Eco, 361—24-9-2021(Online Discussion/Quiz—-What is the real meaning of Development and Origin/ Importance of Development Economics)

DEPERTMENT: ECONOMIC EDUCATION
NAME: UGWUJA OBIOMA EDITH
SANDWICH FIRST YEAR
REG NO:
COURSE TITLE: DEVELOPMENT ECONOMICS
COURSE CODE: ECO 361
LECTURER: DR. TONY ORJI

Question 1.
Development is defined as the process of growth or new information or an event. An example of development is the changing of a caterpillar to a butterfly. An example of development is emerging details about a local robbery. An example of development is a community of condos intended for seniors.
Question 2.
The term “Economic Institutions” refers to two things:
1. Specific agencies or foundations, both government and private, devoted to collecting or studying economic data, or commissioned with the job of supplying a good or service that is important to the economy of a country. The Internal Revenue Service (the IRS—the government tax-collection agency), the U.S. Federal Reserve (the government producer of money), the National Bureau of Economic Research (a private research agency) are all examples of economic institutions.
2. Well-established arrangements and structures that are part of the culture or society, e.g., competitive markets, the banking system, kids’ allowances, customary tipping, and a system of property rights are examples of economic institutions.
Economic institutions, such as WTO, IMF, and UNCTAD aim at promoting economic cooperation worldwide. A similar effort is made regionally through regional economic integration that is an agreement between the countries to expand trade with mutual benefits. Regional economic integration involves removing trade barriers and coordinating the trade policies of the countries.
The main objectives of UNCTAD are as follows: a. Eliminating trade barriers that act as constraints for developing countries, b. Promoting international trade for speeding up the economic development, c. Formulating principles and policies related to international trade, and d. Negotiating the multinational trade agreements. While The objectives of IMF are as follows: a. Helping in increasing employment and real income of people, b. Solving the international monetary problems that distort the economic development of different nations, c. Maintaining stability in the international exchange rates, and d. Strengthening the economic integrity of the nations. The main functions of WTO are as follows: a. Setting the framework for trade policies, b. Reviewing the trade policies of different countries, c. Providing technical cooperation to less developed and developing countries, d. Setting a forum for addressing trade-related disputes among different countries, e. Reducing the barriers to international trade, f. Facilitating the implementation, administration, and operation of agreements, g. Setting a negotiation forum for multilateral trade agreements, and h. Cooperating with the international institutions, such as IMF and World Bank for making global economic policies.
Question 3.
A major cause of this gap between the rich and the poor within modern economies is the determination of wages by the capitalist market. In the capitalist market, the wages for jobs are set by supply and demand. If there are many workers willing to do a job for a great amount of time, there is a high supply of labor for that job. If few people need that job done, there is low demand for that type of labor. When there is high supply and low demand for a job, it results in a low wage. Conversely, if there is low supply and high demand (as with particular highly skilled jobs), it will result in a high wage. The gap in wages produces inequality between different types of workers. Apart from market-driven factors that affect wage inequality, government sponsored initiatives can also increase or decrease inequality. Social scientists and policy makers debate the relative merits and effectiveness of each approach to regulating inequality. Typical government initiatives to reduce economic inequality include: Public education: Increasing the supply of skilled labor and reducing income inequality due to education differentials. Progressive taxation: The rich are taxed proportionally more than the poor, reducing the amount of income inequality in society, Minimum wage legislation: Raising the income of the poorest workers, Nationalization or subsidization of products: Providing goods and services that everyone needs cheaply or freely (such as food, healthcare, and housing), governments can effectively raise the purchasing, power of the poorer members of society
4. Sources of economic growth:
Three basic sources of economic growth: increases in labor, increases in capital, and increases in the efficiency with which these two factors are used. Expansion of human capital : Human capital is the accumulated skills and knowledge of people. Human capital is the most fundamental source of economic growth because it directly increases labor productivity and is the source of the discovery of new technologies. International and national Economic Growth is based on the following, Resources, Investment, Human Capital, and Physical Capital.
5. Theories Of Economic Development;
International dependence theory
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. There are three different, major formulations of international dependence theory: neocolonial dependence theory, the false-paradigm model, and the dualistic-dependence model. The first formulation of international dependence theory, neocolonial dependence theory, has its origins in Marxism and views the failure of many developing nations to undergo successful development as being the result of the historical development of the international capitalist system.
Neoclassical theory
Unlike International Dependence Theories, 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. It is important to note that there are several different approaches within the realm of neoclassical theory, each with subtle, but important, differences in their views regarding the extent to which the market should be left unregulated. These different takes on neoclassical theory are the free market approach, public-choice theory, and the market-friendly approach. Of the three, both the free-market approach and public-choice theory contend that the market should be totally free, meaning that any intervention by the government is necessarily bad. Public-choice theory is arguably the more radical of the two with its view, closely associated with libertarianism, that governments themselves are rarely good and therefore should be as minimal as possible

6. Constraints that hold back accelerated growth, based on local condition
There are various obstacles to economic development among them; geography and climate, poverty, over-population, poor education and healthcare, international policies, inflation, war, meager (natural) resources and migration.
7. The role of the improvement of women status on economic development
• Women’s economic empowerment is central to realizing women’s rights and gender equality. Women’s economic empowerment includes women’s ability to participate equally in existing markets; their access to and control over productive resources, access to decent work, control over their own time, lives and bodies; and increased voice, agency and meaningful participation in economic decision-making at all levels from the household to international institutions.
• Empowering women in the economy and closing gender gaps in the world of work are key to achieving the 2030 Agenda for Sustainable Development. And achieving the Sustainable Development Goals, particularly Goal 5, to achieve gender equality, and Goal 8, to promote full and productive employment and decent work for all; also Goal 1 on ending poverty, Goal 2 on food security, Goal 3 on ensuring health and Goal 10 on reducing inequalities.
• When more women work, economies grow. Women’s economic empowerment boosts productivity, increases economic diversification and income equality in addition to other positive development outcomes, (IMF 2018) For example, increasing the female employment rates in OECD countries to match that of Sweden, could boost GDP by over USD 6 trillion,(PWC 2018), recognizing, however, that. growth does not automatically lead to a reduction in gender-based inequality. Conversely, it is estimated that gender gaps cost the economy some 15 percent of GDP, (Cuberes, and Teignier, 2016)
• Increasing women’s and girls’ educational attainment contributes to women’s economic empowerment and more inclusive economic growth. Education, upskilling and re-skilling over the life course – especially to keep pace with rapid technological and digital transformations affecting jobs—are critical for women’s and girl’s health and wellbeing, as well as their income-generation opportunities and participation in the formal labour market. Increased educational attainment accounts for about 50 per cent of the economic growth in OECD countries over the past 50 years, (OECD, 2012). But, for the majority of women, significant gains in education have not translated into better labour market outcomes, (UN, 2016)
• Women’s economic equality is good for business. Companies greatly benefit from increasing employment and leadership opportunities for women, which is shown to increase organizational effectiveness and growth. It is estimated that companies with three or more women in senior management functions score higher in all dimensions of organizational performance, (McKinsey & Company 2018)

References
Cuberes, D., & Teignier, M. (2016). Aggregate Effects of Gender Gaps in the Labor Market: A Quantitative Estimate. Journal of Human Capital, 10(1), 1–32.https://doi.org/10.1086/683847
International Monetary Fund (2018). Pursuing Women’s Economic Empowerment https://www.imf.org/en/Publications/Policy-apers/Issues/2018/05/31/pp053118pursuing-womens-economic-empowerment
McKinsey & Company, (2018). Women Matter: Time to accelerate. Ten years of insights into gender diversity. Available at: https://www.empowerwomen.org/-/media/files/un%20women/empowerwomen/resources/hlp%20briefs/unhlp%20full%20report.pdf?la=en .
OECD (2012), Gender Equality in Education, Employment and Entrepreneurship: Final Report to the MCM http://www.oecd.org/employment/50423364.pdf p. 3.
PwC (2018), Women in Work Index 2018. Available at: https://www.pwc.co.uk/services/economics-policy/insights/women-in-work-index.html
UN Women, Progress of the World’s Women 2015-2016. Chapter 2, p. 69.

Name: Nnate Chioma Blessing
Reg. No.: 2019/SD/37741
Dept.: Library and Information Science/Economics
Faculty: Education
Title: Economic Development
Course Cose: Eco 361
Answer 1
1) Development is a social condition within a nation, in which the authentic needs of its population are satisfied by the rational and sustainable use of natural resources and systems. This utilization of natural resources is based on a technology, which respects the cultural features of the population of a given country. This general definition of development includes the specification that social groups have access to organizations, basic services such as education, housing, health services, and nutrition, and above all else, that their cultures and traditions are respected within the social framework of a particular country.
In economic terms, the aforementioned definition indicates that for the population of a country, there are employment opportunities, satisfaction -at least- of basic needs, and the achievement of a positive rate of distribution and redistribution of national wealth. In a political sense this definition emphasizes that governmental systems have legitimacy not only in terms of the law, but also in terms of providing social benefits for the majority of the population.
Development actually means movement to a better and more efficient level of production. It means attainment of a level that makes life more productive. It can also be seen as the ability to control one’s environment without much manual labour.

Answer 2
1b) What can be learnt from the historical record of economic progress in the now developed world is the importance of tenacity and united decision in making the world a better place, where resources are equitably distributed. Another lesson is the freedom to choose. If the policies and institutions that the rich countries are recommending to the poor countries are not the ones that they themselves used when they were developing, they it something should be done about it.

We can only conclude that, whether intentionally or not, the rich countries are effectively kicking away the ladder that allowed them to climb to where they are now. It is no coincidence that economic development has become more difficult during the last two decades when the developed countries started turning up the pressure on the developing countries to adopt the so-called ‘good’ policies and institutions. What can be done to change this? First, the facts about the historical experiences of the developed countries should be more widely publicised. This is not just a matter of ‘getting history right’, but also one of allowing the developing countries to make more informed choices. This is not to say that every developing country should adopt an interventionist development strategy. Some of them may indeed benefit from following the Swiss or Hong Kong models. However, this strategic choice should be made in the full knowledge that historically the majority of the successful countries did the opposite in the past when they faced the same international competitive challenge from more advanced countries, which the developing countries face now.

More so, improvements in institutions should be encouraged, but this should not be equated with imposing a fixed set of today’s – not even yesterday’s – Anglo-American institutions on all countries. There need to be more serious attempts, both at the academic and the practical levels, to explore exactly which institutions are necessary, or at least beneficial, and for what types of countries, given their stages of development and their economic, political, social, and even cultural conditions. Special care has to be taken in order not to demand excessively rapid upgrading of institutions by the developing countries, especially given that they already have quite sophisticated institutions when compared to today’s developed countries at comparable stages of development, and given that establishing and running new institutions is costly.

Answer 3
1c) Industrialization is the utilization of machine in carrying out human activities; which mean, less use of manual labour. The initial conditions are not similar because, the conditions attached to bilateral and multilateral financial assistance offered to developing countries should be radically changed. It should be accepted that the orthodox recipe is not working, and also that there can be no single ‘best practice’ policies that everyone should use. More specifically, in terms of policies, the ‘bad policies’ that most of today’s developed countries used with so much effectiveness when they were developing countries themselves should be at least allowed, if not actively encouraged, by the developed countries and the international development policy establishment that they control. While it is true that activist trade and industrial policies can sometimes degenerate into a web of red tape and corruption, this should not mean that these policies should never be used under any circumstances.
Secondly, the WTO rules should be re-written so that the developing countries can more actively use tariffs and subsidies for industrial development. They should also be allowed to have less stringent patent laws and other intellectual property rights laws.

Answer 2
2) ECONOMIC INSTITUTIONS are property rights, honest government, political stability, dependable legal system, and competitive and open markets. They considered important for an economy because they create the right environment to allocate scarce resources.

2b) How Economic Institutions shape problems of under development is that they are humanely devised constraints that structure political, economic and social interactions. These constraints can be formal or informal. The informal constraints consist of “sanctions, taboos, customs, traditions and codes of conduct. Whereas formal constraints are such economic institution such as Constitutions, laws, property rights. They can also be referred to as extractive economic institutions as they do not protect property rights of the majority of individuals and businesses are limited to the small segment of a society. Biased legal system and social injustice is also seen in such condition. These insecurity of private property causes low-investment and finally it will lead to declining or stagnation in the economic growth. As such the economic institutions in this condition do not focus the economic prosperity of the general public.s

2c) How they shape prospects for successful development is that due to presence of inclusive institutions all people are encourage to participate in economic activities by providing their production factors to the market or investing in business activities. Individuals can supply their land or labour in an efficient manner and they will receive the rent or the salaries as rewards. Entrepreneurs can invest in the market and generate entrepreneurial profits. People will invest in Research and Development and generate novelties to the society. Protecting private properties, maintaining the law and order, and providing public service to encourage the private sector are essential parts of inclusive economic institutions.

Answer 3
3) The extremes between rich and poor can be so very great because the rich have discovered a principle which they have applied and continued to apply; whereas the poor lack these principles, and remain poor.

Another factor is that the poor invest in liabilities while the rich invest in assets. Liabilities take money away from you while assets grow your net worth. Poor people think in the moment and look for easy fixes like playing the lottery. It’s not that the rich don’t purchase liabilities, they do but they typically use passive income from their investments for that. The mindset you have also determines your financial success.

Generally speaking, in developed nations the majority of the poor have the opportunity to improve their situation substantially, but not the knowledge or the will. And that suits the agenda of the middle and upper class very nicely, because they can exploit the poor in various ways: paying them unfairly for their labour; selling them things that they don’t need and shouldn’t be buying but are induced or pressured to believe will make their life better; and lending them money on harsh or unfair terms. All of these actions make the rich richer and may make the poor poorer. They also, however, contribute to making the nation as a whole more affluent, which ultimately improves living conditions for the poor even if it makes them poorer in relativity to the rich. If there were suddenly no poor to exploit, economic growth would recede and the entire nation would suffer. Equally, if there were no middle class, there would be much less enterprise and innovation, and if there were no wealthy, there would be a capital deficiency restricting growth.

Ultimately, the capitalist economy requires a strong economic class system. Part of the cause of the economic malaise currently presenting problems for developed nations is the attack on the middle class. But it won’t be resolved by attacking the rich, as many of the working and middle class believe. Nor will it be resolved by handing out more to the poor. The most efficient economic system is one underpinned by a strong progressive income tax system, modest indirect taxes targeted mostly at luxury items, monetary transactions, and high asset ownership (particularly property), a robust welfare system, and plenty of powerful incentives to strive. Sadly, many governments are going in the opposite direction: flattening income tax at the high end (but not sufficiently at the lower to middle end); punishing battlers harshly for saving and investing; and structuring welfare systems that reward people for manipulating to access welfare and punish endeavour to rise above welfare dependency.

In less developed countries, the problem may be different, because in many third-world nations the primary reason for the rich getting richer and the poor getting poorer is corruption. The poor man wants to take work in a neighbouring community because there is a better opportunity there, but he has to pay a king’s ransom for a permit. He wants to access water for cooking and cleaning, but the water source is controlled by a rich man and he has to pay a huge tax for access. To some degree, corruption exists everywhere, but more so in third world nations.

Answer 4
4) The sources of national and international economic growth are:
• Human Resources
• Natural Resources
• Capital Formation and
• Technological Change and Innovation
1. Human Resources:
Labour inputs consist of quantities of workers and of the skills of the work force.
Many economists believe that the quality of labour inputs—the skills, knowledge, and discipline of the labour force—is the single most important element in economic growth.
A country might buy the most modern telecommunications devices, computers, electricity-generating equipment, and fighter aircraft. However, these capital goods can be effectively used and maintained only by skilled and trained workers.
Improvements in literacy, health, and discipline, and most recently the ability to use computers, add greatly to the productivity of labour.
2. Natural Resources:
The second classical factor of production is natural resources. The important resources here are arable land, oil and gas, forests, water, and mineral resources. Some high-income countries like Canada and Norway have grown primarily on the basis of their ample resource base, with large output in agriculture, fisheries, and forestry.
Similarly, the United States, with its temperate farmlands, is the world’s largest producer and exporter of grains. But the possession of natural resources is not necessary for economic success in the modern world. New York City prospers primarily on its high-density service industries.
Many countries that have virtually no natural resources, such as Japan, have thrived by concentrating on sectors that depend more on labour and capital than on indigenous resources. Indeed, tiny Hong Kong, with but a tiny fraction of the land area of resource-rich Russia, actually has a larger volume of international trade than does that giant country.
3. Capital Formation:
Recall that tangible capital includes structures like roads and power plants, equipment like trucks and computers, and stocks of inventories. The most dramatic stories in economic history often involve the accumulation of capital. In the nineteenth century, the transcontinental railroads of North America brought commerce to the American heartland, which had been living in isolation.
In this century, waves of investment in automobiles, roads, and power plants increased productivity and provided the infrastructure which created entire new industries. Many believe that computers and the information superhighway will do for the twenty-first century what railroads and highways did in earlier times.
Accumulating capital, as we have seen, requires a sacrifice of current consumption over many years. Countries that grow rapidly tend to invest heavily in new capital goods; in the most rapidly growing countries, 10 to 20 percent of output may go into net capital formation. By contrast, many economists believe that the low national savings rate in the United States—only 4 percent of output in 1996— poses a major economic problem for the country.
When we think of capital, we must not concentrate only on computers and factories. Many investments are undertaken only by governments and lay the framework for a thriving private sector. These investments are called social overhead capital and consist of the large-scale projects that precede trade and commerce. Roads, irrigation and water projects, and public-health measures are important examples.
All these involve large investments that tend to be “indivisible,” or lumpy, and sometimes have increasing returns to scale. These projects generally involve external economies, or spillovers that private firms cannot capture, so the government must step in to ensure that these social overhead or infrastructure investments are effectively undertaken.
4. Technological Change and Innovation:
In addition to the three classical factors discussed above, technological advance has been a vital fourth ingredient in the rapid growth of living standards. Historically, growth has definitely not been a process of simple replication, adding rows of steel mills or power plants next to each other.

Rather, a never-ending stream of inventions and technological advances led to a vast improvement in the production possibilities of Europe, North America, and Japan.
Technological change denotes changes in the processes of production or introduction of new products or services. Process inventions that have greatly increased productivity were the steam engine, the generation of electricity, the internal-combustion engine, the wide-body jet, the photocopier machine, and the fax machine. Fundamental product inventions include the telephone, the radio, the airplane, the phonograph, the television, and the VCR.

The most dramatic technological developments of the modern era are occurring in electronics and computers, where today’s tiny notebook computers can outperform the fastest computer of the 1960s. These inventions provide the most spectacular examples of technological change, but technological change is in fact a continuous process of small and large improvements, as witnessed by the fact that the United States issues over 100,000 new patents annually and that there are millions of other small refinements that are part of the routine progress of an economy. For the most part, technology advances in a quiet, unnoticed fashion as small improvements increase the quality of products or the quantity of output.
Occasionally, however, changes in technology create headlines and produce unforgettable visual images. During the war in the Persian Gulf in 1991, the world was stunned by the tremendous advantage that high-technology weapons—stealth aircraft, “smart” bombs, antimissile missiles—gave to the United States and its allies against an opponent armed with a technology that was but a few years behind. Civilian technological advances—computers, telecommunications, and other high-technology sectors—are less dramatic but contribute greatly to the increase in living standards of market economies.

Because of its importance in raising living standards, economists have long pondered how to encourage technological progress. Increasingly, it is becoming clear that technological change is not a mechanical procedure of simply finding better products and processes.
Instead, rapid innovation requires the fostering of an entrepreneurial spirit. Consider today’s U.S. computer industry, where even enthusiasts can hardly keep up with the stream of new hardware configurations and software packages.

4b) why some countries make rapid progress towards development and many other countries remain poor is the application of the concept of divergence—rather than convergence—in recent decades, although there is some variation amongst geographical sub-groupings, with a set of Southeast Asian economies (the “tigers”) displaying evidence of convergence.

Divergence is when the value of an asset, indicator, or index moves, the related asset, indicator, or index moves in the other direction. This is what is referred to as divergence. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction. Divergence can be either positive or negative. For example, positive divergence occurs when a stock is nearing a low but its indicators start to rally. This would be a sign of trend reversal, potentially opening up an entry opportunity for the trader. On the other hand, negative divergence happens when prices go higher while the indicator signals a new low. When divergence does occur, it does not mean the price will reverse or that a reversal will occur soon. In fact, divergence can last a long time, so acting on it alone could be mean substantial losses if the price does not react as expected. Traders generally don’t exclusively rely on divergence in their trading activities. That’s because it doesn’t provide timely trade signals on its own. Technical analysis focuses on patterns of price movements, trading signals, and various other analytical signals to inform trades, as opposed to fundamental analysis, which tries to find an asset’s intrinsic value.

Convergence on the other hand is the opposite of divergence. It is used to describe the phenomenon of the futures price and the cash price of the underlying commodity moving closer together over time. In most cases, traders refer to convergence as a way to describe the price action of a futures contract. Theoretically, convergence happens because an efficient market won’t allow something to trade for two prices at the same time. The actual market value of a futures contract is lower than the contract price at issue because traders have to factor in the time value of the security. As the expiration date on the contract approaches, the premium on the time value shrinks, and the two prices converge. If the prices did not converge, traders would take advantage of the price difference to make a quick profit. This would continue until prices converged. When prices don’t converge, there is an opportunity for arbitrage. Arbitrage is when an asset is bought and sold at the same time, in different markets, to take advantage of a temporary price difference. This situation takes advantage of inefficiencies in the market.

The key difference in the two terms is that technical traders are much more concerned with divergence than convergence, largely because convergence is assumed to occur in a normal market. Many technical indicators commonly use divergence as tools, primarily oscillators. They map out bands (both high and low ones) that occur between two extreme values. They then build trend indicators that flow within those boundaries. Divergence is a phenomenon that is commonly interpreted to mean that a trend is weak or potentially unsustainable. Traders who employ technical analysis as part of their trading strategies use divergence to read the underlying momentum of an asset.

Convergence occurs when the price of an asset, indicator, or index moves in the same direction as a related asset, indicator, or index in technical analysis. For example, there is convergence when the Dow Jones Industrial Average (DJIA) shows gains at the same time that its accumulation/distribution line is increasing.

Why many countries remain poor
1. Lack of Democracy
Although we may well live in a world shaped by natural resource endowments, geography, history and institutions, politics and power can still play a decisive role in terms of driving economic performance and determining vulnerability to poverty.
Political power and rules that are embedded in ownership and exchange determine whether people are malnourished or have adequate food, and that malnourishment is not mainly the result of inadequate food supply. Sen shows how droughts in North Africa, India and China in the nineteenth and Twentieth centuries were catastrophic for social and political reasons, with power relations, not agricultural outcomes, leading to widespread starvation and destruction of the peasantry. In 1979, Colin Bundy, in The Rise and Fall of the South African Peasantry was among a new wave of historians who argued that colonialism led to the deliberate collapse of a previously thriving domestic economy. In 1997, Jared Diamond’s, Blood, Germs and Steel, while emphasising the importance of geography and history, showed how technology, culture, disease and other factors led to the destruction of native American and other previously thriving communities. These authors, echoing Marx, highlighted the extent to which development can be a very bloody business, even if the longer term consequences may be to bludgeon societies into a new era.
2. There is an abuse of power is poor countries
If the abuse of power can set development back, what about the counter argument that democracy leads to more rapid and equitable development outcomes? According to Irma Adelman, the long-term factors governing the association between development and democracy include the growth of middle classes, increase in quantity and quality of education, urbanisation (including more infrastructures), the need for participation in development strategies, and the need to manage the psychological and social strains arising from change. Acemoglu, Robinson and others went further in 2014, arguing that democracy does cause growth, and that it has a significant and robust positive effect on GDP. Their results suggest that democracy increases future GDP by encouraging investment, increasing schooling, and inducing economic reforms, improving public good provision, and reducing social unrest. The difficulty of defining democracy, and the weight attached to the non-democracies which have enjoyed very rapid growth, such as China and Singapore, as well as the slowing of growth and paralysis in decision making in many parts of Latin America, Europe and other democratic regions means that the academic jury remains divided on the relationship between development and democracy.

3. Lack of Peace and stability
Peace and stability are essential for development as conflict and war leads to development in reverse, destroying not only lives, but also the infrastructure and cohesion which are fundamental to development.
4. Lack of Literacy and Education:
Literacy and education are also lacking in some poor countries; particularly the education of women as this will erase gender inequities.
5. Lack of Infrastructure investment
Infrastructure investments, particularly in clean water, sewerage and electricity, as well as rural roads, are essential for growth and investment, as they are for achieving improved health outcomes.
6. Lack of the Rule of Law
The rule of law and the establishment of a level playing field, through competition and regulatory policies are vital for ensuring that the private sector is allowed to flourish. The capturing of the market by monopolies or small elites, often with the connivance of politicians or civil servants, is shown to lead to the skewing of development and growing inequality.
7. Lack of proper integration with other countries
No country is an island economically and the way that countries engage with the rest of the world is a key determinant of their development outcomes. The increasing integration of the world, in terms of financial, trade, aid and other economic flows, as well as health, educational, scientific and other opportunities requires an increasingly sophisticated policy capability. So too does the management of the risks associated with increased integration into the global community. The threat posed by pandemics, cyberattacks, financial crises and climate change and other global developments could derail the best laid development efforts. Systemic risks have a particularly negative impact on development outcomes, and without exception tend to have negative distributional consequences. The existence of effective policies, or their absence, shapes the harvesting of the upside opportunities and mitigation of the risks.
8. Lack of Girl Child Education
The education of girls has served to reduce widespread gender inequalities and has improved the relative position of women in poor countries. The education and empowerment of women has been associated with improvements in a range of development outcomes, and is associated with sharp falls in infant mortality and fertility.

The links between education, health and development are many and varied; in many contexts “all good things” (or “bad things”) go together. The demographic transition describes how fertility and mortality rates change over the course of economic and social development. In the early or first phase of development birth rates and mortality rates are high due to poor education, nutrition and healthcare. In such circumstances, characteristic of many developing countries prior to the Second World War, population growth remains low. As living standards, nutrition and public health improve during the second phase of the transition, mortality rates tend to decline. As birth rates remain high, population growth becomes increasingly rapid. Historically, much of Africa, Asia and Latin America experienced this trend during the second half of the twentieth century.

Over half the countries in the world, including many developing countries, have now entered the third stage of demographic transition. This is characterised by improvements in education and health along with changes in technology, including the widespread availability of contraceptives, which give women greater choice. In this stage, urbanisation and greater female participation in the workforce reduces the economic and social benefit of having children and raises the costs. In the fourth stage of the demographic transition, both mortality and birth rates decline to low or stable levels and population growth begins to fall. Many developed countries have passed this stage and face the prospect of zero or negative population growth. As this trend continues, countries experience a rapid decline in fertility, to below replacement level. The combination of rapidly falling fertility and continued increases in life expectancy leads to rapid increases in median ages, with these projected to double in all regions, except for Africa, in the period to 2050.
9. Lack of Gender equality
Gender inequalities and unequal power relations skew the development process. In many developing countries women’s opportunities for gainful forms of employment are limited to subsistence farming—often without full land ownership rights or access to credit and technology that might alter production relations and female bargaining power. In many societies, women are confined either to secluded forms of home-based production that yield low returns, or to marginal jobs in the informal economy where income is exceptionally low and working conditions are poor. In addition women typically have to endure the “double burden” of employment and domestic work—the latter includes housework, preparing meals, fetching water and wood, and caring for children—amongst many other tasks.

A range of studies over the last four decades have shown that households do not automatically pool their resources, and that who earns and controls income can make a major difference to household well-being. Numerous empirical studies examining the relationship between women’s market work, infant feeding practices and child nutrition indicate that the children of mothers with higher incomes are better nourished. In the gold mining industry in Africa for example an increase in women’s wage earning opportunities has been shown to be associated with the removal of healthcare barriers, the halving of infant mortality rates—especially for girls—and a reduction in the acceptance rate of domestic violence by 24%.

The distribution of benefits and burdens becomes more equitable when women have a stronger voice and more access to education and employment. Improving women’s economic opportunities can prove a highly effective way to reduce poverty and improve women’s relative position and that of their children. Ensuring that more women are enrolled in education, can read, write and count, and have appropriate skills for jobs are also likely to improve the overall well-being of households. Steps to tackle restrictive cultural norms and laws regarding women’s education, participation in the labour force, ownership of land and other assets, inheritance rights, marriage and freedom to participate in society make important contributions in this regard.

Many of these initiatives are likely to translate into specific sectoral priorities and policies—for example vocational training, access to cheap transport, and access to saving and credit markets. Women are disadvantaged in the credit market as they typically have no collateral. Innovative microfinance schemes have sought to overcome this by providing flexible loans on favourable terms, often requiring no collateral or with zero interest, for investment in small scale productive activities—such as rearing chickens or a goat. The most well-known example is the Grameen Bank, which has been providing finance to poor Bangladeshis since the late 1970s. By 2015 cumulative disbursement of loans exceeded $16 billion and the bank had provided loans to over seven million individuals, 97% of whom are women.

The participation of women in the workplace together with gender differences in pay, promotion and business leadership are important aspects of empowerment. Political representation and gender disparities in healthcare and education (often reflecting “boy preference” in many parts of the world) are also key indicators of social progress. Since the introduction of the MDGs in 1990, women in many countries have made progress towards parity with men, although much more still needs to be done. Significant progress has been made in terms of tackling female infant mortality and enabling your girls to attend school, although gross disparities between men and woman persist across the board. Despite some notable progress, so too do practices which fundamentally constrain women, such as female genital mutilation, which affects at least 125 million women in over 29 countries.

Answer 5
5) The most influential theories of development are:
• Theory of modernization
• Theory of dependency
• Theory of world-systems
• Theory of globalization

1. Theory of Modernization
According to the modernization theory, modern societies are more productive, children are better educated, and the needy receive more welfare. According to Smelser’s analysis, modern societies have the particular feature of social structural differentiation, that is to say a clear definition of functions and political roles from national institutions. Smelser argues that although structural differentiation has increased the functional capacity of modern organizations, it has also created the problem of integration, and of coordinating the activities of the various new institutions.

The major assumptions of the modernization theory of development basically are: Modernization is a phased process; for example Rostow has 5 phases according to his theory of economic development for a particular society, and I will mention them later. Modernization is a homogenizing process, in this sense, we can say that modernization produces tendencies toward convergence among societies, for example, Levy (1967, p. 207) maintains that : “as time goes on, they and we will increasingly resemble one another because the patterns of modernization are such that the more highly modernized societies become, the more they resemble one another”.
Modernization is a europeanization or americanization process; in the modernization literature, there is an attitude of complacency toward Western Europe and the United States. These nations are viewed as having unmatched economic prosperity and democratic stability (Tipps: 1976, 14). In addition, modernization is an irreversible process, once started modernization cannot be stopped. In other words, once third world countries come into contact with the West, they will not be able to resist the impetus toward modernization.
Modernization is a progressive process which in the long run is not only inevitable but desirable. According to Coleman, modernized political systems have a higher capacity to deal with the function of national identity, legitimacy,

2. Theory of dependency
The foundations of the theory of dependency emerged in the 1950s from the research of the Economic Commission for Latin America and the Caribbean ECLAC-. One of the most representative authors was Raul Prebisch. The principal points of the Prebisch model are that in order to create conditions of development within a country, it is necessary:
a) To control the monetary exchange rate, placing more governmental emphasis on fiscal rather than monetary policy;
b) To promote a more effective governmental role in terms of national development;
c) To create a platform of investments, giving a preferential role to national capitals
d) To allow the entrance of external capital following priorities already established in national plans for development;
e) To promote a more effective internal demand in terms of domestic markets as a base to reinforce the industrialization process in Latin America;
f) To generate a larger internal demand by increasing the wages and salaries of workers, which will in turn positively affect aggregate demand in internal markets;
g) To develop a more effective coverage of social services from the government, especially to impoverished sectors in order to create conditions for those sectors to become more competitive; and
h) To develop national strategies according to the model of import substitution, protecting national production by establishing quotas and tariffs on external markets.

3. Theory of world-systems
A central element from which the theory of world-systems emerged was the different form that capitalism was taking around the world, especially since the decade of the 1960s. Starting in this decade, Third World countries had new conditions in which to attempt to elevate their standards of living and improve social conditions. These new conditions were related to the fact that the international financial and trade systems began to have a more flexible character, in which national government actions were having less and less influence. Basically these new international economic circumstances made it possible for a group of radical researchers led by Immanuel Wallerstein to conclude that there were new activities in the capitalist world-economy which could not be explained within the confines of the dependency perspective. These new features were characterized mainly by the following aspects:

a) East Asia (Japan, Taiwan, South Korea, Hong Kong, and Singapore) continued to experience a remarkable rate of economic growth. It became more and more difficult to portray this East Asian economic miracle as “manufacturing imperialism”;

b) There was a widespread crisis among the socialist states which included the Sino-Soviet split, the failure of the Cultural Revolution, economic stagnation in the socialist states, and the gradual opening of the socialist states to capitalist investment. This crisis signaled the decline of revolutionary Marxism;

c) There was a crisis in North American capitalism which included the Vietnam War, the Watergate crisis, the oil embargo of 1975, the combination of stagnation and inflation in the late 1970s, as well as the rising sentiment of protectionism, the unprecedented governmental deficit, and the widening of the trade gap in the 1980s, all signaling the demise of American hegemony in the capitalist world-economy.

These elements created the conditions for the emergence of the world-systems theory. This school had its genesis at the Fernand Braudel Center for the Study of Economics, Historical Systems, and Civilization at the State University of New York at Binghamton. Having originated in sociology, the world-systems school has now extended its impact to anthropology, history , political science, and urban planning. I. Wallerstein is considered one of the most important thinkers in this theoretical field. At the beginning of his career he studied the development problems that the recently independent African nations needed to face taking into account the new capitalist economic and political conditions of the world in the 1960s.
4. Theory of Globalization
The theory of globalization emerges from the global mechanisms of greater integration with particular emphasis on the sphere of economic transactions. In this sense, this perspective is similar to the world-systems approach. However, one of the most important characteristics of the globalization position is its focus and emphasis on cultural aspects and their communication worldwide. Rather than the economic, financial and political ties, globalization scholars argue that the main modern elements for development interpretation are the cultural links among nations. In this cultural communication, one of the most important factors is the increasing flexibility of technology to connect people around the world.

The main aspects of the theory of globalization can be delineated as follows:

a) To recognize that global communications systems are gaining an increasing importance every day, and through this process all nations are interacting much more frequently and easily, not only at the governmental level, but also within the citizenry;

b) Even though the main communications systems are operating among the more developed nations, these mechanisms are also spreading in their use to less developed nations. This fact will increase the possibility that marginal groups in poor nations can communicate and interact within a global context using the new technology;

c) The modern communications system implies structural and important modifications in the social, economic and cultural patterns of nations. In terms of the economic activities the new technological advances in communications are becoming more accessible to local and small business. This situation is creating a completely new environment for carrying out economic transactions, utilizing productive resources, equipment, trading products, and taking advantage of the “virtual monetary mechanisms”. From a cultural perspective, the new communication products are unifying patterns of communications around the world, at least in terms of economic transactions under the current conditions;

d) The concept of minorities within particular nations is being affected by these new patterns of communications. Even though these minorities are not completely integrated into the new world systems of communications, the powerful business and political elites in each country are a part of this interaction around the world Ultimately, the business and political elite continue to be the decision makers in developing nations;

e) Cultural elements will dictate the forms of economic and social structure in each country. These social conditions are a result of the dominant cultural factors within the conditions of each nation.

5b) Two of the theories are compatible, which are theory of globalization and world-system. This is because based on the aforementioned elements it is clear that the globalization and world-systems theories take a global perspective in determining the unit of analysis, rather than focusing strictly on the nation-state as was the case in the modernization and dependency schools. The contrasting point between worldsystems theory and globalization, is that the first contains certain neo-marxist elements, while the second bases its theoretical foundations on the structural and functionalist sociological movement. Therefore the globalization approach tends more toward a gradual transition rather than a violent or revolutionary transformation. For the globalists authors, the gradual changes in societies become a reality when different social groups adapt themselves to current innovations, particularly in the areas of cultural communication.
The globalization and world-systems theories take into account the most recent economic changes in world structure and relations that have occurred in the last couple of decades, for example: a) In March 1973, the governments of the more developed nations, began to operate more flexible mechanisms in terms of exchange rate control. This situation allowed for a faster movement of capital among the world’s financial centers, international banks, and stock markets;

b) Since 1976 trade transactions base their speculations on the future value of the products, which is reinforced through the more flexible use of modern technology in information, computers, and in communication systems; c) The computer revolution of the eighties made it possible to carry out faster calculations and transactions regarding exchange rates values and investments, which was reinforced by the general use of the fax machine; d) During the nineties the main challenge is from the Internet which allows the achievement of more rapid and expansive communication. The Internet is increasingly creating the conditions to reinvigorate the character of the “virtual economy” in several specific markets.

5c) Underdevelopment can be an internally (domestically) or externally (internationally) induced phenomenon depending on the theory of development that is predominant. For instance in the dependency theory external forces are of singular importance to the economic activities within the dependent states. These external forces include multinational corporations, international commodity markets, foreign assistance, communications, and any other means by which the advanced industrialized countries can represent their economic interests abroad. This is so because dependency indicate that the relations between dominant and dependent states are
dynamic because the interactions between the two sets of states tend to not only reinforce but also intensify the unequal pattern.

On the internally induced phenomenon; the internal factors include leadership inertia, bad governance, corruption, debt burden, political instability as well as ethnic and religious strife and civil war. Other issues within the internal factors include hostile physical environment and environmental degradation, high unemployment growth rate and disinvestment policies and unorthodox and hostile socio-economic practices and norms among many others.

However, the major factor responsible for underdevelopment is viewed as an externally-induced process which is perpetuated by a small but powerful domestic elite who form an alliance with the international capitalist system. The “development of underdevelopment” is therefore systemic and path-dependent.

Answer 6
6) What constraints most hold back accelerated growth depending on local conditions are: Socio-Cultural Issues and Literacy and/or Educational level of the citizenry

1. Socio-Cultural Issue
In many countries like some do not venture into a particular kind of business due to socio-cultural issues like gender. Women not be allowed to participate in a particular business. Some women will be allowed to mingle in the society due to religious norms and associating some technical work to men.

2. Literacy Level:
Due to low literacy level in the under developed countries, rate of economic growth may not accelerate.

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Name : Igbokwe Cynthia Esther
Reg no: 2016/234606
Dept: Economics

MEANING OF DEVELOPMENT AND ITS IMPACT TO A NATION
WHAT IS DEVELOPMENT?
Development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. The purpose of development is a rise in the level and quality of life of the population, and the creation or expansion of local regional income and employment opportunities, without damaging the resources of the environment. Development is visible and useful, not necessarily immediately, and includes an aspect of quality change and the creation of conditions for a continuation of that change.
Development economics is 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.
DIFFERENCE BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT
Economic growth is the increase in goods & services produced by an economy or nation, considered for a specific period of time. The rise in the country’s output of goods and services is steady and constant and may be caused by an improvement in the quality of education, improvements in technology, or in any way if there is value addition in goods and services which is produced by every sector of the economy.
It can be measured as a percentage increase in real gross domestic product. Where a gross domestic product (GDP) is adjusted by inflation. GDP is the market value of final goods & services which is produced in an economy or nation.
WHILE
Economic Development is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It indicates an increase in the per capita income of every citizen. The standard of living includes various things like safe drinking water, improve sanitation systems, medical facilities, the spread of primary education to improve literacy rate, eradication of poverty, balanced transport networks, increase in employment opportunities, etc. Quality of living standard is the major indicator of economic development. Therefore, an increase in economic development is more necessary for an economy to achieve the status of a Developed Nation.
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.
KEY DIFFERENCES BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT
1).Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is the increase in the level of production in an economy along with enrichment of living standards and the advancement of technology.
2).Economic growth does not consider the Income from the Informal Economy. The Informal economy is unrecorded economic activity. Whereas, Economic Development takes consideration of all activities, whether formal or informal, and eases people with low standards of living a suitable shelter and with proper employment.
3).Economic Growth does not reflect the depletion of natural resources. Depletion of resources such as pollution, congestion & disease. Governments are under pressure due to the environmental issues, majorly the problem is due to Global warming. However, Economic Development is concerned with Sustainability, which means meeting the needs of the present without compromising.
4).Economic growth is the subset of economic development.
5).Economic growth indicates the expansion of the Gross Domestic Product (GDP) of the country and the concept of Economic Growth is basically related to the developed countries. Economic Development is a broader concept than Economic Growth. Economic Development refers to the increase of the Real National Income of the economic and socio-economic structure of any country over a long period of time. Economic Development is related to underdeveloped or developing countries of the world.
Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities.
6).Economic Growth refers to the rise in the value of all the products produced in the economy. It indicates the yearly increase in the country’s GDP or GNP, in percentage terms. It alludes to a considerable rise in the per-capita national product, over a period, i.e. the growth rate of increase in total output should be greater than the population growth rate.
7).Economic growth is necessary but not enough to achieve economic development.
Both Economic Growth vs Economic Development have different indicators for their measurement. Economic Growth can be measured through an increase in the GDP, per capita income, etc. However, Economic Development can be measured through improvement in the life expectancy rate, infant mortality rate, literacy rate, and poverty rates.
DEVELOPMENT ECONOMICS AS A SEPARATE DISCIPLINE
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. 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.
WHY WE STUDY DEVELOPMENT ECONOMICS AS A SEPARATE DISCIPLINE
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 continues to widen.
Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this module you will investigate the factors that have led to this global inequality.
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.

NAME: NWEKE MELODY CHIOMA
REG NUMBER : 2018/243742

1) it can be argued that in an organization or economy, real changes come in two ways or form ; development or deterioration.
From this perspective, when things change, they either improve or worsen.therefore we can affirm that development is the process of improving the economic performance, capabilities,and resources of the country’s inhabitants. If they (the citizens) can become more productive on an individual level through development, the economy in turn will begin seeing productivity gain

2)Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. … Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP)
While economic development is the general improvement of the people’s welfare, performance capabilities and resources .. aggregate economic development is measured in terms of per capita income.

3)it is argued that development economics originated during the Renaissance and the poor nations of Europe copied the economic structure of rich nations to force the inhabitants into activities that yielded a better standard of living.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.

3bi) 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
ii) 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.

NAME: Ezema Charity Chiadikobi
REG NO:2018/245943
DEPARTMENT:Economics
LEVEL: 300L
1: Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
ANSWER
Development can be seen as a process of expanding the freedoms that people enjoy. Focusing on freedoms contrasts with narrower views of development, such as identifying development with the growth of gross national product, or with the rise in personal incomes, or with industrialization, or with technological advance, or with social modernization.
Development requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states.
If freedom is what development advances, then there is a major argument for concentrating on that overarching objective, rather than on some particular means, or some specially chosen list of instruments.Viewing development in terms of expanding substantive freedoms directs attention to the ends that make development important, rather than merely to some of the means that, inter alia, play a prominent part in the process.
Despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers- perhaps even the majority – of people.
Sometimes the lack of the substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities.
. 2: Differences between Economic Growth and Economic Development
The terms ‘economic growth’ and ‘economic development’ sound similar. However, the two concepts are different. While economic growth is a quantitative concept, economic development is a qualitative concept.
WHAT IS ECONOMIC GROWTH
Economic growth can be referred to as the increase that is witnessed in the monetary value of all the goods and services produced in the economy during a time period. It is a type of quantitative measure that reflects the potential increase in the number of business transactions taking place in the economy.
It can be measured in terms of the increase in the aggregate market value of additional goods and services produced by using economic concepts such as GDP and GNP.
Economic growth is a narrow concept when compared to economic development.
What is Economic Development?
Economic development refers to the process by which the overall health, well-being, and academic level of the general population of a nation improves. It also refers to the improved production volume due to the advancements of technology.
It is the qualitative improvement in the life of the citizens of a country and is most appropriately determined by the Human Development Index (HDI). The overall development of a country is based on many parameters such as the creation of job opportunities, technological advancements, standard of living, living conditions, per capita income, quality of life, improvement in self-esteem needs, GDP, industrial and infrastructural development, etc
The major differences are as follows:
Economic growth is a narrower concept than that of economic development, while Economic Development is a broader concept than that of economic growth.
Economic growth is a uni-dimensional approach that deals with the economic growth of a nation, while economic development is a multi-dimensional approach that looks into the income as well as the quality of life of a nation.
Economic growth is a short-term process while Economic development is a long-term process.
Economic growth is measured quantitatively, while Economic development is measured both quantitatively and qualitatively.
Economic growth is an automatic process that may or may not require intervention from the government. However, economic development requires intervention from the government as all the developmental policies are formed by the government.
3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

Development Economics emerged after the world war II as Economist became concerned about the low standard of living in so many countries of Latin America, Africa, and Asia.
The economies of the less developed countries were different from the developed countries, Development Economics emerged as a branch of economics which deals with economic aspects of the development process in low income countries.
Development Economics should be studied as an independent discipline as it involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at both the domestic or international level.

Name: Umeh Chinaza Lucy
Reg no: 2018/246901
ECO 361: Development Economics
DEPARTMENT OF EDUCATION ECONOMICS

1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
Answer
(1)Economic development is a critical component that drives economic growth in our economy, creating high wage jobs and facilitating an improved quality of life. The business development team at the Orlando Economic Partnership works to attract, and retain jobs for the Orlando region. While the work of economic developers often falls under the radar, creating and sustaining jobs for a region is a critical component to a successful economy and community.
Justification of my position:
These are the top six reasons why economic development plays a critical role in any region’s economy.
1. 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.
2 .Economy fortification:
Economic development helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers.
3. 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.
4. Increased tax revenue:
The increased presence of companies in the region translates to increased tax revenue for community projects and local infrastructure.
5. Improved quality of life
Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents.
6. 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.

(2)Clearly analyse the differences between Economic Growth and Economic Development
Economic Growth is the positive change in the indicators of economy.Economic development is the quantitative and qualitative change in an economy.
Economic Growth refers to the increment in amount of goods and services produced by an economy. Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income. Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
Economic growth focuses on production of goods and services. Economic development focuses on distribution of resources.
Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports.Economic development relates to growth of human capital indexes and decrease in inequality.
It is concerned with how people are affected.
Economic growth is single dimensional in nature as it only focuses on income of the people. Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
Economic Growth is the precursor and prerequisite for economic development. It is the subset of economic development. Economic development comes after economic growth. It is a positive impact of economic growth.
Indicators of economic growth are:
GDP
GNI
Per capita income
Indicators of economic development are:
Human Development Index (HDI)
Human Poverty Index (HPI)
Gini Coefficient
Gender Development Index (GDI)
Balance of trade
Physical Quality of Life Index (PQLI)
It is for short term/short period. It is measured in certain time frame/period. It is a continuous and long-term process. Economic development does not have specific time period to measure.
Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.Economic development brings quantitative and qualitative change in the economy.
Economic growth is an automatic process that may or may not require intervention from the government.Economic development requires intervention from the government as all the developmental policies are formed by the government It refers to increase in production. It refers to increase in productivity.It is the means of development.It is the ends of development. growth is relatively narrow concept as compared to economic development.It is a broader concept than economic development.
Economic growth is concerned with increase in economy’s output. It is concerned with structural changes in the economy.
Economic development= Economic growth + standard of living
It is not concerned with happiness of public life.It is concerned with happiness of public life.
Poverty and inequality may remain in economic growth Achieving economic development is linked with end of poverty and inequality.
Economic growth is more relevant metric for assessing progress in developed countries. More relevant to measure progress and quality of life in developing countries. It is a material/physical concept.It is more abstract concept.

(3) Origin of Development Economics as an independent discipline and also the reasons why Development Economics should be studied as a separate course in the University.

The genesis, branding, and excitement of Development Economics has historically been its normative purpose. It needs to be carefully preserved in the current context of academic mainstreaming of the field.
The discipline of development economics grew out of colonial economics, which trained policy makers and administrators for their work in the colonies and was very much a British affair. Colonial economics was concerned with developing the natural resources of the colony and with political stabilization. It assumed that major changes in the welfare of the people was unlikely and in any case best promoted by the policy of stabilization.
Colonial Economics was transformed into Development Economics around the end of World war II.
At its origins, development economics was strongly mission oriented. It emerged in the late 1940s and early 1950s in response to governments’ demands for policy advice on how to accelerate growth and industrialization in the context of the collapse of the prior liberal order of the 1880-1930 period, the great depression in the 1930s, and the breakup of colonial empires during and after WWII, setting on their own countries such as India, Pakistan, the Philippines, Indonesia, Syria, and Lebanon. Later, in the early 1960s, similar demands originated in the newly independent countries of Sub-Saharan Africa.
If development economics is a body of thought aimed at helping countries catch up with others ahead of them, especially in per capita income, then it has to be one of the oldest fields in economics. As soon as England succeeded in industrializing ahead of its neighbors, development economics was born. It stimulated the design of accelerated industrialization strategies in France after the end of the Napoleonic wars, in Germany under Bismarck, in Russia after the abolition of serfdom, in the United States following the Civil War, and in Japan with the Meiji restoration.
Reasons why development economics should be studied as a separate course
1. 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
2. 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 continues to widen.
3. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this course you will investigate the factors that have led to this global inequality.
As part of this course, you will see the way in which economics can help our understanding of some of the major challenges of the 21st century.

Answer 1.
Development is a multidimensional process which involves major changes in social structures, national institutions and popular altitudes as well as acceleration of economic growth, reduction of inequality and eradication of poverty. In the historic record of development, the problem of poverty, discrimination, unemployment, and income distribution were of secondary importance to getting the growth job done. The emphasis in the historical record of development was on increased output, measured by gross domestic product (GDP).
Answer 2.
Economic institution are institutions that support economic development through four broad channels: determining the costs of economic transactions, determining the degree of appropriability of return to investment, determining the level for oppression and expropriation, and determining the degree to which the environment is conducive to cooperation and increased social capital. Economic institutions are conducive to economic development as it thrives to reduce the costs of economic activity. The costs include transaction costs such as search and information costs, bargaining and decision costs, policing and enforcement costs. They lower transaction costs by providing common legal frameworks (e.g. contracts and contract enforcement, commercial norms and rules), and they encourage trust by providing policing and justice systems for the adherence to common laws and regulations.
Answer 3.
The growing gap between rich and poor is undermining the fight against poverty, damaging our economies and tearing our societies apart. Yet inequality is not inevitable. It is a political choice. Extreme inequality is out of control. Hundreds of millions of people are living in extreme poverty while huge rewards go to those at the very top. There are more billionaires than ever before, and their fortunes have grown to record levels. Meanwhile, the worlds poorest got even poorer. Many governments are fueling this inequality crisis. They are massively under taxing corporations and wealthy individuals, yet underfunding vital public services like healthcare and education. These policies hit the poor hardest.
Answer 4.
The sources of national and international economic growth includes natural resources such as land, minerals, fuels, climate; their quantity and quality, human resources such as the supply of labour and the quality of labour, physical capital and technological factors such as machines, factories, roads; their quantity and quality and Institutional factors which include the banking system, the legal system and important factors like a good health care system. Economic growth is caused by improvements in the quantity and quality of the factors of production that a country has available, i.e. land, labour, capital and enterprise. Conversely economic decline may occur if the quantity and quality of any of the factors of production falls. The economic growth whether in negative or positive direction favours the rich as against the poor. Some of the developed country keep progressing towards development more than the developing ones as a result of international conspiracy and tax haven. Corruption is waxing stronger despite numerous campaign and anti-corruption fight put in place by successive government can be traced to the level of illegal financial accommodation by international banks, a safe haven for looted treasury. Non-compliance of most international community on combating illicit financial flows from developing countries portrays attribute of conspirators depends on the quality of adherence to national, international financial regulations, their implementation and whether they comply with international best practices. It affirmed that taking money from political exposed people; by British banks such as Barclays, NatWest, UBS, and HSB Care all British financial institution are fueling corruption, entrenching poverty and undermining international development in developing country. In most developing economy like Nigeria Money has gone from being a physical asset medium of exchange to being a debt token to being a medium of expropriation of the nation’s productivity by the politically exposed person and international financial institutions or legalized Banking operations in form of national wealth diverted outside productive sector of the economy to safe havens. Though, unfortunately offshore tax havens equally, represent an increasingly important obstacle to poverty reduction. They are depriving governments in developing countries of the revenues they need to sustain investment in basic services and the economic infrastructure upon which broad-based economic growth depends.
Answer 5.
The most influential theory of development is the Dependency Theory. According to dependency theory, underdevelopment is mainly caused by the peripheral position of affected countries in the world economy. Underdeveloped countries end up purchasing the finished products at high prices, depleting the capital they might otherwise devote to upgrading their own productive capacity. Dependency theorists argue that foreign aid and investment slows economic growth, perpetuates a dual economy for the elite and the poor, and increases income differences between the poor and the elite. The Dependency Theory analyses the internal dynamics of underdeveloped countries and relates their underdevelopment to their positions in the international economic system. Dependency theory focused on individual nations, their role as suppliers of raw materials, cheap labor, and markets for expensive manufactured goods from industrialized countries The unequal exchange relationship between developed and developing countries was viewed as contributing to poor economic growth. This process of underdevelopment is intimately and inseparably related to their external dependence. Underdevelopment is however, viewed as an externally-induced process which is perpetuated by a small but powerful domestic elite who form an alliance with the international capitalist system. The “development of underdevelopment” is therefore systemic and path-dependent. In short, dependency theory attempts to explain the present underdeveloped state of many nations in the world by examining the patterns of interactions among nations and by arguing that inequality among nations is an intrinsic part of those interactions.
Answer 6.
Constraint to economic growth depending on local conditions includes poor infrastructure, human capital inadequacies, primary product dependency, declining terms of trade, savings gap; inadequate capital accumulation, foreign currency gap and capital flight, corruption, poor governance, impact of civil war and Population issues.
Answer 7.
The fact that women constitute half the entire population of the country makes empowering them to be an active part of all development initiatives in any country a compelling. A number of studies have shown that sustainable development is impossible without women’s empowerment and gender equality. Consequently, it is asserted that gender equality is both a human rights issue and a precondition for, and indicator of, sustainable development (Alvarez and Lopez, 2013). It is also affirmed that gender disparity is prevalent across the cultures of the world and that without serious steps to tackle it, sustainable development cannot be achieved (Stevens, 2010). Furthermore, UN Women (2014) rightly outlined that to create a just and sustainable world and to enhance women’s roles in sustaining their families and communities, achieving gender equality is paramount. On the other hand, if the status of women is not improved, it will retard the country’s development. Therefore, one can understand from such explanations that without the improvement in the role of women in all areas of development initiatives, all the above-mentioned components of sustainable development cannot be achieved. The recent United Nations conference on development, population, and human rights, as well as the Beijing Conference had all contributed to a greater awareness among women of their rights and the gender imbalance. However, the commitments made at such conferences must be made at the national level. The United Nations could only play a supporting role. He said empowering women was a critical factor for eradicating poverty. Women’s access to income, education, health care and other resources must be given priority. Literacy must be considered the highest priority, because other initiatives, including political, economic and cultural sensitization could be easily implemented if women were literate.
References
Alvarez, and Michelle Lopez (2013), From unheard screams to powerful voices: a case study of Women’s political empowerment in the Philippines 12th National Convention on Statistics (NCS) EDSA Shangri-la Hotel, Mandaluyong City October 1–2, 2013.

Candice Stevens, (2010), Are Women the Key to Sustainable Development? Sustainable Development Knowledge Partnership (SDKP), USA.

United Nation, (2014)Women World Survey on the Role of Women in Development 2014: Gender Equality and Sustainable Development

Name: Okeke Mmesoma .F.
Reg No: 2018/245372
Department: Library and information science
Email: okekedennis82@gmail.com

1) As the special Adviser to Mr. President on Human Capital Development, I believe that the sustainable development scenario describes a future world in which policy follows an integrated approach to economic, social and environmental goals, and major institutional change occurs, with the overall goal of development that “meets the needs of the present without compromising the ability of future.

2)Economic growth is relatively narrow concept as compared to economic development.
It is for short term/short period.
It is a material/physical concept.
Economic growth is measured in certain time frame/period While Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.

3) 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.

Name : Igweh Irene Chidubem
Reg no: 2018/241400
Department: Economics
Course: Eco 361
1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
Answers
As the special adviser to Mr. President on Human Capital Development, I would say that Focusing on human freedoms contrasts with narrower views of development, such as identifying development with the growth of the gross national product, or with the rise in personal incomes, or with industrialization, or with technological advance, or with social modernization. The growth of GNP or of individual incomes can, of course, be very important as means to expanding the freedoms enjoyed by the members of the society. But freedoms depend also on other determinants, such as social and economic arrangements. Similarly, industrialization or technological progress, or social modernization can substantially contribute to expanding human freedom, but freedom depends on other influences as well. If freedom is what development advances, then there is a major argument for concentrating on that overarching objective, rather than on some particular means, or some specially chosen list of instruments. Viewing development in terms of expanding substantive freedoms directs attention to the ends that make development important, rather than merely to some of the means that, inter alia, play a prominent part in the process.
2. Clearly analyse the differences between Economic Growth and Economic Development Economic Growth refers to the increment in the number of goods and services produced by an economy while economic development has to do with the qualitative increase in the welfare of the citizens.
– Economic growth has to do with a sustained increase in a country’s output of goods and services while economic development on the other hand deals with progressive changes in the socio-economic structure of a country.
-It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income while economic development occurs when the standard of living of a large portion of the population rises, including both income and in other dimensions like health and literacy.
-Economic growth relates to a gradual increase in one of the components of GDP; consumption, government spending, investment, or net exports while economic development is about outcomes from the economy.
3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
Answer
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 le 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 continues to widen. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this module you will investigate the factors that have led to this global inequality

Edeh Amarachukwu Jennifer
2018/248241
Economics/Psychology

QUESTIONS
1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

ANSWER
“Development can also be seen as expanding the real freedoms people enjoy and enhancing the capability to lead the kind of lives we have reason to value.”

This definition or argument of “development as freedom” is a direct contrast to the usual or narrow definition that proposes that development measures growth in GNP or other variables such as personal income, industrialization, or technological advancement.

Hence the underlying question – is development really freedom?

There are many theories that explain development. However, according to Amartya Sen, the 1998 Nobel prize winner, freedom is the primary goal or objective of development. One can infer from this statement that if sustained growth doesn’t bring about freedom it can not be fully regarded as development. Sen proposed an ethical dimension to welfare economics.

“Development is the enhancement of freedoms that allow people to lead lives that they have reason to live.” this implies that development requires the eviction of sources of freedom (hindrances to freedom) such as poverty, neglect of public facilities, illiteracy, tyranny, etc. If the goal of “development as freedom” is a process of removing all these unwanted variables, then, development is really freedom.

Amartya Sen also pointed out that development is enhanced by the Democratic system of government. And as far as we know the democratic system of government promotes the freedom of citizens, the contribution of citizens, and the fundamental human rights of the people. Quick research would reveal that countries that fully practice democracy head towards or attain development faster.

Sen makes a grand claim that “no famine has ever taken place in the history of the world in a functioning democracy”. While we may not go to that extreme, it’s important to note that his points were valid and the main goal of development as freedom is indeed the central aim of development.

Going further, Sen discusses five types of interrelated freedoms, namely, political freedom, economic facilities, social opportunities, transparency, and security. This implies that the government has a role in supporting freedoms by providing public education, facilities, health care, and social safety. All these factors directly or indirectly influence an individual’s capabilities. People have the potential for enormous achievements but this is influenced by social powers, good health, education, and encouragement of initiative.

Hence, capability deprivation is a sufficient measure of poverty. And while higher GDP per capita improves the quality of life. Certain places with lower GDP per capita like India and China have higher life expectancies and literacy rates than other countries that seem to have higher GDP per capita.

Having said all these, we have discovered that freedom is central to the process of development as it provides a sort of evaluation of progress. We can therefore measure freedom by how much the freedoms of individuals in the society have been enhanced. The view of “development as freedom” is not just valid but a very important concept in the development process as this directs attention to just income but several other factors that make for a developed nation.

We can conclude this argument or discussion this:

While income is very important for development as it provides the basis for making such an environment, a wealthy nation that is troubled with insecurity, poor facilities, poor educational opportunity, little or no innovation, doesn’t provide for the freedom of people and hence, is not a developed nation.”

2. Clearly analyze the differences between Economic Growth and Economic Development
ANSWER

While many individuals use “economic growth” and “economic development” interchangeably, they are not the same thing. Economic growth can be said to be a more narrow concept than economic development.

FIRST, WHAT IS ECONOMIC GROWTH?

Economic growth can be referred to as an increase in a country’s real level of output. It is the increase in the value of goods and services produced in the economy at a particular period. It is a quantitative measure of the aggregate market value of additional goods and services produced using concepts such as GNP and GDP.

Economic growth is influenced by variables such as quality of education, technology, the number of resources, etc.

WHAT THEN IS ECONOMIC DEVELOPMENT?

According to Todaro, Economic development is an increase in living standards, self-esteem needs, and freedom from oppression. It is the process of improving the overall health, welfare, and educational level of individuals in a nation. It also considers the improvement in production driven by technological advancement as well.

Economic development, therefore, considers the qualitative improvement in the life of the people of a country. The Human Development Index (HDI) is usually employed to measure economic development. Economic development is influenced by parameters such as job opportunities, living standards, infrastructural development, per capita income, etc.

SO WHAT’S THE DIFFERENCE BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT?

Point 1 -Economic Growth accounts for the positive change in the indicators of the economy, it doesn’t account for factors such as pollution, congestion, and depletion of natural resources. However economic development considers the quantitative and qualitative change in an economy, it takes into account concepts such as the environmental effect of production such as pollution, and global warming, it considers sustainability.

Point 2- While economic growth is measured by an increase in national output/ income. Economic development goes beyond this. Economic development considers factors such as life expectancy, health care, and literacy that improve the quality of life of people in a nation. It is also concerned with the reduction and elimination of poverty, inequality, and unemployment.

Point 3 – economic growth focuses on the production of goods and services, it covers just a single dimension of human life – income. However, economic development is multidimensional, it includes both income and the stages and policies to improve the social, economic, and political welfare of people in a country. Just as economic growth majorly covers the production of goods and services, economic development pays attention to the distribution of resources in a nation that is equitable distribution of resources. It intends to reduce the gap between the rich and the poor.

Point 4- One can say that economic growth is a prerequisite for economic development. It can be said that economic growth is a subset of economic development. And although this is not always the case – economic development comes after economic growth. Hence, the indicators of economic growth include GNI, GDP, per capita income, etc. The Human Poverty Index (HPI), Gender Development Index (GDI), Balance of trade, and Human Development Index (HDI) are some of the indicators of economic development.

Point 5 – Economic growth is measured in short periods. It is short-term. However, economic development can be said to be a continuous, long-term process. Economic growth may not necessarily require government intervention. But on the other hand, economic development requires the active participation of the government in policy formulation and other aspects.

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

ANSWER

Just as many economic scholars have pointed out, development economics is a branch of economics that deals with economic facets of the development process in lower-income countries. Its major essence is not just on methods of promoting economic growth and development, but also on improving the capability of the majority of the population. It involves the creation of methods and theories that help in the formulation of policies and practices. The approaches of development economics comprise social and political factors. Development economics originated as a result of the problems of industrialization of the Eastern Europe in the aftermath of world war II. After World War II, European countries seemed to develop, while some other countries seemed to lag behind.

Hence, development economics explores the growing inequality in the distribution of resources between different parts of the world and the common challenges developing countries face.

Development economics answers very important questions such as – why is the gap between the rich and the poor so great? Why are some countries developed and some others underdeveloped? What are the factors that account for development? It is concerned with concepts such as poverty, inequality, trade, and globalization.

Development economics is a broad body of knowledge that is multidimensional. It cuts across all aspects of human life. Happiness and well-being are understood differently by different people.

The study of development economics, helps us apply the tools of economic analysis to the problems and challenges facing less-developed countries. It helps us understand why some countries have been able to go through a process of economic and human development whilst others remain poor.

Development economics helps in determining to what extent rapid population growth helps or hampers development, as well as the structural transformation of economies, and the role of healthcare and education in development.

Name: Obeleze Christiantus Ifeanyi
Reg: 2018/242407
Dept: Economics
Email Address : obelezechristiantus@gmail.com
Question no 1
Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
Answer
Development simply means “improvement in country’s economic and social conditions”. More specially, it could be be improvements in way of managing an area’s 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 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:
The volume to obtain physical demand, particularly food.
A job (not necessarily paid employment) but including studying, working on a family farm or keeping house.
Equality, which should be considered an objective in its own right.
Participation in government.
Belonging to a nation that is truly independent, both economically and politically; and
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 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 heterogeneous 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 centred 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.
Question no 2
Clearly analyse the differences between Economic Growth and Economic Development
Answer
Economic Growth is the positive change in the indicators of economy.Economic development is the quantitative and qualitative change in an economy.Economic Growth refers to the increment in amount of goods and services produced by an economy.Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.Economic growth means an increase in real national income / national output.Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.Economic growth focuses on production of goods and services.Economic development focuses on distribution of resources.Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports.Economic development relates to growth of human capital indexes and decrease in inequality.
It is concerned with how people are affected.
Economic growth is single dimensional in nature as it only focuses on income of the people.Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.Economic Growth is the precursor and prerequisite for economic development. It is the subset of economic development.Economic development comes after economic growth. It is a positive impact of economic growth.Indicators of economic growth are:

GDP

GNI

Per capita income

Indicators of economic development are:

Human Development Index (HDI)

Human Poverty Index (HPI)

Gini Coefficient

Gender Development Index (GDI)

Balance of trade

Physical Quality of Life Index (PQLI)

It is for short term/short period. It is measured in certain time frame/period.It is a continuous and long-term process. Economic development does not have specific time period to measure.Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.Economic development brings quantitative and qualitative change in the economy.Economic growth is an automatic process that may or may not require intervention from the governmentEconomic development requires intervention from the government as all the developmental policies are formed by the governmentIt refers to increase in production.It refers to increase in productivity.It is the means of development.It is the ends of development.Economic growth is relatively narrow concept as compared to economic development.It is a broader concept than economic development.Economic growth is concerned with increase in economy’s output.It is concerned with structural changes in the economy.
Economic development= Economic growth + standard of living

It is not concerned with happiness of public life.It is concerned with happiness of public life.Poverty and inequality may remain in economic growthAchieving economic development is linked with end of poverty and inequality.Economic growth is more relevant metric for assessing progress in developed countries.More relevant to measure progress and quality of life in developing countries.It is a material/physical concept.It is more abstract concept.
QUESTION NO. 3
Origin of Development Economics as an independent discipline and also the reasons why Development Economics should be studied as a separate course in the University.

The genesis, branding, and excitement of Development Economics has historically been its normative purpose. It needs to be carefully preserved in the current context of academic mainstreaming of the field.
The discipline of development economics grew out of colonial economics, which trained policy makers and administrators for their work in the colonies and was very much a British affair. Colonial economics was concerned with developing the natural resources of the colony and with political stabilization. It assumed that major changes in the welfare of the people was unlikely and in any case best promoted by the policy of stabilization.
Colonial Economics was transformed into Development Economics around the end of World war II.

At its origins, development economics was strongly mission oriented. It emerged in the late 1940s and early 1950s in response to governments’ demands for policy advice on how to accelerate growth and industrialization in the context of the collapse of the prior liberal order of the 1880-1930 period, the great depression in the 1930s, and the breakup of colonial empires during and after WWII, setting on their own countries such as India, Pakistan, the Philippines, Indonesia, Syria, and Lebanon. Later, in the early 1960s, similar demands originated in the newly independent countries of Sub-Saharan Africa.

If development economics is a body of thought aimed at helping countries catch up with others ahead of them, especially in per capita income, then it has to be one of the oldest fields in economics. As soon as England succeeded in industrializing ahead of its neighbors, development economics was born. It stimulated the design of accelerated industrialization strategies in France after the end of the Napoleonic wars, in Germany under Bismarck, in Russia after the abolition of serfdom, in the United States following the Civil War, and in Japan with the Meiji restoration.

As an academic discipline, development economics was established in the mid-40s and early 1950s, some 60 years ago, with recessions in the industrialized economies wrecking the prior international division of labor where developing countries could rely on industrial imports in exchange for primary goods exports, and with newly independent countries emerging from the breakdown of colonial empires, both creating demand for guidelines in the catching up process. This 60th anniversary gives us an opportunity to look back at what has been achieved, derive lessons for the future, and simply celebrate a successful six decades of development economics and economic development.

Over this period, development economists have shown that economic development can indeed succeed, sometimes in countries that had been deemed basket cases for a takeoff into sustained economic growth, and that development economics often had a decisive role to play in securing success. In this exercise, the field itself has been transformed. Today, development economics is far more comprehensive and analytical than at the time of the “pioneers” (Meier, 1985). The profession has been mainstreamed in economics, with areas of specialization in development economics in most major universities. It has attracted large numbers of outstanding talents, passing the “recruitment test” proposed by Hirschman as a criterion for the professional success of a discipline. It has received large inflows of resources from international organizations, bilateral development agencies, and donors. And it has helped achieve success in development by enlarging the convergence club to a membership in excess of four billion people, reducing the global extreme poverty rate by 50% over the last 25 years (Chen and Ravallion, 2008), and witnessing the emergence of a bulging world middle class (Ravallion, 2010). The contributions of development economics to this process have been through ideas derived from research, policy advice, and teaching. Much of this influence has been invisible, imbedded in the human capital of returning students becoming pillars of development in their own countries. This was the case with for example Yale Economic Growth Center collaborators in Taiwan and Pakistan, the “Berkeley mafia” in Indonesia, the Chicago Boys in Chile, training under D. Gale Johnson of Chinese scholars at the China Center for Economic Research, USAID Title XII engagement of U.S. land grant colleges with agricultural universities across the world, and training of hundreds of development economists under the AERC (African Economic Research Consortium) in Sub-Saharan Africa. The CERDI has over the years trained thousands of mid-career professionals in economic development and public administration, many of whom now hold key positions in their own countries.

Reasons why Development Economics should be studied as a separate course in the University.

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 continues to widen.

Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this module you will investigate the factors that have led to this global inequality.

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?
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.

NAME: OGBONNAYA GERALDINE UGOCHI
DEPARTMENT: ECONOMICS
REGISTRATION NUMBER: 2018/241833
LEVEL: 300L
COURSE TITLE: DEVELOPMENT ECONOMICS 1
COURSE CODE: ECO 361

QUESTIONS:
1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

2. Clearly analyse the differences between Economic Growth and Economic Development

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

ANSWERS:
Q1. 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.

Q2. ECONOMIC GROWTH
a) Economic Growth is the positive change in the indicators of economy.
b) Economic Growth refers to the increment in amount of goods and services produced by an economy.
c) Economic growth means an increase in real national income / national output.
d) It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.
e) Economic growth is single dimensional in nature as it only focuses on income of the people.
f) Earlier, economic growth was only measured in terms of Gross Domestic Product (GDP).
g) At present, it is measured in terms of GDP, Gross National Income (GNI) and Per Capita Income.
h) Economic Growth is the precursor and prerequisite for economic development.
Indicators of economic growth are GDP, GNI and per capita income.
i) Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports.
j) It is also considered as a traditional measure of development which indicates the quantitative rise of economy.
k) Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
l) Economic growth is concerned with increase in economy’s output.
m) It focuses on production of goods and services.
n) Economic growth is more relevant metric for assessing progress in developed countries.
o) Economic growth is relatively narrow concept as compared to economic development.
p) It is for short term/short period.
q) It is a material/physical concept.
r) Economic growth is measured in certain time frame/period.

ECONOMIC DEVELOPMENT
a) Economic development is the quantitative and qualitative change in an economy.
b) Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
c) Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
d) Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
e) Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
f) Economic development is concerned with the happiness of public life.
g) Economic development comes after economic growth. It is a positive impact of economic growth.
h) Economic development also refers to:
•Provision of sufficient and effective physical and social infrastructures.
•Equal access to resources
•Participation of all in economic activities
•Equitable distribution of dividends of economy.
i) Economic development= Economic growth + standard of living.
j) It refers to increase in productivity.
k) Indicators of economic development are:
•Human Development Index (HDI)
•Human Poverty Index (HPI)
•Gini Coefficient
•Gender Development Index (GDI)
•Balance of trade
•Physical Quality of Life Index (PQLI)
l) Economic development is the ends of development.
m) Achieving economic development is linked with end of poverty and inequality.
o) It is more abstract concept.
p) Economic development focuses on distribution of resources.

Q3. In mercantilism, it is argued that development economics originated during the Renaissance and the poor nations of Europe copied the economic structure of rich nations to force the inhabitants into activities that yielded a better standard of living. The Italian tradition focused on the developments of the 1600s and 1700s and favoured the role of the state in leading and co-ordinating economic transition and progress. It has been argued that England’s penetration of world markets in the sixteenth and seventeenth centuries occurred only with the help of royal charters as it gave certain privileges to specific sectors of the economy. As for the German economics tradition, it has always stressed on development economics in the sense that it focuses on technology and new knowledge, production, policies based on morality and on the context. Its approach always produced a theory where economic growth is both activity-specific and uneven.

REASONS WHY DEVELOPMENT ECONOMICS SHOULD BE STUDIED AS A SEPARATE COURSE IN THE UNIVERSITY.
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.

NAME : ILOUBA EBUBECHUKWU STANLEY
REG. NO : 2018/242474
DEPARTMENT : COMBINED SOCIAL SCIENCE (ECONOMICS/political science)
EMAIL : Ebubeilouba@gmail.com
COURSE : Eco 361
QUESTIONS AND ANSWERS:
Following from the previous questions, clearly and convincingly answer the following Questions as the Special Adviser to Mr. President on Economic Development and Poverty Alleviation.
14. Do educational systems in developing countries really promote economic development, or are they simply a mechanism to enable certain select groups or classes of people to maintain positions of wealth, power, and influence?
15. As more than half the people in developing countries still reside in rural areas, how can agricultural and rural development best be promoted?
Are higher agricultural prices sufficient to stimulate food production, or are rural institutional changes (land redistribution, roads, transport, education, credit, etc.) also needed?
16. What do we mean by “environmentally sustainable development”? Are there serious economic costs of pursuing sustainable development as opposed to simple output growth, and who bears the major responsibility for global environmental damage—the rich North or the poor South?
17. Are free markets and economic privatization the answer to development problems, or do governments in developing countries still have major roles to play in their economies?
18. Why do so many developing countries select such poor development policies, and what can be done to improve these choices?
19. Is expanded international trade desirable from the point of view of the development of poor nations? Who gains from trade, and how are the advantages distributed among nations?
20. When and under what conditions, if any, should governments in developing countries adopt a policy of foreign-exchange control, raise tariffs, or set quotas on the importation of certain “nonessential” goods in order to promote their own industrialization or to ameliorate chronic balance of payments problems?
What has been the impact of International Monetary Fund “stabilization programs” and World Bank “structural adjustment” lending on the balance of payments and growth prospects of heavily indebted less developed countries?
21. What is meant by globalization, and how is it affecting the developing countries?
22. Should exports of primary products such as agricultural commodities be promoted, or should all developing countries attempt to industrialize by developing their own manufacturing industries as rapidly as possible?
23. How did so many developing nations get into such serious foreign-debt problems, and what are the implications of debt problems for economic development? How do financial crises affect development?
24. What is the impact of foreign economic aid from rich countries? Should developing countries continue to seek such aid, and if so, under what conditions and for what purposes?
Should developed countries continue to offer such aid, and if so, under what conditions and for what purposes?
25. Should multinational corporations be encouraged to invest in the economies of poor nations, and if so, under what conditions? How have the emergence of the “global factory” and the globalization of trade and finance influenced international economic relations?
26. What is the role of financial and fiscal policy in promoting development? Do large military expenditures stimulate or retard economic growth?
27. What is microfinance, and what are its potential and limitations for reducing poverty and spurring grassroots development?
ANSWERS:
14). Education in every sense is one of the fundamental factors of development. No country can achieve sustainable economic development without substantial investment in human capital. Education enriches people’s understanding of themselves and world. It improves the quality of their lives and leads to broad social benefits to individuals and society. Education raises people’s productivity and creativity and promotes entrepreneurship and technological advances. In addition it plays a very crucial role in securing economic and social progress and improving income distribution.
Education means a form of learning in which knowledge, skills and habits are transferred from on generation to the nest generation. The education of a person starts when he born. At the early stage the most important teachers of a child are his parents and specially his mother’s. Because one mothers can teach his child best. As there are three levels of education primary, secondary and tertiary.
The education plays a great role in developing country in every field. It plays like a model role in the development of one country if the people of a country are educated then they can easily helps them in development.
In the earlier stages the peoples are talented, so that they invent many ideas and think much more but due to lake of education they can’t prove them much more. At that time they have no laboratories in which they can prove their ideas. But now the world which is developing are used their ideas and thinking. It is due to education that they are developed so that they can prove the thinking of past scientists.
Education is the driving force for the national development and economic growth are very strongly depends on the education and these both are playing great role in developing a country. The nations are build by education economic growth can be increased, if the peoples of a country are educated they can easily grow up the national economy because then they can better knows the economic principles and rules and can think about them easily if they are educated.
Education gives people the skills they need to help themselves out of poverty or, in other words, into prosperity. If one got education then he is able to a better job then a labor’s work. He is ale to do a government job or any other private job and can show their skills which are helpful in developing a country. There is huge difference between an educated and uneducated person, an uneducated can’t show his ideas and skills better than an educated person. He is always beyond the educated one. Hence it is the education which can leads a person from poverty into prosperity.
Education plays great role on health. As if the peoples of a country are healthy then they can work hard and good. They can think positively and perform his duty better than any sick person if the peoples of a country are educated then they can take health care and cleanliness. They can take his health care better than an uneducated person by knowing the advantages and disadvantages of that action that they want to done. They never want to do anything which is harmful for his health. And due to this reason they can take health care and can perform better in developing a country.
Education teaches us that how one can live his life better. He teaches us about the relationships and manner of leaving in a society then in country and in a world at global level. He teaches us the difference between that how can leave our life better and prevent ourselves from bad societies.
An education is a basic necessity for any country’s development and helps us in teaching that how we can improve the culture of peace. Due to education we can improve our technology and mostly our defense technology by which we can secure our country. if the peoples of a country are educated then the other countries want a relationship with that country by which we can improve the business with other countries and can improve the income of our country, and can leads our country at the top of world’s country list.
The country or nation’s systems are by one person which is known as leaders of that country. Now if the leaders of a country are well educated and qualified then they can control all the system of that country very well. They can think positive and can compete with another country easily in the field of development and prosperity of a country.
They can easily perform his functions and duties under the rules and equality with every person, otherwise if the leaders of a country are uneducated then they can’t control the system well, they can’t give justice to every one. They can’t take any information about the modern world .They can’t compete with another countries in the field of development. Hence there is a great difference between an educated and uneducated leader. This is only educated leader who can perform every duty of a country well.
Every field of education has its own importance in the development of a country. Like other subjects engineering also plays great importance. Nowadays all the factories and industries work due to engineering. Due to engineering the most difficult and time consuming works are become short, due to machine and new technology we are able to done it in a very short time. Due to engineering the countries are even able to become an atomic bomb. They invent many new technologies all most in every fields which can work easily and time saving. One nation can become better from another one on the basis of technologies. So the education is necessary for seeding the technical education like engineering because they can play a great role in developing a country and helps them to become superior in the world.
Education seeks us that what and how and how many one thing develop a country. it shows all the advantages and disadvantages about that thing. Education helps us to teach one thing first and then we can use it in developing a country.
Hence the education plays a huge and a great role in developing a country. Due to this the Diogenes Caertius says that “The foundation of every state is the education of its youth”.
15).As more than half the people in developing countries still reside in rural areas, how can agricultural and rural development best be promoted?
It has been estimated that about 70 percent of the world’s poor live in rural, and strongly dependent from agriculture, areas. Soaring food prices generate possibilities for welfare improvements of their livelihoods and declining poverty numbers. Nevertheless among the rural population but also in urban areas, attributes of the social structure may result in welfare reducing outcomes. The relative position of households in the food market appears to be among the critical factors expected to determine the improvement or not of the household welfare. In particular households that are net buyers of food are facing the risk of declining welfare. Poorly endowed households such as landless or small landholders and out of agriculture wage earners belong in the groups of households that declining welfare is also the likely outcome. , at the household level. Country-level impacts, no matter how important they are tend to mask important differences among socioeconomic groups and households within countries. Increasing food prices are expected to influence strongly the welfare outcomes of different groups of households particularly in developing countries, and thus their food security and poverty status. The present analysis tries to generate hypotheses with respect to the channels through which the price effects are expected to be transmitted, but mainly to characterize the groups of households that will most likely benefit or lose from the increasing food prices. The livelihood profile, which dominates in the developing world, and particularly in the rural areas, is dependent on the agricultural sector. While the majority possesses or rents, a small piece of land (that cultivates using traditional methods), the poorest part, is usually landless earning their livelihoods from irregular wage labor, which usually is related to agricultural activities. Quite significant is also the high uncertainty that frequently results into serious shocks (idiosyncratic or covariate). Aversion to uncertainty associated with poor individual or communal access to assets (including institutions), is leading to net consuming positions. Thus the net market position is outcome both of individual choice and/or external factors. Individual choice may concern for 1 A thorough discussion concerning the reasons behind the recent price increases as well as their potential impact can be found in von Braun (2007) and Schmidhuber (2006). The authors argue that the changing consumer preferences in parts of the world (China, India), the booming of bio-fuels demand in association with adverse weather conditions that reduced food stocks contributed to the price increases. The impact on poverty is in line with what argued in the present paper, namely that wage earners and urban households are expected to lose while commercialized farmers will appropriate benefits in the medium or long run. 4 instance high reservation prices, while lack of markets and institutions may refer to missing markets. Furthermore the aftermath of the poor asset base associated with high uncertainty, is high vulnerability to poverty and extensive food insecurity. Price increases of food items constitute a covariate shock, that if it persists in time, its consequences will affect all aspects of the livelihoods. As soon as they are transmitted locally, the impact will affect negatively the welfare of net food buyers in the short run. Substituting with cheaper food items is expected to reduce the size of the adverse effects. The data come from the Rural Income Generating Activities (RIGA) database. Tabulations of key asset, livelihood characteristics and shares of income sources, along the quintiles of per capita expenditures, identify the direct income and consumption effects on the welfare status of the households and in their food security in particular. As stated above, the characterization of a household as a net food buyer or net food seller in the market for basic staple food items is expected to determine the benefits and/or losses resulting from the price increases. Furthermore it need not be neglected that apart from the direct effects on consumption and income of the households, second round effects are equally important for their long run position. This type of effects modifies the structure of production activities (e.g. substitution between factors), and is difficult to assess given the complex interactions involved among different markets. It is necessary to say that the small number of selected countries as well as their strong diversity does not allow safe generalizations of results and conclusions. The structure of the paper is organized as follows.
16. What do we mean by “environmentally sustainable development”? Are there serious economic costs of pursuing sustainable development as opposed to simple output growth, and who bears the major responsibility for global environmental damage—the rich North or the poor South?
16). The environment and natural resources form an essential economic base in countries where we work around the world, and their use generates significant economic and social benefits for people – particularly those living in poverty, of which women make up the majority.
Children and women are often impacted the most by risks to food security caused by environmental degradation and climate change, as they work longer hours to access food, fuel and water. In this context, girls may be taken out of education and forced into domestic work or agricultural labour, and are vulnerable to forced marriage and gender-based violence.
Our green programmes aim to conserve biodiversity and contribute to economic growth and food security in an environmentally sensitive and sustainable manner. We focus on working with communities, especially girls and women, to improve their rights and empower decision-making.
Over 800 million peoplelargely depend on natural resources for their sustenance and livelihoods
Less than 20% of the world’s landis owned by women, yet women produce the majority of the global food supply
A 70% increasein the use of natural resources per capita by 2050 is predicted if current trends continue
FEATURES OF SUSTAINABLE DEVELOPMENT
Green economy
A green economy is one that results in improved human wellbeing and social equity, while significantly reducing environmental risks and ecological scarcities. It is low carbon, resource efficient and socially inclusive.
Blue economy
The blue economy is the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, while preserving marine and coastal ecosystems.
Green skills
Green skills can be understood as the knowledge and skills needed to live and work in an environmentally responsible way, and to deal with the impacts of climate change.
17). Are free markets and economic privatization the answer to development problems, or do governments in developing countries still have major roles to play in their economies?
The tone of the privatization debate has evolved in recent years in international financial institutions as privatization activity has shifted towards developing economies, and as a consequence of the difficulties of implementation and some privatization failures in the 1980s and 1990s (Jomo 2008). As a result, more emphasis in policy-making is now being placed on creating the preconditions for successful privatization. Thus, in place of a simple pro-privatization bias characteristic of the Washington consensus (Boycko, Shleifer, and Vishny 1995), it is now proposed that governments should first provide a better regulatory and institutional framework, including a well-functioning capital market and the protection of consumer and employee rights. In other words, context matters: ownership reforms should be tailor-made for the national economic circumstances, with strategies for privatization being adapted to local conditions. The traditional privatization objective of improving the efficiency of public enterprises also remains a major goal in developing countries, as does reducing the subsidies to state-owned enterprises (SOEs).
This article therefore reviews the recent evidence on privatization, with an emphasis on developing countries. The first section presents some stylized facts. The next section examines the effects of privatization in terms of firms’ efficiency and performance. In the following section, we go on to examine the distributional impacts of privatization. Policy recommendations are developed in the final section.
Privatization Trends: Stylized Facts
Privatization Trends Since the Late 1980s
The data on privatization prior to 2008 (with a regional breakdown) is sourced from the World Bank Privatization database but unfortunately this was discontinued in 2008 and no consolidated data is available after that date. Since we have not been able to find disaggregated data post-2008, we therefore present world aggregates, based on the Privatization Barometer database.
For the rest of Asia, the picture is rather different. While South Asia has experienced only a limited number of privatizations (especially India), this was not the case in East Asia, where total privatization proceeds represented 30% of the world’s total ($230 billion) over the 1988 to 2008 period. China, in particular, stands out. Over a 25-year period, the Chinese government has encouraged innovative forms of industrial ownership, especially at the subnational level, that combine elements of collective and private property (Brandt and Rawski 2008). New private entry and foreign direct investment have also been encouraged. As a result, by the end of the 1990s, the non-state sector accounted for over 60% of GDP and state enterprises’ share in industrial output had declined from 78% in 1978 to 28% in 1999 (Kikeri and Nellis 2004). The OECD estimated the state-owned share of GDP had further declined to 29.7% by 2006 (Lee 2009).
Finally, in Latin America and especially in Chile, large-scale privatization programs have been launched, especially in the infrastructure sector, starting in 1974 in Chile and peaking in the 1990s. Between 1988 and 2008, the total privatization proceeds in Latin America amounted to $220 billion (28% of total world proceeds).
One needs to be cautious, however, when interpreting the raw data because of differences in the size of economies. The differences between the privatization experience of Africa, Asia, and Europe become less striking when proceeds are normalized by GDP, though privatization revenue to GDP is high in Latin America, representing, on average, 0.5% of GDP over the period.
Privatization Trends Since 2008
The five years to 2015 have been marked by the predominant role of China in global privatizations, while the EU’s share has been below its long-term average of 45% of the world’s total proceeds, running at only one-third of worldwide totals, on average. According to the Privatization Barometer (PB) Report 2013–2014, global privatization total proceeds exceeded $1.1 trillion from January 2009 to November 2014, with $544 billion of divested assets between January 2012 and November 2014.
18). Why do so many developing countries select such poor development policies, and what can be done to improve these choices?
Many of today’s poorest countries do not collect adequate revenues to build the human capital, infrastructure, and institutions needed for stronger growth and faster poverty reduction. In sub-Saharan Africa, for example, 15 of the 45 countries have revenues lower than 15 percent of GDP. Moreover, sub-Saharan Africa’s resource-rich countries have revenues that are more volatile and lower than countries that are resource-poor. Even with substantial foreign grants and loans, government spending by developing countries is lower than by advanced economies. In 2018, government spending in sub-Saharan Africa averaged 23 percent of GDP compared with 31.4 percent in middle-income countries and almost 39 percent in the advanced ones.
Comparisons between today’s developing countries and today’s advanced economies can provide aspiration but less so in terms of recommendations about policies and institutions. Of greater value for developing countries are comparisons with advanced economies when they were less prosperous and would have been considered low-income or lower middle-income. Using government spending a century ago by 14 of today’s advanced economies (Advanced 14), we highlight four lessons for developing countries. We develop these lessons in greater detail in a forthcoming working paper.
what can be done to improve these choices?
Governments can advance development even with low levels of government spending.
Today’s low-income countries spend more than twice on average than today’s advanced economies spent more than a century ago (Figure 1). To be sure, this difference reflects the lack of the tax instruments and systems we have today. From 1850 until the early 1900s, customs duties and excises provided the bulk of government revenues, while the personal income tax and VAT were not introduced in countries until later. Moreover, society’s expectations from the government were much different then. In 1900, for example, spending on unemployment, health, pensions, and housing amounted to only 1.1 percent of GDP in the Scandinavian countries on average and to 0.7 percent of GDP in the U.S. Even with low level of government spending, economic development was brisk in most of the Advanced 14 at the turn of the 20th century, with infrastructure improvements financed by private capital and the strong expansion of primary and secondary education.
Government spending in the Advanced 14 increased substantially since 1960 as they reevaluated the role of government amid rapid industrialization and globalization and new taxes became commonplace (Figure 2). The shift from agrarian to industrial to post-industrial economies required different worker skills. Economic disruptions reshaped governments in the past, as is happening now with the changing world of work, leading to a large expansion of social insurance and protection spending.
Development paradigms vary among today’s advanced and developing countries. Robust growth can happen with a smaller or a larger government, in general. Too large of a redistribution, however, may create substantial disincentives to work and invest, or lead to tensions between formal and informal workers, employees of large companies or state-owned enterprises and small private firms. This danger now is clearer than ever: The changing world of work is clashing with persistent informality in developing countries and social protection systems that cover only part of the population.
19). Is expanded international trade desirable from the point of view of the development of poor nations? Who gains from trade, and how are the advantages distributed among nations?
Definition of International Trade: Understanding about International trade definition gives a hint to policy makers or economists to understand about international trade; meanwhile, it is noticed that the various definitions of international trade given by different economists can be an indicator to calculate the cost and benefit of doing international trade. According to Smriti Chand, (2015), he refers international trade as the exchange of capital, goods, and services across international borders or territories. According to Shawn Grimsley, (2015), international trade is about the outflow and inflow of international exchange that usually result from the inward (import) and outward (export) movement of goods and services. It is significantly created in order to increase the global state development in term of economic, and the interaction of trade or commerce, as well as the social and political relations between nations. Costs and Benefits of International Trade: According to Pung Sun & Almas Heshmati, (2010), the authors studied about the relationships and the contributions of international trade on economic growth in the globalization era. In addition, World Bank and IMF which annually publish a report on the market access in agriculture and on barriers to trade in textiles and clothing also raised that subsidies and anti-dumping procedures imposed by developed countries can harm the interest of exporters from developing countries. A part from protectionist policies, it is observed that developing countries may have less competitive on the international market since they seem to relatively receive less technology transfer than the developed countries.
once different countries possess different factor endowment in producing goods, trade will occur among all those countries, in which they can enjoy the mutual benefit, even some countries might gain less than the others, but still they can maximized their benefit as much as they can. However, if we think about the cost and benefit between the poor and the rich we can say that, the developing countries to suffer more from the trade deficit as the trade deficit is too heavy for those from the developing countries, while the developed countries tend to enjoy more benefit from conducting the trade. Moreover, if we can say that developing countries seem to be able to earn a very low profit from the trade liberalization, as they do not have advanced technology just like the rich countries do, so what the developing countries can product are most likely to be garment product, food or agricultural products, while the rich countries can produce some kind of machinery, automobile, and as well as the technological product which can help the rich to earn way better than the developing can do. For example, Cambodia exports a total of 44 and 36 percent of garment to US and EU recently in the very 1st quarter of 2015 (World Bank, 2015), and by export those kind of products Cambodia did not gain much comparing to the developed countries. On the other hand, despise having to say that the developing countries have to suffer a lot more than the developed countries over the trade relations, but still the developing countries can also gain quite a handful satisfaction from it as well.
20).When and under what conditions, if any, should governments in developing countries adopt a policy of foreign-exchange control, raise tariffs, or set quotas on the importation of certain “nonessential” goods in order to promote their own industrialization or to ameliorate chronic balance of payments problems?
The improved global economic environment for many developing countries — including the current upswing in some nations resulting from high demand for oil and other raw materials, and the expanded manufacturing prowess of others, such as China — needs to be turned into a dynamic process of economic growth and structural change that creates employment and raises living standards over the long term, a new UNCTAD report says.
To do this, the Trade and Development Report 2006 (1), (TDR) counsels, Governments of developing countries should be actively involved in fostering and strengthening domestic businesses — in contrast to the 1980s and ´90s, when they were advised by the Bretton Woods Institutions to keep their hands off and let market forces do the work of “getting the prices right.” These countries also should not be overly restricted by international trade rules or by conditions imposed by international lenders from doing what´s best for their economies, the report says. Such freedom of action has become a major issue in recent years and is often referred to as “policy space” (see UNCTAD/PRESS/PR/2006/019)
The report, also known as the TDR, urges Governments to take a pro-active stance in macroeconomic and industrial policies to accelerate private investment and technological upgrading and to stimulate the creative forces of markets: it is risk-taking, innovative entrepreneurial decisions that lead to new lines of production and the creation of new firms and jobs. Governments should also protect fledgling enterprises when necessary, including through the careful application of subsidies and tariffs, until domestic producers can meet international competition in the sale of increasingly sophisticated products.
The TDR contends that monetary policy could play a more effective role in support of growth by focusing on the provision of low real interest rates, which would incite investment, and a competitive and stable exchange rate, which would promote domestic producers in world markets. To allow monetary policy to play that role, the report says, emerging-market economies should reduce their dependence on foreign capital inflows, as many of them have already done, and should identify additional non-monetary instruments for price stabilization, such as income policy or direct intervention into price and, especially, wage formation.
The Trade and Development Report underlines that any prescription for economic development must respect the specific situation of each country. There is no “one-size-fits-all.” Nonetheless, it identifies some common factors that should be applied: policies supportive of innovative investment; adaptation of imported technology to local conditions; strengthening of industrial policy; and “strategic trade integration” — that is, the careful, managed introduction of domestic businesses into international markets.
21).Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Globalization is a process of global economic, political and cultural integration. It has made the world become a small village; the borders have been broken down between countries. ”The history of globalization goes back to the second half of the twentieth century, the development of transport and communication technology led to situation where national borders appeared to be too limiting for economic activity” (Economic Globalization in Developing Countries, 2002). Globalization is playing an increasingly important role in the developing countries. It can be seen that, globalization has certain advantages such as economic processes, technological developments, political influences, health systems, social and natural environment factors. It has a lot of benefit on our daily life. Globalization has created a new opportunities for developing countries. Such as, technology transfer hold out promise, greater opportunities to access developed countries markets, growth and improved productivity and living standards. However, it is not true that all effects of this phenomenon are positive. Because, globalization has also brought up new challenges such as, environmental deteriorations, instability in commercial and financial markets, increase inequity across and within nations. This paper evaluates the positive and negative impact of globalization on developing nations in the following proportions;
1- Economic and Trade Processes Field
2- Education and Health Systems
3- Culture Effects
1- Economic and Trade Processes Field
Globalization helps developing countries to deal with rest of the world increase their economic growth, solving the poverty problems in their country. In the past, developing countries were not able to tap on the world economy due to trade barriers. They cannot share the same economic growth that developed countries had. However, with globalization the World Bank and International Management encourage developing countries to go through market reforms and radical changes through large loans. Many developing nations began to take steps to open their markets by removing tariffs and free up their economies. The developed countries were able to invest in the developing nations, creating job opportunities for the poor people. For example, rapid growth in India and China has caused world poverty to decrease (blogspot.com.2009). It is clear to see that globalization has made the relationships between developed countries and developing nations stronger, it made each country depend on another country. According to Thirlwall (2003:13) ” Developing countries depend on developed countries for resource flows and technology, but developed countries depend heavily on developing countries for raw materials, food and oil, and as markets for industrial goods”. One the most important advantages of globalization are goods and people are transported easier and faster as a result free trade between countries has increased, and it decreased the possibility of war between countries. Furthermore, the growth in the communication between the individuals and companies in the world helped to raise free trade between countries and this led to growth economy. However, globalization has many economy and trade advantages in the developing countries, we must also note the many disadvantages that globalization has created for the poor countries. One reason globalization increases the inequality between the rich and poor, the benefits globalization is not universal; the richer are getting rich and the poor are becoming poorer. Many developing countries do benefit from globalization but then again, many of such nations do lag behind.” In the past two decades, China and India have grown faster than the already rich nations. However, countries like Africa still have the highest poverty rates, in fact, the rural areas of China which do not tap on global markets also suffer greatly from such high poverty (blogspot.com.2009). On the other hand, developed countries set up their companies and industries to the developing nations to take advantages of low wages and this causing pollution in countries with poor regulation of pollution. Furthermore, setting up companies and factories in the developing nations by developed countries affect badly to the economy of the developed countries and increase unemployment.
2- Education and Health Systems
Globalization contributed to develop the health and education systems in the developing countries. We can clearly see that education has increased in recent years, because globalization has a catalyst to the jobs that require higher skills set. This demand allowed people to gain higher education. Health and education are basic objectives to improve any nations, and there are strong relationships between economic growth and health and education systems. Through growth in economic, living standards and life expectancy for the developing nations certainly get better. With more fortunes poor nations are able to supply good health care services and sanitation to their people. In addition, the government of developing countries can provide more money for health and education to the poor, which led to decrease the rates of illiteracy. This is seen in many developing countries whose illiteracy rate fell down recently. It is truth that, living standards and life expectancy of developing countries increase through economic gains from globalization. According to the World Bank (2004) ” With globalization, more than 85 percent of the world’s population can expect to live for at least sixty years and this is actually twice as long as the average life expectancy 100 years ago”. In addition, globalization helped doctors and scientists to contribute to discover many diseases, which spread by human, animals and birds, and it helped them to created appropriate medicines to fight these deadly diseases. For example, HIV/ADIS, swine flu and birds’ flu whole world know about these diseases and they know how to avoid it. By globalization, there are many international organizations, such as, Non-governmental Organization (NGO), World Health Organization (WHO) and UNESCO, trying to eliminate illiteracy and deadly diseases in the world and save the life. In spite of these positive effects of globalization to the education and health fields in the developing countries. However, globalization could have negative impacts also in these fields; globalization facilitates the spread of new diseases in developing nations by travelers between countries. Due to increased trade and travel, many diseases like HIV/ADIS, Swine Flu, Bird Flu and many plant diseases, are facilitated across borders, from developed nations to the developing ones. This influences badly to the living standards and life expectancy these countries. According to the World Bank (2004) “The AIDS crisis has reduced life expectancy in some parts of Africa to less than 33 years and delay in addressing the problems caused by economic”. Another drawback of globalization is, globalized competition has forced many minds skilled workers where highly educated and qualified professionals, such as scientists, doctors, engineers and IT specialists, migrate to developed countries to benefit from the higher wages and greater lifestyle prospects for themselves and their children. This leads to decrease skills labour in the developing countries.
3- Culture Effects
Globalization has many benefits and detriment to the culture in the developing countries. Many developing countries cultures has been changed through globalization, and became imitate others cultures such as, America and European countries. Before globalization it would not have been possible to know about other countries and their cultures. Due to important tools of globalization like television, radio, satellite and internet, it is possible today to know what is happening in any countries such as, America, Japan and Australia. Moreover, people worldwide can know each other better through globalization. For example, it is easy to see more and more Hollywood stars shows the cultures different from America. In addition, today we can see clearly a heavily effect that caused by globalization to the young people in the different poor nations, it is very common to see teenagers wearing Nike T-Shirts and Adidas footwear, playing Hip-Hop music, using Apple ipad and iphone and eating at MacDonald, KFC and Domino’s Pizza . It is look like you can only distinguish them by their language. One the other hand, many developing countries are concerned about the rise of globalization because it might lead to destroy their own culture, traditional, identity, customs and their language. Many Arab countries such as Iraq, Syria, Lebanon and Jordan, as developing countries have affected negatively in some areas, their cultures, Developing Country Studies http://www.iiste.org customs and traditional have been changed. They wear and behave like developed nations, a few people are wearing their traditional cloths that the used to. Furthermore, globalization leads to disappearing of many words and expressions from local language because many people use English and French words. In addition, great changes have taken place in the family life, young people trying to leave their families and live alone when they get 18 years old, and the extended family tends to become smaller than before (Kurdishglobe, 2010).
22).I believe they should be promoted because dependence exists and even if they develop their own manufacturing industries, they would still need a target market to display their capabilities, but promoting them and their export fluency, gives them a market audience.
23). The debt arose as many developing countries borrowed heavily from private banks in developed nations to finance their growing capital needs and to pay for sharply rising crude oil bills during the 1970s.
Debt in the developing world is principally a post-colonial economic phenomenon, which began to emerge in the 1960s. Movements to relieve the burden of debt emerged at the same time: the meeting of the Argentine government with its international creditors in Paris in 1956 led to the formation of the “Paris Club” of official creditors, which still exists today. The Paris Club, a completely informal organisation, agreed to treat the debt due to them in a co-ordinated way, and made arrangements for rescheduled payment.
The debt problem accelerated in the aftermath of the collapse of the Bretton Woods exchange rate system, which led up to the energy crisis in 1973. In order to stabilise the financial system, banks were willing to lend large sums of money to the developing world, disregarding a nation’s ability to pay back the loan. In the context of negligible interest rates, governments were happy to accept this offer.
The mid to late 1970s saw a rise in interest rates, however, while at the same time prices of crops and raw materials produced by many developing countries fell. As a result, many resorted to borrowing more to service their growing debts. In 1982, when Mexico announced that it would default on its debts, the International Monetary Fund (IMF) – an organization of 187 countries working to foster global monetary co-operation and sustainable economic growth – and the World Bank responded, providing more loans to help the country service its debt. Since then the IMF and World Bank have continued to provide loans in order to help other underdeveloped countries.
24). Foreign aid as has been visibly seen in many developing countries has helped them to undertake many projects in their various countries and implement different capital projects and policies.
Even though it is beneficial, borrowing always comes at a cost, therefore, if there is an alternative, countries should make use of it and avoid “see finish”. And in a situation where it is unavoidable, it should only be used for capital projects and projects that would yield large returns in the long run.
25). Multinational corporations should be encouraged to invest because of the bubbling of their economies and the belief that in the foreseeable near future, they would undergo industrialization and develop themselves thus guaranteeing a return on their investment.
The global factory is a structure through which multinational enterprises integrate their global strategies through a combination of innovation, distribution and production of both goods and services.
As more nations, people, and cultures adapt to the ever changing international community, diplomats, politicians, and representatives must meet and deal with accordingly to the needs and wants of nations. Diplomacy can be exerted in many forms; through peace talks, written constitutions, field experiences, etc.
Culture is a familiar term and remains unchanged by definition. However, globalization and international relations have constantly altered culture both positively and negatively. Globalization increases worldwide technology, and the readability of fast, effective communication and consumption of popular products. Globalization
links cultures and international relations on a variety of levels; economics, politically, socially, etc.
International relations have used globalization to reach its goal: of understanding cultures. International relations focus on how countries, people and organizations interact and globalization is making a profound effect on
International relations. Understanding culture, globalization, and international relations is critical for the future of not only governments, people, and businesses, but for the survival of the human race.
In today’s increasingly interdependent and turbulent world, many of the leading issues in the news concern international affairs. Whether it is the continuing impact of globalization,
Globalization – the process of continuing integration of the countries in the world – is strongly underway in all parts of the globe. It is a complex interconnection between capitalism and democracy, which involves positive and
negative features, that both empowers and disempowers individuals and groups. From the other hand Globalization is a popular term used by governments, business, academic and a range of diverse non-governmental organizations. It also, however, signifies a new paradigm within world politics and economic
relations. While national governments for many years dictated the international, political and economic scene, international organizations such as the World Bank, International Monetary Fund and the World Trade Organization have now become significant role players. In this “Global Village” national governments have lost some of their importance and perhaps their powers in favor of these major international organizations.
As a process of interaction and integration among people, companies and governments of different nations Globalization is a process driven by the International Trade and Investment and aided by Information technology. This process on the environment on culture, on political system, on economic development and prosperity, and on human physical well-being in societies around the world.
26). Fiscal policy can promote macroeconomic stability by sustaining aggregate demand and private sector incomes during an economic downturn and by moderating economic activity during periods of strong growth.
An important stabilising function of fiscal policy operates through the so-called “automatic fiscal stabilisers”. These work through the impact of economic fluctuations on the government budget and do not require any short-term decisions by policy makers. The size of tax collections and transfer payments, for example, are directly linked to the cyclical position of the economy and adjust in a way that helps stabilising aggregate demand and private sector incomes. Automatic stabilisers have a number of desirable features. First, they respond in a timely and foreseeable manner. This helps economic agents to form correct expectations and enhances their confidence. Second, they react with an intensity that is adapted to the size of the deviation of economic conditions from what was expected when budget plans were approved. Third, automatic stabilisers operate symmetrically over the economic cycle, moderating overheating in periods of booms and supporting economic activity during economic downturns without affecting the underlying soundness of budgetary positions, as long as fluctuations remain balanced.
In principle, stabilisation can also result from discretionary fiscal policy-making, whereby governments actively decide to adjust spending or taxes in response to changes in economic activity. I shall argue, however, that discretionary fiscal policies are not normally suitable for demand management, as past attempts to manage aggregate demand through discretionary fiscal measures have often demonstrated. First, discretionary policies can undermine the healthiness of budgetary positions, as governments find it easier to decrease taxes and to increase spending in times of low growth than doing the opposite during economic upturns. This induces a tendency for continuous increases in public debt and the tax burden. In turn, this may have adverse effects on the economy’s long-run growth prospects as high taxes reduce the incentives to work, invest and innovate. Second, many of the desirable features of automatic stabilizers are almost impossible to replicate by discretionary reactions of policy makers.
Military spending retards economic growth because it slows down money that should be used to develop other areas to the military who are not deployed everyday, only during emergency cases.
27). Microfinance, also called microcredit , is a type of banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services. … The goal of microfinance is to ultimately give impoverished people an opportunity to become self-sufficient.
Its Limitations include:
Over-Indebtedness. …
Higher Interest Rates in Comparison to Mainstream Banks. …
Widespread Dependence on Indian Banking System. …
Inadequate Investment Validation. …
Lack of Enough Awareness of Financial Services in the Economy. …
Regulatory Issues. …
Choice of Appropriate Model.
According to many researchers and policy makers, microfinance encourages entrepreneurship, empowers the poor (particularly women in developing countries), increases access to health and education, and builds social capital among vulnerable communities

Rostow’s Stages of Growth model is one of the most influential development theories of the twentieth century. It was, however, also grounded in the historical and political context in which he wrote. Stages of Economic Growth was published in 1960, at the height of the Cold War, and with the subtitle “A Non-Communist Manifesto,” it was overtly political. Rostow was fiercely anti-communist and right-wing; he modeled his theory after western capitalist countries, which had industrialized and urbanized. As a staff member in President John F. Kennedy’s administration, Rostow promoted his development model as part of U.S. foreign policy. Rostow’s model illustrates a desire not only to assist lower income countries in the development process but also to assert the United States’ influence over that of communist Russia.

NAME: UGWU CYNTHIA UGOCHUKWU
REG: 2018/245470
COURSE :ECO361(ECONOMIC DEVELOPMENT)
DEPT:ECONOMICS
ASSIGNMENT
1.Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
Viewing development in terms of expanding freedoms directs attention to the ends that make development important, rather than merely to some of the means that, inter alia, play a prominent part in the process. Development requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states.Despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers- perhaps even the majority – of people. Sometimes the lack of the substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities.
In other cases, the unfreedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of organized arrangements for health care or educational facilities and social care, or of effective institutions for the maintenance of local peace and order.
In still other cases, the violation of freedom results directly from a denial of political and civil liberties by authoritarian regimes and from imposed restrictions on the freedom to participate in the social, political and economic life of the community.
2. Clearly analyse the differences between Economic Growth and Economic Development.
√ Economic Growth is the positive change in the indicators of economy.
Economic development is the quantitative and qualitative change in an economy.
√ Economic Growth refers to the increment in amount of goods and services produced by an economy. Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
√ Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
√ Economic growth refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income. Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
√ Economic growth focuses on production of goods and services. Economic development focuses on distribution of resources.
√ Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports. Economic development relates to growth of human capital indexes and decrease in inequality.
√ Economic growth is single dimensional in nature as it only focuses on income of the people. Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
√ Economic Growth is the precursor and prerequisite for economic development. It is the subset of economic development. Economic development comes after economic growth. It is a positive impact of economic growth.
√Indicators of economic growth are:
GDP
GNI
Per capita income
Indicators of economic development are:
Human Development Index (HDI)
Human Poverty Index (HPI)
Gini Coefficient
Gender Development Index (GDI)
Balance of trade
Physical Quality of Life Index (PQLI)
It is for short term/short period. It is measured in certain time frame/period. It is a continuous and long-term process. Economic development does not have specific time period to measure.
√ Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy. Economic development brings quantitative and qualitative change in the economy.
√ Economic growth is an automatic process that may or may not require intervention from the governmen. Economic development requires intervention from the government as all the developmental policies are formed by the government
√ Economic growth refers to increase in production.Economic development refers to increase in productivity.
√ Economic growth is the means of development. Economic development is the ends of development.
√ Economic growth is relatively narrow concept as compared to economic development. It is a broader concept than economic development.
√ Economic growth is concerned with increase in economy’s output.Economic development is concerned with structural changes in the economy.

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University. is very germane to human and national development.
Debates about the actual nature of development economics have reemerged regularly. Less interested in internal diatribes, Dudley Seers (1963, 83, 81) identified development economics in opposition to the “conventional economics” being taught in “private-enterprise industrial economies.” Writing with “a sense of urgency and some impatience,” Seers lamented the inability of mainstream economics to adjust itself to “the requirements of the main task of the day,” that is, the elaboration of policies that would foster develop￾ment and the elimination of poverty in less-developed countries. As Seers put it, “The developed industrial country is by no means typical. . . . There have been only a few such economies for a few decades; even now they cover only quite a small fraction of mankind”. Conventional economics was the economics of the special case, whereas development economics appeared potentially to be the new economics for the contemporary world. In Seers’s optimistic view, “if there was ever a time when one could see a major revolu￾tion in doctrine looming ahead, it is today”. Twenty years later, the economics of the “special case” had regained considerable terrain, even with respect to less-developed economies. Ian M. D. Little identified the crucial cleavage in development economics as that between the “structuralists,” among whom he would group together Rosenstein-Rodan, Nurkse, Seers, Hirschman, Raúl Prebisch, and W. Arthur Lewis, and the “neoclassicals,” among whom he would list P. T. Bauer, Jacob Viner, Gottfried Haberler, Harry Johnson, and himself. The former, according to Little (1982, 20), considered the world “inflexible” and change “inhibited by obstacles, bottlenecks, and constraints. People find it hard to move or adapt, and resources tend to be stuck. In economic terms, the supply of most things is inelastic.” The latter, on the contrary, considered flexibility a central feature of how things work: “People adapt readily to changing opportunities,” and “the price mechanism can be expected to work rather well.
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 attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this module you will investigate the factors that have led to this global inequality.
. 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?

Name: Joseph chinonso Lucky.
Reg no.: 2018/241859
Department: Economics

1. Development can be seen as a process of expanding the freedoms that people enjoy. Focusing on freedoms contrasts with narrower views of development, such as identifying development with the growth of gross national product, or with the rise in personal incomes, or with industrialization, or with technological advance, or with social modernization.
If freedom is what development advances, then there is a major argument for concentrating on that overarching objective, rather than on some particular means, or some specially chosen list of instruments.
Viewing development in terms of expanding substantive freedoms directs attention to the ends that make development important, rather than merely to some of the means that, inter alia, play a prominent part in the process.

 Development requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states.
Sometimes the lack of the substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities.
In other cases, the unfreedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of organized arrangements for health care or educational facilities and social care, or of effective institutions for the maintenance of local peace and order.
In still other cases, the violation of freedom results directly from a denial of political and civil liberties by authoritarian regimes and from imposed restrictions on the freedom to participate in the social, political and economic life of the community.
Freedom is central to the process of development for two distinct reasons:

The evaluative reason: assessment of progress has to be done primarily in terms of whether the freedoms that people have are enhanced

The effectiveness reason: achievement of development is thoroughly dependent on the free agency of people
Freedom implies not just to do something, but the capabilities to make it happen. What people can achieve (their capabilities) is influenced by “economic opportunities, political liberties, social powers, and the enabling condition of good health, basic education, and the encouragement and cultivation of initiatives”. Sen calculates that if women in Asia and North Africa were given the same health care and attention, the world would have 100 million more women.
According to Sen, development is enhanced by democracy and the protection of human rights. Such rights, especially freedom of the press, speech, assembly, and so forth increase the likelihood of honest, clean, good government.
Sen argues that there are five types of interrelated freedoms, namely, political freedom, economic facilities, social opportunities, transparency and security. The state has a role in supporting freedoms by providing public education, health care, social safety nets, good macroeconomic policies, productivity and protecting the environment.

2. Differences between Economic Growth and Economic Development
The terms ‘economic growth’ and ‘economic development’ sound similar. However, the two concepts are different. While economic growth is a quantitative concept, economic development is a qualitative concept.
What is Economic Growth?
Economic growth can be referred to as the increase that is witnessed in the monetary value of all the goods and services produced in the economy during a time period. It is a type of quantitative measure that reflects the potential increase in the number of business transactions taking place in the economy.
It can be measured in terms of the increase in the aggregate market value of additional goods and services produced by using economic concepts such as GDP and GNP.
Economic growth is a narrow concept when compared to economic development.
What is Economic Development?
Economic development refers to the process by which the overall health, well-being, and academic level of the general population of a nation improves. It also refers to the improved production volume due to the advancements of technology.
It is the qualitative improvement in the life of the citizens of a country and is most appropriately determined by the Human Development Index (HDI). The overall development of a country is based on many parameters such as the creation of job opportunities, technological advancements, standard of living, living conditions, per capita income, quality of life, improvement in self-esteem needs, GDP, industrial and infrastructural development, etc
The major differences are as follows:
Economic growth is a narrower concept than that of economic development, while Economic Development is a broader concept than that of economic growth.
Economic growth is a uni-dimensional approach that deals with the economic growth of a nation, while economic development is a multi-dimensional approach that looks into the income as well as the quality of life of a nation.
Economic growth is a short-term process while Economic development is a long-term process.
Economic growth is measured quantitatively, while Economic development is measured both quantitatively and qualitatively.
Economic growth is an automatic process that may or may not require intervention from the government. However, economic development requires intervention from the government as all the developmental policies are formed by the government.3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
Development Economics emerged after the world war II as Economist became concerned about the low standard of living in so many countries of Latin America, Africa, and Asia.
The economies of the less developed countries were different from the developed countries, Development Economics emerged as a branch of economics which deals with economic aspects of the development process in low income countries.
Development Economics should be studied as an independent discipline as it involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at both the domestic or international level.

OKOYE CHIDIMMA FAVOUR
2018/246412
chidimmafs700@gmail.com
ECONOMICS EDUCATION

ASSIGNMENT:

(1):
Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

(2):
Clearly analyse the differences between Economic Growth and Economic Development

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

(1):
According to 1998 Nobel prize winner, Amartya Sen, freedom is both the primary objective of development, and the principal means of development. The human being is an engine of change.
It is of course nice to hear an economist discussing such issues, rather than reciting equations. But let’s first have a look at Sen’s views. He is both the first Indian and the first Asian to win the Nobel prize for economics. In winning the Nobel prize, Sen was praised by the Swedish Royal Academy of Sciences “for his contributions to welfare economics” and for restoring “an ethical dimension” to the discussion of vital economic problems.
According to Sen, development is enhanced by democracy and the protection of human rights. Such rights, especially freedom of the press, speech, assembly, and so forth increase the likelihood of honest, clean, good government.
He claims that “no famine has ever taken place in the history of the world in a functioning democracy”.
Development is the process of expanding human freedom. It is “the enhancement of freedoms that allow people to lead lives that they have reason to live”. Hence “development requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well as systemic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states.

(2):
Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.Economic growth brings quantitative changes in the economy. Economic growth reflects the growth of national or per capita income. Economic development implies changes in income, savings and investment along with progressive changes in socio- economic structure of country (institutional and technological changes).
Economic growth refers to an increase over time in a country`s real output of goods and services (GNP) or real output per capita income. … Economic development is more relevant to measure progress and quality of life in developing nations. Economic growth is a more relevant metric for progress in developed countries.

(3):
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.
Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. Smith is most famous for his 1776 book, “The Wealth of Nations.
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.
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.
We should study development economics as a separate course in the University because;
by studying development economics, we 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.
It will bring intellectual power to solve major societal problems by selecting suitable theory, techniques and methods as a foundation for studies, which improve our understanding.

Name: Onyekwelu Collins Obinna

Reg No: 2018/251026

Dept: Economics

1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

Human development is the process of enlarging people’s freedoms and opportunities and improving their well-being. Human development is about the real freedom ordinary people have to decide who to be, what to do, and how to live. Central to the human development approach is the concept of capabilities.
Capabilities—what people can do and what they can become-are the equipment one has to pursue a life of value. Basic capabilities valued by virtually everyone include: good health, access to knowledge, and a decent material standard of living. Other capabilities central to a fulfilling life could include the ability to participate in the decisions that affect one’s life, to have control over one’s living environment, to enjoy freedom from violence, to have societal respect, and to relax and have fun. Our capabilities are expanded (or constrained) by our own efforts and by the institutions and conditions of our society. People with extensive, well-developed capabilities have the tools they need to make their vision of “a good life” a reality. Those poor in capabilities are less able to chart their own course and to seize opportunities. Without basic capabilities, human potential remains unfulfilled. The process of human growth and development offers a wealth of value for personal and professional growth and understanding.

The need/benefits of human development includes:

-To gain a better understanding of one’s own life experiences. This can help people personally reach an understanding of what childhood events shaped their adulthood.

-To gain knowledge of how social context impacts development. This knowledge can be invaluable for professionals like teachers as they gain a deeper understanding of their students.

-To help others understand and contextualize the ups and downs of life. This helps therapists and psychologists better aid their clients in self-discovery.

-To understand how societal change can support growth and development. This understanding helps decision-makers in schools change the educational culture for the better.

-To become a more effective research, teacher, or leader in many different industries. Understanding human development deeply and in context has many professional benefits that can lead to greater insight.

-To support the physical and mental health of individuals throughout their life span. Professionals like doctors, nurses, and therapists must understand human growth and development to better support their clients.

2. Clearly analyse the differences between Economic Growth and Economic Development.

-Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is the increase in the level of production in an economy along with enrichment of living standards and the advancement of technology.

-Economic growth does not consider the Income from the Informal Economy. The Informal economy is unrecorded economic activity. Whereas, Economic Development takes consideration of all activities, whether formal or informal, and eases people with low standards of living a suitable shelter and with proper employment.

-Economic Growth does not reflect the depletion of natural resources. Depletion of resources such as pollution, congestion & disease. Governments are under pressure due to the environmental issues, majorly the problem is due to Global warming. However, Economic Development is concerned with Sustainability, which means meeting the needs of the present without compromising.

-Economic growth indicates the expansion of the Gross Domestic Product (GDP) of the country and the concept of Economic Growth is basically related to the developed countries. Economic Development is a broader concept than Economic Growth. Economic Development refers to the increase of the Real National Income of the economic and socio-economic structure of any country over a long period of time. Economic Development is related to underdeveloped or developing countries of the world.

-Both Economic Growth vs Economic Development have different indicators for their measurement. Economic Growth can be measured through an increase in the GDP, per capita income, etc. However, Economic Development can be measured through improvement in the life expectancy rate, infant mortality rate, literacy rate, and poverty rates.

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

The emergence of development studies as an academic discipline in the second half of the twentieth century is in large part due to increasing concern about economic prospects for the third world after decolonisation. In the immediate post-war period, development economics, a branch of economics, arose out of previous studies in colonial economics. By the 1960s, an increasing number of development economists felt that economics alone could not fully address issues such as political effectiveness and educational provision. Development studies arose as a result of this, initially aiming to integrate ideas of politics and economics. Since then, it has become an increasingly inter- and multi-disciplinary subject, encompassing a variety of social scientific fields. In recent years the use of political economy analysis- the application of the analytical techniques of economics- to try and assess and explain political and social factors that either enhance or limit development has become increasingly widespread as a way of explaining the success or failure of reform processes. The era of modern development is commonly deemed to have commenced with the inauguration speech of Harry S. Truman in 1949. In Point Four of his speech, with reference to Latin America and other poor nations, he said:

More than half the people of the world are living in conditions approaching misery. Their food is inadequate. They are victims of disease. Their economic life is primitive and stagnant. Their poverty is a handicap and a threat both to them and to more prosperous areas. For the first time in history, humanity possesses the knowledge and the skill to relieve the suffering of these people.

But development studies has since also taken an interest in lessons of past development experiences of Western countries. More recently, the emergence of human security – a new, people-oriented approach to understanding and addressing global security threats – has led to a growing recognition of a relationship between security and development. Human security argues that inequalities and insecurity in one state or region have consequences for global security and that it is thus in the interest of all states to address underlying development issues. This relationship with studies of human security is but one example of the interdisciplinary nature of development studies.

Reasons why Development Economics should be studied as a separate course in the university:

-Development economics studies the transformation of emerging nations into more prosperous nations.

-Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world.

-Development economics is important 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.

-Students of development 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.

Name: Ekpe Esther Chidinma
Department: Economic
Reg.number:2018/250324
Course code: Eco361
Good day Mr.president, I am Ekpe Esther Chidinma from Odim-East. I am here to talk about how development can be seen and as a process of expanding the real freedoms that people enjoy and enhance the capability to lead the kind of lives we have reason to value. Before I proceed I would like to clearify Mr. President on a subject called Human Capital Development.
Human capital development is the process of improving the civil servants performance, capabilities, capacities and resources. If a manager or department of a company were to ask, “What can be done to make employees or civil servants more productive?” the answer would be considered to fall within the scope of development. In diverse and comprehensive way, human capital development can be from the job training to tuition assistance to team-building activities-not only along any given spectrum (in terms of quantitative and qualitative commitments), but also along multiple spectrums, such as skill development, project management and morale building.
Mr. President should set a body that will oversee that public organization go through human capital development and they are devoting adequate attention to the development. They should also be sure that employees are aware of the development opportunities that are available and are utilizing them. Human resources departments should constantly create opportunities for staff to grow in their career paths and increase organizational productivity.
Human capital development is important to the growth and productivity of the organization and the country. The people that make an organization run are an asset to be invested in. If they can become more productive at individual level and the organization as a whole through development, the country (organization) in turn will begin seeing productivity gains. In addition, it is sometimes much more cost-effective to develop the people already employed by the organization than it is to recruit and train new people.
Development can take many forms. It can be done through coaching, continuing education, job training, leadership training, mentoring, personality assessments, psychometric training, workshops and other means.
In an economy where technology plays a leading and dominant role, such as Nigeria, the evolution and deployment of innovative technologies means that to keep up, employees (civil servants) are going to co-evolve, i.e., develop the skills, values and perspectives mastery of these technologies requires. In this our age of increasing automation of less skilled jobs and increasing dependency of high-skill careers on rapidly changing technology, workplace niches for static, non-developing employees are all but certain to shrink. With this I believe I’ m able to convince and not to confuse Mr. President why Human Capital Development is important for the development of the country by educating and training our civil servants on how to put in their best in the areas of their service.
Economic growth is where there is a sustained increase (at least 1-2 years) in a country’s output (as measured by GDP or GNP per person). A sustained increase in a country’s output of good and services. Economic growth is about income e.g GNP,GNI, GDP. While Economic Development occurs when the standard of living of a large majority of the population rises including both income and in other dimensions like health and literacy. It is the progressive changes in the economic structure of a country.
Economic development occurs with the reduction and elimination of poverty, inequality and unemployment within a growing economy.
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.
Whereas economic development is a policy intervention aiming to improve the well-being of people.
Development Economics should be studied as a separate course in the University.
Economic development can be studied in a university as a separate course – it will help students to develop a solid understanding on how an economy can be developed, to know if an economy is underdeveloped or developed, for policy analysis, design and management relevant to developing countries. To develop significant quantitative skills and a thorough understanding of the main models related to economic growth and development. It will help equip students for further academic research in this field or for an internationally oriented career as development economist.

NAME: OYIBE EBERE IZUINYA

REG NUMBER: 2018/245131

DEPARTMENT: ECONOMICS

COURSE: ECO 361

1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

Development can be seen, it is argued here, as a process of expanding
the real freedoms that people enjoy. Focusing on human freedoms
contrasts with narrower views of development, such as identifying development with the growth of gross national product, or with the rise in personal incomes, or with industrialization,or with technological advance, or with social modernization. Growth of GNP or of ndividual incomes can, of course, be very important as means to
expanding the freedoms enjoyed by the members of the society. But freedoms depend also on other determinants, such as social and economic arrangements (for example, facilities for education and health care) as well as political and civil rights (for example, the liberty to participate in public discussion and scrutiny). Similarly, industrialization or technological progress or social modernization can substantially contribute to expanding human freedom,but freedom depends on other influences as well. If freedom is what development advances, then there is a major argument for concentrating on that overarching objective, rather than on some particular means, or some specially chosen list of instruments.

Viewing development in terms of expanding substantive freedoms directs attention to the ends that make development important, rather than merely to some of the means that, inter alia, play a prominent part in the process. Development requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states. Despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers-perhaps even the majorityof people. Sometimes the lack of substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities. In other cases, the unfreedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of organized arrangements for health care or educational facilities, or of effective institutions for the maintenance of local peace and order. In still other cases, the violation of freedom results directly from a denial of political and civil liberties by authoritarian regimes and from imposed restrictions on the freedom to participate in the social, political and economic life of the community.

EFFECTIVENESS AND INTERCONNECTIONS

Freedom is central to the process of development for two distinct reasons.

I) The evaluative reason: assessment of progress has to be done
primarily in terms of whether the freedoms that people have are enhanced;

2) The effectiveness reason: achievement of development is thoroughly dependent on the free agency of people. I have already signaled the first motivation: the evaluative reason for concentrating on freedom. In pursuing the second, that of effectiveness, we have to look at the relevant empirical connections, in particular at the mutually reinforcing connections between freedoms of different kinds. It is because of these interconnections, which are explored in some detail in this bobk, that free and sustainable agency emerges as a major engine of development. Not only is free agency itself a “constitutive” part of development, it also contributes to the strengthening of free agencies of other kinds. The empirical connections that are extensively explored in this study link the two aspects of the idea of “development as freedom.”

The relation between individual freedom and the achievement of social development goes well beyond the constitutive connectionimportant as it is. What people can positively achieve is influenced by economic opportunities, political liberties, social powers, and the enabling conditions of good health, basic education, and the encouragement and cultivation of initiatives. The institutional arrangements for these opportunities are also influenced by the exercise of people’s freedoms, through the liberty to participate in social choice and in the making of public decisions that impel the progress of these opportunities. These interconnections are also investigated here.

SOME ILLUSTRATIONS: POLITICAL FREEDOM AND QUALITY OF LIFE

The difference that is made by seeing freedom as the principal ends of development can be illustrated with a few simple examples. Even though the full reach of this perspective can only emerge from a much more extensive analysis (attempted in the chapters to follow), the radical nature of the idea of “development as freedom” can easily be illustrated with some elementary examples.

First, in the context of the narrower views of development in terms of GNP growth or industrialization, it is, often asked whether certain political or social freedoms, such as the liberty of political participation and dissent, or opportunities to receive basic education, are or are not “conducive to development.” In the light of the more foundational view of development as freedom, this way of posing the question tends to miss the important understanding that these substantive freedoms (that is, the liberty of political participation or the opportunity to receive basic education or health care) are among the constituent components of development. Their relevance for development does not have to be freshly established through their indirect
contribution to the growth of GNP or to the promotion of industrialization. As it happens, these freedoms and rights are also very effective in contributing to economic progress; this connection will receive extensive attention in this book. But while the causal relation is indeed significant, the vindication of freedoms and rights provided by this causal linkage is over and above the directly constitutive role of these freedoms in development.

A second illustration relates to the dissonance between income per head (even after correction for price variations) and the freedom of individuals to live long and live well.
TRANSACTIONS, MARKETS AND ECONOMIC UNFREEDOM
A third illustration relates to the role of markets as part of the process of development. The ability of the market mechanism to contribute to high economic growth and to overall economic progress has been widely-and rightly-acknowledged in the contemporary development literature. But it would be a mistake to understand the place of the market mechanism only in derivative terms. As Adam Smith noted, freedom of exchange and transaction is itself pan and parcel of the basic liberties that people have reason to value. To be generically against markets would be almost as odd as being generically against conversations between people (even though some conversations are clearly foul and cause problems for others-or even for the conversationalists themselves). The freedom to exchange words, or goods, or gifts does not need defensive justification in terms of their favorable but distant effects; they are part of the way human beings in society Live and interact with each other (unless stopped by regulation or fiat). The contribution of the market mechanism to economic growth is, of course, important, but this comes only after the direct significance of the freedom to interchange words, goods, gifts-has been acknowledged

2. Clearly analyse the differences between Economic Growth and Economic Development
Differences between economic growth and economic development are as follows:
1. Economic Growth has to do with a sustained increase in a country’s output of goods and services (that is GDP /GNP). While in Economic Development, there is a steady decline in agricultural sharesin GNP and a continuous increase in shares of industries, trade, banking, construction and services.
2. Economic Growth is a necessary but insufficient condition for economic Development. While Economic Development is a necessary and sufficient condition for improvement of human welfare, raising of living standards and reduction of poverty.
3. Economic Growth is about income. While Economic Development is about outcomes
4. Economic Growth takes place when there is a sustained ( ongoing for atleast 1-2 yrs) increase in a country’s output. While Economic Development occurs when the standard of living of a large majority of the population rises, including both income and other dimensions like health and literacy.

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
The Origin of Development Economics
Development Economics as a branch of Economics, emerged in the aftermath of the Second World War. Development Economics emerged because of the pressing need to reconstruct the economies of war-ravaged countries.
Also, Development Economics emerged because economies of less developed countries (LDCs) were so different from the developed countries that basic Economics could not explain the behavior of LDC economies.
Reasons why Development Economics should be studied as a separate discipline
1. Because the study of development economics will help students gain a better understanding of a number of critical questions about the economies of developing nations such as:
i. to what extent does rapid population growth help or hinder development?
ii. is it necessary for economies to go through a process of structural transformation – and how does this take place?
iii. what is the role of education and health care provision in contributing to the process of development?

2. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this module you will investigate the factors that have led to this global inequality.

3. 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.

4. For moral and ethical reasons, etc.

NAME: OYIBE EBERE IZUINYA

REG NUMBER: 2018/245131

DEPARTMENT: ECONOMICS

COURSE: ECO 361

1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
Development can be seen, it is argued here, as a process of expanding
the real freedoms that people enjoy. Focusing on human freedoms
contrasts with narrower views of development, such as identifying development with the growth of gross national product, or with the rise in personal incomes, or with industrialization,or with technological advance, or with social modernization. Growth of GNP or of ndividual incomes can, of course, be very important as means to
expanding the freedoms enjoyed by the members of the society. But freedoms depend also on other determinants, such as social and economic arrangements (for example, facilities for education and health care) as well as political and civil rights (for example, the liberty to participate in public discussion and scrutiny). Similarly, industrialization or technological progress or social modernization can substantially contribute to expanding human freedom,but freedom depends on other influences as well. If freedom is what development advances, then there is a major argument for concentrating on that overarching objective, rather than on some particular means, or some specially chosen list of instruments. Viewing development in terms of expanding substantive freedoms directs attention to the ends that make development important, rather than merely to some of the means that, inter alia, play a prominent part in the process. Development requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states. Despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers-perhaps even the majorityof people. Sometimes the lack of substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities. In other cases, the unfreedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of organized arrangements for health care or educational facilities, or of effective institutions for the maintenance of local peace and order. In still other cases, the violation of freedom results directly from a denial of political and civil liberties by authoritarian regimes and from imposed restrictions on the freedom to participate in the social, political and economic life of the community.

EFFECTIVENESS AND INTERCONNECTIONS

Freedom is central to the process of development for two distinct

reasons.

I) The evaluative reason: assessment of progress has to be done
primarily in terms of whether the freedoms that people have are enhanced;

2) The effectiveness reason: achievement of development is thoroughly dependent on the free agency of people. I have already signaled the first motivation: the evaluative reason for concentrating on freedom. In pursuing the second, that of effectiveness, we have to look at the relevant empirical connections, in particular at the mutually reinforcing connections between freedoms of different kinds. It is because of these interconnections, which are explored in some detail in this bobk, that free and sustainable agency emerges as a major engine of development. Not only is free agency itself a “constitutive” part of development, it also contributes to the strengthening of free agencies of other kinds. The empirical connections that are extensively explored in this study link the two aspects of the idea of “development as freedom.”

The relation between individual freedom and the achievement of social development goes well beyond the constitutive connectionimportant as it is. What people can positively achieve is influenced by economic opportunities, political liberties, social powers, and the enabling conditions of good health, basic education, and the encouragement and cultivation of initiatives. The institutional arrangements for these opportunities are also influenced by the exercise of people’s freedoms, through the liberty to participate in social choice and in the making of public decisions that impel the progress of these opportunities. These interconnections are also investigated here.

SOME ILLUSTRATIONS: POLITICAL FREEDOM AND QUALITY OF LIFE

The difference that is made by seeing freedom as the principal ends of development can be illustrated with a few simple examples. Even though the full reach of this perspective can only emerge from a much more extensive analysis (attempted in the chapters to follow), the radical nature of the idea of “development as freedom” can easily be illustrated with some elementary examples.

First, in the context of the narrower views of development in terms of GNP growth or industrialization, it is, often asked whether certain political or social freedoms, such as the liberty of political participation and dissent, or opportunities to receive basic education, are or are not “conducive to development.” In the light of the more foundational view of development as freedom, this way of posing the question tends to miss the important understanding that these substantive freedoms (that is, the liberty of political participation or the opportunity to receive basic education or health care) are among the constituent components of development. Their relevance for development does not have to be freshly established through their indirect
contribution to the growth of GNP or to the promotion of industrialization. As it happens, these freedoms and rights are also very effective in contributing to economic progress; this connection will receive extensive attention in this book. But while the causal relation is indeed significant, the vindication of freedoms and rights provided by this causal linkage is over and above the directly constitutive role of these freedoms in development.

A second illustration relates to the dissonance between income per head (even after correction for price variations) and the freedom of individuals to live long and live well.
TRANSACTIONS, MARKETS AND ECONOMIC UNFREEDOM
A third illustration relates to the role of markets as part of the process of development. The ability of the market mechanism to contribute to high economic growth and to overall economic progress has been widely-and rightly-acknowledged in the contemporary development literature. But it would be a mistake to understand the place of the market mechanism only in derivative terms. As Adam Smith noted, freedom of exchange and transaction is itself pan and parcel of the basic liberties that people have reason to value. To be generically against markets would be almost as odd as being generically against conversations between people (even though some conversations are clearly foul and cause problems for others-or even for the conversationalists themselves). The freedom to exchange words, or goods, or gifts does not need defensive justification in terms of their favorable but distant effects; they are part of the way human beings in society Live and interact with each other (unless stopped by regulation or fiat). The contribution of the market mechanism to economic growth is, of course, important, but this comes only after the direct significance of the freedom to interchange words, goods, gifts-has been acknowledged

2. Clearly analyse the differences between Economic Growth and Economic Development
Differences between economic growth and economic development are as follows:
1. Economic Growth has to do with a sustained increase in a country’s output of goods and services (that is GDP /GNP). While in Economic Development, there is a steady decline in agricultural sharesin GNP and a continuous increase in shares of industries, trade, banking, construction and services.
2. Economic Growth is a necessary but insufficient condition for economic Development. While Economic Development is a necessary and sufficient condition for improvement of human welfare, raising of living standards and reduction of poverty.
3. Economic Growth is about income. While Economic Development is about outcomes
4. Economic Growth takes place when there is a sustained ( ongoing for atleast 1-2 yrs) increase in a country’s output. While Economic Development occurs when the standard of living of a large majority of the population rises, including both income and other dimensions like health and literacy.

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
The Origin of Development Economics
Development Economics as a branch of Economics, emerged in the aftermath of the Second World War. Development Economics emerged because of the pressing need to reconstruct the economies of war-ravaged countries.
Also, Development Economics emerged because economies of less developed countries (LDCs) were so different from the developed countries that basic Economics could not explain the behavior of LDC economies.
Reasons why Development Economics should be studied as a separate discipline
1. Because the study of development economics will help students gain a better understanding of a number of critical questions about the economies of developing nations such as:
i. to what extent does rapid population growth help or hinder development?
ii. is it necessary for economies to go through a process of structural transformation – and how does this take place?
iii. what is the role of education and health care provision in contributing to the process of development?
2. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this module you will investigate the factors that have led to this global inequality.
3. 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.
4. For moral and ethical reasons, etc.

1.
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 beginningThrough examining the past, present, and the future, development studies finds causal links between cultural and political institutions and the lives of ordinary people all over the world 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.an event constituting a new stage in a changing situation.an event constituting a new stage in a changing situation.An example of development is emerging details about a local robbery.

2.
1. Economic Growth is the positive change in the indicators of economy.
2. Economic Growth refers to the increment in amount of goods and services produced by an economy.
3. Economic growth means an increase in real national income / national output.
4. It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.
5. Economic growth is single dimensional in nature as it only focuses on income of the people.
WHILE
Economic Development:
1. Economic development is the quantitative and qualitative change in an economy.
2. Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
3. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
4. Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
5. Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.

3¹
In my own point of view economic development has being practicing seen the universe was made by the but the earliest Western theory of development economics was mercantilism, which developed in the 17th century, paralleling the rise of the nation state. Earlier theories had given little attention to development. For example, scholasticism, the dominant school of thought during medieval feudalism, emphasized reconciliation with Christian theology and ethics, rather than development. The 16th- and 17th-century School of Salamanca, credited as the earliest modern school of economics, likewise did not address development specifically.
Major European nations in the 17th and 18th centuries all adopted mercantilist ideals to varying degrees, the influence only ebbing with the 18th-century development of physiocrats in France and classical economics in Britain. 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.

3²
1. Through examining the past, present, and the future, development studies finds causal links between cultural and political institutions and the lives of ordinary people all over the world. And this helps in know ing the perspective coming from a developmental school.

2. Development studies graduates have a wide range of career options. Many go on to work for development research organizations, charities, think tanks, lobby groups, conservation projects, while others opt for roles in government, academia, or the civil service.

3. Helps in understanding the current political landscape by examining their origins, which then enables academics, politicians, and world charity organizations to make better plans for the future.

NAME: Mbah Chisom Mary
DEPARTMENT: Economics Education
REG NO: 2018/ 244295
EMAIL: chisommary111@gmail.com
ANSWERS
1) According to professor Dudley Seers, development is about outcomes that is development occurs with the reduction and elimination of poverty, inequality and unemployment within a growing economy. Thus, development have to do with all round improvement in the economy and well being of the citizens. A country that cannot provide for it’s citizens, where is wide spread of poverty and hardship cannot be termed as developed.
A situation where there is high rate of poverty, where the average numbers of people are unemployed and the seem employed mostly suffer underemployment. Instances of insufficient goods and services, the people suffers and are unable to live a happy life. Here nobody talks about a comfortable life or ideal life instead all struggles for survival,thus survival of the fittest development is lacking. Therefore development is the ability to experience all round improvement in the macro economic activities and man’s ability to enjoy liberty from wide range of choices that is consistent rise in the standard of living of the majority of the people.
2) The difference between Economic Growth and Economic Development includes the following:
a ) Economic growth means increase in the quantity of goods and services produced in the country which raise the national the national income while Economic Development emphasizes on the maturity of the quantity and quality of goods and services produced in a country.
b) Economic growth can occur in a country without economic development. It is a major step to economic development whereas economic development cover almost all the sectors of the economy and it last for a long period of time.
c) Economic development lay more emphasis on the improvement in the general welfare as in the distribution of output and facilities among individuals while economic growth is mainly concerned with the growth of income.
d) Economic growth can take place under the conditions of mass unemployment while Economic development implies a reduction in the level of unemployment while Economic development implies a reduction in the level of unemployment.
e) Economic growth maybe achieved while the masses are poor whereas economic development improve the standard of living of the people.
3) Development have been the concern of man and will continue be as long as people have exists, for it is fundamentally about improving the human condition. At its core, development studies combines both concern over the existence of poverty within society (the have-nots) as well as the quest to understand and shape how society changes over time. In this respect, development studies has deep historical roots that stretch across time connecting different thinkers and eras. For example, Aristotle pondered the concept of “flourishing lives” long before contemporary scholarship on capabilities (Nussbaum 1988), and Ibn Khaldun reflected on the rise and fall of states long before the recent concern over fragile states (Alatas 2013).

Waves of scholarship
The eighteenth and twentieth centuries each witnessed a wave of scholarly attention to the existence of poverty within society, and what could be done to address it (Ravallion 2011). Hulme (2014) describes the context around the first wave as analysis of domestic social problems, the enactment of England’s poor laws and France’s rules about indigence and the writings of de Condorcet, Malthus and Engels. The contributions of David Hume, Adam Smith, James Steuart and John Stuart Mill mark the origin of debates on economic growth, the distribution of wealth and the principles underlying public action. The work of French thinkers complemented such writing with a focus on promoting equality, freedom and justice. Meanwhile newly independent countries in the Americas aspired to build a different society inspired by such ideals. The underlining concern of such thinking was to imagine and achieve a better society at home.

The second wave follows the end of the Second World War and accompanies a preoccupation with reconstruction, decolonisation and newly independent but poor countries. President Truman’s (1949) inaugural speech introduced a “four point” plan expressing both optimism in modernisation through science and technology and a norm of richer countries assisting poorer ones irrespective of previous colonial history. The Marshall Plan and parallel massive aid concentrated on humanitarian assistance and reconstruction in Europe and Asia. This period saw political independence spread across former colonies in Africa and Asia. It also saw the emergence of development practice as comprehensive and sustained efforts to improve poor places abroad: to grow their economy, reduce poverty, (re)build infrastructure, foster trade and strengthen local governance.2

It is tempting to equate development studies to this second wave, given the sheer magnitude of ideas and writing involved and the tremendous changes that occurred in the world order. Yet to do so ignores both how the field has built on earlier thinking and erroneously casts development studies as primarily concerned about foreign aid. Despite a newfound enthusiasm for global efforts to shape a future free from war and want, development studies retained an earlier concern about how to improve society “at home”. Harriss (2014, 37–46) observes that a number of the key scholars emigrated from their home countries to elaborate their ideas in Western universities, such as Paul Baran, Alexander Gerschenkron, Karl Polanyi, Paul Streeten, Hans Singer and others.3 Additional scholars originating from the South came to the forefront of development thinking, such as W. Arthur Lewis, Arturo Escobar, Raul Prebisch, Mahbub ul Haq and Amartya Sen.
3b) The discipline of Economic Development starts with the problem of backwardness and international poverty. It means why the world has been divided into two opposite poles; the North and the South. In other words, why the development gap between countries of the world is increasing, i.e., the rich countries are getting rich while the poor countries are getting poor. In this respect , therefore, a moral and ethical justification exists to study development economics as a separate body. In addition to know about world poverty, it is the economic development which helps us to know what is the classification of the countries at international level, i.e., how many are developed countries, how many are middle income earners and how many are less developed countries. With this we come across the salient features of developing or poor economies. Thus the economic development, as a subject, helps us to know about the characteristics of developing countries, though these characteristics are diverse and as well as common.

Name: Onyemelukwe Chinenye Favour
Reg. No: 2018/241854
Dept: Economics

1. Development is the process of improving the quality of all
human lives and capabilities
by raising people’s levels of living, self-esteem and freedom. Using the contrast between a village and city; with the structures available in a city, the people enjoy capabilities that give them access to lead the kind of lives they cherish. Without development, humans have no access to good roads; lowered levels of living and productivity;
lower levels of human capital;
higher levels of inequality and absolute poverty; greater social fractionalization;
lower levels of industrialization and manufactured exports. These do not allow people lead the quality of life they desire.

2. Economic growth occurs whenever there is a quantitative increase in a country’s input and output over a period of time. WHILE
Economic development occurs when there are quantitative and qualitative improvement in all or almost all the sectors of an economy and which can be sustained.

By economic growth, we mean the increase in the quantity of goods and services produced in a country which raises her national income.
Economic development on the other hand talks about the maturity of the quality and quantity of goods and services produced in a country, the transformation of her economy from primary to secondary sectors, changes in the citizens’ creative energies and acquisition of special creative skills etc.

Economic growth can occur in a country without economic development however economic growth is a major step to economic development.

3. The Origin of Development Economics
The history of development economics has experienced an inner tension, shifting its focus from a history of theories to a history of institutions, at times returning to the question of what development economics is and especially what status it has in the broader economics landscape and
finally, often showing a certain partisanship on the part of the “historian.”
The history of development economics has often been used to support or attack specific development policy agendas.
The history of development economics is young. The first wave of “historical” analyses appeared between the late 1960s and the
early 1980s, in the form of assessments of the first pioneering era (see,
e.g., Adelman 1974; Seers 1979) Their approach, however, was selective.
The first actual histories of development economics appeared only a few years later, by such scholars as Little (1982) and Arndt (1987). The first historians of the field were development economists themselves, who tried to make sense of their experience.
This also explains the interest in books of memoirs and personal recollections and syntheses such as the Pioneers in Development volumes.
To the eyes of a new generation of historians of economics, however, those early endeavors, albeit important, show that there was little use of proper historical sources and that the analysis was often heavily influenced by the author’s position in the ongoing debates in the field of economics.
The landscape has changed since the 1990s, as the topic has drawn some
attention from historians of economic thought and scholars of international
and global history. Biographies of key figures in the history of development were published in the last decade, including Hans Singer (Shaw 2002), W. A. Lewis (Tignor 2005; Ingham and Mosley 2013), Raúl Prebisch (Dosman 2008)to name a few.
Raúl Articles on the topic are being published in major history of thought journals and so are books about the role of leading institutions in the history of development economics.
An important feature of these new contributions is the use of archival
resources, as institutional archives and personal papers of development economists are becoming available for the first time—see, for example, the Lewis and the Hirschman papers (Princeton), the Prebisch papers (Santiago), the Bloomfield papers, the Currie papers, and the Stolper papers.
Despite this growing historical interest in postwar development issues, however, the history of development economics remains somewhat nascent and suffers from the same fragility that has always been a feature of its very subject. Historians of development economics are still a fragmented community, and their influence on development studies pursued by economists and historians in other fields—history of the social sciences, international history, diplomatic history is limited at best. In particular,
the history of development economics has not yet been able to make that
additional step that would make it an integral part of the larger history of development ideas and institutions.

Why Development Economics should be studied as a separate course in the University.
To help students think systematically about economic problems
and issues and formulate judgments and conclusions on the basis of relevant
analytical principles and reliable statistical information because the problems of development are in many cases unique in the modern world and not
often easily understood through the use of traditional economic theories, we
may often need unconventional approaches to what may appear to be conventional economic problems. Traditional economic principles can play a
useful role in enabling us to improve our understanding of development
problems, but they should not blind us to the realities of local conditions in
less developed countries.
A course in Development Economics should help students gain a
better understanding of a number of critical questions about the economies of
developing nations.

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.

NAME: OWOH ANAYO JONATHAN
DEPT: ECONOMICS
REG NO: 2018/250325
COURSE CODE; ECO 361
COURSE CODE: DEVELOPMENT ECONOMICS

1) Development can be seen, it is argued here, as a process of expanding the real freedoms that people enjoy. Focusing on human freedoms contrasts with narrower views of development, such as identifying development with the growth of gross national product, or with the rise in personal incomes, or with industrialization, or with techno- logical advance, or with social modernization. Growth of GNP or of individual incomes can, of course, be very important as means to expanding the freedoms enjoyed by the members of the society. But freedoms depend also on other determinants, such as social and eco- nomic arrangements (for example, facilities for education and health care) as well as political and civil rights (for example, the liberty to participate in public discussion and scrutiny). Similarly, indus- trialization or technological progress or social modernization can substantially contribute to expanding human freedom, but freedom depends on other influences as well. If freedom is what develop- ment advances, then there is a major argument for concentrating on that overarching objective, rather than on some particular means, or some specially chosen list of instruments. Viewing development in terms of expanding substantive freedoms directs attention to the ends that make development important, rather than merely to some of the means that, inter alia, play a prominent part in the process.
Development requires the removal of major sources of unfree- dom: poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states. Despite unprece- dented increases in overall opulence, the contemporary world denies.
DEVELOPMENT AS FREEDOM
Introduction
elementary freedoms to vast numbers-perhaps even the majority- of people. Sometimes the lack of substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities. In other cases,
the unfreedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of orga- nized arrangements for health care or educational facilities, or of effective institutions for the maintenance of local peace and order. In still other cases, the violation of freedom results directly from a denial of political and civil liberties by authoritarian regimes and
from imposed restrictions on the freedom to participate in the social, political and economic life of the community.
EFFECTIVENESS AND INTERCONNECTIONS
Freedom is central to the process of development for two distinct reasons.
I) The evaluative reason: assessment of progress has to be done primarily in terms of whether the freedoms that people have are enhanced;
2) The effectiveness reason: achievement of development is thoroughly dependent on the free agency of people.
I have already signaled the first motivation: the evaluative reason for concentrating on freedom. In pursuing the second, that of effec- tiveness, we have to look at the relevant empirical connections, in particular at the mutually reinforcing connections between freedoms of different kinds. It is because of these interconnections, which are explored in some detail in this bobk, that free and sustainable agency emerges as a major engine of development. Not only is free agency
itself a “constitutive” part of development, it also contributes to the strengthening of free agencies of other kinds. The empirical connec- tions that are extensively explored in this study link the two aspects of the idea of “development as freedom.”
The relation between individual freedom and the achievement of social development goes well beyond the constitutive connection-
important as it is. What people can positively achieve is influenced by economic opportunities, political liberties, social powers, and the enabling conditions of good health, basic education, and the encour- agement and cultivation of initiatives. The institutional arrangements for these opportunities are also influenced by the exercise of people’s freedoms, through the liberty to participate in social choice and in the making of public decisions that impel the progress of these opportunities. These interconnections are also investigated here.
(2) Difference Between Economic Growth vs Economic Development
Economic growth is the increase in goods & services produced by an economy or nation, considered for a specific period of time. The rise in the country’s output of goods and services is steady and constant and may be caused by an improvement in the quality of education, improvements in technology, or in any way if there is value addition in goods and services which is produced by every sector of the economy.
It can be measured as a percentage increase in real gross domestic product. Where a gross domestic product (GDP) is adjusted by inflation. GDP is the market value of final goods & services which is produced in an economy or nation.
Economic Development is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It indicates an increase in the per capita income of every citizen. The standard of living includes various things like safe drinking water, improve sanitation systems, medical facilities, the spread of primary education to improve literacy rate, eradication of poverty, balanced transport networks, increase in employment opportunities, etc. Quality of living standard is the major indicator of economic development. Therefore, an increase in economic development is more necessary for an economy to achieve the status of a Developed Nation.
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.
Economic growth
*Economic Growth is the positive change in the indicators of economy.
*Economic Growth refers to the increment in amount of goods and services produced by an economy.
*Economic growth means an increase in real national income / national output.
*It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.
*Economic growth is single dimensional in nature as it only focuses on income of the people.
Earlier, economic growth was only measured in terms of Gross Domestic Product (GDP).
At present, it is measured in terms of GDP, Gross National Income (GNI) and Per Capita Income.
*Economic Growth is the precursor and prerequisite for economic development.
“Indicators of economic growth are GDP, GNI and per capita income.
*Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports.
*It is also considered as a traditional measure of development which indicates the quantitative rise of economy.
*Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
*Economic growth is concerned with increase in economy’s output.
*It focuses on production of goods and services.
*Economic growth is more relevant metric for assessing progress in developed countries.
*Economic growth is relatively narrow concept as compared to economic development.
*It is for short term/short period.
*It is a material/physical concept.
*Economic growth is measured in certain time frame/period.
Economic Development:
“Economic development is the quantitative and qualitative change in an economy.
*Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
*Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
*Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
*Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
*Economic development is concerned with the happiness of public life.
*Economic development comes after economic growth. It is a positive impact of economic growth.
*Economic development also refers to:
provision of sufficient and effective physical and social infrastructures
*equal access to resources
*participation of all in economic activities
“equitable distribution of dividends of economy.
*Economic development= Economic growth + standard of living
*It refers to increase in productivity.
“Indicators of economic development are:
*Human Development Index (HDI)
*Human Poverty Index (HPI)
*Gini Coefficient
*Gender Development Index (GDI)
*Balance of trade
*Physical Quality of Life Index (PQLI)
*Economic development is the ends of development.
*Achieving economic development is linked with *end of poverty and inequality.
*It is more abstract concept.
*Economic development focuses on distribution of resources.
(3) Development Economics (DE) rose to prominence as a separate sub-discipline in economics in the 1950s. Some would say that it had its heyday in the 1960s and early 1970s, and that from the mid 1970s it was on the wane. In certain senses, this is true. For instance, fewer First World students showed an interest in the Third World, and this affected the popularity of development courses. There has also been a blurring of the demarcation lines between development economics and other sub-disciplines of economics. Thirdly, DE initially achieved considerable lustre and excitement because people thought that it could slay the dragon of backwardness. By the 1970s, greater realism was setting in. As Sen (1983, p. 745) put it: ‘the would-be dragon slayer seems to have stumbled on his sword’. Yet this is all rather misleading. The important fact is that both the quantity and quality of research on less developed economies has continued to increase.
There has also been a blurring of the demarcation lines between development economics and other sub-disciplines of economics.
A French demographer Alfred Saury coined the expression “Tiers Monde” in 1952 by analogy with the third estate of the commoners of France before and during the French revolution as proposed to the priests and nobels comprising of the first and second estate respectively.

Name: Nelson Favour Ogechukwu
Reg No: 2018/245389
Dept: Education Economics
Email: . nelsonfavour38@gmail.com
Eco, 361—24-9-2021(Online Discussion/Quiz—-What is the real meaning of Development and Origin/ Importance of Development Economics)

1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
As a Special Adviser to Mr president on Human Capital Development, i would say that development can be seen as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value because it is the economic value of a worker’s experience and skills. Like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality. As such, it is an intangible asset or quality that isn’t (and can’t be) listed on a company’s balance sheet. Human capital is perceived to increase productivity and thus profitability. The more investment a company makes in its employees, the chances of its productivity and success becomes higher.

2. Clearly analyse the differences between Economic Growth and Economic Development
1. Economic Growth is the positive change in the indicators of economy while Economic development is the quantitative and qualitative change in an economy.
2. Economic Growth refers to the increment in amount of goods and services produced by an economy while Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
3. Economic growth means an increase in real national income / national output while Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
4. Economic growth refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income while Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
5. Economic growth focuses on production of goods and services while Economic development focuses on distribution of resources.
6. Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports while Economic development relates to growth of human capital indexes and decrease in inequality.
7. Economic growth is single dimensional in nature as it only focuses on income of the people while Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
8. Economic Growth is the precursor and prerequisite for economic development. It is the subset of economic development while Economic development comes after economic growth. It is a positive impact of economic growth.
3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
The legacy of the last 50 years of development economics is not very inspiring. In the 1960s and 1970s, instead of looking at the real causes and viable solutions to poverty and underdevelopment, development economics was preoccupied with the politically‐charged debate over the superiority of either state‐controlled or market systems. In the 1980s and 1990s, economists expected that globalization would come to be a panacea for all developing countries. They advocated the abandonment of traditional industries and occupations and their replacement by modern sectors modelled after or imported from the developed countries. Such policies have generally failed with few exceptions–those being countries which chose to implement their own specific policies of development. These countries skillfully combined government interventionism with market system incentives. Despite its past problems, development economics has recently evolved to better reflect the realities of developing countries. For the first time, development economics is on the verge of becoming a real social science in which analysis of traditional institutions, community life, and religious and ethnic factors is not only important but decisive in developing new social and economic growth objectives and economic policies.
Why development studies?
According to the UN definition, 783 million people live below the international poverty line of $1.90 a day. And inequality is no longer a simple case of contrasting the first world with the third world. In the USA, the top 1% of income earners are paid more than the bottom 40%, with many people struggling to meet basic living costs despite working 40-50 hours per week.

It’s easy for many of us to accept this status quo, convincing ourselves there’s a certain inevitability to today’s economic and political situation, making any significant change feel almost impossible. But development studies takes an entirely different approach. Through examining the past, present, and the future, development studies finds causal links between cultural and political institutions and the lives of ordinary people all over the world. More importantly, its students and graduates propose and enact practical, real-world solutions designed to build fairer societies in which we all have the chance to live dignified and meaningful lives. As the UN wrote in its human development report, development is essentially a humanitarian project that aims to expand “the choices people have to lead lives that they value.”
Another one of its main areas of focus is diversity and inclusion. The United Nations Development Programme is taking measures to address challenges regarding equal pay, while its strategy for advancing diversity and inclusiveness is creating environments where everyone has an opportunity to succeed regardless of age, gender identity, disability, race, caste, ethnicity, nationality, religion, sexual orientation, or any other status.
This proactive approach to the challenges of today and the future is more important than ever. Climate change, the rise of automation, greater income disparity, mass migrations, and geopolitical instability are set to radically change the lives of world citizens within the next few decades. And these issues will only be compounded by increasing population growth. The UN states that 83 million people are added to the world population every year, meaning a projected 9.8 people on Earth in 2050 and 11.2 billion in 2100. Simply meeting the basic needs of all these people will be a monumental challenge, but it’s one in which development studies will play a leading role.
A popular choice for graduate students
The good news is that development studies is an increasingly popular choice, meaning more and more young people are making a commitment to building a future for everyone. In fact, global development recruiters Devexarets called international development the most “in-demand” subject for those entering postgraduate education.
Many students are attracted to the possibility of making long-term sustainable change, inspired into action by an evermore connected world where the stories of developing countries can no longer be suppressed or marginalized. During the late 80s and early 90s, Western audiences’ exposure to humanitarian crises in places such as Ethiopia was limited to occasional news stories or charity concerts such as Live Aid. Today, thanks in large part to the internet and other digital technologies, such stories are part of mainstream narratives, creating more socially aware societies made up of individuals who recognize their roles and responsibilities within a global community.

Getting ready to tackle real-world problems
Development studies programs combine rigorous academic study with practical skills. Students learn the importance of bridging the gap between policy and practice, where knowing how to write a persuasive proposal or budget plan is just as essential as understanding theoretical concepts such as the drivers of poverty, globalization, or economic sustainability. After all, part of any development professional’s skill set is the ability to engage with many different stakeholders, ranging from international governments, local community leaders, academics, and the general public. This requires excellent negotiation skills, plenty of empathy, and the ability to make clear and engaging arguments without diluting the substantive content that will get people on board with the project.
Alongside real-world case studies, development programs encourage students to gain first-hand experience via internships, pro-bono consulting, volunteering, and even international placements. Many courses, especially at the postgraduate level, run lectures and seminars during the evening, which allows students to take part in volunteering opportunities or other kinds of work experience in the daytime. Employers are desperate for graduates with the practical skills to match their academic qualifications and having such experiences on your CV is one of the main things that will make you stand out amongst the competition.
And for anyone looking to enter a specific area of international or local development, a master’s degree is almost essential. Whereas undergraduate degrees tend to be far more general, many postgraduate courses are tailor-made to prepare students for careers in particular development industries, including climate change, energy, social change, globalization, and business. Universities also have very close links with development organizations and relevant governing bodies, making postgraduate study an excellent way of building up a network of contacts and career opportunities.
Plenty of career opportunities
International development is a global industry with huge support from big business, government, and influential organizations like the EU and the UN. And with the population set to soar in the coming decades, there will always be fresh challenges to overcome in the pursuit of meeting fundamental human needs of people all over the globe. Development will also help emerging economies build strong and stable societies, creating more opportunities for their citizens.
Once qualified, ambitious students can go on to work as high-profile government officials or in senior positions within NGOs and charity organizations. Others can pursue meaningful careers in work in local government, helping to tackle income disparities in their own communities through educational or extra-curricular programs. And these are just a handful of the career options for graduates – additional job paths include policy analysts, ecotourism guide, diplomacy, immigration officer, aid worker, and many more.

Development studies is on course to become one of the most influential academic disciplines as we look for ever more innovative ways to tackle poverty, disease, prejudice, and discrimination. So if you’d like to join the fight for a fairer world, then enrolling on a development studies program is the perfect way to start…

Reference
https://www.investopedia.com/terms/e/economic-value.asp
https://www.publichealthnotes.com/economic-growth-vs-economic-development-17-differences/
https://www.emerald.com/insight/content/doi/10.1108/03068290410518274/full/html
https://www.masterstudies.com/article/why-study-development-studies/

Name: Isiguzo Purity Ezinne
Reg. no: 2018/242353
E-mail add: isipurity4real@gmail.com

(1) Amartya Sen’s Freedom approach of development;

According to Sen, development is enhanced by democracy and the protection of human rights. Such rights, especially freedom of the press, speech, assembly, and so forth increase the likelihood of honest, clean, good government.

He claims that “no famine has ever taken place in the history of the world in a functioning democracy”. This is because democratic governments “have to win elections and face public criticism, and have strong incentive to undertake measures to avert famines and other catastrophes”.

Development is the process of expanding human freedom. It is “the enhancement of freedoms that allow people to lead lives that they have reason to live”. Hence “development requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well as systemic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states”.

Sen argues that there are five types of interrelated freedoms, namely, political freedom, economic facilities, social opportunities, transparency and security. The state has a role in supporting freedoms by providing public education, health care, social safety nets, good macroeconomic policies, productivity and protecting the environment.

Freedom implies not just to do something, but the capabilities to make it happen. What people can achieve (their capabilities) is influenced by “economic opportunities, political liberties, social powers, and the enabling condition of good health, basic education, and the encouragement and cultivation of initiatives”. Sen calculates that if women in Asia and North Africa were given the same health care and attention, the world would have 100 million more women.

2a) Origin of Development economics:
When development economics emerged as a sub-discipline of economics in the 1950s its main
concern, like that of most economic theory, was (and largely remains) understanding how the
economies of nation-states have grown and expanded (Szentes 2005). This means it has been
concerned with looking at the sources and kinds of economic expansion measured via increases in
Gross Domestic Product (GDP), the role of different inputs into production (capital, labor and land),
the impact of growth in the various sectors of the economy (agriculture, manufacturing and service
sectors) and, to a lesser extent, the role of the state. These concerns are at the heart of classical and
neoclassical development economics. In contrast, most radical development economics starts from
the other side of the coin – how to improve the welfare of the population and the planet although
much development economics in the Marxist and neo-Marxist vein ultimately also focuses on
national income. Nevertheless, what can be seen here are two fundamentally different approaches to
the core issue of what exactly is ‘development,’ which is what underlies this exploration of the key
ideas of classical, neoclassical, neo-Marxist and critical approaches to development economics.

This explores these traditions in a largely chronological manner as this allows
connections to be made between theories and practices of development and highlights the manner in
which critiques of existing traditions and new ideas have been central to development economics
discourse. The chapter commences with a brief introduction to the three mainstream economics
traditions that have most influenced development – classicism, neoclassicism and Keynesianism –
because an understanding of the key ideas of these traditions is central to understanding the
subsequent growth of development economics. It then looks at how these traditions were expressed
in development economics the 1950s and 1960s. Neo-Marxist development economics is also
explored as it has been a major tradition and influence on the theory and practice of development. In
the 1970s, a new strand of neoclassicism – neoliberalism – rose to prominence and became the
major influence on contemporary development theory and practice, though by the early 1990s, it too was being challenged.

2b) Reasons Development Economics should be a separate course in the University :

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 continues to widen.

Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. It investigates the factors that have led to this global inequality.

Development economics explains the way in which economics can help our understanding of some of the major challenges of the 21st century, including:

1) To what extent does rapid population growth help or hinder development?
2) Is it necessary for economies to go through a process of structural transformation – and how does this take place?
3) What is the role of education and health care provision in contributing to the process of development?
4) How important is it for countries to engage in international trade in the context of a globalising economy?
5) How can less-developed countries achieve sustainable development?
6) What effect has the HIV/AIDS epidemic had on economic and human development?

Studying development economics, equips one with 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.

3) The differences between Economic development and Economic growth are:
1) Economic development implies an upward movement of the entire social system in terms of income, savings and investment along with progressive changes in socioeconomic structure of country (institutional and technological changes). While, Economic growth refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.

2) Economic
development relates to growth of human capital indexes, a decrease in inequality figures, and structural changes that improve the general population’s quality of life. While, Economic Growth relates to a gradual increase in one of the components of Gross Domestic Product: consumption, government spending, investment, net exports.

3) Economic development relates to
Qualitative measurements, such as, HDI (Human Development Index), gender- related index (GDI), Human poverty index (HPI), infant mortality, literacy rate etc., While, Economic growth relates to Quantitative measurements, such as increase in real GDP.

4) Economic development
brings qualitative and quantitative changes in the economy, while Economic growth brings quantitative changes in the economy.

5) Economic development is more relevant to measure progress and quality of life in developing nations. While Economic growth is a more relevant metric for progress in developed countries. But it’s widely used in all countries because growth is a necessary condition for development.

6) Economic development is
concerned with structural changes in the economy. While Economic Growth is concerned with increase in the economy’s output.

NAME: OGBOGU PRECIOUS ADANNA
REG NO:2018/242467
DEPT:ECONOMICS EDUCATION
COURSE CODE:ECO 361
EMAIL:Adannaprecious224@gmail.com
QUESTION 1
1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
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.The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
       Importance Of Development Economics
  1) Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
 2) Areas that development economics focuses on include health, education, working conditions, and market conditions.
 3) Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
 4) 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.
5) Development is about growth and helping to grow different aspects, as together they create further growth. Development is vital in today’s society as it affects every aspect in everyday life. Certain factors have a huge influence on development or the lack thereof the need to improve development. 
6) Development is about growth and helping to grow different aspects, as together they create further growth. Development is vital in today’s society as it affects every aspect in everyday life. Certain factors have a huge influence on development or the lack thereof the need to improve development.
7) Development economics involves the creation of theories and method that aid in the determination of policies and practices and can be implemented at either the domestic or international level.
8) Development economics can help in improving the standard of living of the society.
QUESTION 2
Clearly analyse the differences between Economic Growth and Economic Development
ANSWER
       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. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product, or real GDP. 
       Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents.
        Difference between economic growth and development.
1. Economic Growth refers to the increment in amount of goods and services produced by an economy. … Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
2. Economic Growth is the positive change in the indicators of economy.while Economic development is the quantitative and qualitative change in an economy.
3. Economic Growth refers to the increment in amount of goods and services produced by an economy while Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
4. Indicators of economic growth are:GDP,GNI and per capita income while indictors od economic development are Human Development Index(HDI),Human poverty index (HPI),Balance of trade and Physical Quality of life index(PQLI)
5. Economic growth is for short term/short period. It is measured in certain time frame/period. It is a continuous and long-term process while Economic development does not have specific time period to measure.
6. Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy while Economic development brings quantitative and qualitative change in the economy.
7. Economic growth is an automatic process that may or may not require intervention from the government while Economic development requires intervention from the government as all the developmental policies are formed by the government.
8. Economic growth refers to increase in production while economic development refers to increase in productivity.
9. Economic growth is the means of development while economic development is the ends of development.
QUESTION 3
Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
ANSWER
The origins of modern development economics are often traced to the need for, and likely problems with the industrialization of eastern Europe in the aftermath of World War II.The key authors are Paul Rosenstein-Rodan,Kurt Mandelbaum, Ragnar Nurkse, and Sir Hans Wolfgang Singer. Only after the war did economists turn their concerns towards Asia, Africa and Latin America. At the heart of these studies, by authors such as Simon Kuznets and W. Arthur Lewis was an analysis of not only economic growth but also structural transformation.  
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.
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.
The earliest Western theory of development economics was mercantilism, which developed in the 17th century, paralleling the rise of the nation state. Earlier theories had given little attention to development. For example, scholasticism, the dominant school of thought during medieval feudalism, emphasized reconciliation with Christian theology and ethics, rather than development. The 16th- and 17th-century School of Salamanca, credited as the earliest modern school of economics, likewise did not address development specifically.
         The earliest Western theory of development economics was mercantilism, which developed in the 17th century, paralleling the rise of the nation state. Earlier theories had given little attention to development. For example, scholasticism, the dominant school of thought during medieval feudalism, emphasized reconciliation with Christian theology and ethics, rather than development. The 16th- and 17th-century School of Salamanca, credited as the earliest modern school of economics, likewise did not address development specifically.
Major European nations in the 17th and 18th centuries all adopted mercantilist ideals to varying degrees, the influence only ebbing with the 18th-century development of physiocrats in France and classical economics in Britain. 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.Major European nations in the 17th and 18th centuries all adopted mercantilist ideals to varying degrees, the influence only ebbing with the 18th-century development of physiocrats in France and classical economics in Britain. 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.
           Why It Should Be Studied As a Separate course
  1) 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.
  2) 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 continues to widen.
  3) Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this module you will investigate the factors that have led to this global inequality.
   4) The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
  5) Development economics focuses on the elemental forces that raise per capita income. A key factor in this process is the growth-generating reallocation of labor and capital among sectors, an aspect missed completely by all versions of the neoclassical growth theory. The relevance of our discipline to development policy remains undiminished by a greater recognition of market forces and freer international trade to maximize social welfare. Development economics, however, needs to be guided by a consequentialist ethical philosophy to emphasize a fairer distribution of the fruits of economic progress both nationally and internationally; and, more generally, to promote human development

Name:Ochonwu Lotachi Vivian

2018/248806

Economics

Julietrecheal@gmail84.com

(1) As the special Adviser to Mr.President on Human Capital Development, Development is the both increase in productivity and technological advancement.

To justify this,for example when a country has an abundant natural resources(that is,forest minerals, climate, accessibility to water,energy sources etc)is in a position to develop more rapidly than a country that is deficient in such resources.
Although abundant resources is not sufficient enough condition to explain all aspects of economic growth as people must be capable of performing the duties required to create such an economy.There is a say that “Economies are created and managed by people “.This implies that country with people with skills,training and health acquired through on the job training and education do much better than those without this features,that is the major difference between the developed and developing countries is the rate of progress in human capital.
The underdeveloped countries need human capital to staff new and expanding government services to introduce new systems of Land use and new methods of communication to carry forward industrialization and to build the education system.
Prof.Galbraith is right in saying that “We now get a larger part of economic growth from investment in men and improvement brought about by improved men “.
It can also be increased through formal education,on-the-job training and improved health and psychological well being.Precisely,if the people of a country are well educated,well nourished,skilled and healthy, they are said to have more human capital.
However, the success of any country depends upon increasing human capabilities.

(2) Economic growth vs development

(a) Economic development is a broader concept than economic growth. The development reflects social and economic progress and requires economic growth whereas Economics Growth is a necessary condition for development, but alone it cannot guaranteed.

(b) Economic growth only takes monetary development into account WHEREAS Economic development requires social development and monetary development to go hand in hand.

(c) Economic development can happen with economic growth but it is not necessary if economic growth is taking place then economic development will also happen. Economic growth can be termed as a subset of economic development.

(d) Economic growth is a uni-dimensional approach to the growth of a country WHEREAS Economic development is a multi-dimensional approach to the growth of a country as it takes many significant conditions into play.

(e) Economic development is a quantitative as well as qualitative analysis because it shows the sustainable increase in real GDP that implies increased real per capita income, better education and health as well as environmental protection, legal and institutional reforms and an efficient production and distribution system for goods and services WHILE Economic growth on the counter-hand shows only the sustained increase in the real GDP of a country over a period of time and hence a quantitative analysis.

(f) Economic growth can be considered a weak approach to measure growth as not only growing economically is necessary but also social well-being is just as important. Economic growth is measured in terms of GDP, whereas Economic development is measured in terms of HDI.

(g) Economic development is applicable in developing countries as this measures economic growth and the quality of life which are simultaneous processes. It would be very difficult to maintain a good lifestyle if the money is not good enough.

(h) Economic growth is a short term process as GDP is calculated every year to find out the income of the country. Economic development is a long term process to improve the quality of life. It takes many years to build resources and apply them.

(i) Economic growth is also a short term process because it is an automatic process that may or may not require intervention from the government WHILE Economic development requires intervention from the government as all the developmental policies are formed by the government. Thus, becoming a long term procedure.

(j) Economic development appeals to countries that are developing and knows that it will be a long process WHEREAS Economic growth attracts developed countries who want fast and easy stats about the increase in the income of the nation. Both measure development but in different ways and with different mediums. It can be said they are very similar and also very distinctive simultaneously.

(3) The Origin of Development Economics as independent discipline.

Historically, much of economic thought, especially until the 1960s, has been preoccupied with the central concerns of development economics. It is thus contemporary mainstream economics – dominated by those with a touching faith in the virtues and infallibility of the market – that emerges as almost exceptional when viewed in a longer-term perspective. Although economics has gone through many changes over the centuries, the original developmental concerns of economists have persisted until relatively recently – diminishing, ironically, only as development economics emerged as a sub-discipline in the post-war

As soon as England succeeded in industrializing ahead of its neighbors, development economics was born. It stimulated the design of accelerated industrialization strategies in France after the end of the Napoleonic wars, in Germany under Bismarck, in Russia after the abolition of serfdom, in the United States following the Civil War, and in Japan with the Meiji restoration. As an academic discipline, development economics was established in the mid-40s and early 1950s, some 60 years ago, with recessions in the industrialized economies wrecking the prior international division of labor where developing countries could rely on industrial imports in exchange for primary goods exports, and with newly independent countries emerging from the breakdown of colonial empires, both creating demand for guidelines in the catching up process. This 60th anniversary gives us an opportunity to look back at what has been achieved, derive lessons for the future, and simply celebrate a successful six decades of development economics and economic development.

Over this period, development economists have shown that economic development can indeed succeed, sometimes in countries that had been deemed basket cases for a takeoff into sustained economic growth, and that development economics often had a decisive role to play in securing success. In this exercise, the field itself has been transformed. Today, development economics is far more comprehensive and analytical than at the time of the “pioneers” (Meier, 1985). The profession has been mainstreamed in economics, with areas of specialization in development economics in most major universities. It has attracted large numbers of outstanding talents, passing the “recruitment test” proposed by Hirschman as a criterion for the professional success of a discipline. It has received large inflows of resources from international organizations, bilateral development agencies, and donors. And it has helped achieve success in development by enlarging the convergence club to a membership in excess of four billion people, reducing the global extreme poverty rate by 50% over the last 25 years (Chen and Ravallion, 2008), and witnessing the emergence of a bulging world middle class (Ravallion, 2010). The contributions of development economics to this process have been through ideas derived from research, policy advice, and teaching. Much of this influence has been invisible, imbedded in the human capital of returning students becoming pillars of development in their own countries. This was the case with for example Yale Economic Growth Center collaborators in Taiwan and Pakistan, the “Berkeley mafia” in Indonesia, the Chicago Boys in Chile, training under D. Gale Johnson of Chinese scholars at the China Center for Economic Research, USAID Title XII engagement of U.S. land grant colleges with agricultural universities across the world, and training of hundreds of development economists under the AERC (African Economic Research Consortium) in Sub-Saharan Africa. The CERDI has over the years trained thousands of mid-career professionals in economic development and public administration, many of whom now hold key positions in their own countries. Much can be learned from this 60 years period, something all the more necessary that huge challenges are still with us, and need to be effectively addressed if we are to succeed with future economic development.
The origins of modern development economics are often traced to the need for, and likely problems with the industrialization of eastern Europe in the aftermath of World War II. The key authors are Paul Rosenstein-Rodan,Kurt Mandelbaum, Ragnar Nurkse,and Sir Hans Wolfgang Singer. Only after the war did economists turn their concerns towards Asia, Africa and Latin America. At the heart of these studies, by authors such as Simon Kuznets and W. Arthur Lewis was an analysis of not only economic growth but also structural transformation.

(ii)Discuss the reasons why development Economics should be studied as a separate course in the university.

(a). 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.

(b).It gives us the idea of 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.

(c).Development economics give us the opportunity on the creation of theories and methods that aid in the determination of policies and practices and can of 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

(d). It gives us the opportunity of knowing different approaches that may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.

NAME::EZEA SOPULUCHUKWU LUKE
REG NO::2018/251024
DEPARTMENT:: ECONOMICS
Eco361 online quiz
EMAIL::sopuluchukwuluke@gmail.com

ASSIGNMENTS
Answer
No1
Real meaning of development. Real development implies a process which involves growth, progress or positive change or increase in the well-being, social welfare, high living standard and sustainable increase in per capita income of the society at large. It also entails improving the quality of all human lives and capabilities by raising people’s levels of living, self-esteem and freedom for all. Justifying my view, development enhances capacity and capability of man which lead to better lives. Focusing completely on human freedom contrast with narrow views of development such as identifying development with the growth of gross national product (GNP) or with the rise in personal incomes or with the individual advance or with social modernization.
Development consist of the removal of various types of unfreedoms that lave people with little choice and little opportunity of exercising their resonated agency. If freedom is what development advances then there is a major argument for concentrating on that objectives, rather than on some particular means, or some specially chosen list o instructs. Viewing development in term of expanding substantive freedoms directs the attention to the ends that make development important, rather than merely on some of the means
No2
Economic growth means an increase in real national income / national output.
Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
Ceteris paribus, we would expect economic growth to enable more economic development. Higher real GDP enables more to be spent on health care and education.
However, the link is not guaranteed. The proceeds of economic growth could be wasted or retained by a small wealthy elite.
No3
Why Development economics should be studied as a separate discipline in the university

Development Economics (DE) rose to prominence as a separate sub-discipline in economics in the 1950s. Some would say that it had its heyday in the 1960s and early 1970s, and that from the mid 1970s it was on the wane. In certain senses, this is true. For instance, fewer First World students showed an interest in the Third World, and this affected the popularity of development courses. There has also been a blurring of the demarcation lines between development economics and other sub-disciplines of economics. Thirdly, DE initially achieved considerable lustre and excitement because people thought that it could slay the dragon of backwardness. By the 1970s, greater realism was setting in. As Sen (1983, p. 745) put it: ‘the would-be dragon slayer seems to have stumbled on his sword’. Yet this is all rather misleading. The important fact is that both the quantity and quality of research on less developed economies has continued to increase. In the 1950s and 1960s, development economics was a breeding ground for alternative theories “to wasteful, exploitative capitalism”. While it was categorized as a sub‐discipline of economic science, development theory was reminiscent of “political economy” with a very distinct shift to the left. 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.

Reasons why development economics should be studied as a separate discipline in the university are as follows :

1.Availability of Better Products and Services-

Importance of Economic Development
Economic development helps in the creation of better quality of products and services at cheaper prices. It has resulted in increased production of both consumer and industrial (Capital goods and services).
If a particular company wants to increase its sales, then it will have to decide an average or cheap price of its product and increase its quality in the product so that the customers attract easily towards a particular product or service.

2. Improvement in Infrastructural Facilities-

Economic development results in economic growth. There is an increase in infrastructural facilities like communication, transportation, warehousing, fuel & power, banking, etc.

Infrastructure can be defined as the basic structure needed for the operation of society, an organization on a large scale, etc. However, infrastructural facilities are very important in all aspects of business activities so that it helps to enhance the growth level of the economy.

3. Balanced Economic Growth-

In this importance of economic development, it has resulted in balance growth between agriculture and industry, consumer goods & capital goods, large scale & small scale industry, labor-intensive & capital intensive, rural & urban areas, etc.

4. Improvement in the Social Services-

Economic development has resulted in social services like medical, recreation, law & order, services, education at the nominal or normal rate.

5. Improvement in Efficiency & Productivity-

Economic development gears up economic activity and economic productivity. It increases the productivity and efficiency of all productive resources and also helps to increase the production volume.

NAME: NWEKE CHIDERA
DEPARTMENT: Economics
REG NUMBER: 2018/242345
An assignment on Eco 361
1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

1 Development can be seen, it is argued here, as a process of expanding the real freedoms that people enjoy. On the focus of human freedoms in the views of development, in identifying development with the growth of gross national product, or with the rise in personal incomes, with industrialization, with techno- logical advance, with social modernization.

Growth of GNP or of individual incomes can, be very important as way of expanding the freedoms enjoyed by the members of the society. Freedoms does not only depend on growth of GDP or of individual income but depend also on other determinants, such as social and economic arrangements (for example, facilities for education and health care) as well as political and civil rights (for example, the liberty to participate in public discussion and scrutiny).
Similarly, industrialization or technological progress or social modernization can equally contribute to expanding human freedom, but freedom depends on other influences as well. If freedom is what development looks forward to, then there is a major argument for concentrating on that, rather than on some particular means, or some specially chosen list of instruments. Viewing development in terms of

expanding the real freedoms directs attention to the ends that make development important, rather than merely to some of the means that, play a Vital role in the process.
Development requires the removal of major sources of lack of freedom like poverty as well as tyranny, poor economic opportunities, systematic social deprivation, neglect of public facilities intolerance or overactivity of repressive states. Despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers-perhaps even the majority- of people. Sometimes the lack of substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities. In other cases, the lack of freedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of organized arrangements for health care or educational facilities, of effective institutions for the maintenance of local peace and order. In other cases, the violation of freedom results directly from a denial of political and civil liberties by authoritarian regimes and from imposed restrictions on the freedom to participate in the social, political and economic life of the community.

2 DIFFERENCES BETWEEN

ECONOMIC GROWTH AND

ECONOMIC DEVELOPMENT

In simple terms, economic growth is one aspect of economic development.
Economic growth can be calculated in a specific period of time whereas economic development is a continuous process that focuses more and more advancement in the lives of individuals.
Economic development is more related to developing countries like India, Bangladesh, South Africa
where economic growth is related to developed countries but its parameters can be applied to developing countries also as these parameters include GDP, investment, etc.
The economic growth reflects the positive change in an economy whereas economic development reflects the real change in an economy.
Economic growth is a quantitative factor that measures what is the total
output or production of a country whereas economic development is the qualitative factor that gives emphasis on improvement in the quality of living standards of its people.

3 ORIGIN OF DEVELOPMENT

ECONOMICS AS AN

INDEPENDENT DISCIPLINE.
Wwhat economists thought development meant at the beginnings of our fieldʼs history is quite different from the way we see it today.
The origins of modern development economics are not found in low income countries, but rather in relatively developed countries devastated by war. In the aftermath of World War II, there was a need for economic theories and policies to support the rebuilding of war-torn Europe and Japan. The United States adopted the Marshall Plan to help rebuild European economies. This was a massive program: $13 billion over four years was a lot of money back then! In the wake of the success of the Marshall Plan, economists shifted their attention in the 1950s and 1960s from Europe to the economic problems of Africa, Asia, and Latin America. Lessons learned in Europe did not transfereasily to those settings; it quickly became clear that poor countries faced fundamentally different challenges.
Early development economists focused on income growth, often blurring the lines between growth and development. In poor countries, major structural transformations were needed to achieve growth. By comparing different countriesʼ growth experiences (including the past experiences of the more developed countries), economists tried to uncover the conditions that determine successful development and economic growth.

REASONS WHY DEVELOPMENT ECONOMICS SHOULD BE STUDIED AS A SEPARATE COURSE IN THE UNIVERSITY

1. 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.
2. Another reason why it should be studied as a course in the university is because, 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.
3. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world.

NAME: NWEKE CHIDERA
DEPARTMENT: Economics
REG NUMBER: 2018/242345
An assignment on Eco 361
1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

1 Development can be seen, it is argued here, as a process of expanding the real freedoms that people enjoy. On the focus of human freedoms in the views of development, in identifying development with the growth of gross national product, or with the rise in personal incomes, with industrialization, with techno- logical advance, with social modernization.

Growth of GNP or of individual incomes can, be very important as way of expanding the freedoms enjoyed by the members of the society. Freedoms does not only depend on growth of GDP or of individual income but depend also on other determinants, such as social and economic arrangements (for example, facilities for education and health care) as well as political and civil rights (for example, the liberty to participate in public discussion and scrutiny).
Similarly, industrialization or technological progress or social modernization can equally contribute to expanding human freedom, but freedom depends on other influences as well. If freedom is what development looks forward to, then there is a major argument for concentrating on that, rather than on some particular means, or some specially chosen list of instruments. Viewing development in terms of

expanding the real freedoms directs attention to the ends that make development important, rather than merely to some of the means that, play a Vital role in the process.
Development requires the removal of major sources of unfreedom like poverty as well as tyranny, poor economic opportunities, systematic social deprivation, neglect of public facilities intolerance or overactivity of repressive states. Despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers-perhaps even the majority- of people. Sometimes the lack of substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities. In other cases, the lack of freedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of organized arrangements for health care or educational facilities, of effective institutions for the maintenance of local peace and order. In other cases, the violation of freedom results directly from a denial of political and civil liberties by authoritarian regimes and from imposed restrictions on the freedom to participate in the social, political and economic life of the community.

2 DIFFERENCES BETWEEN

ECONOMIC GROWTH AND

ECONOMIC DEVELOPMENT

In simple terms, economic growth is one aspect of economic development.
Economic growth can be calculated in a specific period of time whereas economic development is a continuous process that focuses more and more advancement in the lives of individuals.
Economic development is more related to developing countries like India, Bangladesh, South Africa
where economic growth is related to developed countries but its parameters can be applied to developing countries also as these parameters include GDP, investment, etc.
The economic growth reflects the positive change in an economy whereas economic development reflects the real change in an economy.
Economic growth is a quantitative factor that measures what is the total
output or production of a country whereas economic development is the qualitative factor that gives emphasis on improvement in the quality of living standards of its people.

3 ORIGIN OF DEVELOPMENT

ECONOMICS AS AN

INDEPENDENT DISCIPLINE.
Wwhat economists thought development meant at the beginnings of our fieldʼs history is quite different from the way we see it today.
The origins of modern development economics are not found in low income countries, but rather in relatively developed countries devastated by war. In the aftermath of World War II, there was a need for economic theories and policies to support the rebuilding of war-torn Europe and Japan. The United States adopted the Marshall Plan to help rebuild European economies. This was a massive program: $13 billion over four years was a lot of money back then! In the wake of the success of the Marshall Plan, economists shifted their attention in the 1950s and 1960s from Europe to the economic problems of Africa, Asia, and Latin America. Lessons learned in Europe did not transfereasily to those settings; it quickly became clear that poor countries faced fundamentally different challenges.
Early development economists focused on income growth, often blurring the lines between growth and development. In poor countries, major structural transformations were needed to achieve growth. By comparing different countriesʼ growth experiences (including the past experiences of the more developed countries), economists tried to uncover the conditions that determine successful development and economic growth.

REASONS WHY DEVELOPMENT ECONOMICS SHOULD BE STUDIED AS A SEPARATE COURSE IN THE UNIVERSITY

1. 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.
2. Another reason why it should be studied as a course in the university is because, 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.
3. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world.

NAME: OWOH ANAYO JONATHAN
DEPT: ECONOMICS
REG NO: 2018/250325
COURSE CODE: ECO 361
COURSE TITLE: DEVELOPMENT ECONOMICS

1) Development can be seen, it is argued here, as a process of expanding the real freedoms that people enjoy. Focusing on human freedoms contrasts with narrower views of development, such as identifying development with the growth of gross national product, or with the rise in personal incomes, or with industrialization, or with techno- logical advance, or with social modernization. Growth of GNP or of individual incomes can, of course, be very important as means to expanding the freedoms enjoyed by the members of the society. But freedoms depend also on other determinants, such as social and eco- nomic arrangements (for example, facilities for education and health care) as well as political and civil rights (for example, the liberty to participate in public discussion and scrutiny). Similarly, indus- trialization or technological progress or social modernization can substantially contribute to expanding human freedom, but freedom depends on other influences as well. If freedom is what develop- ment advances, then there is a major argument for concentrating on that overarching objective, rather than on some particular means, or some specially chosen list of instruments. Viewing development in terms of expanding substantive freedoms directs attention to the ends that make development important, rather than merely to some of the means that, inter alia, play a prominent part in the process.
Development requires the removal of major sources of unfree- dom: poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states. Despite unprece- dented increases in overall opulence, the contemporary world denies.
DEVELOPMENT AS FREEDOM
Introduction
elementary freedoms to vast numbers-perhaps even the majority- of people. Sometimes the lack of substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities. In other cases,
the unfreedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of orga- nized arrangements for health care or educational facilities, or of effective institutions for the maintenance of local peace and order. In still other cases, the violation of freedom results directly from a denial of political and civil liberties by authoritarian regimes and
from imposed restrictions on the freedom to participate in the social, political and economic life of the community.
EFFECTIVENESS AND INTERCONNECTIONS
Freedom is central to the process of development for two distinct reasons.
I) The evaluative reason: assessment of progress has to be done primarily in terms of whether the freedoms that people have are enhanced;
2) The effectiveness reason: achievement of development is thoroughly dependent on the free agency of people.
I have already signaled the first motivation: the evaluative reason for concentrating on freedom. In pursuing the second, that of effec- tiveness, we have to look at the relevant empirical connections, in particular at the mutually reinforcing connections between freedoms of different kinds. It is because of these interconnections, which are explored in some detail in this bobk, that free and sustainable agency emerges as a major engine of development. Not only is free agency
itself a “constitutive” part of development, it also contributes to the strengthening of free agencies of other kinds. The empirical connec- tions that are extensively explored in this study link the two aspects of the idea of “development as freedom.”
The relation between individual freedom and the achievement of social development goes well beyond the constitutive connection-
important as it is. What people can positively achieve is influenced by economic opportunities, political liberties, social powers, and the enabling conditions of good health, basic education, and the encour- agement and cultivation of initiatives. The institutional arrangements for these opportunities are also influenced by the exercise of people’s freedoms, through the liberty to participate in social choice and in the making of public decisions that impel the progress of these opportunities. These interconnections are also investigated here.
(2) Difference Between Economic Growth vs Economic Development
Economic growth is the increase in goods & services produced by an economy or nation, considered for a specific period of time. The rise in the country’s output of goods and services is steady and constant and may be caused by an improvement in the quality of education, improvements in technology, or in any way if there is value addition in goods and services which is produced by every sector of the economy.
It can be measured as a percentage increase in real gross domestic product. Where a gross domestic product (GDP) is adjusted by inflation. GDP is the market value of final goods & services which is produced in an economy or nation.
Economic Development is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It indicates an increase in the per capita income of every citizen. The standard of living includes various things like safe drinking water, improve sanitation systems, medical facilities, the spread of primary education to improve literacy rate, eradication of poverty, balanced transport networks, increase in employment opportunities, etc. Quality of living standard is the major indicator of economic development. Therefore, an increase in economic development is more necessary for an economy to achieve the status of a Developed Nation.
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.
Economic growth
*Economic Growth is the positive change in the indicators of economy.
*Economic Growth refers to the increment in amount of goods and services produced by an economy.
*Economic growth means an increase in real national income / national output.
*It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.
*Economic growth is single dimensional in nature as it only focuses on income of the people.
Earlier, economic growth was only measured in terms of Gross Domestic Product (GDP).
At present, it is measured in terms of GDP, Gross National Income (GNI) and Per Capita Income.
*Economic Growth is the precursor and prerequisite for economic development.
“Indicators of economic growth are GDP, GNI and per capita income.
*Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports.
*It is also considered as a traditional measure of development which indicates the quantitative rise of economy.
*Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
*Economic growth is concerned with increase in economy’s output.
*It focuses on production of goods and services.
*Economic growth is more relevant metric for assessing progress in developed countries.
*Economic growth is relatively narrow concept as compared to economic development.
*It is for short term/short period.
*It is a material/physical concept.
*Economic growth is measured in certain time frame/period.
Economic Development:
“Economic development is the quantitative and qualitative change in an economy.
*Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
*Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
*Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
*Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
*Economic development is concerned with the happiness of public life.
*Economic development comes after economic growth. It is a positive impact of economic growth.
*Economic development also refers to:
provision of sufficient and effective physical and social infrastructures
*equal access to resources
*participation of all in economic activities
“equitable distribution of dividends of economy.
*Economic development= Economic growth + standard of living
*It refers to increase in productivity.
“Indicators of economic development are:
*Human Development Index (HDI)
*Human Poverty Index (HPI)
*Gini Coefficient
*Gender Development Index (GDI)
*Balance of trade
*Physical Quality of Life Index (PQLI)
*Economic development is the ends of development.
*Achieving economic development is linked with *end of poverty and inequality.
*It is more abstract concept.
*Economic development focuses on distribution of resources.
3) Development Economics (DE) rose to prominence as a separate sub-discipline in economics in the 1950s. Some would say that it had its heyday in the 1960s and early 1970s, and that from the mid 1970s it was on the wane. In certain senses, this is true. For instance, fewer First World students showed an interest in the Third World, and this affected the popularity of development courses. There has also been a blurring of the demarcation lines between development economics and other sub-disciplines of economics. Thirdly, DE initially achieved considerable lustre and excitement because people thought that it could slay the dragon of backwardness. By the 1970s, greater realism was setting in. As Sen (1983, p. 745) put it: ‘the would-be dragon slayer seems to have stumbled on his sword’. Yet this is all rather misleading. The important fact is that both the quantity and quality of research on less developed economies has continued to increase.
There has also been a blurring of the demarcation lines between development economics and other sub-disciplines of economics.
A French demographer Alfred Saury coined the expression “Tiers Monde” in 1952 by analogy with the third estate of the commoners of France before and during the French revolution as proposed to the priests and nobels comprising of the first and second estate respectively.

Reg no: 2018/241234
Department: Education/Economics
Course Code: Eco 361
Course Title: Development Economics 1

1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
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 that we enjoy.
Poverty cannot be properly measured by income
or even by utility as conventionally understood; what matters fundamentally is
not the things a person has, or the feelings these provide, but what a person is, or can be, and does, or can do. What really matters for well-being is not just the features of goods and services consumed, but what use the consumer can make of these goods and services.
Freedom of choice, or control of one’s own life, is itself a central aspect of most understandings of well-being.

2. Clearly analyse the differences between Economic Growth and Economic Development

The differences between economic growth and development are as follows:

Economic growth is the boom in the real output of the country in a particular span of time. Whereas, economic development is the growth in the level of manufacturing in an economic system along with enrichment of living requirements and the advancement of technology.
Economic growth displays the tremendous change in an economy whereas economic development reflects the actual alternate in an economy.
Both Economic Growth and economic development have different signs for their measurement. Economic Growth can be measured through an increase in the GDP, per capita income, etc. However, economic development can be measured through improvement in the existence expectancy rate, toddler mortality rate, literacy rate, and poverty rates.
Economic growth refers to the increment in quantity of goods and services produced by an economy. On the alternative hand, economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

Development Economics is a branch of economics which deals with economic aspects of the development process in low income countries.
It emerged as a branch of economics because economists after World War II become more concemed about the low standard of living in so many countries of Africa, Asia and Latin America.
The economies of the less developed countries were very different from the developed
countries, that basic economics could not explain
the behavior of these economies.
Traditional approaches produced some interesting
and even elegant economic models, but these
models failed to explain the patterns of
weak and/or slow growth, no growth, or growth and retrogression found in the less developed countries.

Development Economics should be studied as a separate course in the University for the following reasons:

MORAL AND ETHICAL REASONS
We study Development Economics to enlighten us more on poverty and inequality. As we all know, poverty is very bad and unfair to those who suffer from it. Every country in the world deserves to develop. Through development economics, we learn about different ways of improving the lives of people.

PRIVATE INTERESTS
We study Development Economics to give us an all-round knowledge. By so doing, it improves our job prospects as we have gained knowledge from it.

INTELLECTUAL CURIOSITY
The study of Development Economics also makes us to ask questions. It makes us curious. We need to know the causes of inequality and poverty among nations. It makes us to ask why some countries grow and why some do not.

OUR OWN WELFARE
The study of Development Economics also improves our own welfare.
It promotes both foreign and local trade. When we use products that our country may not be able to provide, it has a way of improving the quality and standard of living.
Through Development Economics, we may now be able to prevent wars and other man-made disasters.

Reg no: 2018/241822
Department: Economics
Course code: Eco 361
Course Title: Development Economics 1

1.Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
Development can only be executed when every man or woman can get right of entry to the fundamental need of the modern world. Needs such as housing, clothing, fitness care, food, employment, and so on.
  For people to reap actual freedom, individual alternatives are essential but with out individual access to severa options (social facilities), choices are limited which will abate people ability to lead the kind of life where will be valued.
One way for people to enjoy development freedom is eradication of poverty. Until people have get entry to to wealth giving them the freedom of choice then they will be able to exercise improved real freedom and lead the sort of lives they have reason to value
2. Clearly analyse the differences between Economic Growth and Economic Development

differences between economic growth and development are as follows:

Economic growth is the increase in the real output of the country in a particular span of time. Whereas, economic development is the increase in the level of production in an economy along with enrichment of living standards and the advancement of technology.
Economic growth reflects the positive change in an economy whereas economic development reflects the real change in an economy.
Both Economic Growth and economic development have different indicators for their measurement. Economic Growth can be measured through an increase in the GDP, per capita income, etc. However, economic development can be measured through improvement in the life expectancy rate, infant mortality rate, literacy rate, and poverty rates.
Economic growth refers to the increment in amount of goods and services produced by an economy. On the other hand, economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.

3.Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

Development economics can be traced back to the aftermath of the second world war. Economist after the second world war were involved approximately the low standard of living of people living in nations in Africa, Latin America, and Asia. The golf in hole between the economies of the less developed countries and the developed countries was massive and cannot be explain using primary economic technique. Although traditional technique produced some thrilling and even fashionable economy models, yet it did not give an explanation for the pattern of growth (slow) and regression in less developed countries. Hence the emergence of development economics
 
Development economics should be studied as a separate course in the University for the following reasons:
(a) Moral and moral reasons: Wealth held by one side of the economy is bigoted as the poor part of the economy live depressing livestyle creating inequalities among people which leads to human rights and privilegedes being denied. Therefore to eliminate poverty, inequality, and in the bid to promote human rights development economic development need to be studied substantially and separately
(b) Individual welfare: To enhance global habitation, interactions trade and investment, economic development need to be studied sepy
(c) Private interest: For individual interest, job advent individual improvement and development development economics must be studied
(d) Intellectual curiosity: In a bid to find out what causes inequalities and  how it can be solved and why some countries grow and some don’t economic development need to be studied separately

Name: Ezeorah Mariagoretti Ukamaka
Dept: Economics Education
Reg Number: 2018/244494

Assignment
As a special adviser to Mr. President on human development I would say that focusing on DETERMINATION OF HUMAN CAPITAL DEVELOPMENT NEED is the major essential area to target.
This has traditionally been used by organizations to ensure that the right person is in the right job at the right time. Increasing environmental instability, demographic shifts, changes in technology, and heightened international competition are changing the needs for and the nature of human resources planning in leading organizations.
Planning is increasing the product of the interaction between line management and planners. In addition, organizations are realizing that in order to adequately address human resources concerns, they must develop long term as well as short-term solutions. Vetter (1967) defined human resources planning as the process by which management determines how the organization should move from its current manpower position to its desired position. Through planning, management strives to have the right number and the right kinds of peoples at the right places at the right times, doing things which result in both the organization and the individual receiving maximum long-run benefits. Contemporary human resource planning occurs within the broad context of organizational and strategic business planning. It involves forecasting the organizations future human resource needs and how it will be met. It includes establishing objectives needs and then developing and implementing programmes (staffing, appraising, compensation and training) to ensure that people are available with the appropriate characteristic and skills when and where the organization needs them (mills 19856). It may also involve developing and implementing programs to improve employee performance or to increase employees satisfaction and involvement in order to boost organizational productivity, quality or innovation. For example, according to Kalhnyn Conners, Vice President of human resources at Liz Claibornem, human resources is part of the strategic (business) planning process. Its part of policy development, line extension planning and the merger and acquisition processes.
Little is done in a company that does not involve employees in the planning policy or finalization stages of any deal (cited in Lawrence, 1989, p 70) John O’Brien Vice President of human resources at Digital Equipment Corporation, describes an integrated linkage between business and human resources plans as one by which human resource and line managers work jointly to develop business plans and determine human resources needs, analyze the workforce profile in terms of future business strategies review emerging human resources issues and develop programs to address the issues and support the business plans.
According to O’brien, such joint efforts occur when human resources planners convince corporate business planners that human resource represents a major competitive advantage (Planning with People, 1984 P 7) that can increase profit when managed carefully.
Finally, human source planning includes gathering data that can be used to evaluate the effectiveness of on-going programs and inform planners when revisions in their forecasts and programmes are needed.

2.)
The Concept of Economic Growth and Development
Economic growth include changes in material production and during a relative short period of time, usually one year. In economic theory, under the concept of economic growth implies an annual increase of material production expressed in value, the rate of growth of GDP or national income. Growth can be achieved, for it does not achieve the developmental course of the economy. So economic development amounts important that, above all, political economy, deals with the problems of economic development. First of all, the purpose of creating and managing development and economic policy.

3.)

) Concern over development has been with us for as long as people have existed, for it is fundamentally about improving the human condition. At its core, development studies combines both concern over the existence of poverty within society (the have-nots) as well as the quest to understand and shape how society changes over time. In this respect development studies has deep historical roots that stretch across time connecting different thinkers and eras.
The reasons that development Economics should be studied as a seperate course for me is,
Development studies programs combine rigorous academic study with practical skills. Students learn the importance of bridging the gap between policy and practice, where knowing how to write a persuasive proposal or budget plan is just as essential as understanding theoretical concepts such as the drivers of poverty, globalization, or economic sustainability. After all, part of any development professional’s skill set is the ability to engage with many different stakeholders, ranging from international governments, local community leaders, academics, and the general public. This requires excellent negotiation skills, plenty of empathy, and the ability to make clear and engaging arguments without diluting the substantive content that will get people on board with the project.

Reg no: 2018/241234
Department: Education/Economics
Course code: Eco 361
Course Title: Development Economics 1

1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

Development refers to every cadre of the society in contrast to growth. Development can best be accomplished when every character can get admission to the basic need of the modern world. Needs such as housing, clothing, health care, food, employment, and so on.
  For humans to obtain real freedom, individual choices are important but without individual access to numerous options (social facilities), choices are limited which will impede people capacity to lead the kind of life where will be valued.
One way for people to enjoy improvement freedom is eradication of poverty. Until individuals have access to wealth giving them the freedom of choice then they will be able to practice elevated real freedom and lead the kind of lives they have purpose to value

2. Clearly analyse the differences between Economic Growth and Economic Development

The differences between economic growth and development are as follows:

Economic growth is the boom in the real output of the country in a particular span of time. Whereas, economic development is the growth in the level of manufacturing in an economic system along with enrichment of living requirements and the advancement of technology.
Economic growth displays the tremendous change in an economy whereas economic development reflects the actual alternate in an economy.
Both Economic Growth and economic development have different signs for their measurement. Economic Growth can be measured through an increase in the GDP, per capita income, etc. However, economic development can be measured through improvement in the existence expectancy rate, toddler mortality rate, literacy rate, and poverty rates.
Economic growth refers to the increment in quantity of goods and services produced by an economy. On the alternative hand, economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

Development Economics is a branch of economics which deals with economic aspects of the development process in low income countries.
It emerged as a branch of economics because economists after World War II become more concemed about the low standard of living in so many countries of Africa, Asia and Latin America.
The economies of the less developed countries were very different from the developed
countries, that basic economics could not explain
the behavior of these economies.
Traditional approaches produced some interesting
and even elegant economic models, but these
models failed to explain the patterns of
weak and/or slow growth, no growth, or growth and retrogression found in the less developed countries.

Development Economics should be studied as a separate course in the University for the following reasons:

MORAL AND ETHICAL REASONS
We study Development Economics to enlighten us more on poverty and inequality. As we all know, poverty is very bad and unfair to those who suffer from it. Every country in the world deserves to develop. Through development economics, we learn about different ways of improving the lives of people.

PRIVATE INTERESTS
We study Development Economics to give us an all-round knowledge. By so doing, it improves our job prospects as we have gained knowledge from it.

INTELLECTUAL CURIOSITY
The study of Development Economics also makes us to ask questions. It makes us curious. We need to know the causes of inequality and poverty among nations. It makes us to ask why some countries grow and why some do not.

OUR OWN WELFARE
The study of Development Economics also improves our own welfare.
It promotes both foreign and local trade. When we use products that our country may not be able to provide, it has a way of improving the quality and standard of living.
Through Development Economics, we may now be able to prevent wars and other man-made disasters

Michael Dorathy uzoamaka
2018/241586
dorathyuzoamaka2018@gmail.com
Eco 361
Library and information science/economic
1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
Answers
1.Development is a process that creates growth, brings in progress and positive change.
development can be defined as bringing about social change that allows people to achieve their human potential and aim in life. 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.
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 not only about Gross National Product or individual income, but also about moral behaviour and to this effect ethics is an important partner of economics for development. This implies that individuals cannot only be viewed as commodities, but is instrumental in the process of development. When this is assumed then development is not only about the interpersonal valuation, but also about the intrinsic value of the individual. Therefore Sen claims that development is about the freedom the individual has to choose what is of value to her. He thus defines development “as a process of expanding the real freedoms that people enjoy” Freedom is central to the process of development for both the evaluative reason and the effectiveness reason. In other words freedom is a way of evaluating progress and this is done by asking the question, whether the freedoms of people are enhanced.
It is worthwhile noting that the capabilities approach is not in contradiction with the traditional notion of economics, but it does depart from the notion that economic freedom is the end.The traditional notion of economics is concerned with commodities and people, including how people make commodities, how they have control over it, what they do with it and what they get out of it Sen points out that while people might have command over the characteristics or properties of the commodities, it does not guarantee the enhancement of the development of the person . For example a person might own a car and possess the properties that go with owning the car. If the person cannot drive the car then we cannot judge the well-being of the person by the fact that she owns a car. Freedom then is the choice to, being able to drive, to choose whether a car will enhance that which the person value.
Another illustration is Aristotle’s notion of wealth. It is not wealth, but freedom that enhances our life and foster development. Sen quotes Aristotle’s words in the Nicomachean Ethics “wealth is evidently not the good we are seeking; for it is merely useful and for the sake of something else” In this sense development has to do with enhancing lives and freedoms. “Expanding the freedoms we have reason to value not only makes our lives richer and more unfettered, but also allows us to be fuller social persons, exercising our own volitions and interacting with-and influencing-the world in which we lives Freedom is about both the processes that foster freedom of actions and decisions and the opportunities that arise from personal and social circumstances.
2.Clearly analyse the differences between Economic Growth and Economic Development
Answer
Economic growth is the increase in goods & services produced by an economy or nation, considered for a specific period of time. The rise in the country’s output of goods and services is steady and constant and may be caused by an improvement in the quality of education, improvements in technology, or in any way if there is value addition in goods and services which is produced by every sector of the economy.It can be measured as a percentage increase in real gross domestic product. Where a gross domestic product (GDP) is adjusted by inflation. GDP is the market value of final goods & services which is produced in an economy or nation.while Economic Development is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It indicates an increase in the per capita income of every citizen. The standard of living includes various things like safe drinking water, improve sanitation systems, medical facilities, the spread of primary education to improve literacy rate, eradication of poverty, balanced transport networks, increase in employment opportunities, etc. Quality of living standard is the major indicator of economic development. Therefore, an increase in economic development is more necessary for an economy to achieve the status of a Developed Nation.

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.
Economic Growth is the increase in the real output of the country in a particular span of time. Whereas, Economic Development is the increase in the level of production in an economy along with enrichment of living standards and the advancement of technology.
Economic growth does not consider the Income from the Informal Economy. The Informal economy is unrecorded economic activity. Whereas, Economic Development takes consideration of all activities, whether formal or informal, and eases people with low standards of living a suitable shelter and with proper employment.
Economic Growth does not reflect the depletion of natural resources. Depletion of resources such as pollution, congestion & disease. Governments are under pressure due to the environmental issues, majorly the problem is due to Global warming. However, Economic Development is concerned with Sustainability, which means meeting the needs of the present without compromising.
Economic growth is the subset of economic development.
Economic growth indicates the expansion of the Gross Domestic Product (GDP) of the country and the concept of Economic Growth is basically related to the developed countries. Economic Development is a broader concept than Economic Growth. Economic Development refers to the increase of the Real National Income of the economic and socio-economic structure of any country over a long period of time. Economic Development is related to underdeveloped or developing countries of the world.
Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities.
Economic Growth refers to the rise in the value of all the products produced in the economy. It indicates the yearly increase in the country’s GDP or GNP, in percentage terms. It alludes to a considerable rise in the per-capita national product, over a period, i.e. the growth rate of increase in total output should be greater than the population growth rate.
Economic growth is necessary but not enough to achieve economic development.
Both Economic Growth vs Economic Development have different indicators for their measurement. Economic Growth can be measured through an increase in the GDP, per capita income, etc. However, Economic Development can be measured through improvement in the life expectancy rate, infant mortality rate, literacy rate, and poverty rates.
3.Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
Answer
The discipline of economics evolved in the mid-19th century through the combination of political economy, social science and philosophy and gained entrenchment with the increased scrutiny of the symmetric financial and welfare distribution attributed to sovereign rule.
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.
1. 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.

6. Improved quality of life
Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents.

Name:Ochonwu Lotachi Vivian

2018/248806

Economics

Julietrecheal@gmail84.com

(1) As the special Adviser to Mr.President on Human Capital Development, Development is the both increase in productivity and technological advancement.

To justify this,for example when a country has an abundant natural resources(that is,forest minerals, climate, accessibility to water,energy sources etc)is in a position to develop more rapidly than a country that is deficient in such resources.
Although abundant resources is not sufficient enough condition to explain all aspects of economic growth as people must be capable of performing the duties required to create such an economy.There is a say that “Economies are created and managed by people “.This implies that country with people with skills,training and health acquired through on the job training and education do much better than those without this features,that is the major difference between the developed and developing countries is the rate of progress in human capital.
The underdeveloped countries need human capital to staff new and expanding government services to introduce new systems of Land use and new methods of communication to carry forward industrialization and to build the education system.
Prof.Galbraith is right in saying that “We now get a larger part of economic growth from investment in men and improvement brought about by improved men “.
It can also be increased through formal education,on-the-job training and improved health and psychological well being.Precisely,if the people of a country are well educated,well nourished,skilled and healthy, they are said to have more human capital.
However, the success of any country depends upon increasing human capabilities.

(2) Economic growth vs development

(a) Economic development is a broader concept than economic growth. The development reflects social and economic progress and requires economic growth whereas Economics Growth is a necessary condition for development, but alone it cannot guaranteed.

(b) Economic growth only takes monetary development into account WHEREAS Economic development requires social development and monetary development to go hand in hand.

(c) Economic development can happen with economic growth but it is not necessary if economic growth is taking place then economic development will also happen. Economic growth can be termed as a subset of economic development.

(d) Economic growth is a uni-dimensional approach to the growth of a country WHEREAS Economic development is a multi-dimensional approach to the growth of a country as it takes many significant conditions into play.

(e) Economic development is a quantitative as well as qualitative analysis because it shows the sustainable increase in real GDP that implies increased real per capita income, better education and health as well as environmental protection, legal and institutional reforms and an efficient production and distribution system for goods and services WHILE Economic growth on the counter-hand shows only the sustained increase in the real GDP of a country over a period of time and hence a quantitative analysis.

(f) Economic growth can be considered a weak approach to measure growth as not only growing economically is necessary but also social well-being is just as important. Economic growth is measured in terms of GDP, whereas Economic development is measured in terms of HDI.

(g) Economic development is applicable in developing countries as this measures economic growth and the quality of life which are simultaneous processes. It would be very difficult to maintain a good lifestyle if the money is not good enough.

(h) Economic growth is a short term process as GDP is calculated every year to find out the income of the country. Economic development is a long term process to improve the quality of life. It takes many years to build resources and apply them.

(i) Economic growth is also a short term process because it is an automatic process that may or may not require intervention from the government WHILE Economic development requires intervention from the government as all the developmental policies are formed by the government. Thus, becoming a long term procedure.

(j) Economic development appeals to countries that are developing and knows that it will be a long process WHEREAS Economic growth attracts developed countries who want fast and easy stats about the increase in the income of the nation. Both measure development but in different ways and with different mediums. It can be said they are very similar and also very distinctive simultaneously.

(3) The Origin of Development Economics as independent discipline.

Historically, much of economic thought, especially until the 1960s, has been preoccupied with the central concerns of development economics. It is thus contemporary mainstream economics – dominated by those with a touching faith in the virtues and infallibility of the market – that emerges as almost exceptional when viewed in a longer-term perspective. Although economics has gone through many changes over the centuries, the original developmental concerns of economists have persisted until relatively recently – diminishing, ironically, only as development economics emerged as a sub-discipline in the post-war

As soon as England succeeded in industrializing ahead of its neighbors, development economics was born. It stimulated the design of accelerated industrialization strategies in France after the end of the Napoleonic wars, in Germany under Bismarck, in Russia after the abolition of serfdom, in the United States following the Civil War, and in Japan with the Meiji restoration. As an academic discipline, development economics was established in the mid-40s and early 1950s, some 60 years ago, with recessions in the industrialized economies wrecking the prior international division of labor where developing countries could rely on industrial imports in exchange for primary goods exports, and with newly independent countries emerging from the breakdown of colonial empires, both creating demand for guidelines in the catching up process. This 60th anniversary gives us an opportunity to look back at what has been achieved, derive lessons for the future, and simply celebrate a successful six decades of development economics and economic development.

Over this period, development economists have shown that economic development can indeed succeed, sometimes in countries that had been deemed basket cases for a takeoff into sustained economic growth, and that development economics often had a decisive role to play in securing success. In this exercise, the field itself has been transformed. Today, development economics is far more comprehensive and analytical than at the time of the “pioneers” (Meier, 1985). The profession has been mainstreamed in economics, with areas of specialization in development economics in most major universities. It has attracted large numbers of outstanding talents, passing the “recruitment test” proposed by Hirschman as a criterion for the professional success of a discipline. It has received large inflows of resources from international organizations, bilateral development agencies, and donors. And it has helped achieve success in development by enlarging the convergence club to a membership in excess of four billion people, reducing the global extreme poverty rate by 50% over the last 25 years (Chen and Ravallion, 2008), and witnessing the emergence of a bulging world middle class (Ravallion, 2010). The contributions of development economics to this process have been through ideas derived from research, policy advice, and teaching. Much of this influence has been invisible, imbedded in the human capital of returning students becoming pillars of development in their own countries. This was the case with for example Yale Economic Growth Center collaborators in Taiwan and Pakistan, the “Berkeley mafia” in Indonesia, the Chicago Boys in Chile, training under D. Gale Johnson of Chinese scholars at the China Center for Economic Research, USAID Title XII engagement of U.S. land grant colleges with agricultural universities across the world, and training of hundreds of development economists under the AERC (African Economic Research Consortium) in Sub-Saharan Africa. The CERDI has over the years trained thousands of mid-career professionals in economic development and public administration, many of whom now hold key positions in their own countries. Much can be learned from this 60 years period, something all the more necessary that huge challenges are still with us, and need to be effectively addressed if we are to succeed with future economic development.
The origins of modern development economics are often traced to the need for, and likely problems with the industrialization of eastern Europe in the aftermath of World War II. The key authors are Paul Rosenstein-Rodan,Kurt Mandelbaum, Ragnar Nurkse,and Sir Hans Wolfgang Singer. Only after the war did economists turn their concerns towards Asia, Africa and Latin America. At the heart of these studies, by authors such as Simon Kuznets and W. Arthur Lewis was an analysis of not only economic growth but also structural transformation.

(ii)Discuss the reasons why development Economics should be studied as a separate course in the university.

(a). 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.

(b).It gives us the idea of 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.

(c).Development economics give us the opportunity on the creation of theories and methods that aid in the determination of policies and practices and can of 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

(d). It gives us the opportunity of knowing different approaches that may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.

Name:Oguegbu chiamaka Maureen
Reg no: 2018/242309
Course: Eco 361
Department: Economics major
1)Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
Development can be seen as a process of expanding the freedoms that people enjoy. Focusing on freedoms contrasts with narrower views of development, such as identifying development with the growth of gross national product, or with the rise in personal incomes, or with industrialization, or with technological advance, or with social modernization.
Development requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states.
If freedom is what development advances, then there is a major argument for concentrating on that overarching objective, rather than on some particular means, or some specially chosen list of instruments.Viewing development in terms of expanding substantive freedoms directs attention to the ends that make development important, rather than merely to some of the means that, inter alia, play a prominent part in the process.
Despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers- perhaps even the majority – of people.
Sometimes the lack of the substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities.
2. Clearly analyse the differences between Economic Growth and Economic Development.
The fundamental differences between economic growth and development are explained in the points given below:
a)Economic growth is the positive change in the real output of the country in a particular span of time economy. Economic Development involves a rise in the level of production in an economy along with the advancement of technology, improvement in living standards and so on.
b)Economic growth is one of the features of economic development.
c)Economic growth is an automatic process. Unlike economic development, which is the outcome of planned and result-oriented activities.
d)Economic growth enables an increase in the indicators like GDP, per capita income, etc. On the other hand, economic development enables improvement in the life expectancy rate, infant mortality rate, literacy rate and poverty rates.
e)Economic growth can be measured when there is a positive change in the national income, whereas economic development can be seen when there is an increase in real national income.
f)Economic growth is a short-term process which takes into account yearly growth of the economy. But if we talk about economic development it is a long term process.
g)Economic Growth applies to developed economies to gauge the quality of life, but as it is an essential condition for the development, it applies to developing countries also. In contrast to, economic development applies to developing countries to measure progress.
h)Economic Growth results in quantitative changes, but economic development brings both quantitative and qualitative changes.

3) Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
The content of The Origin of Development Economics reflects the exacting labours of its editors, Jomo K.S. and Erik S. Reinert. The volume captures the long tradition of development economics and tries to link the early economics traditions with classical development economics from the 1940s onwards. It is shown that pre-Smithian economics has much in common with classical development economics. The book, thus, reviews the history of economic thought to highlight the developmental concerns in earlier economic discussions. It also talks about the second half of the twentieth century, when abstract and formal approaches displaced historically informed and institutionally nuanced discourses. The volume uses a good mix of theoretical and empirical analysis. The book should prove to be useful to both academics and policy-makers in opening up new ways of looking at economic development. The book contains eight different essays. The organizational principle of the volume is mainly chronological and flows from general to the practical. In the first three chapters of the book, Erik and Sophus Reinert offer fascinating surveys of mercantilism, the Italian tradition associated with its city-states, and the later German economic tradition. In mercantilism, it is argued that development economics originated during the Renaissance and the poor nations of Europe copied the economic structure of rich nations to force the inhabitants into activities that yielded a better standard of living. The Italian tradition focused on the developments of the 1600s and 1700s and favoured the role of the state in leading and co-ordinating economic transition and progress. It has been argued that England’s penetration of world markets in the sixteenth and seventeenth centuries occurred only with the help of royal charters as it gave certain privileges to specific sectors of the economy. As for the German economics tradition, it has always stressed on development economics in the sense that it focuses on technology and new knowledge, production, policies based on morality and on the context. Its approach always produced a theory where economic growth is both activity-specific and uneven. In the next chapter, Mushtaq Khan surveys the historical debate over capitalist transformation. He argues that as a precondition for efficient markets, development theories need a structure of stable property rights. Yet, property rights often fail to account for larger social transformation, which is necessary for further economic development. Hence, today, economists not only need to identify the institutions and interventions, but also need to understand the structure from which they arise. Next, Jaime Ros reviews the impact of modern growth theory on pioneering development economists, while Amitava Dutt considers the role of international trade in early development economics. Historically, it has been shown that economic development requires co-ordination of education policy, industrial policy, innovation policy, trade policy, and competition policy. But Ros’s survey points out that technology or its absence influences differences in rates of growth, wages, and welfare. Further, Amitava Dutt discusses the issue of international trade, which seems to have produced both factor-price equalization and factor-price polarization, depending on the context. While the structuralists claimed that better economic policies could foster development, the dependency theorists argued that development was impossible under capitalism. However, both these theories ran out of steam as Latin America created a technological backwater by protecting old industries for small home markets, and these could not survive once opened to the world market. Finally, in the last chapter of the book, Tamas Szentes discusses development in the history of economics. He outlines development economics as a separate field of study, born after World War II. However, he emphasizes that the issue of economic development was with all the writers of classical, Marxian, Keynesian and neoclassical schools. So after World War II, it was only the separation of “development economics” from the main body of economics. Thus, the volume intends to contribute to the recognition of a long tradition of thought where economic growth and development are an uneven process. This is especially because of the diversity among humans, among firms and among technologies.

Obasi Chidera Godwin
2018/250687
Development economics
361

1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

2. Clearly analyse the differences between Economic Growth and Economic Development

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

Answers
1.
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 requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well-as systematic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states. Despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers-perhaps even the majority of people. Sometimes the lack of substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities. In other cases,the unfreedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of organized arrangements for health care or educational facilities, or of effective institutions for the maintenance of local peace and order.

2.
Economic development ic is a phenomenon of market productivity and increases in GDP; economist Amayta 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 economy development concern themselves

ECONOMIC GROWTH
A. is a Policy intervention aiming to improve the well-being of people,
B. Economic Growth is the positive change in the indicators of economy
C. Economic Growth refers to the increment in amount of goods and services produced by an economy
D. Economic growth means an increase in real national income / national output.
E. It refers to an increase over time in a country’s real output of goods and services (GNP) or real

Indicators of economic growth are:
GDP
GNI
Per capita income

ECONOMIC DEVELOPMENT

A. Economic development is the quantitative and quality change in an economy
B. Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy
C. Economy development focuses on resources distribution

Indicators of economic development are:

Human Development Index (HDI)
Human Poverty Index (HPI)
Gini Coefficient
Gender Development Index (GDI)
Balance of trade
Physical Quality of Life Index (PQLI

3..a
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
To the eyes of a new generation of historians of economics, however, those early endeavors, albeit important, show that there was little use of proper historical sources and that the analysis was often heavily influenced by the author’s position in the ongoing debates in the field of economics.

Recent theories revolve around questions about what variables or inputs correlate or affect economic growth the most: elementary, secondary, or higher education, government policy stability, tariffs and subsidies, fair court systems, available infrastructure, availability of medical care, prenatal care and clean water, ease of entry and exit into trade, and equality of income distribution.

B.
It covers classic theories and issues of in industrialised emerging and developing countries.
Case studies are used in the course to foster student’s ability to analyse the process of development and understand the challenges of formulating policy.
Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this course you will investigate the factors that have led to this global inequality.
As part of this course, 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?
c. It helps to better our own welfare.
d. Another reason is the purpose of intellectual curiosity.
e. It helps also in our private interests.

NAME : UGOCHUKWU KOSISOCHUKWU HENRY
REG NO: 2018/250200
DEPARTMENT: COMBINED SOCIAL SCIENCES
COURSE: ECO 361 DEVELOPMENT ECONOMICS 1
COMBINATION: ECONOMICS/ SOCIOLOGY AND ANTHROPOLOGY

1)Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value.

Development can be seen as a process of expanding the freedoms that people enjoy. Focusing on freedoms contrasts with narrower views of development, such as identifying development with the growth of gross national product, or with the rise in personal incomes, or with industrialization, or with technological advance, or with social modernization.If freedom is what development advances, then there is a major argument for concentrating on that overarching objective, rather than on some particular means, or some specially chosen list of instruments. Viewing development in terms of expanding substantive freedoms directs attention to the ends that make development important, rather than merely to some of the means that, inter alia, play a prominent part in the process.Development requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or overactivity of repressive states. Sometimes the lack of the substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities. In other cases, the unfreedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of organized arrangements for health care or educational facilities and social care, or of effective institutions for the maintenance of local peace and order. In still other cases, the violation of freedom results directly from a denial of political and civil liberties by authoritarian regimes and from imposed restrictions on the freedom to participate in the social, political and economic life of the community.
Freedom is central to the process of development for two distinct reasons:
1)The evaluative reason: assessment of progress has to be done primarily in terms of whether the freedoms that people have are enhanced.
2)The effectiveness reason: achievement of development is thoroughly dependent on the free agency of people.
Not only is free agency itself a“constitutive” part of development, it also contributes to the strengthening of free agencies of other kinds. What people can positively achieve is influenced by economic opportunities, political liberties, social powers, and the enabling conditions of good health, basic education, and the encouragement and cultivation of initiatives.
The institutional arrangements for these opportunities are also influenced by the exercise of people’s freedoms, through the liberty to participate in social choice and in the making of public decisions that impel the progress of these opportunities. The difference that is made by seeing freedom as the principal ends of development can be illustrated with a few simple examples.
Substantive freedoms – the liberty of political participation or the opportunity to receive basic education or health care, are among the constituent components of development. Their relevance for development does not have to be freshly established through their indirect contribution to the growth of Gross National Product (GNP) or to the promotion of industrialization. These freedoms and rights are also very effective in contributing to economic progress. The vindication of freedoms and rights provided by this causal linkage is over and above the directly constitutive role of these freedoms in development.

2. Clearly analyse the differences between Economic Growth and Economic Development

Economic Growth refers to the increment in amount of goods and services produced by an economy. Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy. Economic growth means an increase in real national income / national output.

1) Economic Growth is the positive change in the indicators of economy. Economic development is the quantitative and qualitative change in an economy.
2) Economic Growth refers to the increment in amount of goods and services produced by an economy. Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
3) Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
4) Economic growth refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income. Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
5) Economic growth focuses on production of goods and services. Economic development focuses on distribution of resources.
6) Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports. Economic development relates to growth of human capital indexes and decrease in inequality.
It is concerned with how people are affected.
7) Economic growth is single dimensional in nature as it only focuses on income of the people. Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
8) Economic Growth is the precursor and prerequisite for economic development. It is the subset of economic development. Economic development comes after economic growth. It is a positive impact of economic growth.
9) Indicators of economic growth are:
GDP
GNI
Per capita income
Indicators of economic development are:
Human Development Index (HDI)
Human Poverty Index (HPI)
Gini Coefficient
Gender Development Index (GDI)
Balance of trade
Physical Quality of Life Index (PQLI)
10) Economic growth is for short term/short period. It is measured in certain time frame/period. It is a continuous and long-term process. Economic development does not have specific time period to measure.
11) Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy. Economic development brings quantitative and qualitative change in the economy.
12) Economic growth is an automatic process that may or may not require intervention from the government Economic development requires intervention from the government as all the developmental policies are formed by the government
13) Economic growth refers to increase in production. It refers to increase in productivity. Economic development is the means of development. It is the ends of development.
14) Economic growth is relatively narrow concept as compared to economic development. It is a broader concept than economic development.
15) Economic growth is concerned with increase in economy’s output. It is concerned with structural changes in the economy.
Economic development= Economic growth + standard of living
16) Economic growth is not concerned with happiness of public life. Economic development is concerned with happiness of public life.
17) Poverty and inequality may remain in economic growth Achieving economic development is linked with end of poverty and inequality.
18) Economic growth is more relevant metric for assessing progress in developed countries. More relevant to measure progress and quality of life in developing countries.
19)Economic growth is a material/physical concept. Economic development is more abstract concept.

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

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. 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.
The history of development economics has experienced a similar inner tension, shifting its focus from a history of theories to a history of institutions, at times returning to the question of what development economics is and especially what status it has in the broader economics landscape, and, finally, often showing a certain partisanship on the part of the “historian.”The history of development economics has often been used to support or
attack specific development policy agendas.
To be sure, the history of development economics is young. The first
wave of “historical” analyses appeared between the late 1960s and the
early 1980s, in the form of assessments of the first pioneering era. Their approach, however, was selective. Usually, a cursory historical analysis was limited to providing arguments for political debate. The first actual histories of development economics
appeared only a few years later, by such scholars as Little (1982) and
Arndt (1987). Every once in a while, an addition to the shelf appeared, such as Oman and Wignaraja 1991 and Meier 2005. As is immediately apparent, the first historians of the field were development economists themselves, who tried to make sense of their experience. This also explains the
interest in books of memoirs and personal recollections and syntheses
such as the Pioneers in Development volumes.
To the eyes of a new generation of historians of economics, however, those early endeavors, albeit important, show that there was little use of
proper historical sources and that the analysis was often heavily influenced
by the author’s position in the ongoing debates in the field of economics.The landscape has changed since the 1990s, as the topic has drawn some
attention from historians of economic thought and scholars of international
and global history. Biographies of key figures in the history of development were published in the last decade. Raúl Articles on the topic are being published in major history of thought journals and so are books about the role of leading institutions in the history of development economics, and about historical connections between economic development ideas and their political discussion and application in the “periphery”.
An important feature of these new contributions is the use of archival resources, as institutional archives and personal papers of development economists are becoming available for the first time—see, for example, the Lewis and the Hirschman papers (Princeton), the Prebisch papers (Santiago), the Bloomfield papers, the Currie papers, and the Stolper papers (all at Duke).
Despite this growing historical interest in postwar development issues, however, the history of development economics remains somewhat nascent and suffers from the same fragility that has always been a feature of its very subject. Historians of development economics are still a fragmented community, and their influence on development studies pursued by economists and historians in other fields—history of the social sciences, international history, diplomatic history—is limited at best. In particular, the history of development economics has not yet been able to make that
additional step that would make it an integral part of the larger history of development ideas and institutions.
One of the main reasons behind the effort to bring together historians of thought working on development economics, and development economists with an interest in the history of their discipline, was thus to foster a discussion that (1) would make good use of the new historical research that has
been done in recent years on development economics and (2) absorb the fundamental contribution of development economists and their sensitivity for the applied dimension of development economics.

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 attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this module you will investigate the factors that have led to this global inequality.

Name:Ochonwu Lotachi Vivian
2018/248806
Economics
Julietrecheal@gmail84.com
(1) As the special Adviser to Mr.President on Human Capital Development, Development is the both increase in productivity and technological advancement.

To justify this,for example when a country has an abundant natural resources(that is,forest minerals, climate, accessibility to water,energy sources etc)is in a position to develop more rapidly than a country that is deficient in such resources.
Although abundant resources is not sufficient enough condition to explain all aspects of economic growth as people must be capable of performing the duties required to create such an economy.There is a say that “Economies are created and managed by people “.This implies that country with people with skills,training and health acquired through on the job training and education do much better than those without this features,that is the major difference between the developed and developing countries is the rate of progress in human capital.
The underdeveloped countries need human capital to staff new and expanding government services to introduce new systems of Land use and new methods of communication to carry forward industrialization and to build the education system.
Prof.Galbraith is right in saying that “We now get a larger part of economic growth from investment in men and improvement brought about by improved men “.
It can also be increased through formal education,on-the-job training and improved health and psychological well being.Precisely,if the people of a country are well educated,well nourished,skilled and healthy, they are said to have more human capital.
However, the success of any country depends upon increasing human capabilities.

(2) Economic growth vs development

(a) Economic development is a broader concept than economic growth. The development reflects social and economic progress and requires economic growth whereas Economics Growth is a necessary condition for development, but alone it cannot guaranteed.

(b) Economic growth only takes monetary development into account WHEREAS Economic development requires social development and monetary development to go hand in hand.

(c) Economic development can happen with economic growth but it is not necessary if economic growth is taking place then economic development will also happen. Economic growth can be termed as a subset of economic development.

(d) Economic growth is a uni-dimensional approach to the growth of a country WHEREAS Economic development is a multi-dimensional approach to the growth of a country as it takes many significant conditions into play.

(e) Economic development is a quantitative as well as qualitative analysis because it shows the sustainable increase in real GDP that implies increased real per capita income, better education and health as well as environmental protection, legal and institutional reforms and an efficient production and distribution system for goods and services WHILE Economic growth on the counter-hand shows only the sustained increase in the real GDP of a country over a period of time and hence a quantitative analysis.

(f) Economic growth can be considered a weak approach to measure growth as not only growing economically is necessary but also social well-being is just as important. Economic growth is measured in terms of GDP, whereas Economic development is measured in terms of HDI.

(g) Economic development is applicable in developing countries as this measures economic growth and the quality of life which are simultaneous processes. It would be very difficult to maintain a good lifestyle if the money is not good enough.

(h) Economic growth is a short term process as GDP is calculated every year to find out the income of the country. Economic development is a long term process to improve the quality of life. It takes many years to build resources and apply them.

(i) Economic growth is also a short term process because it is an automatic process that may or may not require intervention from the government WHILE Economic development requires intervention from the government as all the developmental policies are formed by the government. Thus, becoming a long term procedure.

(j) Economic development appeals to countries that are developing and knows that it will be a long process WHEREAS Economic growth attracts developed countries who want fast and easy stats about the increase in the income of the nation. Both measure development but in different ways and with different mediums. It can be said they are very similar and also very distinctive simultaneously.

(3) The Origin of Development Economics as independent discipline.

Historically, much of economic thought, especially until the 1960s, has been preoccupied with the central concerns of development economics. It is thus contemporary mainstream economics – dominated by those with a touching faith in the virtues and infallibility of the market – that emerges as almost exceptional when viewed in a longer-term perspective. Although economics has gone through many changes over the centuries, the original developmental concerns of economists have persisted until relatively recently – diminishing, ironically, only as development economics emerged as a sub-discipline in the post-war

As soon as England succeeded in industrializing ahead of its neighbors, development economics was born. It stimulated the design of accelerated industrialization strategies in France after the end of the Napoleonic wars, in Germany under Bismarck, in Russia after the abolition of serfdom, in the United States following the Civil War, and in Japan with the Meiji restoration. As an academic discipline, development economics was established in the mid-40s and early 1950s, some 60 years ago, with recessions in the industrialized economies wrecking the prior international division of labor where developing countries could rely on industrial imports in exchange for primary goods exports, and with newly independent countries emerging from the breakdown of colonial empires, both creating demand for guidelines in the catching up process. This 60th anniversary gives us an opportunity to look back at what has been achieved, derive lessons for the future, and simply celebrate a successful six decades of development economics and economic development.

Over this period, development economists have shown that economic development can indeed succeed, sometimes in countries that had been deemed basket cases for a takeoff into sustained economic growth, and that development economics often had a decisive role to play in securing success. In this exercise, the field itself has been transformed. Today, development economics is far more comprehensive and analytical than at the time of the “pioneers” (Meier, 1985). The profession has been mainstreamed in economics, with areas of specialization in development economics in most major universities. It has attracted large numbers of outstanding talents, passing the “recruitment test” proposed by Hirschman as a criterion for the professional success of a discipline. It has received large inflows of resources from international organizations, bilateral development agencies, and donors. And it has helped achieve success in development by enlarging the convergence club to a membership in excess of four billion people, reducing the global extreme poverty rate by 50% over the last 25 years (Chen and Ravallion, 2008), and witnessing the emergence of a bulging world middle class (Ravallion, 2010). The contributions of development economics to this process have been through ideas derived from research, policy advice, and teaching. Much of this influence has been invisible, imbedded in the human capital of returning students becoming pillars of development in their own countries. This was the case with for example Yale Economic Growth Center collaborators in Taiwan and Pakistan, the “Berkeley mafia” in Indonesia, the Chicago Boys in Chile, training under D. Gale Johnson of Chinese scholars at the China Center for Economic Research, USAID Title XII engagement of U.S. land grant colleges with agricultural universities across the world, and training of hundreds of development economists under the AERC (African Economic Research Consortium) in Sub-Saharan Africa. The CERDI has over the years trained thousands of mid-career professionals in economic development and public administration, many of whom now hold key positions in their own countries. Much can be learned from this 60 years period, something all the more necessary that huge challenges are still with us, and need to be effectively addressed if we are to succeed with future economic development.
The origins of modern development economics are often traced to the need for, and likely problems with the industrialization of eastern Europe in the aftermath of World War II. The key authors are Paul Rosenstein-Rodan,Kurt Mandelbaum, Ragnar Nurkse,and Sir Hans Wolfgang Singer. Only after the war did economists turn their concerns towards Asia, Africa and Latin America. At the heart of these studies, by authors such as Simon Kuznets and W. Arthur Lewis was an analysis of not only economic growth but also structural transformation.

(ii)Discuss the reasons why development Economics should be studied as a separate course in the university.

(a). 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.

(b).It gives us the idea of 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.

(c).Development economics give us the opportunity on the creation of theories and methods that aid in the determination of policies and practices and can of 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

(d). It gives us the opportunity of knowing different approaches that may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.

NAME: IK- UKENNAYA EZEKIEL
REG NO: 2018/ 249 788
DEPARTMENT: ECONOMICS
EMAIL: ezekielikukennaya4@gmail.com

ECO 361 quiz 5-ONLINE DISCUSSION

QUESTIONS:
1. What is the real meaning of Development
2.Clearly analyse the differences between Economic Growth and Economic Development.
3. Origin of development economics and why it should be studied as a separate course in the University.
QUESTION 1:
REAL MEANING Of DEVELOPMENT
Development is a situation in an economy that give the masses makes the ability to meet their basic needs, have self esteem and have freedom to choose. Development gives people the opportunity to exercise their human right and achieve their potential. It increases the productivity of the people.

QUESTION 2:
Differences between Economic Growth and Economic Development
Economic growth refers only to increase in the Gross Domestic Product ( GDP) of an economy without taking account of welfare of the masses while Economic development is sustained growth of GDP in an economy coupled with increase in welfare of the mass of the population. Economic development takes place in an economy when the masses has access to quality health care, education, high employment level, access to good internet access and good infrastructural facilities in midst of a sustained economic growth. Economic growth is however a necessary condition for economic development for no nation can attain economic development without economic growth.

QUESTION 3:
ORIGIN OF DEVELOPMENT ECONOMICS
Development economics emerged after the second world war following the concern of economists on low standard of living in so many countries of Latin America, Africa and Asia and their curiosity to find out why the economies of the less developed countries were so different from the developed countries that even basic economics could not explain the behavior of less developed countries economies.
Why Development Economics should be studied as a separate course in the University?
Development economics is studied as a separate course in the University for the following reasons:
• It focuses not only on methods of promoting economic development and structural change but also on improving the potential for the mass of the population.
• It involves the creation of the theories and methods that aid in the determination of Policies and practices which can be implemented at either the domestic or international level.
• Unlike many fields of economics, approaches in development economics may incorporate social and political factors to devise plans.
• It uses economic analysis, methods and tools to understand the problems, constraints and opportunities facing developing countries such as causes of poverty, roads to escape poverty, development and growth over time.
There are also other reasons why the study of development economics is very important, they include:
• Moral and ethical reasons: development economics helps us to understand that poverty and inequality is unfair and that development is human right.
• Our own welfare: The study provides us with knowledge on how to create healthy atmosphere for global interactions, global coexistence, trade and investment.
• Private interest: one can study development economics for job prospects.
Development economics can also be studied for intellectual curiosity to find
the causes of poverty and how to eradicate or escape poverty.

Nweke Chelsea Kenechi..
2018/243075….
Combined social sciences ( Economics and Psychology)
300 level .
..Eco 361
1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
Development is more than just in the economic aspect of one’s life. It also includes political and social aspects of their life. So therefore, for a country to be termed developing or developed, all these aspects also have to be developing or developed. Development should protray a general rise in the citizens of a country general standard of living, which means it includes better security ( political and social) , ability to provide basic needs(economic) and provision of better social amenities, respect for Human rights eg Freedom of speech, press, etc.
Also one can say that to experience development is to have real freedom of citizens to express their true create self(should be harmless tho).
2. Clearly analyse the differences between Economic Growth and Economic Development
Economic Growth:
1. It is a narrow concept.
2. It scope is based on increase in indicators such as GDP, per capita income, etc
3. It is most applicable to developed economies countries.
4. It can be measured through the upward movement in National income
5. It is a positive change in the real output of the country.
6. It is a spontaneous change.
Economic development:
1. It is a much more broader concept.
2. It scope is based on improvement in life expectancy rate, literacy rate, poverty rate, etc.
3. It is most applicable to developing economies countries.
4. It can be measured through the upward movement in the real national income.
5. It involves the rise in the level of production in an economy along with technological advancements and improved standard of living.
6. It is a gradual and steady change ie it’s planned.

3.. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
According to ‘wikipedia’, 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.
The legacy of the last 50 years of development economics is not very inspiring. In the 1960s and 1970s,
instead of looking at the real causes and viable solutions to poverty and underdevelopment, development economics was preoccupied with the politically‐charged debate over the superiority of either state‐controlled or market systems. In the 1980s and 1990s, economists expected that globalization would come to be a panacea for all developing countries. They advocated the abandonment of traditional industries and occupations and their replacement by modern sectors modelled after or imported from the developed countries. Such policies have generally failed with few exceptions–those being countries which chose to implement their own specific policies of development. These countries skillfully combined government interventionism with market system incentives. Despite its past problems, development economics has recently evolved to better reflect the realities of developing countries. For the first time, development economics is on the verge of becoming a real social science in which analysis of traditional institutions, community life, and religious and ethnic factors is not only important but decisive in developing new social and economic growth objectives and economic policies(Ryszard Piasecki , Miron Wolnicki, 2004).
B. Also discuss the reasons why Development Economics should be studied as a separate course in the University.
Generally, Development economics should be studied as a separate course because;
1. It raises we student knowledge on various development economic concept.
2. It helps us future Economist on various economic problems causing an economy’s underdevelopment, or slow development.
3. It also enables us to make precise and accurate solutions to such development economics problems.
4. Finally, it gives us student the ability to cover the political, social, economic and institutional mechanism to bring about rapid and large scale improvement in the life standard of the poor population of underdeveloped and developing countries.

Nweke Chelsea Kenechi
2018/243075.
3/4
Combined Social Sciences ( Economics and Psychology).
361- DEVELOPMENT ECONOMICS
1.Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
Development is more than just in the economic aspect of one’s life. It also includes political and social aspects of their life. So therefore, for a country to be termed developing or developed, all these aspects also have to be developing or developed. Development should protray a general rise in the citizens of a country general standard of living, which means it includes better security ( political and social) , ability to provide basic needs(economic) and provision of better social amenities, respect for Human rights eg Freedom of speech, press, etc.
Also one can say that to experience development is to have real freedom of citizens to express their true create self(should be harmless tho).
2. Clearly analyse the differences between Economic Growth and Economic Development
Economic Growth:
1. It is a narrow concept.
2. It scope is based on increase in indicators such as GDP, per capita income, etc
3. It is most applicable to developed economies countries.
4. It can be measured through the upward movement in National income
5. It is a positive change in the real output of the country.
6. It is a spontaneous change.
Economic development:
1. It is a much more broader concept.
2. It scope is based on improvement in life expectancy rate, literacy rate, poverty rate, etc.
3. It is most applicable to developing economies countries.
4. It can be measured through the upward movement in the real national income.
5. It involves the rise in the level of production in an economy along with technological advancements and improved standard of living.
6. It is a gradual and steady change ie it’s planned.

3.. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
According to ‘wikipedia’, 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.
The legacy of the last 50 years of development economics is not very inspiring. In the 1960s and 1970s,
instead of looking at the real causes and viable solutions to poverty and underdevelopment, development economics was preoccupied with the politically‐charged debate over the superiority of either state‐controlled or market systems. In the 1980s and 1990s, economists expected that globalization would come to be a panacea for all developing countries. They advocated the abandonment of traditional industries and occupations and their replacement by modern sectors modelled after or imported from the developed countries. Such policies have generally failed with few exceptions–those being countries which chose to implement their own specific policies of development. These countries skillfully combined government interventionism with market system incentives. Despite its past problems, development economics has recently evolved to better reflect the realities of developing countries. For the first time, development economics is on the verge of becoming a real social science in which analysis of traditional institutions, community life, and religious and ethnic factors is not only important but decisive in developing new social and economic growth objectives and economic policies(Ryszard Piasecki , Miron Wolnicki, 2004).
B. Also discuss the reasons why Development Economics should be studied as a separate course in the University.
Generally, Development economics should be studied as a separate course because;
1. It raises we student knowledge on various development economic concept.
2. It helps us future Economist on various economic problems causing an economy’s underdevelopment, or slow development.
3. It also enables us to make precise and accurate solutions to such development economics problems.
4. Finally, it gives us student the ability to cover the political, social, economic and institutional mechanism to bring about rapid and large scale improvement in the life standard of the poor population of underdeveloped and developing countries.

NAME: OKOYE ADAEZECHUKWU PRECIOUS
REG NUMBER: 2018/241831
COURSE TITLE/CODE: DEVELOPMENT ECONOMICS ( 361)
DATE: 30/09/2021

1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

Development can be viewed not only in terms of growth in Gross National Income (GNI) or rise in personal income or with industrialization or with technological advancement but by removing sources of unfreedom which limits the choices that people have and little space to think rationally. This means that any development effort should be geared towards:
Improving the quality of life of people
Improving the life chances of the people and
Helping majority in the society reach their full potential
By removing sources of unfreedom, we also mean that the government should desist from enacting negative policies in the developing economies. These negative policies can be in the form of under taxing the wealthy in the society and underfunding crucial public sectors like education, healthcare, social infrastructure etc. These negative policies in the developing countries serve to further limit the less privileged in the society since they are the ones most adversely affected by these policies. So, efforts should be made towards restructuring the social, political, cultural and economic systems or institutions of the economy to improve and enhance the life chances and opportunities of the majority in the society.
Development also involves enhancing the `capability` that we cherish. The Amartya Sen `capability` approach is construed in terms of the substantive freedom that people have reason to value not just increase in utility or income. This approach to well being emphasizes the importance of freedom of choice and the multidimensional nature of welfare. The core focus of the capability approach is on what individuals are able to, that is, capable of; without being restricted by sources of unfreedom like government oppression, lack of financial resources, insecurity etc.
In the capability approach we talk about functioning which refer to the different states and activities that constitutes a person`s being. Functioning consists of `beings` and `doings`, these includes:
Being able to live to a ripe old age
Being well fed and nourished
Being healthy
Being literate or educated
Being well clothed
Being mobile, that is, being able to engage in any economic venture of choice
Being able to take part in the life of the community, for example, being able to participate in political activities.
Having self respect
Having a good job
Being happy

2. Clearly analyse the differences between Economic Growth and Economic Development

a. Economic growth refers to the increase in the monetary growth of a nation in a particular period. While Economic development refers to the overall development of the quality of life in a nation, which includes economic growth.

b. Economic growth is a narrower concept than that of economic development while Economic development is a broader concept than that of economic growth.

c. Economic growth is a uni-dimensional approach that deals with the economic growth of a nation. While Economic development is a multi-dimensional approach that looks into the income as well as the quality of life of a nation.

d. Economic growth is Short-term process while Economic development Long-term process

e. Economic growth Quantitative Both quantitative while Economic development is qualitative
f. Economic growth Developed economies while Economic development is Developing economies
g. Economic growth is an automatic process that may or may not require intervention from the government while Economic development requires intervention from the government as all the developmental policies are formed by the government
h. Economic growth includes GDP, GNP while Economic development include HDI, per capita Income, industrial development.

3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

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 continues to widen.
Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this module you will investigate the factors that have led to this global inequality.
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?

By studying development economics as a separate course in the university, 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.

NAME:IMO ONYINYECHI MIRABEL
REGNO:2018/246751
DEPT:ECONOMICS EDUCATION
COURSE:ECO 361
Email:mirabelimo@gmail.com

Assignment
1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.

Answer
Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. 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 application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
IMPORTANCE OF DEVELOPMENT ECONOMICS
1)Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
2)Areas that development economics focuses on include health, education, working conditions, and market conditions.
3)Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
4)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.
5)Development is about growth and helping to grow different aspects, as together they create further growth. Development is vital in today’s society as it affects every aspect in everyday life. Certain factors have a huge influence on development or the lack thereof the need to improve development.

Question2
Clearly analyse the differences between Economic Growth and Economic Development.
Answer
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. Statisticians conventionally measure such growth as the percent rate of increase in the real gross domestic product, or real GDP.
while Economic development is a critical component that drives economic growth in our economy, creating high wage jobs and facilitating an improved quality of life.These are the top six reasons why economic development plays a critical role in any region’s economy.
Difference between economic growth and economic development:
1)Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports while Economic development relates to growth of human capital indexes and decrease in inequality.
2)Economic growth is single dimensional in nature as it only focuses on income of the people.​while Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
3)Economic Growth is the precursor and prerequisite for economic development. It is the subset of economic development while Economic development comes after economic growth. It is a positive impact of economic growth.
4) Economic growth is the means of development while economic development is the ends of development.
5)Economic growth is relatively narrow concept as compared to economic development.​
6)Economic growth is a broader concept than economic development.
7)Economic growth is concerned with increase in economy’s output while economic development is concerned with structural changes in the economy.
8)Economic growth is not concerned with happiness of public life while economic development is concerned with happiness of public life.
9)Poverty and inequality may remain in economic growth but achieving economic development is linked with end of poverty and inequality.
10)Economic growth is more relevant metric for assessing progress in developed countries.​More relevant to measure progress and quality of life in developing countries.
11) Economic growth is a material/physical concept while economic development is more abstract concept.

Question3
Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
Answer
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 levelThis 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.
The origins of modern development economics are often traced to the need for, and likely problems with the industrialization of eastern Europe in the aftermath of World War II. The key authors are Paul Rosenstein-Rodan,Kurt Mandelbaum, Ragnar Nurkse,and Sir Hans Wolfgang Singer. Only after the war did economists turn their concerns towards Asia, Africa and Latin America. At the heart of these studies, by authors such as Simon Kuznets and W. Arthur Lewis was an analysis of not only economic growth but also structural transformation.

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.

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.
WHY IT SHOULD BE STUDIED AS A SEPARATE
COURSE IN THE UNIVERSITY
1)Social development is about improving the well-being of every individual in society so they can reach their full potential. The success of society is linked to the well-being of each and every citizen. Social development means investing in people.
2)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 continues to widen.
3)Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. In this module you will investigate the factors that have led to this global inequality.
4)The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
5)Development economics focuses on the elemental forces that raise per capita income. A key factor in this process is the growth-generating reallocation of labor and capital among sectors, an aspect missed completely by all versions of the neoclassical growth theory. The relevance of our discipline to development policy remains undiminished by a greater recognition of market forces and freer international trade to maximize social welfare. Development economics, however, needs to be guided by a consequentialist ethical philosophy to emphasize a fairer distribution of the fruits of economic progress both nationally and internationally; and, more generally, to promote human development.

NAME: CHINWUBA IFEANYI INNOCENT
CLASS: 300LVL
REG NO : 2018/242447
COURSE CODE: ECO 361

ASSIGNMENT:
1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
2. Clearly analyse the differences between Economic Growth and Economic Development
3. Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.

ANSWER

Development requires the removal of major sources of unfreedom: poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or over activity of repressive states.
Sometimes the lack of the substantive freedoms relates directly to economic poverty, which robs people of the freedom to satisfy hunger, or to achieve sufficient nutrition, or to obtain remedies for treatable illnesses, or the opportunity to be adequately clothed or sheltered, or to enjoy clean water or sanitary facilities.
In other cases, the unfreedom links closely to the lack of public facilities and social care, such as the absence of epidemiological programs, or of organized arrangements for health care or educational facilities and social care, or of effective institutions for the maintenance of local peace and order and the violation of freedom results directly from a denial of political and civil liberties by authoritarian regimes and from imposed restrictions on the freedom to participate in the social, political and economic life of the community.
In light of this there are various importance’s of Development in expanding the real freedom of the people they are:
1. Job creation
Economic developers provide critical assistance and information to companies that create jobs in our economy.
2. Industry diversification
A core part of economic development works to diversify the economy, reducing a region’s vulnerability to a single industry.
3. Business retention and expansion
A large percentage of jobs in the Orlando economy are created by existing companies that are expanding their operations.
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.
6. Improved quality of life
Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents.

ANSWER 2
The differences between economic growth and development are:
Economic growth is a quantitative concept while Economic Development is a qualitative concept.
It is an increase in a country’s real level of national output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Economic Growth can be measured by an increase in a country’s GDP (gross domestic product).
Economic growth can be referred to as the increase that is witnessed in the monetary value of all the goods and services produced in the economy during a time period. It is a type of quantitative measure that reflects the potential increase in the number of business transactions taking place in the economy.
It can be measured in terms of the increase in the aggregate market value of additional goods and services produced by using economic concepts such as GDP and GNP.
Economic development refers to the process by which the overall health, well-being, and academic level of the general population of a nation improves. It also refers to the improved production volume due to the advancements of technology.
It is the qualitative improvement in the life of the citizens of a country and is most appropriately determined by the Human Development Index (HDI). The overall development of a country is based on many parameters such as the creation of job opportunities, technological advancements, standard of living, living conditions, per capita income, quality of life, improvement in self-esteem needs, GDP, industrial and infrastructural development, etc.
Economic development is a normative concept i.e. it applies in the context of people’s sense of morality (right and wrong, good and bad). The definition of economic development given by Michael Todaro is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice.
It also leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment. It implies an increase in the per capita income of every citizen.

ANSWER 3
A) The history of development economics has experienced a similar inner tension, shifting its focus from a history of theories to a history of institutions, at times returning to the question of what development economics is and especially what status it has in the broader economics landscape, and, finally, often showing a certain partisanship on the part of the “historian.” The history of development economics has often been used to support or attack specific development policy agendas. To be sure, the history of development economics is young. The first wave of “historical” analyses appeared between the late 1960s and the early 1980s, in the form of assessments of the first pioneering era. Their approach, however, was selective. Usually, a cursory historical analysis was limited to providing arguments for political debate. The first actual histories of development economics appeared only a few years later, by such scholars as Little (1982) and Arndt (1987). Every once in a while, an addition to the shelf appeared, such as Oman and Wignaraja 1991 and Meier 2005. As is immediately apparent, the first historians of the field were development economists themselves, who tried to make sense of their experience. This also explains the interest in books of memoirs and personal recollections and syntheses such as the Pioneers in Development volumes (Meier and Seers 1984; Meier 1987).To the eyes of a new generation of historians of economics, however, those early endeavours, albeit important, show that there was little use of proper historical sources and that the analysis was often heavily influenced by the author’s position in the ongoing debates in the field of economics.

B) Reasons development Economics should be studied as a separate course;
1) Development economics faces up to these questions and shows you how to apply economic analysis in a variety of situations of global significance.
2) 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.
3) 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.

.Name:. OBETTA Chisom Grace
Reg no:2018/242216
Dept…. Economics Education.

Question no 1
Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
• Good morning Mr President, and honourable members of the the parliament, I am honourable chisom Obetta, representing Odenigbo south Nsukka local government area Enugu State, and in justifying the above I’ll start by saying that development is a crucial level which every nation of the World should try to attain . It is a a critical component that drives economic growth in our economy, creating high wage jobs and facilitating an improved quality of life. The business development team in Economic Partnership works to attract, and retain jobs. While the work of economic developers often falls under the radar, creating and sustaining jobs for a region is a critical component to a successful economy and community. Economic development is a critical component that drives economic growth in our economy, creating high wage jobs and facilitating an improved quality of life. The business development team at in different Partnership works to attract, and retain jobs for the massesWhile the work of economic developers often falls under the radar, creating and sustaining jobs for a region is a critical component to a successful economy and community.
Moreover Development is about growth and helping to grow different aspects, as together they create further growth. Development is vital in today’s society as it affects every aspect in everyday life. Certain factors have a huge influence on development or the lack thereof the need to improve development. The lack of development directly affects the economy.

1.2
Development in my understanding is to see, encourage, or make growth happen. Whether, it can be a slow progression or a rapid improvement. Development can happen overnight, a couple of days or it can simply take years. Development can be a small improvement or it can be fairly large..

2. Clearly analyse the differences between Economic Growth and Economic development
1 , there is a big difference between growth and development and they are as follows
Growth refers to an increase in size evident through physical change. Growth is also used to refer to consistent growing and an increase in value. When your child increases in height and weight, then they are experiencing a growth process. On the other hand, development refers to a process of gradual transformation.
2. Growth efers to the increment in amount of goods and services produced by an economy. … Economic growth means an increase in real national income / national output. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care..
3. As we mentioned, one main difference between growth and development is that growth is more of a physical measurement. Development is something that can’t be measured in the same way. It’s basically another word for progress.

Economic growth is the increase in goods & services produced by an economy or nation, considered for a specific period of time. The rise in the country’s output of goods and services is steady and constant and may be caused by an improvement in the quality of education, improvements in technology, or in any way if there is value addition in goods and services which is produced by every sector of the economy.
It can be measured as a percentage increase in real gross domestic product. Where a gross domestic product (GDP) is adjusted by inflation. GDP is the market value of final goods & services which is produced in an economy or nation.
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Economic Development is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment, and the conservation of the environment. It indicates an increase in the per capita income of every citizen. The standard of living includes various things like safe drinking water, improve sanitation systems, medical facilities, the spread of primary education to improve literacy rate, eradication of poverty, balanced transport networks, increase in employment opportunities, etc. Quality of living standard is the major indicator of economic development. Therefore, an increase in economic development is more necessary for an economy to achieve the status of a Developed Nation.
.3 Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development. In view of this clearly trace the origin of Development Economics as an independent discipline and also discuss the reasons why Development Economics should be studied as a separate course in the University.
Development Economic is a branch of economics that deals with the economic aspects of the development process in less developed countries. It emerged after World War II, from the tenets of traditional economics. In that period, the world was coming off the great depression and war (WWII). Some countries were able to resuscitate their economies, while many others countries especially those in Asia, Africa and Latin America, were struggling with harsh socio-economic conditions. Economists in this period were worried about how the economies of the developed world were so different from that of the less developed countries. This led them to develop theories and methods to investigate these problems facing less developed countries and proffer possible solutions, Development Economics was thus, born.
Reasons Development Economics should be studied as a separate course in the University includes the following:
It seeks to understand the causes of low living standards in LDCs.
The economies of LDCs were so different from that of developed countries and basic economics could not explain this behaviour.
Traditional economics produced some elegant economic models that failed to explain the patterns of no growth, slow growth or growth retrogression found in LDCs.
Unlike other fields of economics, approaches in development economics may incorporate social and political factors to devise certain plans of