, development can be defined as:

    (1) The process of developing; growth, directed change.

    (2)The process by which a mature multicellular organism or part of an organism is produced by the addition of new cells. (biology)

    (3) Something which has developed. (journalism)

    (4) A project consisting of one or more commercial or residential buildings.
    (real estate)

    (5) The application of new ideas to practical problems (cf. research).

    (6) The active placement of the pieces, or the process of achieving it. (chess)

    How is development multidimensional?
    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    The processes of development are:Analysis,
    Requirements, Design, Implementation, Testing/integration, Delivery.
    Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development.

    Why is economic development a multidimensional process?
    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).

  79. Kalu Divine Oluchi. REG NO:2018/249490 says:

    Name: Kalu Divine Oluchi
    Reg No:2018/249490
    Department:Economics Major
    Course:ECO 361

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT

    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. It is worth mentioning, however, that since my days as a graduate student, I have argued that the “economic development” concept was misconceived from the begin-ning. No plan or amount of money can develop an economy if it leaves out culture, which governs the attitudes and the ways of thinking of the people who would be managing the proposed development strategies and programs.

    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. Hence showing it’s multidimensional form.

    Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional, and psychosocial development.

  80. Ezeh Uchechukwu Evelyn says:

    Name: Ezeh Uchechukwu Evelyn
    Reg no: 2018/241821
    Department: Economics ( Major )
    Course: Development Economics 1 ( Eco 361 )
    Assignment: Discuss Development Economics as a multidimensional concept and 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. 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. 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 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.
    DEVELOPMENT ECONOMICS AS A MUITIDIMENSIONAL 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. 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 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.

  81. Chime Doris chinenye says:

    Name:chime Doris chinenye
    Reg number: 2018/250191 Email : chimedoris2@gmail.com Department : Economics major
    Assignment topic: Development economics as a multidimensional concepts

    We start by understanding what development and it process is all about
    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 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 multidimensional concepts is seen below: 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. Developmental economics is a multidimensional process in which both the non economic dimension and the economic dimensions are important, Development thus, results 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 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.

  82. ASOGWA OBIORA says:

    [Enter Post Title Here]

    : ASOGWA OBIORA
    REG NO NAME: 2018/242288
    DEPARTMENT: ECONOMICS
    COURSE CODE: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS
    ASSIGNMENT
    Development Economics is a branch of Economics that specializes on the study of the stages and methods of making life better in the third world countries (developing countries).
    Development Economics can also be seen an area of an economics that focus on the study and analysis of the procedures and strategies of bringing a significant number of people in an economy out of misery, specifically in low income countries.
    Development Economics as a multidimensional concept implies the complex nature of this branch of Economics. However, it deals with FISCAL, ECONOMIC and SOCIAL conditions.
    DEFINITION TERMS IN THE ABOVE MULTIDIMENTIONAL VIEW OF DEVELOPMENT ECONOMICS.
    1. FISCAL CONDITION: Development economics can be viewed as the study of how government revenue and expenditure can lead to the positive transformation of a significant number of people in an economy over time.
    2. ECONOMIC CONDITION: Development Economics can also be viewed from the angle of economic condition. As we already know that growth can give rise to development. When an increase in GDP facilitates an improvement in the life and welfare of the greater percentage of the people, we can say that economic growth has led to economic development.
    3. SOCIAL CONDITION: Development economics can also be viewed as the study of how to harness human resources for the improvement of the life and welfare of the people in an economy.
    Question(b)
    Development means different things at different times, in different places, and by different people, in different professions and organisations. But, as an economist, I understand development to mean an increase in GDP accompanied by the positive transformation of all indices in the country as well as improvement in the greater number of people in the country. For example, if building good roads, schools, bridges, skycrapers, hospitals etc do improve the life and welfare of the significant number of people, I can boldly say that development has taken place in the economy.
    PROCESS OF DEVELOPMENT ARE AS FOLLOWS.
    1. 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 the discouragement of factors of growth as well as development.

  83. Eze Joy Ozioma says:

    Name_ Eze Joy Ozioma
    Reg No_2018/242430
    Eco 361- 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 is considered as a Multidimensional(complex) 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 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.
    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 their environment.
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    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.
    What “Development means”
    Development simply means a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. development, the process whereby simple, low-income national economies are transformed into modern industrial economies.
    Processes of 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.
    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.
    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. 4.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.

  84. Michael Deborah Wunnie says:

    NAME: MICHAEL DEBORAH WUNNIE
    DEPARTMENT: ECONOMICS
    REG. NO.: 2018/246561

    ASSIGNMENT
    Discuss Development economics as a multidimensuinal concept and lucudly explain wgat you understand by development and its processes.

    DEVELOPMENT IS A MULTIDIMENTIONAL CONCEPT because it has a number of characteristics which include political freedom, freedom for population and in addition to econimic growth, development also tries to improve Human Development Indicators [HDIs] such as life expectancy, level of education, ratio of doctors to population and labour productivity.
    Reference:
    http://www.bartleby.com

    DEVELOPMENT PROCESSES.
    Development is a process that brings about progress and positive change and also addition to economic, social, environmental, physical and demographic component. For an economy to develop I think these five things should be done.
    1, Even distribution/allocation of resourses i.e one part of the country should not be more priviedged than others.
    2. Promote education: the education sector must be given a large amount of attention and citizens should be encouraged to have an education.
    3. Empower women: by giving them equal rights to study or work as men are also given could increase the economy by an average of 23percent.
    4. Technological advancement.
    5. Making and implementing laws tgat are beneficial to the economy.
    Reference:
    https://borgenproject.org

  85. OGBONNAYA GERALDINE UGOCHI says:

    NAME: OGBONNAYA GERALDINE UGOCHI
    DEPARTMENT: ECONOMICS
    REGISTRATION NUMBER: 2018/241833

    QUESTION: DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND IT’S PROCESS.

    DEVELOPMENT 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. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically.

    Development economics also 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
    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
    This 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. Some of development process includes:
    • Operation of the forces that bring changes in supply of factors of production in the structure of demand of products.
    • Changes in factor supply takes place due to discovery of additional resources, education and skill development.
    • Capital accumulation, population as growth, adoption of better techniques of production.
    • Demand for production is proportional in change in size and composition of population level and distribution of income, tastes, etc.
    • The above changes contribute to an increase in national income

  86. Onyeukwu Obioma Emmanuel 2018/251514 says:

    Development economics is a branch of economics that focuses on improving fiscal, economic and social conditions especially in developing countries. It considers factors such as health, education, working conditions, domestic and international policies as well as market conditions with an aim of improving conditions in the world’s poorest countries.
    It can also be seen as a branch of economics which studies the transformation of emerging nations to more prosperous nations.
    Some aspects of development economics involves the determination of what extent rapid population growth helps or hinders development, the structural transformation of economies and the role of education and health care in development. It further includes international trade, globalization, sustainable development, the effects of epidemics such as HIV, and the impact of catastrophes on economic and human development.
    DEVELOPMENT AND ITS PROCESSES
    development can be defined as bringing about social change that allows people to achieve their human potentials.
    It is also a process that creates growth, progress, positive changes, or the addition of physical, economic, environmental, social and demographic components whose purpose is the positive increase in the quality of life of the population and creation or expansion of local regional income and employment opportunities without damaging the resources of the environment.
    It is visible and useful and not necessarily immediately and includes an aspect of quality change as well as creation of condition for the continuation of that change.
    Unlike economic growth, economic development has no clear listed processes but certain factors could indicate the presence or process of development which includes structural transformation, demographic transition and possibly urbanization.

    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.

    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.
    In the process of urbanization access to facilities which originally was not available in the rural area and could better the lives of citizens becomes easier as well as employment opportunities.
    There are also several conditions that can ease or smoothen the achievement of development and it includes :
    * The capacity to obtain physical and basic necessities of life which includes shelter, clothing and emphatically food.
    * A job which may not necessarily be paid employment but including studying, working on a family farm or house keeping.
    * Participation in government as well as equality should be considered as an objective in its own right.
    Other aspects includes human scale development which involves factors like empowering citizens.

  87. Ofili beluchi joan says:

    NAME:OFILI BELUCHI JOAN
    REG NUMBER: 2018/241836
    DEPARTMENT: ECONOMICS
    EMAIL:beluchijoan@gmail.com
    COURSE CODE:ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS 1

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

    ANSWER:

    Development economics is a subdivision of economics that concentrates 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 developing conditions in the world’s poorest countries.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT:
    Development economics is multidimensional because it involves the micro and macro development.Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are relevant. Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity..Development is a process that brings about growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The grounds 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
    ii)Human resource development:Human resource development is the process of assisting employees in a certain organization to improve their personal and organizational skills, their abilities and use of knowledge. This includes helping them through taking them for training, career development t courses, organizational and performance management.
    ii)Technology:Technology Development Process, is a directed process at developing new knowledge, skills and artefacts that in turn facilitates platform development (Halman et al., 2003).
    iii)Natural resources:Natural resources have a double-edge effect on economic growth, in that the intensity of its use raises output, but increases its depletion rate. Natural resource is a key input in the production process that stimulates economic growth.
    iv)Institutional environment:The institutional environment is composed of regulations, customs and taken-for-granted norms prevalent in states, societies, professions and organizations, which impinge upon and shape organizational behaviour and outcomes.
    V)Capital resources: Capital resources include money to start a new business, tools, buildings, machinery, and any other goods people make to produce goods and provide services.

  88. Melody nweke chioma says:

    NAME:NWEKE MELODY CHIOMA
    REG NO: 2018/243742
    DEPARTMENT: ECONOMICS
    DATE: 10th AUGUST 2021
    Email address: melodynweke@gmail.com

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

    ANSWER
    Economic development is considered as a multi dimensional concept because it concentrates on the income of the people and on the improvement of the living standard of the people in a given 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 multi dimensional because it involves the dynamic interaction of factors like physical, emotional and psycho-social development. It results in gains and losses throughout life. It is also changeable. It is also believed world-wide that development is primarily concerned with economic growth. It is a multidimensional process in which both the non-economic dimensions and economic dimensions are important. Development results in the simultaneous achievement of a number of objectives such as growth and equity.

    Development is 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. Development as a planned integrated process came into practice in the 1920’s in the Soviet Union. It became a normal practice for big cooperations in the United States. All the nations of the world have adopted planning machinery and formulated plans for economic development. The goals of some plans may be moderate or realistic while some have goals that are out of reach. Some plans are adopted on government criteria while some others does not have. Some plans are put into effect or action while some others had remained on paper. Plans can be long tern,medium term and short term.

    DEVELOPMENT PROCESS:
    Development process is that process you adopt to create growth, progress, positive change or additional of physical economic environmental, social and emograghic component.e.g. New product development process for small business,
    1:Idea generation
    2: Screening
    3:Concept development
    4: Product development
    5: Commercialization

    PROCESS OF ECONOMIC DEVELOPMENT CAN BE DIVIDED INTO FIVE. THESE INCLUDES
    i)Natural Resources: This are resources created from nature itself and transformed into production uses. It plays a very important role in the development process of a given country. This includes land,soil, mineral deposits, capital labours etc
    ii)Human Resources: This has to do with the man power needed in the development of any economy
    iii)Capital Resources: No country can achieve adequate or higher growth if certain minimum rate of capital formation is not realised .
    iv) Technology: This is regaged as the most important source of development in any given economy because it enhances output and make work easier.
    v) Institutional Environment: This implies that development requires effective state participation in today’s changing world for the growth of the economy.
    Portest’s and Kincaid’s stated that development involves a reduction in unemployment and the extension of fundamental rights and freedom for the population. Genuine development includes improvement in human development. Indicators such as life expectancy, level of education, ratio of doctors to the population and labour productivity are signs of development. It must be ethical sustainable, involves notion of advancement, freedom, justice, equity etc.
    In conclusion, development economics as a multi dimensional concept is complex and focuses on the improvement of the fiscal economic and social condition in low income earning countries.

  89. ASOGWA OBIORA says:

    [Enter Post Title Here]

    REG NO NAME: 2018/242288
    DEPARTM: ASOGWA OBIORA
    ENT: ECONOMICS
    COURSE CODE: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS
    ASSIGNMENT
    Development Economics is a branch of Economics that specializes on the study of the stages and methods of making life better in the third world countries (developing countries).
    Development Economics can also be seen an area of an economics that focus on the study and analysis of the procedures and strategies of bringing a significant number of people in an economy out of misery, specifically in low income countries.
    Development Economics as a multidimensional concept implies the complex nature of this branch of Economics. However, it deals with FISCAL, ECONOMIC and SOCIAL conditions.
    DEFINITION OF TERMS IN THE ABOVE MULTIDIMENTIONAL VIEW OF DEVELOPMENT ECONOMICS.
    1. FISCAL CONDITION: Development economics can be viewed as the study of how government revenue and expenditure can lead to the positive transformation of a significant number of people in an economy over time.
    2. ECONOMIC CONDITION: Development Economics can also be viewed from the angle of economic condition. As we already know that growth can give rise to development. When an increase in GDP facilitates an improvement in the life and welfare of the greater percentage of the people, we can say that economic growth has led to economic development.
    3. SOCIAL CONDITION: Development economics can also be viewed as the study of how to harness human resources for the improvement of the life and welfare of the people in an economy.
    Question(b)
    Development means different things at different times, in different places, and by different people, in different professions and organisations. But, as an economist, I understand development to mean an increase in GDP accompanied by the positive transformation of all indices in the country as well as improvement in the greater number of people in the country. For example, if building good roads, schools, bridges, skycrapers, hospitals etc do improve the life and welfare of the significant number of people, I can boldly say that development has taken place in the economy.
    PROCESS OF DEVELOPMENT ARE AS FOLLOWS.
    1. 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.

  90. ASOGWA OBIORA says:

    [Enter Post Title Here]

    NAME: ASOGWA OBIORA
    REG NO: 2018/242288
    DEPARTMENT: ECONOMICS
    COURSE CODE: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS
    ASSIGNMENT
    Development Economics is a branch of Economics that specializes on the study of the stages and methods of making life better in the third world countries (developing countries).
    Development Economics can also be seen as an area of an economics that focus on the study and analysis of the procedures and strategies of bringing a significant number of people in an economy out of misery, specifically in low income countries.
    Development Economics as a multidimensional concept implies the complex nature of this branch of Economics. However, it deals with FISCAL, ECONOMIC and SOCIAL conditions.
    DEFINITION OF TERMS IN THE ABOVE MULTIDIMENTIONAL VIEW OF DEVELOPMENT ECONOMICS.
    1. FISCAL CONDITION: Development economics can be viewed as the study of how government revenue and expenditure can lead to the positive transformation of a significant number of people in an economy over time.
    2. ECONOMIC CONDITION: Development Economics can also be viewed from the angle of economic condition. As we already know that growth can give rise to development. When an increase in GDP facilitates an improvement in the life and welfare of the greater percentage of the people, we can say that economic growth has led to economic development.
    3. SOCIAL CONDITION: Development economics can also be viewed as the study of how to harness human resources for the improvement of the life and welfare of the people in an economy.
    Question(b)
    Development means different things at different times, in different places, and by different people, in different professions and organisations. But, as an economist, I understand development to mean an increase in GDP accompanied by the positive transformation of all indices in the country as well as improvement in the greater number of people in the country. For example, if building good roads, schools, bridges, skycrapers, hospitals etc do improve the life and welfare of the significant number of people, I can boldly say that development has taken place in the economy.
    PROCESS OF DEVELOPMENT ARE AS FOLLOWS.
    1. 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.

  91. UMEAYO EKWOMCHUKWU ELIJAH says:

    NAME: UMRAYO EKWOMCHUKWU ELIJAH.
    REG NO: 2018/247368.
    DEPT: ECONOMICS EDUCATION.
    EMAIL:Umeayoekwomchukwuelijah@gmail.com.

    First and foremost, I will like to explain the term multidimensional. Multidimensional implies something that is complex. Since development economics is said to be complex or multidimensional, this means that its focuses are vast in order to achieve its core objective in the society.

    This entails that development economics is not centered on a particular aspect of human and societal development but seeks to explain the diversification nature of the course. Showing that it does not only look at the economic development and growth but also a condition that will promote and sustain the welfare of the nation in question.

    That is planning for such development, growth and puting the necessary infrastructure pre-requisite to sustain it. Therefore, development economics in my own understanding explains why a nation can not be satisfied with what ever it’s endowed with or the stage of development it has acquired over time but will like to improve, develope, challenge and sustain the necessary technologies at any time in place to increase its potentials in all aspect.

    DEVELOPMENT AND ITS PROCESS

    The term development explains an event constituting a new stage in a changing situation. Development is a process that creates growth, progress, or the addition of physical, economic, environmental, social and demographic components.

    The term development has its proper meaning and application when appraised within the context of human society. The concept of development addresses the goal and the aspirations of a people living in a cultural environment and is also tied to their world view.

    Process of development defines steps and organization such as the following:

    1: Natural resource: 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.

    2: Human resource: 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 utilize 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 resource: 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 realized.

    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.

    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.

    REFERENCE

    https://www.economicsdiscussion.net/economic-development/process-of-economic-development-5-contributing-factors/11753

    https://www.google.com/search?q=development&oq=development+&aqs=chrome..69i57j0i131i433i512j69i60j69i61j69i60.5682j0j4&client=ms-android-gionee&sourceid=chrome-mobile&ie=UTF-8

  92. ASOGWA OBIORA says:

    [Enter Post Title Here]

    : ASOGWA OBIORA
    REG NO NAME: 2018/242288
    DEPARTMENT: ECONOMICS
    COURSE CODE: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS
    ASSIGNMENT
    Development Economics is a branch of Economics that specializes on the study of the stages and methods of making life better in the third world countries (developing countries).
    Development Economics can also be seen an area of an economics that focus on the study and analysis of the procedures and strategies of bringing a significant number of people in an economy out of misery, specifically in low income countries.
    Development Economics as a multidimensional concept implies the complex nature of this branch of Economics. However, it deals with FISCAL, ECONOMIC and SOCIAL conditions.
    DEFINITION TERMS IN THE ABOVE MULTIDIMENTIONAL VIEW OF DEVELOPMENT ECONOMICS.
    1. FISCAL CONDITION: Development economics can be viewed as the study of how government revenue and expenditure can lead to the positive transformation of a significant number of people in an economy over time.
    2. ECONOMIC CONDITION: Development Economics can also be viewed from the angle of economic condition. As we already know that growth can give rise to development. When an increase in GDP facilitates an improvement in the life and welfare of the greater percentage of the people, we can say that economic growth has led to economic development.
    3. SOCIAL CONDITION: Development economics can also be viewed as the study of how to harness human resources for the improvement of the life and welfare of the people in an economy.
    Question(b)
    Development means different things at different times, in different places, and by different people, in different professions and organisations. But, as an economist, I understand development to mean an increase in GDP accompanied by the positive transformation of all indices in the country as well as improvement in the greater number of people in the country. For example, if building good roads, schools, bridges, skycrapers, hospitals etc do improve the life and welfare of the significant number of people, I can boldly say that development has taken place in the economy.
    PROCESS OF DEVELOPMENT ARE AS FOLLOWS.
    1. 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.

  93. Okenwa chinedu says:

    Reg no:2018/242418.
    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.

    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, development and implementation, testing and deployment and maintenance.

  94. Obodoike faith oluchi says:

    Name: Obodoike faith oluchi
    Reg no:2018/245387
    Department: economics education
    Course code: Eco 361
    Course tittle: Development economics
    Email address: oluchifaith093@gmail.com.
    Assignment: Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it process.

    Answer
    Development economics is a branch of economics that focuses on improving fiscal, economics and social condition in developing countries. Development Economics consider factor such as health, education, working condition, domestic and international policies and market condition with a focus in improving condition in the world poorest countries.

    Development economics as a multidimensional concept:
    Development economics as a multidimensional concept involves the dynamic interaction of factors like physical, emotional and psychosocial development. Development is a multidimensional process in which both the non-economic dimensions and the economic dimensions are important.
    What is Development?
    Development is a process that creates growth, progress, positive change or the addition of physical, economics, environmental, social and demographic components. The word development is widely used to refer to a specfied State of advancement or growth. Development can be defined as a process of economics and social advancement in the term of quality of human life. It can be measured in terms of culture, wealth, education, healthcare, opportunities.
    The purpose of development is to rise in the level and quality of life of the population, the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment.

    Meaning of development according to Todara: Development is not purely an economic phenomenon but rather a multidimensional process involving reorganisation and reorientation of entire economics and social system.
    Todara’s three objective of development;
    (1) Raising people’s living levels, that is income and consumption level of food, medical services, education, through relevant growth process.
    (2) creating conditions conducive to the growth of people’s self-esteem through the establishment of socal, political and economics system and institution which promote human dignity and respect
    (3) Increasing people’s freedom to choose by enlarging the range of their choice variable eg varieties of food and service.
    There are three developmental process; they are
    (1) Biological (physical) development
    (2) Cognitive development
    (3)Socioemotional development

    (1) Biological developmental process focuses on the physical development of an individual such as perceptual and motor capacities and changes in the body size.
    (2) Cognitive development process focus on the Cognitive development (memory, creativity, language and knowledge.
    (3) Socioemotional development process is focused on the change in the individual who psychosocial development,so it covers changes involving self-sufficiency and self-understanding , along with their morality and emotional communication.

    Reference
    https://www.investopedia.com/terms/d/development economics.asp.
    https://course.lumenlearning.com.
    https://Sid-isreal. org/en/what is Development.
    https://www.mytutor.co.uk/answer/1371/A-level /Geography/what is Development.
    https://www.bartiebycom./essay/the-three-developmental process

  95. Name: Ezeh Chukwuemeka Kingsley
    Reg. Number : 2018/248271
    Email: Chukwuemekaking2018@gmail.com Dept: Economics
    Course Title : Development Economics
    Course code :Eco 361
    Assignment Topic:
    Discuss development as a multidimensional concept and lucidly explain what you understand by development and it’s processes.
    Answer:
    The concept of development involves various aspects ranging from economics, political socio-cultural, and human development. The concept has generated a lot of Controversies due to the fact that the term cut across various aspects or sphere of life. For instance, Development can be view as a biological concept, social,etc. From the political scientist perspective, development implies freedom from political rule While Sociologists/social anthropologists view development as the process of differentiation that features modern societies (Ehizuelen,1996).Therefore, from the above definition we can arrive that development is a process through which various institutions and people within the society are transformed to enhance better living, thus a multi dimensional concept.
    Development economics as a multidimensional concept involves the micro and macro development.Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions considered very essential thus, results in the simultaneous achievement of a number of objectives such as growth and equity.

    PROCESS OF DEVELOPMENT
    Development have five major contributing factors: Which includes:
    1.Natural resources
    2. Human resources
    3.Capital resources
    4.Technological knowhow
    5. The institutional Environment.
    Thus, explaining them.
    1. NATURAL RESOURCES: Natural resources which included soil, land, mineral deposits are mainly used in production as a major factor of priduction.  All things being equal, the growth and prosperity of a nation may be attributed to kind and size of the natural resources possessed by her.
    2. HUMAN RESOURCES: Labour as 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:  The amount of output that workers can produce depends largely on the availability of complementary resources like capital, thus the increase in labour and land productivity is dependent upon new tech and 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 and utilisation. 4.TECHNOLOGICAL KNOWHOW: Technological progress is considered as the most important source of development by many economists. Technological knowhow 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 knowhow and its  progress leads to an improvement in productivity of existing resources which leads to economic development in the long run.
    5. THE INSTITUTIONAL ENVIRONMENT: 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.There are known stages of these development which includes;
    A. STRUCTURAL TRANSFORMATION: Which refers to a change in the composition of the GDP. Initially, economic activities and jobs are based on the agricultural sector. With development, the share of agriculture in GDP decreases as economic activities and jobs adjust towards the industrial sector, especially manufacturing. After some decades of industrialization, the service sector slowly overtake the share of the industry, while the share of agriculture continues to decrease.
    B. DEMOGRAPHIC TRANSITION: This is determined mostly by changes in fertility rates (i.e., the number of children per woman of child bearing age) 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 rate and life expectancy are increasing, causing a sharp increase in population size. With continuous development, life expectancy continue to increase, but sharply declining fertility rates will limit population growth.

  96. Ezeamenyi chinonso ifesorochukwu says:

    NAME: EZEAMENYI CHINONSO IFESOROCHUKWU
    REG: 2018/251370
    DEPT: EDUCATION/ECONOMICS
    EMAIL ADDRESS: nonsofavour732@gmail.com
    TOPIC: DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development can be defined as a state of advancement or growth. Development can be seen generally as a good change but how do one tell if a particular change is good. In this regard, researchers expound three ways that the term “development” is used:
    1:Development as a vision: This is used to describe how desirable a society or a region is, possibly with regard to what it can become.
    2:Development as a historical process: This refers to social change that occurs over extended periods of time due to inevitable processes.
    3:Development as an action: this refers to deliberate action to change things for the better ,as with providing aid to alleviate hunger
    The three key developmental processes are:
    a:cognitive development
    b:physical development
    c:social emotional development
    Development economics 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 microeconomics policies in order to lift poor countries out of poverty. The application of development economics is complex and varied thus multidimensional.
    Development economics as an economics sub discipline can be seen as a multidimensional concept because it address the various problems and policies affecting economics development , namely growth, poverty and income distribution , unemployment, population growth, education, agricultural transformation and rural development as domestic concerns, foreign investment and aid , and a new international economic order as international concerns.

  97. Ignatius chisom immaculate says:

    Name: ignatius chisom immaculate
    Reg no:2018/243793

    ASSIGNMENT:
    Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and its processes

    ANSWERS;
    Describing something as multidimensional implies that it is complex or having or relating to multiple dimensions or aspects.

    Development economics is the study of transformation of economies; transformation of agarian and rural economies to urban and modern economies; one with dominant traditional sector to one with dominant modern sector; one with population of low skills to one with high skills and one with undeveloped and informal markets and institutions to one with developed and formal markets and institutions. It analyzes factors constraining and inhibiting the process of structural transformation and studies policies and strategies which can facilitate such transformation.

    Development economics as a multidimensional concept means the dynamism and complexity of the interaction between economic factors like economic growth and development. It shows how complex economics development can be and how it’s characteristics are malleable or changeable.

    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. Development thus,results in the simultaneous achievement of a number of objectives such as growth and equity.
    PROCESSES OF DEVELOPMENT
    Expansion, peak, contraction, and trough are the four stages 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.

  98. Agbo Peace Uchechukwu says:

    DEFINING DEVELOPMENT ECONOMICS AND ITS PROCESSES;
    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 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. What actually differentiates economic development from economic growth is that the former is the qualitative improvement in the life of the citizens of a country and is most appropriately determined by the Human Development Index(HDI) while the later is a quantitative measure that reflects the potential increase in the number of business transactions taking place in the economy.
    The 5 contributing factors to Economic Development processes includes;
    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.
    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.
    However, one also sees an inverse association between natural resource abundance and economic growth. There is enough evidence to support that many resource-poor economies have outperformed many resource-rich economies in terms of economic growth! In other words, such an adverse association between resource abundance and growth at least demonstrates that the possession of natural resource is just a necessary’ condition- but not a sufficient condition—for economic development.
    Above all, resources that we have may be fixed and exhaustible. Growing exploitation of such natural resources to fulfil man’s insatiable demands has now raised the issue of environmental damage that adversely affects economic development. The poor people of poor countries are dependent on their natural environment. Thus the greatest victims to the damage of natural environment are, obviously, the poor people. Herein lies the importance of protecting natural environment so as to have a sustainable develop­ment.

    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.
    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.
    The effective use of capital and the application of modem technology depend on the availability of skilled manpower Educated, skilled workers are generally more productive than uneducated, unskilled workers. At the same time workers are also consumers. So, with population growth, there is an expansion in the size of the market and there is greater scope for division of labour and specialisation. Healthy people can work harder and longer than sick people.
    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 oppor­tunities 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.
    However, the relationship between population growth and economic development is a complex one. Experiences of many countries suggest that ‘rapid’ rates of population growth acts as constraint on development. It reduces per capita income of a nation. It creates environmental problems and overcrowded cities and towns.
    It reduces savings and capital formation. Thus economic growth is hampered. This means that we have landed in a two-way problem because of two-way relation between population growth and economic develop­ment. Even then, the quality of human capital is an important element in the progress of a nation.

    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.
    Modern economists like T. W. Schultz, Jan Tinbergen, Gary S. Becker, etc., have pointed out that human capital formation (investment in training and investment) is as important as physical capital formation, if not more. They have emphasised the contribution of investment in human beings for economic development.

    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.
    Thus, through new techniques and methods of production, a country can increase its productive capacity. To an economist, this implies that new technology is a sufficient condition for economic growth. However, technological progress is also a necessary condition for sustained growth. Without it, there would not be enough new capital formation to allow continued increases in labour productivity.
    It may be noted that a continued increase in labour productivity requires both increased capital and new or modem technology. Continual capital formation 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.
    Often it is found that institutional environment gets vitiated by the rich powerful of the society and ultimately institutions serve their purposes. Under the circumstance, market, as an institution, marginalises poor people. Protecting poor people from insecurity requires participation and empowerment of these people so that public action is designed by them according to their priorities.
    Institutional failure results in bad and poor governance and corruption. And corruption definitely hampers progress of majority of the countries. If the institutional environment is made effective the prospect for good investment is likely to brighten. It is the experience of the people that poor governance and corruption has been choking off and disturbing investment at the cost of the poor people. It is said that good institu­tions encourage people to invest, accumulate, and develop new technologies. All these are elements of economic progress of a nation.
    The role of the government as the builder and provider of effective institutions is undeniable. It has to bring institutional reform ‘in the fields of land tenure, taxation, asset ownership and distributions, educational and health delivery systems; credit allocation; labour relations; pricing policies; …, and the machinery of government itself.’ (M.P. Todaro and S.C. Smith).

    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. 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.

  99. Agbo Peace Uchechukwu, Reg. No;2018/242343 says:

    Name;Agbo Peace Uchechukwu
    Department;Economics
    Reg No;2018/242343

    Assignment;
    Discuss Development Economics as a multi-dimensional concept and lucidly explain what you understand by Development and its processes

    Answer;
    DEFINING DEVELOPMENT ECONOMICS AND ITS PROCESSES;
    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 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. What actually differentiates economic development from economic growth is that the former is the qualitative improvement in the life of the citizens of a country and is most appropriately determined by the Human Development Index(HDI) while the later is a quantitative measure that reflects the potential increase in the number of business transactions taking place in the economy.
    The 5 contributing factors to Economic Development processes includes;
    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.
    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.
    However, one also sees an inverse association between natural resource abundance and economic growth. There is enough evidence to support that many resource-poor economies have outperformed many resource-rich economies in terms of economic growth! In other words, such an adverse association between resource abundance and growth at least demonstrates that the possession of natural resource is just a necessary’ condition- but not a sufficient condition—for economic development.
    Above all, resources that we have may be fixed and exhaustible. Growing exploitation of such natural resources to fulfil man’s insatiable demands has now raised the issue of environmental damage that adversely affects economic development. The poor people of poor countries are dependent on their natural environment. Thus the greatest victims to the damage of natural environment are, obviously, the poor people. Herein lies the importance of protecting natural environment so as to have a sustainable develop­ment.

    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.
    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.
    The effective use of capital and the application of modem technology depend on the availability of skilled manpower Educated, skilled workers are generally more productive than uneducated, unskilled workers. At the same time workers are also consumers. So, with population growth, there is an expansion in the size of the market and there is greater scope for division of labour and specialisation. Healthy people can work harder and longer than sick people.
    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 oppor­tunities 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.
    However, the relationship between population growth and economic development is a complex one. Experiences of many countries suggest that ‘rapid’ rates of population growth acts as constraint on development. It reduces per capita income of a nation. It creates environmental problems and overcrowded cities and towns.
    It reduces savings and capital formation. Thus economic growth is hampered. This means that we have landed in a two-way problem because of two-way relation between population growth and economic develop­ment. Even then, the quality of human capital is an important element in the progress of a nation.

    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.
    Modern economists like T. W. Schultz, Jan Tinbergen, Gary S. Becker, etc., have pointed out that human capital formation (investment in training and investment) is as important as physical capital formation, if not more. They have emphasised the contribution of investment in human beings for economic development.

    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.
    Thus, through new techniques and methods of production, a country can increase its productive capacity. To an economist, this implies that new technology is a sufficient condition for economic growth. However, technological progress is also a necessary condition for sustained growth. Without it, there would not be enough new capital formation to allow continued increases in labour productivity.
    It may be noted that a continued increase in labour productivity requires both increased capital and new or modem technology. Continual capital formation 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.
    Often it is found that institutional environment gets vitiated by the rich powerful of the society and ultimately institutions serve their purposes. Under the circumstance, market, as an institution, marginalises poor people. Protecting poor people from insecurity requires participation and empowerment of these people so that public action is designed by them according to their priorities.
    Institutional failure results in bad and poor governance and corruption. And corruption definitely hampers progress of majority of the countries. If the institutional environment is made effective the prospect for good investment is likely to brighten. It is the experience of the people that poor governance and corruption has been choking off and disturbing investment at the cost of the poor people. It is said that good institu­tions encourage people to invest, accumulate, and develop new technologies. All these are elements of economic progress of a nation.
    The role of the government as the builder and provider of effective institutions is undeniable. It has to bring institutional reform ‘in the fields of land tenure, taxation, asset ownership and distributions, educational and health delivery systems; credit allocation; labour relations; pricing policies; …, and the machinery of government itself.’ (M.P. Todaro and S.C. Smith).

    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. 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.

  100. Chime Doris chinenye says:

    Name:chime Doris chinenye Reg number: 2018/250191 Email : chimedoris2@gmail.com Department : Economics major
    Assignment topic: Development economics as a multidimensional concepts

    We start by understanding what development and it process is all about
    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 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 multidimensional concepts is seen below:
    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. Developmental economics is a multidimensional process in which both the non economic dimension and the economic dimensions are important, Development thus, results 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 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.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,​…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.

  101. GWOM PAUL JACOB says:

    NAME: GWOM PAUL JACOB
    REG. NUMBER:2018/243820
    ECO 361
    ASSIGNMENT
    TOPIC: Development Economics as a Multidimensional Concept AND ITS PROCESSES

    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.
    Economic development is defined by Wikipedia as “the process by which a nation improves the economic, political, and social well-being of its people.” Like we said, it’s a broad scope.

    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.

    Processes 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.

    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.

    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.

    4. 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.

  102. Okpara Favour Amarachi says:

    Okpara Favour Amarachi
    2018/248953
    favouramy363@gmail.com

    Development economics is the study of how economies are revolutionized in order to improve the material lives of the majority of the global population.It is the branch of economics that has to do with 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.

    In my understanding, development has to do with positive growth.It is the the increment in wealth acquisition,mental enrichment and the betterment of the quality of living conditions of members of a society.

    Meanwhile,the process of development is the involvement of the political,social and cultural institutions so as to improve the living standard and life chances of the people within the society.It involves societal advancement,where improvements in the well-being of the people are generated through strong partnerships between all sectors, corporate bodies and other groups in the society.

  103. Eze Amarachi Ruth says:

    Name: Eze Amarachi Ruth
    Reg no: 2018/248529
    Dept: Economics
    Development as a multidimensional concept and lucidly explain what you understand by development and it’s process.

    DEVELOPMENT can be defined as bringing about social change that allows people to achieve their human potential, development implies a process which involves growth progress or positive change.
    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.

    THE PROCESS OF DEVELOPMENT is the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation and commercialization of a new product. We have three main departmental process which are; Physical development, Cognitive development, and social emotional development.

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

    Development economics as a multidimensional concept
    When talking of multidimensional it implies that it is complex. Development is a multidimensional concept in which both the non-economic dimensions and the economic dimensions are important
    Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional and psychological development.
    Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity
    Economic development can also be considered as a multidimensional concept because it concentrates on the income of people and on the improvement of the living standard of the people.

  104. Ezeaku Anderson Esomchukwu says:

    Name: Ezeaku Anderson Esomchukwu
    Reg no: 2018/242413
    Department: Economics

    Development Economics as a multidimensional concept simply means it has no single definition, the interpretation can vary from each individual, politician, international institutions and development agencies hence leading to the complexity and ambiguity that currently exist in trying to define the term.

    Development
    Development is a multidimensional process in which both the non-economic dimensions and economic dimensions are important, thus resulting in the simultaneous achievement of a number of objectives such as growth and equity.

    PROCESSES OF DEVELOPMENT
    Unlike the stages of economic growth proposed in 1960 by economist Walt rastow as five basic stages: traditional society, pre condition to take off, take off,
    drive to maturity and age of high mass consumption. There exist no clear definition for the stages of development, still most development economist agree that the key stages of development are related to three different transitions
    – structural transformation of the economy
    – demographic transitions
    – a process of urbanization.

    • ONYEKA CHIDERA SUNDAY says:

      NAME: ONYEKA CHIDERA SUNDAY
      REG NO: 2018/245517
      DEPT: CSS – ECONOMICS AND POLITICAL SCIENCE.
      COURSE ECO 361- DEVELOPMENT ECONOMICS
      EMAIL: ONYEKACHIDERA57@GMAIL.COM

      ASSIGNMENT
      Discuss Development Economics as a multi-dimensional concept and lucidly explain what you understand by Development and its processes.

      DEVELOPMENT
      Development is a multidimensional process in which both the non-economic dimensions and economic dimensions are important, thus resulting in the simultaneous achievement of a number of objectives such as growth and equity.
      Development can also be defined as bringing about social change that allows people to achieve their human potential, development implies a process which involves growth progress or positive change.

      PROCESSES OF DEVELOPMENT
      The four stages of development are:
      Expansion
      Peak
      Contraction
      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.

      FIVE CONTRIBUTING FACTORS TO 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.

      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 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. No country can achieve higher growth if certain minimum rate of capital formation is not realized.

      4. Technology:
      Technological progress 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. 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.

      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

      REFERENCES
      http://www.studyingeconomics.ac.uk/module-options/development-economics/
      https://sid-israel.org/en/what-is-development/
      https://www.investopedia.com/terms/d/development-economics.asp
      https://programs.online.american.edu/econ/masters-economics/resources/stages-of-economic-development

  105. Eze Amarachi Ruth says:

    Name: Eze Amarachi Ruth
    Reg no: 2018/248529
    Dept: Economics

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

    DEVELOPMENT can be defined as bringing about social change that allows people to achieve their human potential, development implies a process which involves growth progress or positive change.
    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.

    THE PROCESS OF DEVELOPMENT is the steps and tasks such as strategy, organization, concept generation, marketing plan creation, evaluation and commercialization of a new product. We have three main departmental process which are; Physical development, Cognitive development, and social emotional development.

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

    Development economics as a multidimensional concept
    When talking of multidimensional it implies that it is complex. Development is a multidimensional concept in which both the non-economic dimensions and the economic dimensions are important
    Development is multidimensional, meaning it involves the dynamic interaction of factors like physical, emotional and psychological development.
    Development thus, results in the simultaneous achievement of a number of objectives such as growth and equity
    Economic development can also be considered as a multidimensional concept because it concentrates on the income of people and on the improvement of the living standard of the people.

  106. Joseph Ruth Tochukwu says:

    NAME: JOSEPH RUTH TOCHUKWU
    REG NO: 2018/245132
    DEPT: ECONOMICS

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

    DEVELOPMENT ECONOMICS AS A
    MULTIDIMENSIONAL 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.

  107. Alisha Blessing Ugbede says:

    NAME: ALISHA BLESSING UGBEDE
    DEPT: EDU/ECONS
    REG NO: 2018/SD/37336
    COURSE CODE: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS
    QUESTION; You are required to discuss development economics 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. Development economics consider 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 macroeconomics and microeconomics factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics is the branch of economics which deals with economic aspects of development process in low income countries. It focus is not only on methods of promoting economic development,economic growth and structural changes 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.
    UNDERSTANDING DEVELOPMENT AND ITS PROCESSES.
    Development is a process that create growth, progress, positive change or 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 task such as strategy, organization, concept generation, marketing plan creation, evaluation and commercialization of new product. Above all,
    * Development is associated with the improvement of certain situation.
    * Development leads to the betterment and an increase in quality.
    * The different mechanism and phenomena which are associated with development form the whole process of development.
    * Development can be morphological,it can be physic or even physiological functions
    * In Freud’s scientific work,the idea of the process of development first occured.
    * He then the coming years linked it to his study in psychoanalysis.
    *In his work with hysteria,he linked into childhood trauma which only aggravates after the child reaches puberty.

  108. ILEMUDA CORNELIUS HYCIENT. Course code:Eco 361,Reg. No:2018/SD/37241. Dep: EDU/ECO says:

    DEVELOPMENT ECONOMICS AS A MULTI DIMENSIONAL CONCEPT

    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 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
    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

    DEVELOPMENT AND IT’S PROCESSES

    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 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

    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
    iv. Participation in government;
    v. Belonging to a nation that is truly independent, both economically and politically; and
    vi. Adequate educational levels.

    The people are held to be the principal actors in human scale development. Respecting the diversity of the people as well as the autonomy of the spaces in which they must act converts the present day object person to a subject person in the human scale development. Development of the variety that we have experienced has largely been a top-down approach where there is little possibility of popular participation and decision making.
    Human scale development calls for a direct and participatory democracy where the state gives up its traditional paternalistic and welfarist role in favour of a facilitator in enacting and consolidating people’s solutions flowing from below. “Empowerment” of people takes development much ahead of simply combating or ameliorating poverty. In this sense development seeks to restore or enhance basic human capabilities and freedoms and enables people to be the agents of their own development.
    In the process of capitalistic development and leading national economy towards integration into foreign markets, even politically democratic states are apt to effectively exclude the vast masses from political and economic decision-making. The state itself evolves into a national oligarchy hedged with authoritarian and bureaucratic structures and mechanisms that inhibit
    social participation and popular action.
    The adoption of a basic needs approach with the concept of endogenous development make for a development agenda that is universally applicable while at the same time allowing for country specific particularities to be given due account.

    Reply

  109. Michael-Atu Ifunanya says:

    Name: Michael-Atu Ifunanya
    Reg no: 2018/243767
    Dept: Economics Education
    Economic development is a policy intervention aiming to improve the well-being of people. ‘Economic development’ is a term that practitioners, economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries.

    DEVELOPMENT ECONOMICS AS 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 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. 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 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.
    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.

  110. CHIGOZIE ONYEDIKACHUKWU GODSWILL 2018/241849 says:

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Saying that development economics is multi-dimensional, it mean that it involves physical, emotional, and psychosocial development factors which changes over time. These factors in specific, includes health, education, working conditions, domestic and international policies, and market conditions with the aim on improving conditions in poor countries and facilitate the already developing countries globally. In essence , development economics must be concerned not only on economic growth alone(traditional perspective) but also with the economic, cultural, and political requirements for accomplishment of rapid structural and institutional transformations of the country as a whole. More so, its sees to analyse the trend of or causes of poverty in certain localities and countries as well seeks ways to curb such situation.

    DEVELOPMENT
    The word development, can be said to be a process which makes way for growth, changes most specifically the positive ones, progress , it can as well be the addition of some physical, social and environmental and even economic components which are positive and beneficial to its context. In terms of Economics, I will say that Development involves the improvement of a country’s social and economic components. It can be seen in situations such as rise in the level and quality of living in a country. A situation where by the per capita income of a country is significantly higher than its population and has no effect on its population. In addition to the already said, development is more of an improvement in the manner of which the productive resources in a country are being handled

    PROCESS OF ECONOMIC DEVELOPMENT
    Process involves the series of action that leads to Economic development. Economic development can be achieved through the followings actions:
    1. Changes in the GDP constituents and items. As popularly known, in the past the agricultural sector was more like all the country (Nigeria) depended on which constituted more than 70% of her GDP. With time, we can notice that this portion of the Agricultural sector kept decreasing while the technological or rather the industrial sector is taking its place slowly. This can be seen as process of development
    2. Demographic transition can as well be a an action that lead to Economic development. An increase in the rate of fertility and life expectancy can to a great extent bring about economic development.
    3. Urbanization. This is as a result of migration of people from one location to another for diverse reasons. It leads transformation of originally semi-urban suburbs into fully urban centres, which to a great extent can lead to Economic development.

  111. ANYANWU COLETTE CHINAZAEKPERE says:

    NAME: ANYANWU COLETTE CHINAZAEKPERE
    REG. NO: 2018/242442
    Email address: colettechinazaekpere@gmail.com

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.

    Development economics is a branch of economics that studies the forces that contribute to economic development. 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. Describing it as multidimensional concept means that it is complex. That is to say that it has no one definition, as different persons/economies of the world have different interpretations and viewpoints. It means it occurs in different dimensions, involving major changes in social structure, national institutions, popular attitudes, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.

    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 living standards in the world’s poorest countries. It also involve the dynamic interaction of factors like physical, emotional and psychosocial development. 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.

    Development economics 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.

    Development economics as a multidimensional concept, faces up certain questions to help our understanding of some of the major challenges of the 21st century, including:

    1. To what extent does rapid population growth help to hinder development?

    2. What’s the role of education and health care provision in contributing to the process of development?

    3. How important is it for countries to engage in international trade in the context of a globalising economy?

    4. Is it necessary for economies to go through a process of structural transformation and how does this take place?

    5. What effect have the HIV/AIDS and Corona Virus pandemic had on economic and human development?

    Development economics shows how to apply economic analysis in a variety of situations of global significance and understand why some countries have been able to go through a process of economic and human development whilst others languished.

    MEANING OF DEVELOPMENT AND IT’S PROCESSES

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

    It is a state of improvement or an actual decline from the high level of the central problems of unemployment, poverty, increasingly inequitable income distributions and rising unemployment. involving major changes in social structures, national institutions and popular attitudes.

    Development is an economic phenomenon in which rapid gains in overall and per capital GNI growth would either “trickle down” to the masses in the form of jobs and other economic opportunities or create the necessary conditions for the wider distribution of the economic and social benefits of growth, with emphasis on increased output, measured by gross domestic product (GDP). It is the capability to function.

    PROCESSES OF DEVELOPMENT
    processes of development correspond to the levels/stages of development. Which includes the following below.

    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.

  112. ANYANWU COLETTE CHINAZAEKPERE says:

    NAME: ANYANWU COLETTE CHINAZAEKPERE
    REG. NO: 2018/242442
    Email address: colettechinazaekpere@gmail.com
    Department: Economics Major

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.

    Development economics is a branch of economics that studies the forces that contribute to economic development. 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. Describing it as multidimensional concept means that it is complex. That is to say that it has no one definition, as different persons/economies of the world have different interpretations and viewpoints. It means it occurs in different dimensions, involving major changes in social structure, national institutions, popular attitudes, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.

    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 living standards in the world’s poorest countries. It also involve the dynamic interaction of factors like physical, emotional and psychosocial development.

    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.
    Development economics 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.

    Development economics as a multidimensional concept, faces up certain questions to help our understanding of some of the major challenges of the 21st century, including:

    1. To what extent does rapid population growth help to hinder development?

    2. What’s the role of education and health care provision in contributing to the process of development?

    3. How important is it for countries to engage in international trade in the context of a globalising economy?

    4. Is it necessary for economies to go through a process of structural transformation and how does this take place?

    5. What effect have the HIV/AIDS and Corona Virus pandemic had on economic and human development?

    Development economics shows how to apply economic analysis in a variety of situations of global significance and understand why some countries have been able to go through a process of economic and human development whilst others languished.

    MEANING OF DEVELOPMENT AND IT’S PROCESSES

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

    It is a state of improvement or an actual decline from the high level of the central problems of unemployment, poverty, increasingly inequitable income distributions and rising unemployment. involving major changes in social structures, national institutions and popular attitudes.

    Development is an economic phenomenon in which rapid gains in overall and per capital GNI growth would either “trickle down” to the masses in the form of jobs and other economic opportunities or create the necessary conditions for the wider distribution of the economic and social benefits of growth, with emphasis on increased output, measured by gross domestic product (GDP). It is the capability to function.

    PROCESSES OF DEVELOPMENT
    processes of development correspond to the levels/stages of development. Which includes the following below.

    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.

  113. ANYANWU COLETTE CHINAZAEKPERE says:

    NAME: ANYANWU COLETTE CHINAZAEKPERE
    REG. NO: 2018/242442
    Email address: colettechinazaekpere@gmail.com
    Department: Economics Major

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.

    Development economics is a branch of economics that studies the forces that contribute to economic development. 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. Describing it as multidimensional concept means that it is complex. That is to say that it has no one definition, as different persons/economies of the world have different interpretations and viewpoints. It means it occurs in different dimensions, involving major changes in social structure, national institutions, popular attitudes, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.

    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 living standards in the world’s poorest countries. It also involve the dynamic interaction of factors like physical, emotional and psychosocial development.

    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.

    Development economics 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.

    Development economics as a multidimensional concept, faces up certain questions to help our understanding of some of the major challenges of the 21st century, including:

    1. To what extent does rapid population growth help to hinder development?

    2. What’s the role of education and health care provision in contributing to the process of development?

    3. How important is it for countries to engage in international trade in the context of a globalising economy?

    4. Is it necessary for economies to go through a process of structural transformation and how does this take place?

    5. What effect have the HIV/AIDS and Corona Virus pandemic had on economic and human development?

    Development economics shows how to apply economic analysis in a variety of situations of global significance and understand why some countries have been able to go through a process of economic and human development whilst others languished.

    MEANING OF DEVELOPMENT AND IT’S PROCESSES

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

    It is a state of improvement or an actual decline from the high level of the central problems of unemployment, poverty, increasingly inequitable income distributions and rising unemployment. involving major changes in social structures, national institutions and popular attitudes.

    Development is an economic phenomenon in which rapid gains in overall and per capital GNI growth would either “trickle down” to the masses in the form of jobs and other economic opportunities or create the necessary conditions for the wider distribution of the economic and social benefits of growth, with emphasis on increased output, measured by gross domestic product (GDP). It is the capability to function.

    PROCESSES OF DEVELOPMENT
    processes of development correspond to the levels/stages of development. Which includes the following below.

    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.

  114. ANYANWU COLETTE CHINAZAEKPERE says:

    NAME: ANYANWU COLETTE CHINAZAEKPERE
    REG. NO: 2018/242442
    Email address: colettechinazaekpere@gmail.com
    Department: Economics Major

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.
    Development economics is a branch of economics that studies the forces that contribute to economic development. 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. Describing it as multidimensional concept means that it is complex. That is to say that it has no one definition, as different persons/economies of the world have different interpretations and viewpoints. It means it occurs in different dimensions, involving major changes in social structure, national institutions, popular attitudes, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.

    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 living standards in the world’s poorest countries. It also involve the dynamic interaction of factors like physical, emotional and psychosocial development.

    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.

    Development economics 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.

    Development economics as a multidimensional concept, faces up certain questions to help our understanding of some of the major challenges of the 21st century, including:

    1. To what extent does rapid population growth help to hinder development?

    2. What’s the role of education and health care provision in contributing to the process of development?

    3. How important is it for countries to engage in international trade in the context of a globalising economy?

    4. Is it necessary for economies to go through a process of structural transformation and how does this take place?

    5. What effect have the HIV/AIDS and Corona Virus pandemic had on economic and human development?

    Development economics shows how to apply economic analysis in a variety of situations of global significance and understand why some countries have been able to go through a process of economic and human development whilst others languished.

    MEANING OF DEVELOPMENT AND IT’S PROCESSES

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

    It is a state of improvement or an actual decline from the high level of the central problems of unemployment, poverty, increasingly inequitable income distributions and rising unemployment. involving major changes in social structures, national institutions and popular attitudes.

    Development is an economic phenomenon in which rapid gains in overall and per capital GNI growth would either “trickle down” to the masses in the form of jobs and other economic opportunities or create the necessary conditions for the wider distribution of the economic and social benefits of growth, with emphasis on increased output, measured by gross domestic product (GDP). It is the capability to function.

    PROCESSES OF DEVELOPMENT
    processes of development correspond to the levels/stages of development. Which includes the following below.

    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.

  115. Onuoha Ikenna Michael - 2018/241860 says:

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT:

    Development economics is fairly a new and evolving branch of economics which draws most of its principles and concepts from other branches of economics either in a standard or modified form. Development economics itself is a multifaceted discipline that has a lot of complexities and dynamics which can be viewed as having a wider scope of that of the traditional economics as it goes beyond the “efficient allocation of productive resources and their sustained growth overtime” to dealing with economic, social, cultural, political and institutional mechanisms and structures both of the public and private sectors of the economy. These mechanisms or structures are of great concern in the study of development economics as it facilitates institutional and structural changes and the understanding of these changes; how they not only affect the country’s economy in view but also its effect on the economies of the world.

    BUT THEN WHAT DO WE MEAN WHEN WE SPEAK OF DEVELOPMENT IN ECONOMIC TERMS?:

    Traditional economists defined it as a sustained rate of growth of income per Capita, that enables a country expand its output faster than the growth rate of its population. Modern economists found such definition to be narrow, as recent data proved otherwise and thus defined it to be the reduction or elimination of poverty, inequality and unemployment within the context of the growing economy. Basically within the economic world, development in the strictest sense means the “redistribution with growth” which is the redistribution of income from the rich to the poor with the presence of economic growth.

    Development and its process(es) occurs within every system, be it biological, natural, geological, or otherwise, and also within the theoretical framework of development economics. Though there has being no actual definition for such a process of development, it has been observed that there are noticeable stages within an economy, that includes the change in structure of the a country’s GDP composition; demographic transition relating to nature and structure of the country’s population; and also rural-urban migration of people in search for better job opportunities.

  116. Aziude Favour Ifunanyachukwu says:

    Name: Aziude Favouravour Ifunanyachukwu
    Reg number: 2018/246568
    Email: aziudefavour48@gmail.com
    Department: economics/sociology and anthropology(CSS)

    Development economics is a branch of economic study that focuses on improving fiscal, economic, and social conditions in developing countries.
    Developing countries 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(multidimensional)
    Areas that development economics focuses on include:
    Health,
    Education,
    Working conditions and
    Market conditions.

    There are four common theories/types of development economics namely:
    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.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 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.

    *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.
    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.

    Development is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important.
    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.Describing something as multidimensional implies that it’s complex.

    In economics development process is the process or procedures 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.

    Five Contributing Factors For The Process 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.

    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 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. No country can achieve higher growth if certain minimum rate of capital formation is not realized.

    4. Technology:
    Technological progress 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. 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.

    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.

  117. Ezeugwu Sandra Adanna says:

    NAME:EZEUGWU SANDRA ADANNA
    REG NO: 2018/245872
    DEPARTMENT: EDUCATION/ECONOMICS
    COURSE CODE: ECO 361
    COURSE TITTLE: DEVELOPMENT ECONOMICS
    email address: adannasandra6@gmail.com
    ASSIGNMENT TOPIC: Development economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes.

    ANSWER
    Development Economics studies the transformation of emerging nations into more prosperous nations.
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries as 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.
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    It was once a worldwide belief that development is primarily concerned with economics growth, meaning that once there was economics growth a country would develop.
    Development Economics as a multidimensional process in which both the non-economic dimensions and the economic dimensions are important. It results in the simultaneous achievement of a number of objectives such as growth and equity.
    The multidimensional nature of economics development in terms of reducing widespread poverty, raising living standards, reducing income inequalities and increasing employment opportunities. Qualities:improved by better health care, education for children, vocational training etc.
    Development is multidimensional, meaning it involves the dynamic interaction if factors like physical, emotional, and psycho-social development.

    WHAT I UNDERSTAND BY 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. It is the rise of level of quality of life.
    PROCESS OF DEVELOPMENT
    In the economics 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.

    https://www.bartleby.com
    https://course.lumenlearning.com
    https://sid-isreal.org
    https://www.owlgen.in>development

  118. Nwajuagu Divine Ndubuisi says:

    Name: Nwajuagu Divine Ndubuisi
    Reg no: 2018/248278
    Email: nwajuagudivine22@gmail.com

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT
    Development economics is a branch of economics concerned with the improvement of the fiscal, economic and social conditions in developing countries. This is done by taking into cosideration factors such as the health, working conditions, domestic and international policies of the country.
    As a multidimensional concept, development economics includes improvements in the social structure, increased economic growth, reduced poverty rate in developing countries.

    DEVELOPMENT AND ITS PROCESSES
    Development can be seen as a process of change, improvements in the social, physical and economic components of an entity. Development itself is a multidimensional concept. Development processes are the mediums through which change and development occur in a being from it’s beginning onwards. Process of development can be biological(physical), cognitive, or socioemotional.

  119. Eze Naomi Onyinyechi 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.

  120. Onyekwelu Collins Obinna says:

    Name: Onyekwelu Collins Obinna
    Reg No: 2018/251026

    Development Economics as a multi-dimensional concept.
    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. 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 analyse some of the forms of market and government failure that may have contributed to the situation.
    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. 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. 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. Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.

    What is development?

    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. Economic development is therefore, the process by which a nation improves the economic, political, and social well-being of its people. 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. The practice of economic development aims at developing, attracting, and retaining or capturing economic activity for a designated locality. Economic activity equates to increased tax base, jobs, and the resources to pay for civic goods ranging from roads to symphonies or museums. Economic development practice is devoted to attracting outside capital as the central means of improving the regional or local economy.
    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. Development economics faces these questions below and shows you how to apply economic analysis in a variety of situations of global significance. They include:

    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 globalizing economy?

    How can less-developed countries achieve sustainable development?

    What effect has the HIV/AIDS epidemic had on economic and human development?

    Four common theories of development economics include Mercantilism, Nationalism, The linear stages of growth model, and structural-change theory.

    Mercantilism and physiocracy

    The earliest Western theory of development economics was mercantilism, which developed in the 17th century, paralleling the rise of the nation state. Mercantilism held that a nation’s prosperity depended on its supply of capital, represented by bullion (gold, silver, and trade value) held by the state. It emphasised the maintenance of a high positive trade balance (maximising exports and minimising imports) as a means of accumulating this bullion. To achieve a positive trade balance, protectionist measures such as tariffs and subsidies to home industries were advocated. Mercantilist development theory also advocated colonialism. Theorists most associated with mercantilism include Philipp von Hörnigk, In France, mercantilist policy is most associated with 17th-century finance minister Jean-Baptiste Colbert.

    Economic nationalism

    Following mercantilism was the related theory of economic nationalism, promulgated in the 19th century related to the development and industrialization of the United States and Germany, notably in the policies of the American System in America and the Zollverein (customs union) in Germany. A significant difference from mercantilism was the de-emphasis on colonies, in favor of a focus on domestic production.
    The names most associated with 19th-century economic nationalism are the first United States Secretary of the Treasury Alexander Hamilton, the German-American Friedrich List, and the American economist Henry Clay. Forms of economic nationalism and neomercantilism have also been key in Japan’s development in the 19th and 20th centuries, and the more recent development of the Four Asian Tigers (Hong Kong, South Korea, Taiwan, and Singapore), and, most significantly, China.
    Following Brexit and the 2016 United States presidential election, some experts have argued a new kind of “self-seeking capitalism” popularly known as Trumponomics could have a considerable impact on cross-border investment flows and long-term capital allocation.

    Linear-stages-of-growth model

    An early theory of development economics, the linear-stages-of-growth model was first formulated in the 1950s by W. W. Rostow in The Stages of Growth: A Non-Communist Manifesto, following work of Marx and List. This theory modifies Marx’s stages theory of development and focuses on the accelerated accumulation of capital, through the utilization of both domestic and international savings as a means of spurring investment, as the primary means of promoting economic growth and, thus, development.The linear-stages-of-growth model posits that there are a series of five consecutive stages of development that all countries must go through during the process of development. These stages are “the traditional society, the pre-conditions for take-off, the take-off, the drive to maturity, and the age of high mass-consumption. Simple versions of the Harrod–Domar model provide a mathematical illustration of the argument that improved capital investment leads to greater economic growth.
    Such theories have been criticized for not recognizing that, while necessary, capital accumulation is not a sufficient condition for development. That is to say that this early and simplistic theory failed to account for political, social and institutional obstacles to development. Furthermore, this theory was developed in the early years of the Cold War and was largely derived from the successes of the Marshall Plan. This has led to the major criticism that the theory assumes that the conditions found in developing countries are the same as those found in post-WWII Europe.

    Structural-change theory

    Structural-change theory deals with policies focused on changing the economic structures of developing countries from being composed primarily of subsistence agricultural practices to being a “more modern, more urbanized, and more industrially diverse manufacturing and service economy.” There are two major forms of structural-change theory: W. Lewis’ two-sector surplus model, which views agrarian societies as consisting of large amounts of surplus labor which can be utilized to spur the development of an urbanized industrial sector, and Hollis Chenery’s patterns of development approach, which holds that different countries become wealthy via different trajectories. The pattern that a particular country will follow, in this framework, depends on its size and resources, and potentially other factors including its current income level and comparative advantages relative to other nations. Structural-change approaches to development economics have faced criticism for their emphasis on urban development at the expense of rural development which can lead to a substantial rise in inequality between internal regions of a country. The two-sector surplus model, which was developed in the 1950s, has been further criticized for its underlying assumption that predominantly agrarian societies suffer from a surplus of labor. Actual empirical studies have shown that such labor surpluses are only seasonal and drawing such labor to urban areas can result in a collapse of the agricultural sector. The patterns of development approach has been criticized for lacking a theoretical framework.

    The processes of economic growth

    Processes of economic growth refers to the economic cycle which can also be called business cycle. There are four stages: 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.

  121. Olendi Nkiru precious says:

    Name : Olendi Nkiru Precious
    Reg No: 2018/243187
    Eco 361
    Economics /psychology
    Assignments on Economic development as multinational concepts
    Email; preciousdeligh48@gmail.com

    Economic development

    Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    Economic development is the process by which emerging economies become advanced economies. In other words, the process by which countries with low living standards become nations with high living standards. Economic development also refers to the process by which the overall health, well-being, and academic level the general population improves.
    Economic development looks at how the citizens of a country are affected. Apart from their living standards, it also looks at the freedom they have to enjoy those living standards. During the development, there is a population shift from agriculture to industry, and then to services.
    A longer average life expectancy, for example, is one of the results of economic development. Improved productivity, higher literacy rates, and better public education, are also consequences.
    Economic development is all about improving living standards. ‘Improved living standards’ refers to higher levels of education and literacy, workers’ income, health, and lifespans.

    • Economic development takes into account the following information:
    • health, education, working conditions, and market conditions.
    • It seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
    • 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.

    Reference

    Banerjee, Abhijit V and Duflo, Esther (2003). Inequality and Growth: What Can the Data Say? Journal of Economic Growth, September, 8(3), 267-99.
    Benabou, R. (1996). Equity and efficiency in human capital investment: the local connection, Review of Economic Studies, 63, 237-264.
    Bhattacharya, Joydeep (1998). Credit market imperfections, income distribution, and capital accumulation. Economic Theory, January, 11, 171-200.

  122. Michael-Atu Ifunanya says:

    Name: Michael-Atu Ifunanya
    Reg no: 2018/243767
    Dept: Economics Education
    Economic development is a policy intervention aiming to improve the well-being of people. ‘Economic development’ is a term that practitioners, economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries.
    DEVELOPMENT ECONOMICS AS 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 is a multi-dimensional process in which both the non-economic dimensions and the economic dimensions are important. Development results in the 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. 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 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.
    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.

  123. Ifiegbu Ononuju Julie says:

    NAME: IFIEGBU ONONUJU JULIE.
    REG NO: 2017/245848 (3/4)
    DEPARTMENT: ECONOMICS EDUCATION
    EMAIL: juliexfib@gmail.com.
    ASSIGNMENT.
    *Discuss Development Economics as a multi dimensional concept and lucidly explain what you understand by development and it’s process.

    The Discussion of Development Economics as a multi dimensional concept can’t be explained without breaking of terms.
    *Development.
    *Economics.
    *Development Economics
    DEVELOPMENT?
    The process in which someone or something grows or change and becomes more advanced . It used to refer to a specific state of advancement or growth.
    Economics?
    The Branch of knowledge (social science) concerned with the production; consumption and transfer of wealth.it studies how individual, business, government and nations make choice and how to allocate resources.
    DEVELOPMENT ECONOMICS
    Development Economics is a branch of Economics which deals with the efficient allocation of scarce resources. Its major concern is the sustenance of economic growth over time in other to improve the standard of living of the masses that live in poverty in developing countries. In other to achieve this purpose, one of the main goals of development economics is the formulation of public policies designed to bring about sustainable economic growth and development.
    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.
    Describing something as multidimensional implies that it’s complex. 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. Development economics has a greater scope that’s why it is multi dimensional because it’s concerned with the efficient allocation of existing scarce products resources and with their sustained growth overtime.It deals with the economic, social, political and institutional mechanism both political and private necessary for rapid and large-scale improvement in all levels of the economy of the people.It’s multi dimensional concerned with the economic, cultural and political requirements for affecting and institutional transformation of entire societies in a manner that will most efficiently bring the friuts of economic progress to the broadest segment of the population. It’s multi dimensional aspect help to understand development economics in order to improve the material lives of the majority of the global population. 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.
    Development economics being a multi dimensional concept implies that it deals with a lot of different but related aspects, hence can be defined in different ways. According to Sen, economic development is a ” process” which involves improving people’s well-being and quality of life, whereas Todaro explains that the three things that needs to be achieved for economic development to take place is
    1. Availability and distribution of life sustaining goods.
    2. Increase in standard of living.
    3. Expansion and economic and social choices.
    The difference between the two explanations is that Sen sees economic development as a process whereas Todaro sees economic development as an achieved phenomenon.
    DEVELOPMENT AND IT’S PROCESS.

    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.

    PROCESS 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.The Biological changes that occur during this period of time include the individual’s body growing and becoming taller and thinner.
    *Cognitive process focuses on the cognitive development [memory, creativity, language, and knowledge]. The Cognitive changes occurring include the child becoming more self-sufficient and the capacities of thought and language begin to expand.
    *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. The Socioemotional changes taking place include the child growing in ways of morality, self-understanding, and in their relationships with peers.

  124. UKWUEZE DESTINY AMARACHI says:

    NAME: UKWUEZE DESTINY AMARACHI
    REG NO: 2018/242416
    LEVEL:. 300
    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.
    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.

    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 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 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.

  125. Ifiegbu Ononuju Julie says:

    NAME: IFIEGBU ONONUJU JULIE
    REGNO: 2017/245848(3/4)
    DEPARTMENT: ECONOMICS EDUCATION.
    EMAIL:juliexfib@gmail.com.

    ASSIGNMENT:
    DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.EXPLAIN DEVELOPMENT AND IT’S PROCESS.

    ANSWER.

    The Discussion of Development Economics as a multi dimensional concept can’t be explained without breaking of terms.

    *Development.

    *Economics
    .
    *Development Economics

    DEVELOPMENT?

    The process in which someone or something grows or change and becomes more advanced . It used to refer to a specific state of advancement or growth.

    Economics?

    The Branch of knowledge (social science) concerned with the production; consumption and transfer of wealth.it studies how individual, business, government and nations make choice and how to allocate resources

    DEVELOPMENT ECONOMICS

    Development Economics is a branch of Economics which deals with the efficient allocation of scarce resources. Its major concern is the sustenance of economic growth over time in other to improve the standard of living of the masses that live in poverty in developing countries. In other to achieve this purpose, one of the main goals of development economics is the formulation of public policies designed to bring about sustainable economic growth and development.

    DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT.

    Describing something as multidimensional implies that it’s complex. 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. Development economics has a greater scope that’s why it is multi dimensional because it’s concerned with the efficient allocation of existing scarce products resources and with their sustained growth overtime.It deals with the economic, social, political and institutional mechanism both political and private necessary for rapid and large-scale improvement in all levels of the economy of the people.It’s multi dimensional concerned with the economic, cultural and political requirements for affecting and institutional transformation of entire societies in a manner that will most efficiently bring the friuts of economic progress to the broadest segment of the population. It’s multi dimensional aspect help to understand development economics in order to improve the material lives of the majority of the global population. 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.
    Development economics being a multi dimensional concept implies that it deals with a lot of different but related aspects, hence can be defined in different ways. According to Sen, economic development is a ” process” which involves improving people’s well-being and quality of life, whereas Todaro explains that the three things that needs to be achieved for economic development to take place is
    1. Availability and distribution of life sustaining goods.
    2. Increase in standard of living.
    3. Expansion and economic and social choices.
    The difference between the two explanations is that Sen sees economic development as a process whereas Todaro sees economic development as an achieved phenomenon.

    DEVELOPMENT AND IT’S PROCESS.

    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.

    PROCESS 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.The Biological changes that occur during this period of time include the individual’s body growing and becoming taller and thinner.

    *Cognitive process focuses on the cognitive development [memory, creativity, language, and knowledge]. The Cognitive changes occurring include the child becoming more self-sufficient and the capacities of thought and language begin to expand.

    *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. The Socioemotional changes taking place include the child growing in ways of morality, self-understanding, and in their relationships with peers.

  126. Ajuluchukwu joy says:

    Name: Ajuluchukwu Joy ifeoma
    Reg no: 2018/241840
    Department: Economics.

    Development is a multidimensional concept incorporating diverse social, economic, cultural and political dimensions and economic growth, though necessary, is not sufficient in itself to bring about development in this broad sense. According to Nobel Prize Laureate Amartya Sen (for example, Sen, 1985, 1999), the basic purpose of development is to enlarge people’s choices so that they can lead the life they want to. In this approach, the choices are termed ‘capabilities’ and the actual levels of achievement attained in the various dimensions are called ‘functionings’. Thus human development is the enhancement of the set of choices or capabilities of individuals whereas functionings are a set of ‘beings’ and ‘doings’ which are the results of a given choice. The concept of human development proposed by Mahbub ul Haq, in the first Human Development Report in 1990 (see UNDP, 1990), largely inspired by Sen’s various works, represents a major step ahead in the concretization of this extended meaning of development and in the effort to bring people’s lives to the centre of thinking and analysis. Since then, human development and human deprivation have been the object of extensive theoretical and empirical research. They have been studied from various angles: conceptual, methodological, operational and policy making. As it is not possible to directly observe and measure human development in its broad sense or the lack of it, they are generally constructed as composite indices based on several variables (indicators).

    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

    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.

    Stages of Economic Growth and Economic Developmen
    There exists no clear definition for the stages/processes 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.

    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. 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. PROCESSES 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.

  127. ONWE, IRENE EBERE says:

    NAME:ONWE, IRENE EBERE
    REG NO: 2018/242201
    EMAIL: Irene.onwe.242201@unn.edu.ng
    DEPT: EDUCATION AND ECONOMICS
    COURSE: DEVELOPMENT ECONOMICS (ECO 361)
    ASSIGNMENT: DISCUSS DEVELOPMENT ECONOMICS AS A MULTIDIMENSIONAL CONCEPT AND LUCIDLY EXPLAIN WHAT YOU UNDERSTAND BY DEVELOPMENT AND IT’S PROCESSES

    In the simplest terms, development can be defined as bringing about social change that allows people to achieve their human potential. 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). Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components.
    People are the real wealth of nations, and the main goal of development is to create an enabling environment for people to enjoy long, healthy, creative lives. This may appear to be a simple truth. But for too long, development efforts have focused on creating financial wealth and improving material well-being. 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.
    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.
    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. Development Economics is usually associated with (amongst other things) rising incomes and related increases in consumption, savings, and investment. Of course, there is far more to economic development than income growth, for if income distribution is highly skewed, growth may not be accompanied by much progress towards the goals that are usually associated with economic development.

    DEVELOPMENT AND IT’S PROCESSES
    A conventional approach in the organizational development process is the action research model. This model is used by many organizations to guide the OD process. It entails what its name describes – research and action.
    However, there is much more to the OD process than just research and development. There are multiple loops used to transmit feedback, which makes an organization more responsive to change.
    Components of the Action Research Model
    The action research model comprises six key components:

    1. Problem diagnosis
    The organization development process begins by recognizing problems. The method of diagnosis usually takes the form of data gathering, assessment of cause, as well as an initial investigation to ascertain options.

    2. Feedback and assessment
    The feedback and assessment step often involves proper investigation of identified problems so that there is a deep understanding of the challenge at hand. This can include an appraisal of documents, focus groups, customer or employee surveys, hiring consultants, and interviewing current employees. Information gathered is used to re-evaluate the challenges in the first step.

    3. Planning
    Once an organization defines and understands its challenge, an action plan is put together. The plan lays down all the intervention measures that are considered appropriate for the problem at hand. Usually, the measures include such things as training seminars, workshops, team building, and changing the makeup or structure of teams. Additionally, measurable objectives, which define the expected results, form an integral part of the overall plan.

    4. Intervention and implementation
    Once a plan is in place, the intervention phase commences. Since the organizational development process is complicated, implementation processes are a key element of the model. As an example, if training classes are preferred over other methods, test results will form the basis upon which the training process is evaluated. The objective at this point is to ensure the required changes take place. If that is not the case, feedback is assessed and used to bring about the required change.

    5. Evaluation
    As soon as the intervention plan is complete, the outcome of the change in the organization is assessed. If the required change does not take place, the organization looks for the cause. Adjustments are made to ensure the obstacle is eliminated.

    6. Success
    Success denotes that the desired change took place. A proper plan and efficiency standards are put in place to ensure that the new switch is sustainable. Ongoing monitoring is needed to ensure that implemented changes last. Furthermore, as markets and organizations change, new problems can arise, leading to the push for further development. Great organizations evolve continuously.

  128. Ikechukwu ifechukwu victor says:

    Name: Ikechukwu Ifechukwu Victor
    Reg no:2018/248667
    Department: Economics
    Course code:Eco 361
    Course Title: Development Economics 1

    An Assignment
    Development Economics as a multi-dimensional concept and processes of Development.
    Answer
    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.
    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 economics as a multidimensional
    concept.
    Development economics 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.Being a multidimensional concept, importance attached to a pillar over another is directed according to the particularities of each field.
    Processes of Development.
    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.
    Contributing factors of 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.
    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.

    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.
    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. 

    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.

    4. Technology:
    Technological progress is considered as the most important source of development by many economists.
    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 may be noted that a continued increase in labour productivity requires both increased capital and new or modem technology. Continual capital formation 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.

    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.
    Reference
    1. https://ideas.repec.org
    2. https://www.owlgen.in/development-is-a-multi-dimensional-process-discuss
    3. https://www.economicsdiscussion.net.
    4. https://en.m.wikipedia.org.

  129. Olayiwola Nurudeen Akanni says:

    Name: olayiwola Nurudeen Akanni
    Reg no: 2018/246563
    Department: Economics
    Email: olayiwolanurudeenadewale@gmail.com
    Assignment: Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes.
    Development Economics as a multidimensional concept:
    Development economics is a multidimensional concept because it 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 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.
    Discuss 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 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 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.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;
    iv. Participation in government;
    v. Belonging to a nation that is truly independent, both economically and politically; and
    vi. Adequate educational levels (especially literacy).

    The processes of Development includes:
    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.

  130. 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.

  131. 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.

  132. Okafor Ifunanya Chioma says:

    Name: Okafor Ifunanya Chioma Reg number:2018/241851
    Department:Economics
    Email: ifunanya.okafor.241851@unn.edu.ng
    Assignment: Discuss development economics as a multi dimensional concept and development and its processes.
    DEVELOPMENT AND ITS PROCESS
    The idea of development is complex, contested, ambiguous and elusive. However it can be defined as bringing about social change that allows people to achieve their human potential.
    It is a process rather than an outcome. It is dynamic in that it involves a change from one state or condition to another. Development is the process of economic and social transformation that is based on complex cultural and environment factors and their interactions. There is no one definition of development, as persons have different interpretations of development. 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 has a number of characteristics, which include political freedom and freedoms for the population. 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. 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.
    PROCESSES OF DEVELOPMENT.
    The major processes of development are:
    1.Physical Development
    2. Cognitive development.
    3. Social emotional development
    4. Economic development.
    DEVELOPMENT ECONOMICS AS A MULTI DIMENSIONAL CONCEPT.
    When we say multi dimensional concept is that the concept is complex and has many dimensions.
    Development economics being multi dimensional concept is a complex situation because it has no one definition just like development every one has a different interpretation to it.
    Development economics is a branch of economics. This branch of economics focuses on growth, progress, positive change in the economic state of an economy and also on economic aspects of development in low income countries. It involves improving fiscal, economic and social conditions in developing countries. It is associated with improvements in a variety of areas or indicators( such as literacy rates, life expectancy and poverty rates. This type of economics deals with everything that concerns the development of the economy or all the sectors of the economy which includes health, education, social sector, industrial sector, security or defense etc.
    Development economics also 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.
    It is also concerned with the efficient allocation of existing scarce productive resources and with their sustained growth overtime. It also deals with the economic, social, political and institutional mechanism, necessary to bring about rapid change in level of living of the people.
    THEORIES OF DEVELOPMENT ECONOMICS
    1. Structural-change theory
    Structural-change theory deals with policies focused on changing the economic structures of developing countries from being composed primarily of subsistence agricultural practices to being a “more modern, more urbanized, and more industrially diverse manufacturing and service economy.”
    2. International dependence theory
    international dependence theories have their origins in developing countries and view obstacles to development as being primarily external in nature, rather than internal. These theories view developing countries as being economically and politically dependent on more powerful, developed countries that have an interest in maintaining their dominant position.
    3. Neoclassical theory
    Neoclassical theories argue that governments should not intervene in the economy; in other words, these theories are claiming that an unobstructed free market is the best means of inducing rapid and successful development. Competitive free markets unrestrained by excessive government regulation are seen as being able to naturally ensure that the allocation of resources occurs with the greatest efficiency possible and the economic growth is raised and stabilized.
    REFERENCES
    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-

  133. Anike chilota Dominica says:

    Name: Anike chilota Dominica
    Reg no:2018/243070
    Department:combined social science
    Combination:Economics and political science
    Question:Discuss development economics as a multidimensional concept and lucidly explain what you understand by development and it’s processes

    Development economics
    These is a branch of economics whose goal is to better the fiscal, economic and social condition of developing countries. It deals with economic aspect of development process in-low income economies and emerging economies.

    Multi-dimensional
    These implies that it’s complex consisting of more than one feature design to address a topic, situation or problem

    Development economics as a multidimensional concept
    Development is a multidimensional process in which both non-economic dimensions and economic dimension are important. Development is a multidimensional meaning it involves the dynamic interaction of factors like physical, emotional and psychological development. It also means development is complex therefore it has many definitions and features

    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.

    • Onah Munachimso Modester says:

      Onah Munachimso Modester
      2018/242421, economics department

      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. 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.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
      DEVELOPMENT AND IT’S PROCES
      development is the process of economic and social transformation that is based on complex cultural and environmental factors and their interactions.The process of economic and social transformation that is based on complex cultural and environmental factors and their interactions.

      development process is 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.
      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 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.We have three major types of development and it’s process
      1. physical development
      2.social- emotional development
      3.cognitive development

  134. Abalihi Chukwuebuka Ernest says:

    NAME: Abalihi Chukwuebuka Ernest
    Reg no: 2018/245128
    Department :Economics department
    Definitions of development. For almost every writer a different definition of development exists. For Todaro, development is not purely an economic phenomenon but rather a multidimensional process involving reorganization and reorientation of entire economic and social system. It is a process of improving the quality of all human lives with 3 equally important aspects. These are.
    (1) Raising people’s living levels.
    (2) creating conditions conducive to the growth of people’s self-esteem.
    (3) increasing people’s freedom of choice.
    What is development economics?. Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing economies. Development economics considers factors such as health, education, working conditions, domestic and international policies and market conditions with a view on improving conditions in the world’s poorest economies. The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth. Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformations of economics, and the role of education and healthcare in development.
    There are five contributing factors to the economic development of any country, they are:
    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.
    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.
    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.
    3) 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.

  135. ADEGBOLA SEUN SAMUEL says:

    Name: Adegbola Seun Samuel
    Department: Economics
    REG NO: 2018/241869
    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.
    Multidimensional involves having or relating to multiple dimensions or aspects or consisting of many different and connected parts. Development economics 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 is also 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
    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. It refers to a positive change in a country’s method of managing and allocating their natural and human resources
    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.

  136. Ugwu chidera loveth says:

    NAME: Ugwu chidera loveth
    REG NO: 2018/241235
    DEPARTMENT: Economics Education
    Email: ugwuderahh@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. The field also examines both macroeconomic and microeconomic  factors relating to the structure of developing economies and domestic and international  economic growth.
    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.
    Development is multidimensional because 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.
    Development also 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.

  137. Stephen Ifessy Precious says:

    Name: Stephen Ifessy Precious
    Reg no: 2018/244261
    Department: Education Economics
    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 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. It also involves improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels. 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 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
    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 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.

  138. 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.

  139. 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.

  140. 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.

  141. 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

  142. 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.

  143. 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.

  144. 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.

  145. 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.

  146. 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.

  147. 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

  148. 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.

  149. 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.

  150. 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

  151. 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.

  152. 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.

  153. 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.

  154. 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.

  155. 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. 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

  157. 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

  158. 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.