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.

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.

Related Posts

Comments 231

  1. Olendi Nkiru precious says:

    Name ; Olendi Nkiru precious
    Reg no ; 2018/243187
    department ; Economics /psychology
    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.
    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 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 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.

    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
    Hence, 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 crucial challenges of development in many countries today include the need for the freeing of labour from explicit or implicit bondage that denies access to the open labour market. Similarly, the denial of access to product markets is often among the deprivations from which many small cultivators and struggling producers suffer under traditional arrangements and restrictions. The freedom to participate in economic interchange has a basic role in social living.
    1. Freedoms are not only the primary ends of development, they are also among its principal means:
    2. Political freedoms, in the form of free speech and elections, help to promote economic security.
    3. Social opportunities, in the form of education and health facilities, facilitate economic participation
    4. Economic facilities, in the form of opportunities for participation in trade and production, can help to generate personal abundance as well as public resources for social facilities
    5. With adequate social opportunities, individuals can effectively shape their own destiny and help each other.
    Each of these distinct types of rights and opportunities helps to advance the general capability of a person.

    Differences between Economic Growth and Economic development :

    Economic Growth

    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.
    6. Earlier, economic growth was only measured in terms of Gross Domestic Product (GDP).
    7. At present, it is measured in terms of GDP, Gross National Income (GNI) and Per Capita Income.
    8. Economic Growth is the precursor and prerequisite for economic development.
    9. Indicators of economic growth are GDP, GNI and per capita income.
    10. Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports.
    11. It is also considered as a traditional measure of development which indicates the quantitative rise of economy.
    12. Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
    13. Economic growth is concerned with increase in economy’s output.
    14. It focuses on production of goods and services.
    15. Economic growth is more relevant metric for assessing progress in developed countries.
    16. Economic growth is relatively narrow concept as compared to economic development.
    17. It is for short term/short period.
    18. It is a material/physical concept.
    19. Economic growth is measured in certain time frame/period.

    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.
    6. Economic development is concerned with the happiness of public life.
    7. Economic development comes after economic growth. It is a positive impact of economic growth.
    8. Economic development also refers to:
    a. provision of sufficient and effective physical and social infrastructures
    b. equal access to resources
    c. participation of all in economic activities
    d. equitable distribution of dividends of economy.
    9. Economic development= Economic growth + standard of living
    10. It refers to increase in productivity.
    11. Indicators of economic development are:
    a. Human Development Index (HDI)
    b. Human Poverty Index (HPI)
    c. Gini Coefficient
    d. Gender Development Index (GDI)
    e. Balance of trade
    f. Physical Quality of Life Index (PQLI)
    12. Economic development is the ends of development.
    13. Achieving economic development is linked with end of poverty and inequality.
    14. It is more abstract concept.
    15. Economic development focuses on distribution of resources.

    3. 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. 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.

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

    B 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.
    Hence, 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:
    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?

    References

    1. Philippe Aghion, professor of economics at the London School of Economics and Collège de France, co-authored textbook in economic growth, forwarded Schumpeterian growth, and established creative destruction theories mathematically with Peter Howitt.
    2. Nava Ashraf, professor of economics at the London School of Economics.
    3. Oriana Bandiera, professor of economics at the London School of Economics and Director of the International Growth Centre.
    4. Abhijit Banerjee, professor of economics at the Massachusetts Institute of Technology and Director of Abdul Latif Jameel Poverty Action Lab, co-recipient of the 2019 Nobel Memorial Prize in Economic Sciences.
    https://en.m.wikipedia.org/wiki/Development_economics

    https://muse.jhu.edu/article/209197

  2. Ezeozue Chinedum Success Lotachukwu says:

    Name: Ezezoue Chinedum Success Lotachukwu

    Reg No: 2018/246452

    1. 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 (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 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.
    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,
    the political and economic life of the community.

    2. Economic Growth
    -Economic Growth is the positive change in the indicators of the economy.
    -Economic Growth refers to the increment in the number 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 focuses on the production of goods and services.
    -Economic growth relates to a gradual increase in one of the components of GDP; consumption, government spending, investment, or net exports.
    -Economic growth is single-dimensional in nature as it only focuses on the income of the people.
    -Economic Growth is the precursor and prerequisite for economic development. It is the subset of economic development.

    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 a 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 processes and policies by which a country improves the social, economic, and political well-being of its people.
    -Economic development focuses on the distribution of resources.
    -Economic development relates to the growth of human capital indexes and decrease in inequality.

    -It is concerned with how people are affected.
    -Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
    -Economic development comes after economic growth. It is a positive impact on economic growth.

    3a. 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 economic landscape, and,
    finally, often showing 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 (see,
    e.g., Adelman 1974; Seers 1979). 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 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.

    b. Reasons why Development Economics should be studied as a separate course in the University:
    As part of this study program, you will see how 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 globalizing 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.

  3. Ogbaji Chukwudubem, 2018/250210, Economics Department says:

    ▪︎ What is Development Economics?
    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.
    •Its Origin
    In its most general sense, development is a process that has gone on throughout human history as individuals and societies have attempted to better themselves. In Europe, concerted efforts to improve the conditions of disadvantaged sectors in society began in the 19th and early 20th centuries often spearheaded by religious or socialist groups. Such efforts were accompanied by the study of disadvantage, and eventually led, inter alia, to legislation and the establishment of government departments concerned with improving or protecting social welfare. However, the ‘development’ as a major government activity and field of endeavour extending beyond national borders emerged only after the Second World War, as a result of the need to rebuild the war-torn countries in Europe. European, US, and international organisations involved in reconstruction in Europe then turned their attention to the problems faced by countries in Africa, Asia, and Latin America as they began to gain their independence and as people and governments in former colonial countries recognised that they faced both obligations and opportunities in raising economic activities and living standards in their former colonies.

    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.

    ▪︎ Importance of Development
    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.

    ▪︎ Differences between Economic growth and Development Economics.
    Economic growth is a conservative concept and it denotes the rise in a nations’ actual level of output on account of the rise in quality of resources whereas economic development is comparatively a normative concept, and it denotes the enhancement in the standard of living of an individual, and self-esteem needs.

    As per the economist Amartya Sen, economic growth is one aspect of economic development. Also, united Nations sees it as this “Economic development focuses not only on man’s materialistic need but it focuses on overall development or rise in its living standards.

    Economic growth can be calculated in a specific period of time whereas economic development is an ongoing/ 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 it measures the improvement in the HDI index whereas economic growth is moreover related to developed countries but its parameters can be applied to developing countries also as these parameters include GDP, GNP, FDI 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.

    ▪︎ Why Study Development Economics?
    Development economics is fascinating because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world.

    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.

  4. OGENYI, CHUKWUEBUKA FREDERICK says:

    NAME : OGENYI, CHUKWUEBUKA FREDERICK

    DEPARTMENT : ECONOMICS

    REG. NO : 2018/241864

    COURSE : ECO. 361( DEVELOPMENT 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.

    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 :

    N0. 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. 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.

    This week, the Orlando Economic Partnership is joining with other economic development organizations to celebrate International Economic Development Week. International Economic
    Development Week, hosted by the International Economic Development Council, is dedicated to creating awareness for economic development programs that impact the community and increase the quality of life. Learn more on the International Economic Development Council’s website.

    N0. 2

    Different 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
    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.

    Below is the top 7 difference 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.
    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.

    5. 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.

    6. 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.

    N0. 3

    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.

    6. Increase in National Income-

    Importance of Economic Development
    In this importance of economic development, it results in an increase in per capita income which in turn increase the national income of a nation. It also helps to enhance the efficiency level of an individual through the great or optimum per capita wage and salary.

    7. Proper Utilization of Resources-
    It ensures proper utilization of resources such as national, human, and physical resources. These resources play a very crucial role to develop the production capacity and as well as economic growth of the rate.

    8. High Degree of Structural Transformation-
    There has been a transformation in the structure of the economy from the dominant agricultural sector to manufacturing and finally to the emergence of services.

    9. Increase in Employment Opportunities-
    In this importance of economic development, there have been tremendous employment opportunities in banking, marketing, manufacturing, durable industries, services, and so on.

    10. Promotes Social Equality-
    Economic development promotes social equality among the masses so that there is an equal distribution of wealth and income and people enjoy some quality of wealth, status, livelihood.

  5. OGENYI, CHUKWUEBUKA FREDERICK says:

    NAME : OGENYI, CHUKWUEBUKA FREDERICK

    DEPARTMENT : ECONOMICS

    REG. NO : 2018/241864

    COURSE : ECO. 361( DEVELOPMENT 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.

    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 :

    N0. 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. 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.

    This week, the Orlando Economic Partnership is joining with other economic development organizations to celebrate International Economic Development Week. International Economic
    Development Week, hosted by the International Economic Development Council, is dedicated to creating awareness for economic development programs that impact the community and increase the quality of life. Learn more on the International Economic Development Council’s website.

    N0. 2

    Different 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
    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.

    Below is the top 7 difference 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.
    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.

    5. 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.

    6. 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.

    N0. 3

    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.

    6. Increase in National Income-

    Importance of Economic Development
    In this importance of economic development, it results in an increase in per capita income which in turn increase the national income of a nation. It also helps to enhance the efficiency level of an individual through the great or optimum per capita wage and salary.

    7. Proper Utilization of Resources-
    It ensures proper utilization of resources such as national, human, and physical resources. These resources play a very crucial role to develop the production capacity and as well as economic growth of the rate.

    8. High Degree of Structural Transformation-
    There has been a transformation in the structure of the economy from the dominant agricultural sector to manufacturing and finally to the emergence of services.

    9. Increase in Employment Opportunities-
    In this importance of economic development, there have been tremendous employment opportunities in banking, marketing, manufacturing, durable industries, services, and so on.

    10. Promotes Social Equality-
    Economic development promotes social equality among the masses so that there is an equal distribution of wealth and income and people enjoy some quality of wealth, status, livelihood.

  6. OBETA MAGRET UZOCHUKWU says:

    Name: Obeta magret uzochukwu
    Reg:2018/243669
    Dept: social science education (economics education)

    Number 1 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 is also argued as a process of enhancing the capability to lead the kind of lives we haven’t reason to value.The key idea of capability approach is that social arrangements should aim to expand people’s capabilities, their freedom to promote or achieve valuable beings and doings.An essential test of development is whether people have greater freedoms today than they did in the past.
    Number 2:
    Below are the differences between economic growth and economic development
    1: 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 elimination and reduction 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.
    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 include process and policies by which a country improves the social economic and political well-being of it’s people.
    5:Economic growth is single dimensional in nature as it only focuses on income of the people while economic development is multidimensional in nature as it focus on both income and improvement of living standards of the people.

    6:Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports while economic development is concerned with the happiness of public life.
    Number 3 answer:

    The origin of development economics as an independent variable was during Robert McNamara’s 13years at the world bank.he introduced key change most notably shifting the banks economic development policies towards targeted poverty reduction.
    has grown in popularity as a subject of study since the early 1990s, and has been most widely taught and researched in developing countries and countries with a colonial history, such as the UK, where the discipline originated.Students of development studies often choose careers in international organisations such as the United Nations, World Bank, non-governmental organisations (NGOs), media and journalism houses, private sector development consultancy firms, corporate social responsibility (CSR) bodies and research centers.
    why development economics should be studied as a separate course are,
    1:To understand the current political landscape by examining their origins which then enable academic politicians and world charity organization to make better plan for future.
    2:To have the opportunity to apply the tool of economic analysis to the problem and challenges facing less-developed countries.
    3:To understand why some countries have been able to go through a process of economic human development whilst others have languished.

  7. ANYANWU COLETTE CHINAZAEKPERE says:

    NAME: ANYANWU COLETTE CHINAZAEKPERE
    REG. NO: 2018/242442
    DEPARTMENT: ECONOMICS (MAJOR)
    COURSE: ECO 361

    As the Special Adviser to Mr. President on Human Capital Development
    QUESTION 1
    Development means “improvement in country’s economic and social conditions”. More specially, it refers to improvements in way of managing an area’s natural and human resources. In order to create wealth and improve people’s lives.
    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 capacity to obtain physical necessities, 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 2
    Differences between Economic Growth and Development.
    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.

    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.

    The need behind studying Development Economics as a separate course in the University.

    (1) Problem of World Poverty: 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, the Lorenz curve and Gini co-efficient like measures are employed to measure international inequalities. 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.

    (2) Meaning Of Economic Development: It is the education and the mass media both at the country level and at world level which arouse the feelings in favor of development, i.e., the people of backward countries of Africa, Asia and Latin America became aware of with the concept of Economic Development. The Western experts were of the view that if real GNP and per capita GNP of a country increase over a long period of time it would be given the name of economic development. But later on, a lot of criticism was made against these measures of development. Then the economists engaged themselves in finding other measures of economic development. Accordingly, the social and economic indicator approach, the basic needs approach and the construction of human development index approach have been introduced by the economists and sociologists to measure economic development. Thus in Development Economics we study economic development and different measures which can be employed to measure it.

    (3) Models Of Economic Growth: In Development Economies we come across a lot of models of economic growth which present the picture of economic growth of western advanced countries. It means that how the developed nations got growth or what was their route of economic growth. In this respect, we study the growth model as presented by Adam Smith, Ricardo and other classical economists; the neoclassical models of economic growth as presented by J.E. Meade, Robert Solow and Swan etc.; the Schumpeter’s model of economic growth; the Harrod-Damar models of economic growth; and many other models of economic growth.

    (4) Theories Of Under-Development And Development: Development Economics also presents a lot of theories regarding the under-development of the poor countries as well as the theoretical means and ways through which the poor and backward nations of the world can attain economic development. The first set of theories is given the name of structuralist theory of development which states that the poverty of the poor nations is attributed to structural problems of the UDCs. The other theory is given the name of ‘International Dependencia model which states that it is the deliberate behavior on the part of DCs which exploited UDCs in such a way to keep them poor and backward. The third theory of economic development is called Stage Theory, where it has been told that the process of economic growth and development is furnished with certain stages (Rostow’s stages of economic growth) whereby it has been emphasized that poverty comes into being due to shortage of capital, and growth can be attained by increasing the savings and investment (even through foreign resources). The fourth major theory of economic growth is given the name Neo-classical counter-revolution theory which says that rather blaming international forces the poor countries should depend upon free markets and privatization for their economic growth.

    (5) Problems Of Population: The models of economic growth tell us that labor is an important factor of economic growth. But as far as developing countries are concerned it is not so. The population growth has led to create a lot of problems i.e., population in developing countries is rising faster than natural resources and the capital accumulation. Consequently, the developing countries have to face ever-rising unemployment. Moreover, the population growth often leads to migration of people from rural areas to urban areas. As a result, a lot of problems regarding urbanization and environmental pollution are rising. In such state of affairs, it is the Economic Development which deals with the issues of population growth, its effects on production, employment, migration, urbanization and environment etc. Again development economics presents different theories regarding population, i.e., what should be the optimum level of population for any country, Let quantity of labor which could have compatibility with the resources of the country.

    (6) Dualistic Theories: The un-development of the poor countries is also attributed to their dualistic character, i.e., they have a few developed cities and so many backward cities, use of capital intensive technologies along with rising unemployment; and the existence of mass poverty accompanied by a few rich etc. In this regard, the development economists like Boek and Higgins have presented the theories of sociological and technological dualisms. Again in Development Economics we study the models of dualistic economies like Lewis model of unlimited supply of labor and Ranis-Fei model etc.

    (7) Role of Agriculture Sector: The agri. sector can also play an important role in the economic growth of a country. But in case of developing countries the agri. sector is prey to a lot of troubles, i.e., there is subsistence farming, the techniques of production are outdated; the per acre yield is very low; the natural calamities badly affect the agri. sector; and the share of food stuff is higher while that of cash crops is lower. In such situation, the Development Economies tells us how the status of agri. sector can be changed. In this respect, the development economists suggest for land reforms, introduction of crash program in agriculture, provision of subsidies on inputs to the farmers, and the implementation of procurement prices schemes for farm outputs.

    (8) Role of Industrial Sector: The industrial sector can also play an important role in the economic growth of a country. But in case of developing countries the industrial sector is prey to a lot of troubles, i.e., the UDCs have a limited industrial sector; the industrialists have to face the problem of insufficiency and inadequacy of funds; the technological gap is obstructing the industrial growth; and the industrialists are not provided with consultancy services. Therefore it is the Development Economies which guides the developing countries regarding new technologies, more financial funds for industrialists, choice of technologies and establishment of new industries, the package of industrial investment, the balanced growth pattern or unbalanced growth pattern, and the pursuance of export promotion strategy of industrialization or import substitution policy of industrialization.

    (9) Foreign Trade Sector and Development: From the history of advanced countries it becomes obvious that foreign trade sector played an important role in their economic development. Therefore, if the developing countries wish to attain economic development they should promote their foreign trade sector. This was the one sided view regarding trade and growth. But the Development Economists, like Gunner Myrdal, Hans Singer, R. Prebisch etc., have also given the opposite view. They are of the opinion that at international level such forces operate that world trade is least beneficial for developing countries, it just safeguards the interests of developed countries. The Terms of Trade’ have been found going against UDCs when DCs get higher prices for their products and prices of primary exports from UDCs go on to fall. Again the agri. exports from UDCs have to face a severe competition with their artificial substitutes and trade restrictions in the markets of DCs. Moreover, the BOP positions of UDCs go on worsening day by day, i.e., they have to face heavy BOP deficits. To remove such deficits they have to borrow from rich countries and international agencies. With this they are facing Debts and Repayment of Debts like problems. Thus the economic rules operating at global level are also becoming responsible for increasing the gulf between have and have-nots. Thus the developing countries are demanding for a “Just New World Economic Order”.

    (10) Foreign Private Investment and Development: Each student of Development Economies is aware of with this fact that the UDCs have to face twin gaps like saving gap and foreign exchange gap. These gaps are the biggest obstacles in the way of their industrialization and development. Thus the development economists stress upon foreign private investment which would help in removing these gaps. The Multi-national companies (MNCs) will bring not only sufficient amount of foreign capital but foreign technology will also be brought by them. In this way the foreign capital and foreign technologies will become helpful for economic development of the poor countries. But the Development Economics also tells us that foreign private investment and the role of MNCs are furnished with a lot of problems. They exploit the laboring class of the poor countries and they are engaged in the activities like transfer pricing.

    (11) Role of State in Economic Development: In order to attain economic development just the market forces can not be relied upon. It means that private sector is not capable enough to start the big projects like thermal and hydro power plants construction of roads, water supply and water sanitation etc. Moreover, the social am institutional changes can not be brought just through invisible hand. Therefore, for the safe of socio-economic changes which are necessary for economic development of Third world countries the state will have to play its role. It is the Development Economies which discusses the role of state in economic development.

    (12) Fiscal and Monetary Policies And Economic Development: As the capital considered to be the life blood of production, and it is also something very much must for industrialization, the key to economic development. But because of low income the savings in the UDCs remain low leading to low investment and low capital formation, 1 this way, the UDCs remain incapacitated to attain economic development. Thus, for the sake of economic development they can depend upon fiscal and monetary policies. The fiscal measures like changes in tax rates, provision of subsidies to the producers and boosting o govt. expenditures on socio-economic sectors will become helpful in the attainment to economic development in the developing countries. Again, the Monetary measures lik provision of loans to backward sectors and backward regions at concessionary rate lowering of bank rate, purchase of govt. securities, reduction in marginal requirements an decreasing the reserve ratios central banks in. the poor countries can use the monetary policy for economic development.

    (13) World Development Institutions and Foreign Aid: The domestic resources at insufficient, the export sector is passive, the foreign private investment is attached wit exploitation, and fiscal and monetary policies are attached with a lot of limitations and lag: Then, for the sake of economic development the developing countries can depend upon unofficial and official foreign loans. It means that the poor countries can borrow from foreign countries (advanced countries and oil rich countries) as well as from aid given agencies like World Bank, IFC, IDA and UNDP etc. Such official and unofficial capital flow will become helpful for the attainment of economic development of UDCs. Thus it is ill Development Economics which helps us to know about foreign aid, it types, its positive role, its side effects, repayments of loans and interest charges.

  8. Obiajulu Olisaemeka Charles says:

    Name: OBIAJULU OLISAEMEKA CHARLES
    Department: Economics/Political science
    Reg number: 2018/242803
    ECO 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.

    According to Sen, (An Indian economist award winner) 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.
    For Sen, “capability deprivation” is a better measure of poverty than low income. While higher GDP does produce improvements in most measures of the quality of life, but there are exceptions. Some places with low GDP/capita like Sri Lanka, China and the India state of Kerala have higher life expectancies and literacy rates than richer countries like Brazil, South Africa and Namibia. And Afro-Americans have a lower life expectancy than males in China and parts of India, although their average real income is far higher.
    Some see freedom as a potential disturbance to political stability and development. They recommend repressive interventions of the state in stifling liberty, initiative and enterprise, and in crippling the working of the individual agency and cooperative action. Sen attacks Singapore’s Lee Kuan Yew and his theories of Asian values which are used to justify political repression. For Sen there is no such thing as Asian values in a continent with vastly disparate populations and traditions, and containing 60 per cent of the world’s population. And as Dani Rodrik said, the economic performance of authoritarian regimes is either very good or very bad – and usually very bad. Most democracies occupy the middle ground.
    Some see freedom as a potential disturbance to political stability and development. They recommend repressive interventions of the state in stifling liberty, initiative and enterprise, and in crippling the working of the individual agency and cooperative action. Sen attacks Singapore’s Lee Kuan Yew and his theories of Asian values which are used to justify political repression. For Sen there is no such thing as Asian values in a continent with vastly disparate populations and traditions, and containing 60 per cent of the world’s population. And as Dani Rodrik said, the economic performance of authoritarian regimes is either very good or very bad – and usually very bad. Most democracies occupy the middle ground.
    Sen has been instrumental in the thinking of the United Nations Development Programme (UNDP) on human development, including the creation of the human development index (HDI) which is a composite index that measures the average achievement in a country in three basic dimensions of human development: a long and healthy life, as measured by life expectancy at birth; knowledge, as measured by the adult literacy rate and the combined gross enrolment ration for primary, secondary and tertiary schools; and a decent standard of living, as measured by GDP per capita in purchasing power parity US dollars. While the concept of human development is much broader than any single composite index can measure, the HDI offers a powerful alternative to income as a summary measure of human well-being. Sen worked closely with the UNDP on its Human Development Report 2004, “Cultural Liberty in Today’s Diverse World”. This report argues that an essential element of human development is cultural freedom, namely the freedom to choose one’s identity and to exercise that choice without facing discrimination or disadvantage.
    Cultural freedoms should be embraced as basic human rights and as necessities for the development of the increasingly diverse societies of the 21st century. All people should have the right to maintain their ethnic, linguistic, and religious identities. The adoption of policies that recognize and protect these identities is the only sustainable approach to development in diverse societies. Economic globalization cannot succeed unless cultural freedoms are also respected and protected, and the xenophobic resistance to cultural diversity should be addressed and overcome.
    Development consists of the removal of various types of unfreedoms that leave people with little choice and little opportunity of exercising their reasoned agency. If freedom is what development advances, then there is a major argument for concentrating on that objective, rather than on some particular means or some specially chosen list of instruments.

    2. Clearly analyse the differences between Economic Growth and Economic Development.
    a. Economic Growth is the positive change in the indicators of economy while conomic development is the quantitative and qualitative change in an economy
    b. 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.
    c. 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.) while 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.)
    d. 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.
    e. 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 while Economic development is concerned with the happiness of public life.
    f. Economic Growth is the precursor and prerequisite for economic development while Economic development comes after economic growth. It is a positive impact of economic growth.
    g. Indicators of economic growth are GDP, GNI and per capita income while 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)
    h. Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports while Economic development also relates to: provision of sufficient and effective physical and social infrastructures, equal access to resources.
    i. 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 while Economic development is the ends of development. Achieving economic development is linked with end of poverty and inequality.
    j. Economic growth is concerned with increase in economy’s output while Economic development refers to increase in productivity.
    k. It focuses on production of goods and services while Economic development focuses on equitable distribution of dividends of economy.
    L. Economic growth is more relevant metric for assessing progress in developed countries than Economic development.
    m. Economic growth is relatively narrow concept as compared to economic development.
    n. Economic growth is for short term/short period while Economic development is for a long term.
    o. It is a material/physical concept while Economic development is more abstract concept.
    p. Economic growth is measured in certain time frame/period while Economic development focuses on distribution of resources.

    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.

    Origin of Development Economics as an independent discipline
    This reason makes it difficult to trace around the discipline of development economics, namely, the fact that the interest in economic growth and development started long before the postwar period. This is particularly true of Adam Smith and other classical political economists. David Ricardo and J. S. Mill, for instance, distinguished between two cases of reduced growth (or stationary states), caused either by lack of investment (this in the case of the poor countries) or by diminishing returns to land (in the case of the rich countries). Insufficient capital accumulation in countries with an abundance of fertile land was attributed to “bad government, insecurity of property and want of education”. Barbaric” nations, as Mill called them, should be guided by “civilized” developed societies.
    Perhaps more crucial for the disciplinary identity of development economics was not any high theoretical debate but the fields in which it was going to be applied, that is, Latin America and the younger African and Asian countries that appeared as independent entities after the end of World War II. The new bipolar world that emerged during the Cold War and the reconfiguration of former imperial areas in a new, contested third world were fundamental cues for the reorientation of vast resources and many intellects from the question of growth in the so-called advanced countries to the problem of how to foster growth in less-developed ones. Thus, irrespective of their theoretical disagreements, development econ- omists all agreed on what is only a slight paraphrase of Viner’s famous dictum: development economics is what development economists do.
    Development economics, in other words, was from the very beginning an applied discipline, highly contested, characterized by strong eclecticism, with roots in different theoretical traditions (including an important number of classical propositions), and with an intrinsic permanent uncertainty of identity that has never abandoned it. The problem to be addressed was always more important than the discipline that addressed it. Starting in the mid-1950s, development economics entered the corridors of academe, when the first courses, textbooks, journals, and volumes of collected readings appeared; development research centers were established at MIT, Harvard, Yale, Stanford, Sussex, and elsewhere; and applied studies were pursued at the United Nations and the World Bank. In the same years, scholars were also beginning to address questions that would shape a similar though distinct disciplinary field, namely, growth economics. Although both found inspiration in the interest of the classics in dynamic processes of economic growth, development economics and growth economics evolved in separate ways. Whereas the latter addressed the growth performance of industrialized economies, development economists addressed obstacles to growth in relatively poor countries and how to overcome them. Because of their investigation of steady- state growth paths, growth economists were able from the beginning to produce formal models of the evolution of economies over time. Most development economics did not deploy mathematical methods, if only because the field tackled issues such as coordination failures, increasing returns, unbalanced growth, structural change, and unequal international exchange that were less amenable to modeling techniques available at the time. Hence the two subfields parted company. However, the emphasis on capital accumulation led many development planners to pay close attention, at times critically, to the influential Harrod-Domar growth model (Boianovsky 2018). Moreover, growth economists like Robert Solow and others occasionally used their tools to discuss topics such as “poverty traps” and “multiple equilibria,” which caught the attention of develop- ment economists as well. Since the late 1980s, with the inception of endog- enous growth models, the debates about convergence, and the analytic attention to the role of institutions, the gap between growth and develop- ment economics has tended to lessen.
    Reasons why development economics should be studied as a separate course
    a. 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
    b. 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 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.

  9. ASOGWA OBIORA says:

    NAME: ASOGWA OBIORA
    DEPARTMENT: ECONOMICS
    REG NUMBER: 2018/242288
    COURSE CODE: ECO 361
    COURSE TITLE: DEVELOPMENT ECONOMICS.
    Assignment.
    1.Development can also be seen as the removal of various types of unfreedoms that leave people with choice and little opportunity of exercising their reasoned agency.
    This can be achieved by expanding the range of economic and social choices available to individuals and nationa.
    According to A Martha Sen, development can also be seen as enhancing the capabilities of people to lead the kind of life they reason to value.
    Hence, these capabilities as follows:
    a) Being able to live long.
    b) Being well nourished.
    c) Being healthy.
    d) Being literate.
    e) Being well clothed.
    f) Being mobile.
    h) Being to take part in the life of the community.

    2. The differences between economic growth and development are as follows:
    a) Economic growth takes place when there is a sustained increase in a country’s GDP, 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.
    b) Growth is a sustained increase in a country’s output, whereas development is a progressive changes in the socio-econmic structure of the country.
    c) Growth is a narrow measure of economic welfare that doesn’t take account of important non-econmic aspects such as more leisure time, access to health and education, environment, freedom or social justice, whereas development is changes in technological and institutional organization of production as well as in distributive pattern of income.

    3. Development Economics emerged as a branch of economics after the second world war. During this period, economist become concerned about the low standards of living in so many countries of Latin America, Africa, and Asia.
    The economies of the less developed countries were so different from the developed countries that basic economies could not explain the behavior of less developed economies.
    Traditional approaches produced some interesting and even elegant Economic models, but these models failed to explain the patterns of no growth, weak or slow growth or growth and retrogression found in the less developed economies.

  10. Oyem lawrence Ifechukwude 2018/241846 Economics says:

    MEANING OF DEVELOPMENT AND ITS IMPACT TO A NATION
    A multitude of meanings is attached to the idea of development; the term is complex, contested, ambiguous, and elusive. However, in the simplest terms, development can be defined as bringing about social change that allows people to achieve their human potential. Development is not just about the interactions between human groups; it also involves the conversion of natural resources into cultural resources. 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. It means to make something or someone more advanced. Therefore, an economy needs development to better the life of its citizens by improving their social welfare.

    DIFFERENCE BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT
    Economic growth can take place under conditions of mass unemployment while economic development implies a reduction in the level of unemployment.
    Economic growth emphasizes more on output and less on economic welfare whereas economic development lay more emphasis on general welfare due to equitable distribution of income.
    In economic growth, there must be a meaningful increase in real income whereas in economic development, a measure of it can be achieved by a fairer distribution of existing goods and services even if there is no substantial increase in output.

    DEVELOPMENT ECONOMICS AS A SEPARATE DISCIPLINE
    Development economics emerged as a separate discipline from traditional economics as a result of low standard of living after the second world war. Conventional economics was the economics of special case, whereas development economics appeared potentially to be the new economics for the contemporary world.The earliest Western theory of development economics was mercantilism, which developed in the 17th century, paralleling the rise of the nation state.

    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 potentials of the entire population, 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.

    WHY WE STUDY DEVELOPMENT ECONOMICS AS A SEPARATE DISCIPLINE
    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. The study of development economics equips us to profer solutions to the following:
    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?

  11. Ikechukwu Mmesoma Mary-ann says:

    Name: Ikechukwu Mmesoma Mary-ann
    Reg no: 2018/241875
    ECO 361: Development Economics
    DEPARTMENT OF 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.
    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” (1999:3).
    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. The evaluative role refers to the success of a society based on the substantive freedom that the members enjoy. He explains this role by pointing out the differences between the capability approach and utility (happiness) or libertarian procedural liberty or real income approaches. Utility is viewed as satisfaction or happiness.

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

    Answer.
    Differences between economic growth and economic development include-
    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 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.
    6. 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.
    7. Indicators of economic growth are: GDP, GNI and per capita income while Indicators of economic development are: Human Development Index (HDI),Human Poverty Index (HPI), Gini Coefficient, Gender Development Index (GDI), Balance of trade, and Physical Quality of Life Index (PQLI).
    8. It is for short term/short period, economic growth It is measured in certain time frame/period while Economic development does not have specific time period to measure.It is a continuous and long-term process
    9. Economic growth is concerned with increase in economy’s output. while 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.

    Answer.
    Development economics emerged as a separate discipline from traditional economics as a result of low standard of living after the second world war. Conventional economics was the economics of special case, whereas development economics appeared potentially to be the new economics for the contemporary world.The earliest Western theory of development economics was mercantilism, which developed in the 17th century, paralleling the rise of the nation state.
    Development economics should be studied in the universities for the following reasons:
    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. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world.
    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.

  12. Joseph Ruth Tochukwu says:

    JOSEPH RUTH TOCHUKWU
    2018/245132
    ECONOMICS DEPARTMENT
    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.

    As the special Adviser to Mr. President on Human Capital Development, I would say that, Development consists of removal of various types of unfreedoms that leave people with little choice and little opportunity of exercising their reasoned agency. Viewing development in terms of expanding substantive freedoms directs attention to the ends that makes development important rather than merely on some of the means. Development is concerned with outcomes, therefore it enhances the capacity for people to lead the kind of lives they have reason to value. Some key capabilities are: being able to live long, being well nourished, being healthy, being literate, being well clothed,etc.

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

    Economic growth takes place there is a sustained increase in a countries output.
    Economic growth makes use of GDP which doesn’t take account of important non-economic aspects.
    Economic growth is a necessary but sufficient condition for economic development.
    Economic growth is basically about income.
    On the other hand;
    Economic development occurs with the reduction and elimination of poverty, inequality and unemployment,within a growing economy.
    Economic development is primarily about outcomes.
    Economic development is a necessary condition for improvement of human welfare, raising of living standards and reduction of poverty.
    Economic development is concerned with the progressive changes in the socio-economic structure of a country.

    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 as a branch of Economics because economists after world war ll 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 so different from the developed countries, that basic economics could not explain the behaviour of the less developed countries economies. Traditional approaches produced some interesting and even elegant economic models,but these models failed to explain the patterns of no growth, weak or slow growth and retrogression found in the less developed countries. This brought about the emergence of development economics.
    Development economics should be studied as a separate course in school because:
    Moral and ethical reasons: A study of development economics would help expose students to the evils of poverty as well as inequality. And make them understand that development is everyone’s human right.
    Development economics brings about global interactions, coexistence,trade and investment.
    It would also help to meet the private interest of students like job prospects as development economists and to satisfy their intellectual curiosity as to what causes poverty and inequality and their solutions.

  13. MBA COLLINS CHIDUMEBI says:

    NAME: MBA COLLINS CHIDUMEBI
    REG. NO.: 2018/242336
    DEPARTMENT: ECONOMICS
    COURSE: ECO 361- DEVELOPMENT ECONOMICS I
    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 a 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 functionings 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
    Clearly analyze the differences between economic growth and economic development.
    ECONOMIC GROWTH
    ECONOMIC DEVELOPMENT

    This takes place when there is sustained increase in a country`s output for at least 1-2 years measured by the GDP or GNP.
    This takes place when the standard of living of the majority rises including dimensions like income, literacy, health.

    This is a sustained increase in a country`s output of goods and services.
    This is the transformation of the socio-economic structure of a nation.

    It is a narrow measure of welfare.
    It is a broad and exhaustive measure of welfare.

    It is a necessary but insufficient condition for economic development.
    It is a necessary and sufficient condition for enhancement of human welfare, standard of living and poverty alleviation.

    Economic growth is all about incomes.
    Economic development is all about outcomes.

    Many Economics 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 Development 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 action.

  14. Name: Onyeabo Michael Chukwuebuka

    Reg No: 2018/248280

    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.

    ANS: 

    I wholeheartedly agree with Amartya Sen’s view of development. The preceding argument clashes with a limited definition of development, such as equating growth in the gross national product or rising personal incomes, among other things. The eradication of various sorts of unfreedom that leave people with little choice and little opportunity to exercise their reasoned agency is part of development as a process of expanding people’s true freedoms. If development promotes freedom, there is a strong case to be made for focusing on the objectives rather than some particular measurement methods.

    Some key Capabilities mentioned by Amartya Sen includes the following:

    Being able to live long
    Being well nourished
    Being healthy
    Being Literate
    Being well-clothed
    Being mobile
    Being able to take part in the life of the community

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

    ANS:

    Economic development refers to the reduction and elimination of poverty, unemployment, and inequality in the framework of a developing economy, whereas economic growth refers to the increase in the number of goods and services produced by an economy.
    Economic Growth is the positive change in the indicators of economy while Economic development is the quantitative and qualitative change in an economy.
    Economic growth is defined as a rise in real national income / national output, whereas economic development is defined as an increase in the quality of life and living standards, such as literacy, life expectancy, and health care.
    Economic growth focuses on production of goods and services while Economic development focuses on distribution of resources.
    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. 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.

    ANS:

    Development Economics emerged as an independent discipline after world war II. 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 so different from the developed countries that basic economies could not explain the behavior of less developed economies.

    Traditional approaches produced some interesting and even elegant Economic models, but these models failed to explain the patterns of no growth, weak or slow growth or growth and retrogression found in the less developed economies.

    Development Economics should be studied as a separate course in the University for the following reasons:
    Development Economics should be studied as a separate course in the University because of moral and ethical reasons which includes: poverty and inequality.
    To better understand the Problems Of Population
    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. The study of development economics equips us to proffer solutions to the following:
    To what extent does rapid population growth help or hinder development?
    Is it necessary for economies to go through a process of structural transformation – and how does this take place?
    What is the role of education and health care provision in contributing to the process of development?
    How important is it for countries to engage in international trade in the context of a globalizing economy?
    How can less-developed countries achieve sustainable development?

  15. Amaka says:

    Name:Agu Chiamaka  Chisom
    Reg No: 2018/245463
    Department: Combined social sciences (Eco/Pol science)
    Development Economics (Eco 361 )

    Good evening Mr President!!

    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.

    Ans: Development as a word, presents itself as an illusive concept, lacking definite content or limits and from time immemorial has continued to attract intellectual discourses among the intelligentsia and practitioners regardless Development can be seen.

    Development 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.

    2.Clearly analyse the differences between Economic Growth and Economic Development
    *Economic Growth is the positive change in the indicators of economy. While 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. While Economic development helps in the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.

    *Economic growth is an increase in real national income / national output. While Economic development is the improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.

    *Economic growth focuses on production of goods and services. While Economic development focuses on distribution of resources.

    *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)

    *Economic growth is concerned with increase in economy’s output. While Economic development is concerned with structural changes in the economy.

    *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.Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development.
    *Development Economics a branch of economics that emerged in the aftermath of the Second World War. Economic development at that time, as any cursory survey of history will show, derived from the pressing need to reconstruct the economies of war-ravaged countries.  Moreover, in the 1950s and 1960s, as colonies gained independence in Asia, Africa, and Latin America, the same practical necessity for development manifested itself, because independence held out the prospects of modernization and uplifting the living standards of more than 75 percent of humanity. Seen in the context of its birth, the methodology and subject matter of development economics seem to be rooted in down-to-earth experience; it is a science of praxis.

    3b Discuss the reasons why Development Economics should be studied as a separate course in the University.
    *Development economics should be studied as a separate course because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade.

    *Development Economics when studied as a course in the University will help us to know the contrasting experience of success and failure in the economies of different regions of the world

    *Development economics when studied will help us explore some of the economic challenges peculiar to some of the poorest countries in the world.

    *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.

  16. Chiamaka Agu says:

    Name:Agu Chiamaka  Chisom
    Reg No: 2018/245463
    Department: Combined social sciences (Eco/Pol science)
    Development Economics (Eco 361 )

    Good evening Mr President!!

    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.

    Ans: Development as a word, presents itself as an illusive concept, lacking definite content or limits and from time immemorial has continued to attract intellectual discourses among the intelligentsia and practitioners regardless Development can be seen.

    Development 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.

    2.Clearly analyse the differences between Economic Growth and Economic Development
    *Economic Growth is the positive change in the indicators of economy. While 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. While Economic development helps in the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.

    *Economic growth is an increase in real national income / national output. While Economic development is the improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.

    *Economic growth focuses on production of goods and services. While Economic development focuses on distribution of resources.

    *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)

    *Economic growth is concerned with increase in economy’s output. While Economic development is concerned with structural changes in the economy.

    *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.Many Economic Pundits have argued that the study of Development Economics is very germane to human and national development.

    *Development Economics a branch of economics that emerged in the aftermath of the Second World War. Economic development at that time, as any cursory survey of history will show, derived from the pressing need to reconstruct the economies of war-ravaged countries.  Moreover, in the 1950s and 1960s, as colonies gained independence in Asia, Africa, and Latin America, the same practical necessity for development manifested itself, because independence held out the prospects of modernization and uplifting the living standards of more than 75 percent of humanity. Seen in the context of its birth, the methodology and subject matter of development economics seem to be rooted in down-to-earth experience; it is a science of praxis.

    3b Discuss the reasons why Development Economics should be studied as a separate course in the University.
    *Development economics should be studied as a separate course because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade.

    *Development Economics when studied as a course in the University will help us to know the contrasting experience of success and failure in the economies of different regions of the world

    *Development economics when studied will help us explore some of the economic challenges peculiar to some of the poorest countries in the world.

    *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.

  17. Mbakwe Temple Alex says:

    Name: Mbakwe Temple Alex
    Reg Number: 2018/242400
    Department: Economics
    Course Code: 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.

    Answer

    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 Clearly analyse the differences between Economic Growth and Economic Development

    A- 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.
    B- Economic Growth is the positive change in the indicators of economy.
    While Economic development is the quantitative and qualitative change in an economy.
    C- 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.
    D- Economic growth focuses on production of goods and services.
    While Economic development focuses on distribution of resources.
    E- 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.
    It is concerned with how people are affected.

    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
    First we define Development Economics.
    Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.
    Also, Development studies is a multidisciplinary subject that focuses on the evolution of nations from political, cultural, geographical, and socio-economic perspectives. It emerged as an academic discipline during the late part of the 20th century amid growing concerns for third world economies struggling to establish themselves in the postcolonial era.
    The reasons why Development Economics should be studied as a separate course in the University are listed below:
    1. Informs decisions
    Economists provide information and forecasting to inform decisions within companies and governments. This knowledge of economics – or economic intelligence – is based on data and modelling.

    2. Influences everything
    Economic issues influence our daily lives. This includes issues such as tax and inflation, interest rates and wealth, inequality and emerging markets, and energy and the environment. A broad subject, economics provides answers to a range of health, social and political issues that impact households and wider communities.

    3. Impacts industries
    Firms of all sizes and industries have to rely on economics, whether that’s for product research and development, pricing strategies or how to advertise. This wide influence means studying economics can open up a variety of career options across all sectors of the economy, from agriculture to manufacturing, to banking and consultancy.

    4. Inspires business success
    Understanding how consumers behave is vital for a business to succeed. Economists use theories and models to predict behaviour and inform business strategies. For example, how to analyse ‘big data’.

    5. International perspective
    Economics affects the world we live in. Understanding domestic and international perspectives – historic and current – can provide a useful insight into how different cultures and societies interact. For international corporations, understanding the world economy is key to driving success.

  18. Akachukwu Christian nonso says:

    (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

    (ans)

    The mid-1970s, noted American political scientist Seymour Lipset concluded that “the more well-to-do a nation, the greater the chances it has of sustaining democracy.” Lipset’s assertion was based on numerous empirical studies conducted under the auspices of the Hoover Institution, and has since found its way into the dominant canon of political and economic development.

    Thirty years later, the same issues addressed by Lipset in his monumental study continue to prove difficult terrain for development experts, as well as for development subjects. These issues, albeit categorized into new discourses and scopes of academia, move beyond the traditional sense of development, toward a more inclusive understanding of the underpinnings of development and its direct impact on collective and individual freedoms. The debate has shifted from one of oppositional ideology to one that is much more complex, involving numerous subjective variables and social implications. Frequently raised questions include those of social development, equity, and the distribution of wealth, and often critique not only the effect of the current developmental paradigm, but also its very existence.

    Contributing to this debate is Amartya Sen’s Development As Freedom, which moves beyond the dominant developmental paradigm by asserting the need for a new means of interpreting the relationship between development and freedom. Sen’s basic premise asserts the dialectical relationship between development and freedom, and in essence “a view of development as an integrated process of expansion of substantive freedoms that connect with one another.” According to Sen, these freedoms are access to health care, education, political dissent, economic markets, and equality, and each freedom encourages the development of another. Sen depicts this process of the “expansion of substantive freedoms” as “both an ends and a means of development,” and therefore promotes a dialectical understanding of development, whereby political, economic, and social freedoms “link with each other and with the ends of enhancement of human freedom in general.”

    This approach enables Sen to appreciate the vital roles town markets and civic organizations—as well as the prevailing social norms inherent within defined communities such as these—play in discerning impediments and instigators of collective and individual freedom. As Sen notes, “People are only free where they can provide for their basic needs and realize their innate abilities.” These abilities largely rely on access to resources and the ability to utilize them in a means conducive to the development of individual freedom. Development, therefore, as posed by Sen, provides a fertile base for the establishment of democratic ideals and freedoms, while at the same time further increasing the levels of political, social, and economic development.

    This realization sets Sen’s interpretation against mainstream dogma, although not in a confrontational manner. By calling into question the numerous “unfreedoms” perpetuated by contemporary neo-liberal developmental models, and thereby demonstrating the need to enable people “to develop their abilities free from the scourges of poverty, inequality and repression,” Sen seeks not to alienate proponents of the traditional “hard-knocks” approach, or at the same time radical grassroots approaches, but to construct an interpretation that advocates a mutually beneficial or “middle-way” approach when confronting development.

    This attempt to build bridges between opposing ideological camps while stressing mutual benefit lies at the heart of Sen’s contribution. Sen repeatedly confronts key issues, often articulating them in terms that are reassuring to those on both sides of the ideological divide. For example, although Sen affirms the extensive use of markets, acknowledging their necessity in promoting economic development, thereby paying heed to the economic behemoths of the corporate realm, he nevertheless also asserts that those same “markets need to be supplemented with social safety nets.”

    Sen also appropriates mainstream concerns with those of the periphery when he addresses other normative concepts of freedom, such as human rights, issues of population growth and famine, and issues of Western decision-making processes.

    Drawing on the numerous benefits of securing human rights, Sen argues that the more rights are observed, the greater the feasible levels of political and economic development a region may sustain. Yet Sen also notes that economic development does not always favor the development of democratic freedoms, as in the case of the Asian Tiger. This example “makes for devastating criticism of authoritarian regimes that use development as an excuse for tyranny, and the curtailing of personal freedoms of the people.”

    In another example, Sen portrays famine as a result of government mismanagement, and not of a decline in food availability. He says that famines are often directly linked to the existence of social and political injustices and that “no famine has ever occurred in a democracy.”

    Despite this apparently well-constructed rationalization, Sen is guilty at times of catering to the mainstream. Although he seeks to provide an objective understanding of the developmental dialectic, at times he ignores the main structural and institutional impediments inherent in the contemporary world. In the case of famine, Sen fails to address the inequality posed by organizations such as the International Monetary Fund and their role in promoting the decline of local agricultural dependence.

    Sen’s argument can both positively and negatively affect the pursuit of human freedom. By appropriating the peripheral ideas of radical grassroots proponents into the mainstream, Sen may just encourage a minimal adherence. On the other hand, the combination of peripheral ideas with those of the dominant paradigm may enable the construction of a new epistemological basis, which projects a more compassionate and subjective approach to development. Either way, Development As Freedom is a monumental work, capable of redefining the manner in which the developmental dialectic asserts itself, and the manner in which human freedom is forever conceived

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

    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)

    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.

    (ans)

    (A) 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, Development Economics 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.

    (B)

    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.

  19. Name: Chris-Nwaije Ihuoma Nancy Reg no: 2018/241847 says:

    Name: Chris-Nwaije Ihuoma Nancy
    Reg number: 2018/241847
    Economics Department

    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. 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 or national output. While Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy, health care, standard of living. Economic growth implies a process of increase in real national income and real. per capita income. Economic development is defined as a sustained improvement in material well being of society. Economic growth can occur without economic development but economic development cannot occur without economic growth.

    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 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 origin of development economics can be traced as far back as the 18th century. 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.
    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.

  20. Ugochukwu ugonnaya Judith says:

    Name: Ugochukwu Ugonnaya Judith
    Regno: 2018/244297
    Dept: social science education (education 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. 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.
    Freedoms are not only the primary ends of development, they are also among its principal means:
    * Political freedoms, in the form of free speech and elections, help to promote economic security.
    * Social opportunities, in the form of education and health facilities, facilitate economic participation
    * Economic facilities, in the form of opportunities for participation in trade and production, can help to generate personal abundance as well as public resources for social facilities
    * With adequate social opportunities, individuals can effectively shape their own destiny and help each other.
    2. Difference between economic growth and economic development
    Economic growth
    * It is the positive change in the indicators of economy.
    * It means an increase in real national income/output.
    * It is a precursor and prerequisite for economic development.
    * Indicators of economic growth are GDP, GNI, and per capita income.
    * It focuses on production of goods and services.
    * It is for short term period.
    * It is a material/physical concept.
    * It is measured in certain time frame.
    Economic development
    * It is a quantitative and qualitative change in an economy.
    * It means an improvement in the quality of life.
    * It comes after economic growth. It is a positive impact of economic growth.
    * Economic development = Economic growth + Standard of living.
    * It refuses to increase in productivity.
    * It focuses on distribution of resources.
    * It is the ends of development in an economy.
    * It is linked with end of poverty and inequality.
    3. The history of development economics has experienced a similar inner tension, shifting its focus from a history of theories to a history of institu￾tions, 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 appar￾ent, the first historians of the field were development economists them￾selves, 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 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.
    Why development studies?
    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. 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.
    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.
    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.
    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.

  21. UGWUEZE MARTHA CHIOMA says:

    Name: Ugwueze Martha Chioma
    Reg no:2018/247847
    Dept: Economics
    Course code:Eco 361
    Assignment
    (1)Development as Freedom: The Human Capabilities Approach
    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.

    capabilities approach
    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 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.

    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

    chains
    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 difference between economic growth and economic development.
    They are:
    Economic Growth
    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.
    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 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)Development economics as an Independent 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.

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

    (b)Reasons why development economics should be studied as a
    separate course in the University:

    (1) Problem of World Poverty: 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, the Lorenz curve and Gini co-efficient like measures are employed to measure international inequalities. 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.

    (2) Meaning Of Economic Development: It is the education and the mass media both at the country level and at world level which arouse the feelings in favor of development, i.e., the people of backward countries of Africa, Asia and Latin America became aware of with the concept of Economic Development. The Western experts were of the view that if real GNP and per capita GNP of a country increase over a long period of time it would be given the name of economic development. But later on, a lot of criticism was made against these measures of development. Then the economists engaged themselves in finding other measures of economic development. Accordingly, the social and economic indicator approach, the basic needs approach and the construction of human development index approach have been introduced by the economists and sociologists to measure economic development. Thus in Development Economics we study economic development and different measures which can be employed to measure it.

    (3) Models Of Economic Growth: In Development Economies we come across a lot of models of economic growth which present the picture of economic growth of western advanced countries. It means that how the developed nations got growth or what was their route of economic growth. In this respect, we study the growth model as presented by Adam Smith, Ricardo and other classical economists; the neoclassical models of economic growth as presented by J.E. Meade, Robert Solow and Swan etc.; the Schumpeter’s model of economic growth; the Harrod-Damar models of economic growth; and many other models of economic growth.

    (4) Theories Of Under-Development And Development: Development Economics also presents a lot of theories regarding the under-development of the poor countries as well as the theoretical means and ways through which the poor and backward nations of the world can attain economic development. The first set of theories is given the name of structuralist theory of development which states that the poverty of the poor nations is attributed to structural problems of the UDCs. The other theory is given the name of ‘International Dependencia model which states that it is the deliberate behavior on the part of DCs which exploited UDCs in such a way to keep them poor and backward. The third theory of economic development is called Stage Theory, where it has been told that the process of economic growth and development is furnished with certain stages (Rostow’s stages of economic growth) whereby it has been emphasized that poverty comes into being due to shortage of capital, and growth can be attained by increasing the savings and investment (even through foreign resources). The fourth major theory of economic growth is given the name Neo-classical counter-revolution theory which says that rather blaming international forces the poor countries should depend upon free markets and privatization for their economic growth.

    (5) Problems Of Population: The models of economic growth tell us that labor is an important factor of economic growth. But as far as developing countries are concerned it is not so. The population growth has led to create a lot of problems i.e., population in developing countries is rising faster than natural resources and the capital accumulation. Consequently, the developing countries have to face ever-rising unemployment. Moreover, the population growth often leads to migration of people from rural areas to urban areas. As a result, a lot of problems regarding urbanization and environmental pollution are rising. In such state of affairs, it is the Economic Development which deals with the issues of population growth, its effects on production, employment, migration, urbanization and environment etc. Again development economics presents different theories regarding population, i.e., what should be the optimum level of population for any country, Let quantity of labor which could have compatibility with the resources of the country.

  22. Molokwu Chiamaka Goodness says:

    Molokwu Chiamaka Goodness
    2018/242393
    Economics

    Assignment

    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 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.

    2. 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.
    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.

    3. In the post-war period, orthodox economics still had no interest in the problems of growth and in what occurred in the long term, so that W.A. Lewis could write in 1955 that “the last great book covering this wide range was John Stuart Mill’s Principles of Political Economy, published in 1848,” adding, “after this economists grew wiser; they were too sensible to try to cover such an enormous field in a single volume, and they even abandoned parts of the subject altogether, as being beyond their competence”.
    There has been a tendency to think of economics as a discipline founded by the classical school, and rounded out and perfected by the neoclassical school. The contribution of other economists to the shaping of the discipline tends to be presented as marginal, secondary, if not actually insignificant. Nevertheless, the success of Keynesian analysis meant that orthodox economics was forced to acknowledge the existence of Keynes’s followers and the “new economics” they proposed. “Mainstream” economics thus split into two: orthodoxy and its concomitant heresy, with everything supposedly belonging to either the neoclassical or the Keynesian school.
    Reasons why it should be a 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.

  23. Name : OBODOAGU SOMTOCHUKWU LILIAN
    Reg.No: 2018/242452
    Dept.: ECONOMICS
    Level:300l
    Course:Eco 361(Development 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.
    Development according to the statement above simply means the process of enlarging people’s choices”, said choices allowing them to “lead a long and healthy life, to be educated, to enjoy a decent standard of living”, as well as “political freedom, other guaranteed human rights and various ingredients of self-respect”.Thus, human development is about much more than economic growth, which is only a means of enlarging people’s choices. Fundamental to enlarging these choices is building human capabilities—the range of things that people can do or be in life. Capabilities are “the substantive freedoms [a person] enjoys to lead the kind of life [they have] reason to value”.
    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.
    I will like to justify my position with this few opinion;
    According to “Amartya Sen” it is this freedom that the masses have that lead to development because development consists of the removal of various types of unfreedom that people with little choice and little opportunity of exercising their reasoned agency. Therefore people are given opportunity to participate and enjoy various freedom such as;
    Political freedoms, in the form of free speech and elections, help to promote economic security.
    Social opportunities, in the form of education and health facilities, facilitate economic participation
    Economic facilities, in the form of opportunities for participation in trade and production, can help to generate personal abundance as well as public resources for social facilities
    With adequate social opportunities, individuals can effectively shape their own destiny and help each other.

    2. Clearly analyse the differences between Economic Growth and Economic Development
    Economic Growth
    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) 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 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.
    (9) Indicators of economic growth are:
    GDP
    GNI
    Per capita income
    While 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 only looks at the quantitative aspect. It brings quantitative changes in the economy while Economic development brings quantitative and qualitative change in the economy.
    ,(11)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
    (12) It refers to increase in production while Economic development refers to increase in productivity.
    (13) Economic growth is the means of development while Economic development is the ends of 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 as a discipline first arose in the 1950s. However, earlier theories pointing towards this discipline started as early as the Seventeenth Century with the rise of the nation-state. Such approaches included Mercantilism and economic nationalism. The 1950s saw the development through efforts of theorists such as W.W. Rostow who suggested that economic growth passes through five linear processes. These processes include the traditional society, preconditions, take-off, maturity, and high-mass consumption. Currently, the discipline is receiving a lot of attention and plays a significant role development research.
    We studied Development Economics as a separate course in the university in order to have the overview insight of what is happening around our Economics such as;
    Development economics is fascinating because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world.
    Development economics 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:
    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.

  24. Okafor chukwuma Philip says:

    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:
    1. Development can be seen because it comprises of not just the increase of the GDP of a nation but also the standard of living of the citizens. So when the standard of living is high there will always be visible Improvements in infrastructure and business around whether small or large scale.
    2. Economic growth refers to the increase in the GDP of a nation and its balance of trade, while development refers to but economic growth and aggregate increase of the standard of living in that country. Though some institutions calculate a country’s rate of development based on measurement of income per head.
    3. Development ECONOMICS emerged as a branch of economics because economists after world war 2 became concerned about the low standard of living in so many countries of Latin America, African and Asia. The economics of the developed countries were so different from the developed countries that basic economics and traditional approach could not explain the behavior of LDCs economics.

    Reasons why developmental economics should be studied.
    • For moral and ethical orientations
    • To help improve our welfare
    • Private or individual interests development

  25. Name: Uwa chioma Maryjane
    Reg no: 2018/241876
    Department: Economics
    Email: chioma.uwa.241876@unn.edu.ng
    Assignment
    Question 1
    As the Special Adviser to Mr. President on Human Capital Development, clearly discuss development and freedom and justify your position?
    I strongly believe that development has a close relationship with freedom that is why Amartya sen who was considered the greatest development thinker of our times said that; One of human basic needs is freedom that play central role in social process. Human development means to expand human choices, which it required to freedom concept. Human development is the most important factor of welfare improvement where the freedom is an essential instrument to achieve it. Development means freedom, according to Amartya Sen. 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.For Sen, “capability deprivation” is a better measure of poverty than low income. While higher GDP does produce improvements in most measures of the quality of life, but there are exceptions. Some places with low GDP/capita like Sri Lanka, China and the India state of Kerala have higher life expectancies and literacy rates than richer countries like Brazil, South Africa and Namibia. And Afro-Americans have a lower life expectancy than males in China and parts of India, although their average real income is far higher.Some see freedom as a potential disturbance to political stability and development. They recommend repressive interventions of the state in stifling liberty, initiative and enterprise, and in crippling the working of the individual agency and cooperative action. Sen attacks Singapore’s Lee Kuan Yew and his theories of Asian values which are used to justify political repression. For Sen there is no such thing as Asian values in a continent with vastly disparate populations and traditions, and containing 60 per cent of the world’s population. And as Dani Rodrik said, the economic performance of authoritarian regimes is either very good or very bad – and usually very bad. Most democracies occupy the middle ground.
    Question 2
    Clearly analyse the differences between Economic Growth and Economic Development:
    Economic growth:
    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 focuses on production of goods and services.
    6) Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports.
    7) Economic growth is single dimensional in nature as it only focuses on income of the people.
    8) Economic Growth is the precursor and prerequisite for economic development. It is the subset of economic development.
    9) Indicators of economic growth are:GDP, GNI, Per capita income.
    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 focuses on distribution of resources.
    6) Economic development relates to growth of human capital indexes and decrease in inequality.It is concerned with how people are affected.
    7) Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
    8)Economic development comes after economic growth. It is a positive impact of economic growth.
    9)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).
    Question 3:
    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.
    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 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.
    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.

  26. Enemuo Paul Onyedikachi (2018/248652) says:

    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.

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

    Name: Nduka Olisazoba Chiebuniem
    Reg no: 2018/241844
    Department: Economics

    1)For me, freedom means increasing citizens access and opportunities to the things they have reason to value. Sen challenges the mainstream concept of measuring development by economic growth.
    I acknowledge that increases in poor people’s incomes do contribute to the expansion of their freedoms. However, i recognises that increase of income alone “has at best uneven and at worst has detrimental impacts on the majority of a country’s population, and radical redistributive measures are necessary for the poor to benefit from growth”.

    I alert the President that poverty, unfulfilled elementary needs, the occurrence of famines, the violation of political freedoms and neglect of the agency of women remain today despite ‘unpredented opulence’ (1999). it is clear that previous strategies to reduce these catastrophes are erroneous. My approach focuses on human flourishing as the entry point to the problem of poverty and global inequality rather than economic growth.
    2) First off, Economic development is much broader then economic growth, this is because economic development considers both economic growth and standard of living.
    ii) Economic Development is conside4ed as a multidimensional phenomenon because it focuses on the income of the people and on the improvement of living standards of the people of the country, while economic growth is considered as single dimensional in nature as it only focuses on the income of the people of the country.
    iii) Economic development is a Long term process, while economic development is a sbort term process.
    iv) Economic development measures both in terms of quality and quantity, while growth only checks quantity.
    v) Economic development is related to underdeveloped and developing countries of the world, while Economic growth is related to developed countries of the world.
    vi) Economic development is a continuous process, while Economic growth is in certain period of time.
    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.

  28. EZE UCHECHUKWU says:

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

    NAME: EZE UCHECHUKWU
    REG NO: 2018/241866
    DEPT: ECONOMICS
    LEVEL: 300L
    EMAIL: uchechukwu.eze.241866@unn.edu.ng
    . QUESTION:
    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 analyses 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.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

    2. Economic growth and Economic development. (a) Economic growth is a quantitative increase the level of development in the society while Economic development deals more on qualitative increase or changes in the level of living.
    (b) Economic growth entails countries by a larger mobilization of resources and raising their productivity, output and income level can be raised sustainably while Economic development occurs with the reduction and elimination of poverty, inequality and unemployment within a growing economy
    (c) Growth deals with just improvement in output level and income while development sustainably deals with standard of living of the people in the economy
    (d) growth is a necessity for development while development is both a necessity and sufficient condition for development
    (e) Growth is often associated with developed countries while development is related or associated with developing nations
    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 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 economic 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 (see, e.g., Adelman 1974; Seers 1979). 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 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), Alexander Gerschenkron (Dawidoff 2002), W. A. Lewis (Tignor 2005; Ingham and Mosley 2013), Raúl Prebisch (Dosman 2008), Gunnar Myrdal (Barber 2008), and Albert Hirschman (Adelman 2013). Raúl Articles on the topic are being published in major history of thought journals (see, in particular, Ascher 1996; Boettke and Horwitz 2005) and so are books about the role of leading institutions in the history of development economics (e.g., Toye and Toye 2004 on the United Nations; Murphy 2006 on the United Nations Development Programme; Alacevich 2009 on the World Bank; Ekbladh 2010 on the internationalization of the Tennessee Valley Authority planning model; Maul 2012 on the International Labour Organization), and about historical connections between economic development ideas and their political discussion and application in the “periphery” (e.g., Rist 2014; Serra, forthcoming). 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).4 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

  29. Ogbuewu Cosmos Nnachetam says:

    NAME: OGBUEWU COSMOS NNACHETAM
    REG NO.: 2018/243754
    DEPARTMENT: ECONOMICS DEPARTMENT

    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.

    Since development is the process of growth and direct change, and a series of event constituting a new stage in a changing situation. The aim of economic development is to improve the material standards of living by raising the absolute level of per capita incomes. Raising per capita incomes is also a stated objective of policy of the governments of all developing countries.
    Then therefore, Development inarguably enlarges the gains the citizens of a well developed nation will reap and enjoy from the vast stages of development and as humans, once the standard of living is good and high, we’ll have more than enough reasons to value and appreciate such favourable conditions and maintaining it will then be put into consideration.

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

    According to Wikipedia, 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 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.
    meanwhile according to public health notes website, in terms of:
    1. Change: Economic Growth is the positive change in the indicators of economy while Economic development is the quantitative and qualitative change in an economy.

    2. Measurement: 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. Outcome: 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. while Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care. it includes process and policies by which a country improves the social, economic and political well-being of its people.

    4. Focus: Economic growth focuses on production of goods and services while Economic development focuses on distribution of resources.

    5. Relation: 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. it is concerned with how people are affected.

    6. Dimension: 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.

    7. indicators: Indicators of economic growth are GDP, GNI and per capita income while 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)

    8. Duration: Economic growth is for short term/short period. It is measured in certain time frame/period while Economic development is a continuous and long-term process. Economic development does not have specific time period to measure.

    9. Economic growth refers to increase in production while Economic development refers to increase in productivity.

    10. Economic growth is the means of development while Economic development is the ends of 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.

    According to Investopedia, Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.
    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development.
    They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.
    Development Economics should be studied as a separate course in the University because Students and lecturers 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.

  30. Okonkwo chinaza favour says:

    NAME: OKONKWO CHINAZA FAVOUR
    REG NO: 2018/242315
    DEPARTMENT: ECONOMICS

    QUESTION 1
    Explain the meaning of development

    ANSWER
    Development can be defined as a process. Of economic and social advancement in terms of quality of life of people in an economy. It includes progress or advancement in education, increase in life expectancy, quality health care, freedom and justice in all ramifications.

    QUESTION 2
    Differences between economic growth and economic development
    ANSWER
    1) Economic growth is the increase in amount of goods and services produced in an economy at a period of time while
    Economic Development is the increase in the level of production in an economy with improvement in the quality of life of people.
    2) Economic growth is an automatic and short term process while economic development is a long term process concern with sustainability .
    3) Economic growth is a necessary but not enough to achieve economic development while Economic Development is the result of well organized, planned and result oriented activities.
    4) Economic growth is measured by an increase in real gross domestic product while Economic Development is measured by human development index.
    5) Economic growth does not reflect the depletion of the environment and natural resources e.g congestion, pollution and diseases etc while Economic Development takes into account the quality of the environment and resources and how it affects the quality of life people live.

    QUESTION 3
    Origin of development economics and how it’s importance
    ANSWER
    Development economics as a field of study emerged after the second world war. After the war there was decrease in the quality of life of people but as time goes on other countries recovered from the aftermath of the war effect except Asia, Africa and Latin America. There was a remarkable differences between the economies of the now developed countries and the mentioned above. Models and theories used in the Developed countries could not work or explain the reason for the slow growth or stagnation in the now Developing countries. These led to the emergence of development economics to help explain why there is much difference between the Developed countries and these Developing countries and solution to these problems.
    The following reasons are the importance of development economics
    1) it helps us to understand and explain why the theories and models used by the Developed countries could not work in the Developing economies.
    2) It helps us to understand the importance of quality education and good health care system to the development of an economy.
    3) It helps us to understand how necessary it is for an economy to engage in international trade.
    4) It helps to understand the problem of over population and poverty and how it affects Development.
    5) It helps to answer the question of if it’s necessary for an economy to engage in structural transformation process .
    In general Development economics help Developing countries to know how to achieve sustainable development.

  31. Nwankwo chidubem pascal says:

    Name: Nwankwo chidubem pascal
    Reg number:2018/245467
    course code: 361
    email: Nwankwochidubem44@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.
    2.. Clearly analyse the differences between Economic Growth and Economic Development
    3.3. 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.
    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.
    2.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.
    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.
    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
    2b.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.
    Economic development is concerned with the happiness of public life.
    f. Economic development comes after economic growth. It is a positive impact of economic growth.
    3.
    economics is the science that concerns itself with economies; that is, it studies how societies produce goods and services as well as how they consume them. It has influenced global finance at many important junctions throughout history and is a vital part of our everyday lives. However, the assumptions that guide the study of economics have changed dramatically throughout history. Here we take just a brief look at the history of modern economic thought. What we present is just a narrow snapshot, which focuses primarily on Western European and American strands of thought.
    3b.
    1. You can inspire business success and impact industries

    Economics has a profound impact on businesses and industries. Because the economy is dynamic, with many ups and downs, understanding it can help businesses and industries weather the changes, survive, and thrive.

    Economics can help business leaders maintain a focus on profitability and be aware of opportunities in order to proactively capitalize on them. In short, while the economy fluctuates, business leaders with economics acumen are best positioned to help their companies endure.

    2. You’ll be positioned to be part of shaping COVID recovery

    Even as the world moves in the direction of recovery, the extent of the impact of COVID remains to be seen. And while the world appears to be bouncing back faster than expected, many questions linger, according to Harvard Business Review. Economists will play a vital role in making sense of where we are and what we need to do to continue on the path to recovery.

    “While monitoring the overall macro landscape remains important, leaders should not underestimate the importance of measuring, interpreting, and exploiting the dynamics of their own sectors and markets in order to be able to invest and flourish during the recovery and the post-crisis period,” asserts Harvard Business Review. Economic forecasting will help assess what’s next in order to prepare for it.

    3. You’ll gain a sought-after international perspective

    Economies don’t exist in a vacuum; they’re inextricably linked with the surrounding world. The study of economics offers both domestic and international perspectives, and reveals insights into the interactions between cultures, people, and societies.

    From a practical perspective, if you’re looking for an international business career, an understanding of the world economy is critical for driving success. This also makes economics a sought-after degree by employers.

    4. Your skills will be transferable

    While studying economics will prepare you for a career as an economist, it also cultivates the development of invaluable hard and soft skills, including critical thinking, communication, numeracy, research skills, data analysis, time management, teamwork, problem-solving, computing, and commercial and cultural awareness. As such, your skills will also be sought-after by a variety of employers in diverse fields.

  32. Hassan Fadhilah Olamide
    2019/245672 (2/3)
    Economics Education
    Development Economics
    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.
    Answer : According to professor Dudley, development is about outcomes ie development occurs with the reduction and elimination of poverty, inequality and unemployment within the economy. Development involves the changes in composition outputs, shift in the allocation of productive resources and elimination or reduction of poverty, inequality and unemployment. Development requires the removal of major sources of unfreedom, poverty as well as systematic social deprivation neglect of public facilities as well as intolerance.
    Development focuses on human freedoms contrast 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 the industrialization or with technological advance or with social modernization. Development consists of various types of unfreedoms that leaves people with little choice and little opportunities of exercising the reasoned agency. There are three core values of development namely :
    -sustainance
    -self esteem
    -Freedom from servitude
    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

    2. Clearly analyse the differences between Economic Growth and Economic Development
    a. Economic growth takes place when there is a sustained increase in a country’s output or in the per capita 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
    b. Economic growth ensures sustained increase in a country’s output of goods and services while economic development brings progressive changes in the socioeconomic structure of the economy
    c. In economic growth, GDP is a narrow measure of economic welfare that does not take account of important noneconomic aspects while economic development brings changes in technological and institutional organization of production as well as in distributive pattern of income
    d. Economic growth is a necessary but in sufficient condition for economic development while economic development is a necessary and sufficient condition for improvement of human welfare, raising of living standards and predictions of poverty
    e. Economic growth is about income eg GNP, GNI, GDP while economic development is about outcomes

    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 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.
    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.

  33. Nwakpa Ruth Nnenna. 2018/242402. Economics department department says:

    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.

    2.Differences between Economic Growth and Development
    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.

    While 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= Economic growth + standard of living

    3. The origin of development economics and why it should be studied as a different 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.
    Economic development originated in the post-war period of reconstruction initiated by the United States. In 1949, during his inaugural speech, President Harry Truman identified the development of undeveloped areas as a priority for the west:

    “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 from these people … I believe that we should make available to peace-loving peoples the benefits of our store of technical knowledge in order to help them the realize their aspirations for a better life… What we envisage is a program of development based on the concepts of democratic fair dealing … Greater production is the key to prosperity and peace. And the key to greater production is a wider and more vigorous application of modem scientific and technical knowledge.”
    There have been several major phases of development theory since 1945. Alexander Gerschenkron argued that the less developed the country is at the outset of economic development (relative to others), the more likely certain conditions are to occur. Hence, all countries do not progress similarly.From the 1940s to the 1960s the state played a large role in promoting industrialization in developing countries, following the idea of modernization theory. This period was followed by a brief period of basic needs development focusing on human capital development and redistribution in the 1970s. Neoliberalism emerged in the 1980s pushing an agenda of free trade and removal of import substitution industrialization policies.

    In economics, the study of economic development was borne out of an extension to traditional economics that focused entirely on national product, or the aggregate output of goods and services. Economic development was concerned with the expansion of people’s entitlements and their corresponding capabilities, morbidity, nourishment, literacy, education, and other socio-economic indicators. Borne out of the backdrop of Keynesian economics (advocating government intervention), and neoclassical economics (stressing reduced intervention), with the rise of high-growth countries (Singapore, South Korea, Hong Kong) and planned governments (Argentina, Chile, Sudan, Uganda), economic development and more generally development economics emerged amidst these mid-20th century theoretical interpretations of how economies prosper.Also, economist Albert O. Hirschman, a major contributor to development economics, asserted that economic development grew to concentrate on the poor regions of the world, primarily in Africa, Asia and Latin America yet on the outpouring of fundamental ideas and models.

    It has also been argued, notably by Asian and European proponents of infrastructure-based development, that systematic, long-term government investments in transportation, housing, education, and healthcare are necessary to ensure sustainable economic growth in emerging countries.

    During Robert McNamara’s 13 years at the World Bank, he introduced key changes, most notably, shifting the Bank’s economic development policies toward targeted poverty reduction.Prior to his tenure at the World Bank, poverty did not receive substantial attention as part of international and national economic development; the focus of development had been on industrialization and infrastructure.Poverty also came to be redefined as a condition faced by people rather than countries.[According to Martha Finnemore, the World Bank under McNamara’s tenure “sold” states poverty reduction “through a mixture of persuasion and coercion.”

    Development Economics should be studied as a different course because 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.

  34. 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.
    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.
    Development means freedom, according to Amartya Sen, perhaps the greatest development thinker of our times.
    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.
    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.

    For Sen, “capability deprivation” is a better measure of poverty than low income. While higher GDP does produce improvements in most measures of the quality of life, but there are exceptions. Some places with low GDP/capita like Sri Lanka, China and the India state of Kerala have higher life expectancies and literacy rates than richer countries like Brazil, South Africa and Namibia. And Afro-Americans have a lower life expectancy than males in China and parts of India, although their average real income is far higher.

    Some see freedom as a potential disturbance to political stability and development. They recommend repressive interventions of the state in stifling liberty, initiative and enterprise, and in crippling the working of the individual agency and cooperative action. Sen attacks Singapore’s Lee Kuan Yew and his theories of Asian values which are used to justify political repression. For Sen there is no such thing as Asian values in a continent with vastly disparate populations and traditions, and containing 60 per cent of the world’s population. And as Dani Rodrik said, the economic performance of authoritarian regimes is either very good or very bad – and usually very bad. Most democracies occupy the middle ground.

    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.

    a. Econoamic growth is the subset of economic development.
    b. 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.
    c. Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities.
    d.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.
    e. Economic growth is necessary but not enough to achieve economic development.
    f. 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.
    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.
    Delivering policy advice was thus an important purpose for development economics. It was asked to help solve the “development problem” as arising at the time, to pursue what Hirschman called an “agenda for a better world”. Concern with policy implementation was also part of the motivation for development economists. Hence the need for a comprehensive understanding of policy cutting across sub-disciplines in economics, concerns with the political economy of policy, and the practice of inter-disciplinarity as a necessity for success.
    No surprise then that the “pioneers” of development in the 1940s and 1950s were active in policy-making, working closely with governments. This was the case with Hirschman, Lewis, Prebisch, Myrdal, Rosenstein-Rodan, and Tinbergen. But this also made development economics somewhat of a maverick in economics. By being so broad and policy oriented, new ideas were plentiful (Bardhan, 1993) but rigor was often lacking. Development economics was more integrative and inter-disciplinary than specialized in a set of rigorous analytical techniques, as was the case with other fields of economics.
    Why development Economics should be studied as a separate course In the university?
    The goals of development have changed over time. They have evolved from (1) growth and industrialization in the 1940s and 1950s, to (2) poverty reduction and improved basic needs (health and education) in the 1960s and 1970s, (3) stabilization and adjustment for growth recovery in the 1980s and 1990s, (4) pursuit of the Millennium Development Goals including reducing extreme poverty and hunger, meeting basic needs, and achieving environmental sustainability in the 2000s, and (5) responding to country perceptions of multidimensional well-being in the current period. Past objectives may no longer hold, and current objectives must be based on a country’s own vision of its future and choice of the corresponding development model. Setting development priorities must thus be based on comprehensive development diagnostics (not just growth diagnostics as proposed by Rodrik, 2007) that clearly identify the trade-offs among development objectives. This is an important function that development economists have to play not only for the country at stake, but also for themselves in setting research priorities.
    Since development Economics is concerned about the country, the world and other aspect of life, development Economics needs to be a separate course that should be studied In the university.

  35. Name: ugwuoke cornelius chinemeogo
    Reg:2018/241852
    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.
    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.
    Development means freedom, according to Amartya Sen, perhaps the greatest development thinker of our times.
    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.
    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.

    For Sen, “capability deprivation” is a better measure of poverty than low income. While higher GDP does produce improvements in most measures of the quality of life, but there are exceptions. Some places with low GDP/capita like Sri Lanka, China and the India state of Kerala have higher life expectancies and literacy rates than richer countries like Brazil, South Africa and Namibia. And Afro-Americans have a lower life expectancy than males in China and parts of India, although their average real income is far higher.

    Some see freedom as a potential disturbance to political stability and development. They recommend repressive interventions of the state in stifling liberty, initiative and enterprise, and in crippling the working of the individual agency and cooperative action. Sen attacks Singapore’s Lee Kuan Yew and his theories of Asian values which are used to justify political repression. For Sen there is no such thing as Asian values in a continent with vastly disparate populations and traditions, and containing 60 per cent of the world’s population. And as Dani Rodrik said, the economic performance of authoritarian regimes is either very good or very bad – and usually very bad. Most democracies occupy the middle ground.

    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.

    a. Econoamic growth is the subset of economic development.
    b. 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.
    c. Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities.
    d.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.
    e. Economic growth is necessary but not enough to achieve economic development.
    f. 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.
    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.
    Delivering policy advice was thus an important purpose for development economics. It was asked to help solve the “development problem” as arising at the time, to pursue what Hirschman called an “agenda for a better world”. Concern with policy implementation was also part of the motivation for development economists. Hence the need for a comprehensive understanding of policy cutting across sub-disciplines in economics, concerns with the political economy of policy, and the practice of inter-disciplinarity as a necessity for success.
    No surprise then that the “pioneers” of development in the 1940s and 1950s were active in policy-making, working closely with governments. This was the case with Hirschman, Lewis, Prebisch, Myrdal, Rosenstein-Rodan, and Tinbergen. But this also made development economics somewhat of a maverick in economics. By being so broad and policy oriented, new ideas were plentiful (Bardhan, 1993) but rigor was often lacking. Development economics was more integrative and inter-disciplinary than specialized in a set of rigorous analytical techniques, as was the case with other fields of economics.
    Why development Economics should be studied as a separate course In the university?
    The goals of development have changed over time. They have evolved from (1) growth and industrialization in the 1940s and 1950s, to (2) poverty reduction and improved basic needs (health and education) in the 1960s and 1970s, (3) stabilization and adjustment for growth recovery in the 1980s and 1990s, (4) pursuit of the Millennium Development Goals including reducing extreme poverty and hunger, meeting basic needs, and achieving environmental sustainability in the 2000s, and (5) responding to country perceptions of multidimensional well-being in the current period. Past objectives may no longer hold, and current objectives must be based on a country’s own vision of its future and choice of the corresponding development model. Setting development priorities must thus be based on comprehensive development diagnostics (not just growth diagnostics as proposed by Rodrik, 2007) that clearly identify the trade-offs among development objectives. This is an important function that development economists have to play not only for the country at stake, but also for themselves in setting research priorities.
    Since development Economics is concerned about the country, the world and other aspect of life, development Economics needs to be a separate course that should be studied In the university.

  36. Kalu Ezinne obiwe says:

    NAME : KALU EZINNE OBIWE
    REG. NUMBER : 2018/247194
    DEPARTMENT : SOCIAL SCIENCE EDUCATION (ECONOMICS EDUCATION)
    EMAIL ADDRESS : kaluezinne007@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.
    Development can be defined as “improvement in country’s economic and social conditions”. 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.
    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.
    Freedom is central to the process of development for two distinct reasons:
    A. The evaluative reason: assessment of progress has to be done primarily in terms of whether the freedoms that people have are enhanced.
    B. The effectiveness reason: achievement of development is thoroughly dependent on the free agency of people.
    Hence, 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.
    2. Clearly analyse the differences between Economic Growth and Economic Development
    Differences between Economic Growth and Economic Development are as follows;
    i. Economic Growth is the increase in the real output of the country in a particular span of time. While Economic Development is the increase in the level of production in an economy along with enrichment of living standards and the advancement of technology.
    ii. 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. Whereas 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.
    iii. 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.
    iv. Economic growth is necessary but not enough to achieve economic development.
    v. Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities.
    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 (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.
    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.
    WHY WE STUDY DEVELOPMENT ECONOMICS AS A SEPARATE DISCIPLINE
    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 understand why some countries have been able to go through a process of economic and human development whilst others have languished. The study of development economics equips us to find solutions to the following;
    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?
    IV. How important is it for countries to engage in international trade in the context of a globalising economy?
    V. How can less-developed countries achieve sustainable development?

    Reference
    https://www.educba.com/economic-growth-vs-economic-development: Retrieved on 28/09/2021.
    https://en.m.wikipedia.org/wiki/Development_economics: Retrieved on 28/09/2021.
    https://link.springer.com/chapter/10.1007/978-1-349-21587-4_2

  37. Kalu Melody Chinazal says:

    NAME: Kalu Melody Chinaza
    DEPARTMENT: Economics
    REG NUMBER: 2018/245127
    An assignment on Eco 361

    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, 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 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 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. 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 DIFFERENCES BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT
    * As per the economist Amartya Sen, economic growth is one aspect of economic development. Also, united Nations sees it as this “Economic development focuses not only on man’s materialistic need but it focuses on overall development or rise in its living standards.
    * 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 an ongoing/ 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 it measures the improvement in the HDI index whereas economic growth is moreover 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.
    Economics classes rarely spend much time on history. But the brief history of development economics is instructive. Appreciating how economists have come to understand economic development helps us understand the various development approaches people have taken over time and how we got to the ideas that are popular now. What economists thought development meant at the beginnings of our field’s 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 transfer easily 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 countries’ growth experiences (including the past experiences of the more developed countries), economists tried to uncover the conditions that determine successful development and eco- nomic growth.

    REASONS WHY DEVELOPED 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 Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world.
    3 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.

  38. Asadu Chinyere Favour says:

    Name: Asadu Chinyere Favour
    Reg. No. 2018/248261
    Department: Combined Social Sciences (Economics/Sociology and Anthropology)
    Course: Eco 361- Online discussion/quiz 5- and Origin/Importance of Development Economics.

    WHAT IS DEVELOPMENT ECONOMICS?
    Development Economics is a branch of economics which deals with economic aspects of the development process in low income countries. Development Economics focuses on improving fiscal, economic and social conditions in developing countries. It considers factors such as health, education, working conditions, domestic and international policies and market conditions with a focus of improving conditions. It studies the transformation of emerging nations into more prosperous nations.
    IMPORTANCE OF DEVELOPMENT ECONOMICS
    1. Economy fortification: By this, we mean that economic development helps to protect the local economy from economic downstairs by attracting and expanding the region’s major employers.
    2. Job Creation: Economic developers help to render critical assistance and information to companies that create jobs in our economy. They make themselves available helping to connect new-to-market and existing companies with the partners and resources they need to expand.
    3. Improved quality of life: when there’s you better infrastructure and more jobs, it improves the economy of the region and raises the standard of living for its resident.
    4. Increased tax revenue: The increased presence of companies in the region translates to increased to increased tax revenue for community projects and local infrastructure.
    5. Industry diversification: A core part of economic development works to diversify the economy, reducing a region’s vulnerability to a single industry.
    No 1.
    As the special Advicer to Mr. President or Human capital Development, clearly discuss this and Justify your position.

    As a special Advicer to Mr. President on human capital development, I can say that to ensure that opportunities reach all corners of a country and all citizens within its borders, a territorial development approach is necessary when designing public policy. This means, applying differentiated policies, to differentiated needs, highlighting the importance of programs that take into account the interdependence between different sectors (for example marching investments in road paving with the location of schools) and the relationships between the different government levels.
    To apply this territorial approach, the first step is to assess the development landscape along three key dimensions:
    * Scale, this is because people and forms often concentrate in just a few places, proving that proximity is valuable.
    * Specialisation, because when places are better connected, they can either specialise in what they produce best or diversify and innovate, both of which allow the benefits of conentratuon to be specially spread out.
    * Convergence, because spatial concentration of people and firms can be harnessed to improve living conditions everywhere, enabling the convergence of living standards across the territory. This dimensions will support economic growth while improving living standard in all territories.
    No. 2.
    Clearly analyse the differences between Economic Growth and Economic Development.
    I, 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.
    ii, Economic growth focuses on production of goods and services. WHILE, Economic development focuses on distribution of resources.
    iii, Economic growth is single dimensional in nature as it only focuses on income of people. WHILE, Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
    iv, Indicators of economic growth are: GDP, GNI, Per capita income. WHILE, Indicators of economic development are Human Development Index(HDI), Human Poverty Index(HPI), Gender Development Index(GDI), Balance of trade, Physical Quality of Life Index( PQLI) etc.
    v, Economic growth refers to increase in production. WHILE, Economic development refers to increase in productivity.
    vi, Economic growth is the means of development. WHILE, Economic development is the ends of development.
    No. 3.
    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:
    The Origin of economics is traced to the need for, and likely problems with the industrialization of eastern analysis of not only economic growth but also structural transformation. 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.

    REASONS WHY WE SHOULD STUDY DEVELOPMENT ECONOMICS
    – Development Economics is fascinating because it shows how economic analysis can help us 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.
    – The study of development economics equips us to profer solutions to the following:
    . To what extent does rapid population growth help or hinder development?
    . What is the role of education and healthcare provision in contributing to the process of development?
    . How can less-developed countries achieve a sustainable development.
    – Development Economics will help meet the private interest of students like job prospects as development economists and to satisfy their intellectual curiosity as to what causes poverty and inequality and their solutions.

  39. Ogbonna Loveth Nnedinso says:

    OGBONNA LOVETH NNEDINSO
    2018/248354
    CSS: ECONOMICS/POLITICAL SCIENCE
    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.
    Answer : According to professor Dudley, development is about outcomes ie development occurs with the reduction and elimination of poverty, inequality and unemployment within the economy. Development involves the changes in composition outputs, shift in the allocation of productive resources and elimination or reduction of poverty, inequality and unemployment. Development requires the removal of major sources of unfreedom, poverty as well as systematic social deprivation neglect of public facilities as well as intolerance.
    Development focuses on human freedoms contrast 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 the industrialization or with technological advance or with social modernization. Development consists of various types of unfreedoms that leaves people with little choice and little opportunities of exercising the reasoned agency. There are three core values of development namely :
    -sustainance
    -self esteem
    -Freedom from servitude
    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
    2. Economic Growth
    -Economic Growth is the positive change in the indicators of the economy.
    -Economic Growth refers to the increment in the number 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 focuses on the production of goods and services.
    -Economic growth relates to a gradual increase in one of the components of GDP; consumption, government spending, investment, or net exports.
    -Economic growth is single-dimensional in nature as it only focuses on the income of the people.
    -Economic Growth is the precursor and prerequisite for economic development. It is the subset of economic development.

    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 a 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 processes and policies by which a country improves the social, economic, and political well-being of its people.
    -Economic development focuses on the distribution of resources.
    -Economic development relates to the growth of human capital indexes and decrease in inequality.
    -It is concerned with how people are affected.
    -Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
    -Economic development comes after economic growth. It is a positive impact on 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.
    Answer : Development Economics 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.
    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.

  40. ILEME OBINNA PATRICK says:

    REG NO: 2018/242297
    DEPARTMENT: ECONOMICS
    COURSE: ECO 361(DEVELOPMENT ECONOMICS I)

    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 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 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 concerned 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.

  41. Onuh Onyinye says:

    Name :Onuh Onyinye

    Reg number :2018 /241872

    Department :Economics department

    Email :onuhonyinye7@gmail.com

    Answer to question 1

    Development can be seen . . . as a process of expanding the real freedoms that
    people enjoy.
    —Amartya Sen, Nobel laureate in economics.

    Human capital is a concept used by human resource professionals to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education, to name a few.
    Companies can invest in human capital, for example, through education and training, enabling improved levels of quality and production.

    Adam Smith included in his definition of capital “the acquired and useful abilities of all the inhabitants or members of the society”. The first use of the term “human capital” may be by Irving Fisher. But the term only found widespread use in economics after its popularization by economists of the Chicago School, in particular Gary Becker, Jacob Mincer, and Theodore Schultz. As a result of his conceptualization and modeling work using Human Capital as a key factor, the 2018 Nobel Prize for Economics was jointly awarded to Paul Romer, who founded the modern innovation-driven approach to understanding economic growth.

    In the recent literature, the new concept of task-specific human capital was coined in 2004 by Robert Gibbons, an economist at MIT, and Michael Waldman. an economist at Cornell University. The concept emphasizes that in many cases, human capital is accumulated specific to the nature of the task (or, skills required for the task), and the human capital accumulated for the task are valuable to many firms requiring the transferable skills. This concept can be applied to job-assignment, wage dynamics, tournament, promotion dynamics inside firms, etc.
    Human capital development is the process of improving an organization’s employee performance, capabilities and resources.

    This 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 in which technology plays a leading and dominant role, the rapid evolution and deployment of innovative technologies means that to keep up, employees are going to co-evolve, i.e., develop the skills, values and perspectives mastery of these technologies requires. In an 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.

    Answer to question 2.

    Growth and development are synonyms for each other but when ‘economic’ is prefixed to each of the words, then both of them contradict the similarity. Adding economic to the words creates fundamental differences between growth and development which are very important and become even more prominent when countries start depending on them.

    Economic growth.

    Economic growth is considered to be an increase in the production of goods and services by per person in a population, compared from one time period to another. An increase in capital goods, labour forces, new territories, technology, and human capital can also contribute to economic growth.

    Economic growth is commonly measured by the increase in the average market value of additional goods and services produced, using GDP (Gross Domestic Product).
    Economic development

    Economic development is the increase in the standard of living from a low-income economy to a high-income economy. It considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in developing countries. For example, all such factors were affected during the COVID-19 times, even coronavirus has impacted the global economy adversely.

    Growth and development are synonyms for each other but when ‘economic’ is prefixed to each of the words, then both of them contradict the similarity. Adding economic to the words creates fundamental differences between growth and development which are very important and become even more prominent when countries start depending on them.

    Economic growth

    Economic growth is considered to be an increase in the production of goods and services by per person in a population, compared from one time period to another. An increase in capital goods, labour forces, new territories, technology, and human capital can also contribute to economic growth.

    In easy words, economic growth refers to an increase in gross production in an economy. That leads to an increase in incomes of the people, hence persuading them to spend more and increase their quality of living. For example, India has recorded a 24% shrink in its GDP in the last four decades during the COVID-19 span.

    Economic growth does not emphasize on the fair and equal distribution of wealth/income among all its people.
    It is an automatic process so may not require government support/aid or intervention also,
    economic growth may only benefit a small % of the population. For example, if a country produces more oil, it will see an increase in GDP. However, it is possible, that this oil is only owned by one firm, and therefore, the average worker doesn’t really benefit.

    Economic development

    Economic development is the increase in the standard of living from a low-income economy to a high-income economy. It considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in developing countries. For example, all such factors were affected during the COVID-19 times, even coronavirus has impacted the global economy adversely,

    Economist Amartya Sen proposed that development is about creating freedom for people and removing obstacles to greater freedom, Greater freedom enables people to choose their own destiny.

    Obstacles to freedom, and hence to development, include poverty, lack of economic opportunities, corruption, poor governance, lack of education and lack of health.

    It considers the rise in the output in an economy along with the advancement of the HDI index which considers a rise in living standards, advancement in technology and overall happiness index of a nation.

    Development involves Rise in life expectancy rate, infant, improvement in literacy rate, infant mortality rate and poverty rate etc,
    Highly dependent on government intervention as it includes widespread policies changes so without government intervention it is not possible also, It focuses on a balanced and equitable distribution of wealth among all individuals and tries to uplift the downgrade societies.

    Answer to question 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. 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 should be studied as course in the university :

    1:To understand the current political landscape by examining their origins which then enable academic politicians and world charity organization to make better plan for future.

    2:To have the opportunity to apply the tool of economic analysis to the problem and challenges facing less-developed countries.

    3:To understand why some countries have been able to go through a process of economic human development whilst others have languished.

    4: Your skills will be transferable
    While studying economics will prepare you for a career as an economist, it also cultivates the development of invaluable hard and soft skills, including critical thinking, communication, numeracy, research skills, data analysis, time management, teamwork, problem-solving, computing, and commercial and cultural awareness. As such, your skills will also be sought-after by a variety of employers in diverse fields.

  42. Eze Chibuike Benjamin says:

    Name: Eze Chibuike Benjamin
    Reg no: 2018/244287
    Education/Economics
    Development Economics
    Eco 361

    Development Economics is a branch of economics which deals with economic aspect of the development process in low income countries. It focuses is not only on methods of promoting economic growth and structural changes but also on improving the potential for the mass of the population.
    Development Economics also involves the creation of the theories and method that did in the determination of polices and practices and can be implemented at either the domestic or international level. Unlike in many other girls of economics approaches in development economics may in incorporate social and political factors to devise particular plans.
    Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
    Areas that development economics focuses on include health, education, working conditions, and market conditions.
    Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
    The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
    Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory.
    Understanding Development Economics
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.

    Important factor to be understood in studying development economics:
    Economics is important
    Non-economics variables are also important
    Values, attitudes and institution must be understood.
    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.

  43. Ocheme Christina Ene says:

    REG NO: 2018/249273
    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.

    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
    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 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.

    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.

    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.[1]

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

    Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans.[4] Also unlike many other fields of economics, there is no consensus on what students should know.[5] Different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.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. 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). 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. Scholars have produced detailed accounts describing a history of development theories and schools of thought (Rist 1997; Kothari 2005). While such works speak to the plurality of ideas in the field as a whole, it can be useful to consider how certain traditions were adopted by real-life organisations. For the sake of argument, below I identify three organisational traditions which correspond to concern with development abroad, at home or globally. This typology is based on my experience spanning periods in Latin America and North Africa, as well as positions at headquarters and abroad for a development research organisation.4 In this experience, people abroad tend to describe development in terms of their own agency in shaping the future of their society, independent of outside assistance. Meanwhile, my home country of Canada witnessed an increasing interplay between development and foreign policy through increasingly integrated programming and budgeting. Other more nuanced typologies are possible, but this one suffices to suggest in later sections that the space for development studies has evolved, as universities and organisations increasingly navigate among three parallel dialogues.

    A tradition of international development focuses on actions especially designed for poorer countries. This tradition fosters scholarship on poverty and inequality and prepares practitioners for careers in organisations that seek to understand and affect change abroad. Experience living and working in other countries is essential for establishing one’s credibility as a professional. Starting from historical ties to particular parts of the developing world – such as the Commonwealth, Francophonie or Iberoamerica – this tradition evolved unique concepts and theories for the study of the developing world post-independence. Methods tend toward interpreting local realities with the aid of overarching theories and identifying patterns through comparative analysis of experiences in different countries.

    A tradition of national development focuses on crafting plans at home to shape the future of one’s own society. This tradition solidified with the independence of many African and Asian countries in the postwar decades, yet extends back to Latin America in the nineteenth century. Graduates expect to pursue careers in government and civil society that shape domestic policy. Knowledge of other countries is useful, but secondary to technical skills and an ethic of public service. This tradition is driven by the imperatives of nation-building and the role of public institutions in charting the process of development. This tradition intermingled with political and economic studies, analogous to what became schools of public policy in the West. Methods tend toward subject-specific interplay of theory and practice, in such diverse subfields as social policy, public health and public finance and administration. While most easily recognised in the developing countries, this tradition has precedents in early Western attempts to replicate their own historical experience at modernising, rather than prescribing a unique course for poor countries. Equally, this tradition underpins the contemporary discourse of South–South cooperation recognising a sovereign right for each country to decide on its own policies.

    A tradition of global development focuses on creating a common future, recognising the interdependence of different countries in producing public goods and confronting public ills. This tradition flourished in the 1990s, with the dissolution of Cold War identities, increasing economic and trade integration and a rising concern over the systemic risks introduced by globalisation. It is simultaneously inward and outward looking, understanding one’s own society and its role in an interconnected world. Graduates expect to be global citizens, cultivating varied experiences at home and abroad, applying turnkey skills that can be useful in both settings. This tradition intermingles with international relations and foreign policy, driven by a concern with messy and complex problems beyond the control of single nation-states. Methods tend to de-emphasise theory in favour empiricism and problem solving, following a recent shift toward positivism and a pragmatic preoccupation in finding “what works”.

    Again, these three traditions of international, national and global development are but a convenient shorthand for describing distinct outlooks on development studies. Any particular faculty, curriculum or research programme draws on elements of any or all three. The usefulness of these traditions lies in inquiring about the context of any particular organisation: its perspective on what constitutes development and the assumed career aspirations of students and staff. All three traditions embrace the characteristics of interdisciplinary inquiry, at multiple scales and ranging from theoretical work to empirical and policy-oriented research (Loxley 2004). This is hardly surprising as such characteristics are increasingly common across the social sciences. For example, the integration of history, geography, political economy and sociology features in public health, public policy, international relations and business schools. At the same time, development studies is not always restricted to focus on poor countries abroad, as it also examines change and crises “back home” in the developed world (for a discussion of land grabs in Europe see van der Ploeg, Franco, and Borras 2015).

    These organisational traditions are analogous to tropical, international and global health, frames which shape the application of medical sciences toward developing countries (Evans 2014). Based on such traditions, schools and organisations select particular ideas, concepts and theories to teach and transmit to students and staff. Such traditions influence the approach to development studies more than the country in which a school is located, and multiple traditions coexist in the same country. Similarly, organisations can and do change their approach over time, through changes in instructors, management, curriculum and strategy.

    In general, development studies has been defined as knowledge and understanding of the world in which we live (Sen 2005). Informed by practice and facts on the ground, it includes ideas, concepts and theories that constitute our knowledge of how societies change. Ideas that describe the ends and means of development both inform and inspire the actions of individuals, organisations and states in their continuous effort to invent a better world. As noted by Beland and Cox (2011): “what things change and how they change are all the result of what people choose to do … these choices are shaped by the ideas people hold and debate”. Development studies examines how the real-life experiences of different communities, countries and organisations have been inspired by, and have contributed to, thinking on development (Kanbur 2009). Beyond the strategies pursued by donors, NGOs and governments, development studies must necessarily address the choices made on the ground, including how states marshal the resources available to them in order to care for their citizens.

    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.This area of study is concerned with bringing intellectual power to solve major societal problems by selecting suitable theory, techniques and methods as a foundation for studies, which improve our understanding.
    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.

    So if you’re interested in a career where you can enact some real-world change, then development studies might be the course for you.

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

    NNADEBE JANE AMARACHI
    2018/241863
    ECONOMICS DEPARTMENT
    amarachinnadebe@gmail.com

    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,
    The human capital development approach focuses on improving the lives people lead rather than assuming that economic growth will lead, automatically, to greater opportunities for all. Income growth is an important means to development, rather than an end in itself. Human Capital Development is about giving people more freedom and opportunities to live lives they value. In effect this means developing people’s abilities and giving them a chance to use them. For example, educating a girl would build her skills, but it is of little use if she is denied access to jobs, or does not have the skills for the local labour market.
    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.

    NO 2.
    DIFFERENCES BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT

    1. Economic growth is the positive quantitative change in the output of an economy in a particular time period WHILE
    Economic development is the positive quantitative change in the output of an economy in a particular time period
    2. Economic growth is the “Narrower” concept WHILE Economic development is the “Broader” concept
    3. In economic growth, there is rise in parameters like GDP, GNP, FDI,FII etc. WHILE in economic development there is rise in life expectancy rate, infant, improvement in literacy rate, infant mortality rate and poverty rate etc.
    4. The scope of economic growth is unidirectional as it only refers to the economic growth of the nation. It only refers to the growth in the market value of goods and commodities produced in the country.
    Economic development in this aspect has a greater scope as they are multi-dimensional, and they take into account both quality and quantity. The quality of living of a nation’s citizens and their overall development forms the basis of this.
    5.Economic development applies to underdeveloped and developing countries, whereas the concept of economic growth is more applicable to developed countries. Underdeveloped or developing countries are assessed continuously for the literacy rate, gender-related index, HDI, etc.
    6. One of the significant differences between economic growth and economic development is in terms of its definition. Economic growth is the measure of growth in the production of goods and commodities for the entire population in a financial year and is represented as a quantity. Economic development talks about the overall growth of the nation in terms of health improvement of the citizens, academic level progress, per capita income, technological advancements, etc.
    7. It 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.

    NO. 3

    As the 20th century opened, the world’s political stage was peopled by a small number of colonizing nations, a larger number of colonized lands, and a few countries engrossed in their own affairs. Within fifty years, two world wars, two grandiose social revolutions, and a worldwide economic depression had totally transformed this global stage, the cast of nation-state actors, and relationships among them. Beginning with India in 1947, former colonies in Asia and Africa emerged as independent nations, politically committed to rapid improvement of their citizens’ standard of life but lacking the capital, technical skills, and institutions to achieve it. Thus did development, as a vision of a better life and a process of deliberate change to attain it, emerge after World War II as a universal national goal. Europe’s reconstruction with Marshall Plan aid made it seem that rapid development could also be gained in the Third World through a massive infusion of financial and technological resources, and the transfer of institutional models and dynamic ideas from rich to poor countries. Experience soon revealed, however, that success in development depends most critically on a society’s own efforts to change its policies, social structure, institutions, and values. The multiple meanings assigned to the term ‘development’ mirror the diverse political, economic, and social conditions found in varied urban and rural settings around the world. To people whose physical circumstances are vastly more comfortable than those experienced by their families one or two generations ago, development stands for access to ever more diversified consumer goods. To the billion people who continue to live in extreme poverty much like what their forebears knew at the turn of the century, development is the modest hope of gaining a secure supply of food and drinking water, adequate shelter, and access to rudimentary health services. Not everyone views development in material terms, however. For Brazil’s revolutionary educator Paulo Freire, development is the ability of powerless masses to begin to shape their own destiny as subjects, not merely objects, of history. Many Latin American theorists of social change speak not of development but of liberation and argue that, before meaningful change can take place, political power must be transferred from traditional land-owning and modernizing technological elites to poor masses. Many practical-minded problem-solvers, in poor as well as in rich countries, see development as the ‘modern’ way of doing things. Modern patterns of settlement concentrate people, jobs, services, and amenities in cities—thereby linking development to urbanization in the perception of countless millions. And because the modern mode of creating wealth rests on the systematic application of technology to boost productivity, industrialization has become synonymous with development. Moreover, since the West industrialized first, industrialization is often assumed to involve the Westernization of attitudes and values.

    REASON WHY WE SHOULD 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.

  45. Adigwe ifeoma Favour says:

    Name: Adigwe ifeoma Favour
    Course code: Eco 361
    Reg no: 2018/241871
    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.
    Solution 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 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.

    Solution 2
    The following are the difference between economic growth and economic development
    Economic growth
    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.
    It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.
    4: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.
    5: Economic Growth is the precursor and prerequisite for economic development.
    Indicators of economic growth are GDP, GNI and per capita income.
    6: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.
    7:Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
    8:Economic growth is concerned with increase in economy’s output.
    It focuses on production of goods and services.
    9:Economic growth is more relevant metric for assessing progress in developed countries.
    10:Economic growth is relatively narrow concept as compared to economic development.
    It is for short term/short period.
    It is a material/physical concept.
    11:Economic growth is measured in certain time frame/period.
    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.
    6:Economic development is concerned with the happiness of public life.
    7:Economic development comes after economic growth. It is a positive impact of economic growth.
    8: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.
    9: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)
    10:Economic development is the ends of development.
    Achieving economic development is linked with end of poverty and inequality.
    It is more abstract concept.
    11:Economic development focuses on distribution of resources
    Solution 3
    Development “a gradual unfolding, a full working out or disclosure of the details of something; development Meaning “the internal process of expanding and growing” is by sense of “advancement through progressive stages” Of property, with a sense of “a bringing out of the latent possibilities” for use or profit.
    It emerged as an academic discipline during the late part of the 20th century amid growing concerns for third world economies struggling to establish themselves in the postcolonial era.
    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.
    Indeed, the first major debate that shaped the discipline—the 1950s balanced-growth versus unbalanced-growth debate—was fought under the rubric of what actually defined development economics as a distinct disciplinary field. Albert
    Hirschman (1958, 51) famously criticized the theory of balanced growth, whose principal authors he identified in Paul Rosenstein-Rodan, Ragnar Nurkse, and Tibor Scitovsky, on the ground that the theory failed “as a theory of development.” As Hirschman put it,
    Development presumably means the process of change of one type of economy into some other more advanced type. But such a process is
    given up as hopeless by the balanced growth theory which finds it difficult to visualize how the “underdevelopment” equilibrium can be bro-
    ken into at any point. . . . The balanced growth theory reaches the conclusion that an entirely new, self-contained modern industrial economy
    must be superimposed on the stagnant and equally self-contained traditional sector. . . . This is not growth, it is not even the grafting of some-
    thing new onto something old; it is a perfectly dualistic pattern of development.

    B:Reasons why Development Economics should be studied as a separate course in the University.
    1: This area of study is concerned with bringing intellectual power to solve major societal problems by selecting suitable theory, techniques and methods as a foundation for studies, which improve our understanding.
    2: It is a multidisciplinary field with contributions from ecology, demography, anthropology, geography, international relations, political science, history, sociology and public management.
    3: Development Studies is context sensitive in hunt of these goals. It evaluates societal changes within a comparative, historical, and global point of view. It intends to take into account the particularity of diverse societies in terms of ecology, history, culture, and technology, and how these variations often transform into different ‘local’ responses to regional or global processes, and different strategies of development.
    4: Development studies is an ever-evolving and ever-changing field of study, at present covering concerns and topics such as environmental and socio-political sustainability; poverty, gender equity and women’s.
    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.

  46. Eze Ngozi Josephine says:

    Name: Eze Ngozi Josephine
    Reg no: 2018/241825
    Dept: Economics
    Eco 361

    Answer 1
    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 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.
    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
    Hence, 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.

    Answer 2
    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.

    Answer 3
    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 economic landscape, and,
    finally, often showing 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 (see,
    e.g., Adelman 1974; Seers 1979). 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 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.

    Below are some reasons of studying development economics:
    (1) Problem of World Poverty: 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, the Lorenz curve and Gini co-efficient like measures are employed to measure international inequalities. 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.

    (2) Meaning Of Economic Development: It is the education and the mass media both at the country level and at world level which arouse the feelings in favor of development, i.e., the people of backward countries of Africa, Asia and Latin America became aware of with the concept of Economic Development. The Western experts were of the view that if real GNP and per capita GNP of a country increase over a long period of time it would be given the name of economic development. But later on, a lot of criticism was made against these measures of development. Then the economists engaged themselves in finding other measures of economic development. Accordingly, the social and economic indicator approach, the basic needs approach and the construction of human development index approach have been introduced by the economists and sociologists to measure economic development. Thus in Development Economics we study economic development and different measures which can be employed to measure it.

    (3) Models Of Economic Growth: In Development Economies we come across a lot of models of economic growth which present the picture of economic growth of western advanced countries. It means that how the developed nations got growth or what was their route of economic growth. In this respect, we study the growth model as presented by Adam Smith, Ricardo and other classical economists; the neoclassical models of economic growth as presented by J.E. Meade, Robert Solow and Swan etc.; the Schumpeter’s model of economic growth; the Harrod-Damar models of economic growth; and many other models of economic growth.

    (4) Theories Of Under-Development And Development: Development Economics also presents a lot of theories regarding the under-development of the poor countries as well as the theoretical means and ways through which the poor and backward nations of the world can attain economic development. The first set of theories is given the name of structuralist theory of development which states that the poverty of the poor nations is attributed to structural problems of the UDCs. The other theory is given the name of ‘International Dependencia model which states that it is the deliberate behavior on the part of DCs which exploited UDCs in such a way to keep them poor and backward. The third theory of economic development is called Stage Theory, where it has been told that the process of economic growth and development is furnished with certain stages (Rostow’s stages of economic growth) whereby it has been emphasized that poverty comes into being due to shortage of capital, and growth can be attained by increasing the savings and investment (even through foreign resources). The fourth major theory of economic growth is given the name Neo-classical counter-revolution theory which says that rather blaming international forces the poor countries should depend upon free markets and privatization for their economic growth.

    (5) Problems Of Population: The models of economic growth tell us that labor is an important factor of economic growth. But as far as developing countries are concerned it is not so. The population growth has led to create a lot of problems i.e., population in developing countries is rising faster than natural resources and the capital accumulation. Consequently, the developing countries have to face ever-rising unemployment. Moreover, the population growth often leads to migration of people from rural areas to urban areas. As a result, a lot of problems regarding urbanization and environmental pollution are rising. In such state of affairs, it is the Economic Development which deals with the issues of population growth, its effects on production, employment, migration, urbanization and environment etc. Again development economics presents different theories regarding population, i.e., what should be the optimum level of population for any country, Let quantity of labor which could have compatibility with the resources of the country.

  47. Ezeamenyi chinonso ifesorochukwu says:

    NAME: EZEAMENYI CHINONSO IFESOROCHUKWU
    REG: 2018/251370
    DEPT: EDUCATION/ECONOMICS
    EMAIL ADDRESS: nonsofavour732@gmail.com

    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 technological 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 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.
    2i: 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.
    Ii: 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.
    iii: 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.
    iv: Economic growth is the subset of economic development.
    V: 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.
    Vi: Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities.
    Vii: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.
    Viii: Economic growth is necessary but not enough to achieve economic development.
    ix: 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: 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.

  48. Kalu Divine Oluchi says:

    NAME: Kalu Divine Oluchi
    REG NO: 2018/24940
    DEPARTMENT: 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 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”

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

    Economic Growth Economic Development
    Definition
    It refers to the increase in the monetary growth of a nation in a particular period. It refers to the overall development of the quality of life in a nation, which includes economic growth.
    Span of Concept
    It is a narrower concept than that of economic development. It is a broader concept than that of economic growth.
    Scope
    It is a uni-dimensional approach that deals with the economic growth of a nation. It is a multi-dimensional approach that looks into the income as well as the quality of life of a nation.
    Term
    Short-term process Long-term process
    Measurement
    Quantitative Both quantitative and qualitative
    Applicable to
    Developed economies Developing economies
    Government Support
    It is an automatic process that may or may not require intervention from the government It requires intervention from the government as all the developmental policies are formed by the government
    Kind of changes expected
    Quantitative changes Quantitative as well as qualitative changes
    Examples
    GDP, GNP HDI, per capita Income, industrial developmen

    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 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. 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.

    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.

  49. Obiesie Mmesoma Rejoice says:

    Name: Obiesie Mmesoma Rejoice
    Reg. No: 2018/245427
    Department: Economics/Education
    E-mail: obiesiemmesoma@gmail.com
    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 the special adviser to Mr. President on Human Capital Development, I would say development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. Development can be seen as a process of expanding the real freedoms that people enjoy because 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 advancement or with social modernization.The growth of GNP of individual’s income can be very important as means to expanding the freedoms enjoyed by the members of the society. But freedoms also depend on other determinants such as social and economic arrangements as well as political and civil rights.
    2. Clearly analyse the differences between Economic Growth and Economic Development
    Economic Growth
    i. Economic growth refers to the increment in the number of goods and services produced by an economy.
    ii. Economic growth means an increase in real national income / national output.
    iii. 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.
    iv. Economic growth is the positive change in the indicators of the economy.
    v. Economic growth relates to a gradual increase in one of the components of GDP; consumption, government spending, investment, or net exports.
    vi. Economic growth is single-dimensional in nature as it only focuses on the income of the people.
    vii. Economic growth focuses on the production of goods and services.
    viii. Economic growth is the precursor and prerequisite for economic development. It is the subset of economic development.
    ix. Economic growth is also considered as a traditional measure of development which indicates the quantitative rise of economy.
    x. Economic growth is for short term/short period.
    xi. Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
    xii. Economic growth is concerned with increase in economy’s output.
    xiii. Economic growth is more relevant metric for assessing progress in developed countries.
    xiv. Economic growth is relatively narrow concept as compared to economic development.
    While Economic Development
    i. Economic development refers to the reduction and elimination of poverty, unemployment, and inequality with the context of a growing economy.
    ii. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life expectancy, and health care.
    iii. Economic development includes processes and policies by which a country improves the social, economic, and political well-being of its people.
    iv. Economic development is the quantitative and qualitative change in an economy.
    v. Economic development relates to the growth of human capital indexes and decrease in inequality.
    vi. Economic growth is concerned with how people are affected.
    vii. Economic development focuses on the distribution of resources.
    viii. Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
    ix. Economic development comes after economic growth. It is a positive impact on economic growth.
    x. Economic development comprises of economic growth and standard of living.
    xi. Economic development refers to increase in productivity.
    xii. When economic development is attained, it leads to end of poverty and inequality.
    xiii. Economic development is more abstract concept.
    xiv. Economic development focuses on distribution of resources.
    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 as a branch of economics after the second world war. During this period, economist become concerned about the low standards of living in so many countries of Latin America, Africa, and Asia. It emerged as an academic discipline during the late part of the 20th century amid growing concerns for third world economies struggling to establish themselves in the postcolonial era. Economists in this period were so worried about how the economies of the developed world were so different from that of the less developed countries and this led them to develop theories and methods to investigate these problems facing less developed countries and proffer possible solutions, and that was how Development Economics came into existence.
    The reasons why Development Economics should be studied as a separate course in the University are as follows:
    i. 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.
    ii. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world.
    iii. Development economics would help to meet the private interest of students like job prospects as development economists and to satisfy their intellectual curiosity as to what causes poverty and inequality and their solutions.
    iv. Development economics helps in understand how consumer’s behavior is vital for a business to succeed. Economists use theories and models to predict behaviour and inform business strategies.
    v. Development economics help developing countries to know how to achieve sustainable development.

  50. Onyemaechi Favour Ozioma says:

    Onyemaechi Favour Ozioma
    2018/244292
    Education/Economics
    Eco 361
    An Assignment:
    1. Development can be seen, it is argued; as a process of expanding the real freedoms that people enjoy and enhancing the capacity 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 jusify your position.
    Development as a process of expanding the real freedom is the freedoms that people have, given their personal features and their command over commodities, for a country to say that they are developed, the citizens should be free and capable to have access to make medical services, quality education, well nourished and being able to take part in the life of the community. Development has to be more concerned with enhancing the lives we lead and freedom we enjoy, there should be improvements in the well being of the people, citizens being capable to eat, live or work any where they choose, not being constraint by any factor.
    I therefore justify the argument that development should be able to expand the real freedom and also enhance the capabilities to live a valued live which is development because development encompasses human capital development for without human development the country is just growing.
    2. Clearly analyze the differences between economic growth and economic development.
    i. 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.
    ii. 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.
    iii. 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.
    iv. Economic growth is the subset of economic development.
    v. 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.
    vi. Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities.
    vii. 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 that is the growth rate of increase in total output should be greater than the population growth rate.
    viii. Economic growth is necessary but not enough to achieve economic development.
    ix. 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?
    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.
    Development economics should be studied as a separate course in the university because it will provide one with a through grounding in Economic theories, analysis and policy, while studying the economics of a wide range of developing and emerging countries.
    Studying it as a separate course will equip the students and make him or her an expert to advice on developmental issues and make policies that can work in the economy of a country.

  51. OKELEKE CHINEMEMMA VICTORY says:

    Eco, 361—24-9-2021(Online Discussion/Quiz—-What is the real meaning of Development and Origin/ Importance of Development Economics)
    NAME: OKELEKE CHINEMEMMA VICTORY
    REG NO: 2018/247843
    DEPT: ECONOMICS
    LEVEL :300L
    EMAIL: okelekevictory@yahoo.com
    Question:
    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 analyses the differences between Economic Growth and Economic Development

    3. 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.Human capital is the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country. Human capital is the key factor that affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people. Human capital development help skills provide economic value since a knowledgeable workforce can lead to increased productivity. Human capital development is the process of improving an organization’s employee performance, capabilities and resources. If they can become more productive on an individual level through development, the organization in turn will begin seeing productivity gains.
    However, if human capital is being developed, through the government activities and individual’s effort, the real freedoms that people enjoy will be expanded and capabilities which will lead to the kind of live people will have reason to value will be enhanced, which will eventually lead to economic growth that will translate into economic development.
    2.The difference between economic growth and economic development are as follows:
    (a). Economic Growth is the positive change in the indicators of economy.While Economic development is the quantitative and qualitative change in an economy.
    (b). 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.
    (b). 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.
    (c). 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.
    (e). Economic growth focuses on production of goods and services.While Economic development focuses on distribution of resources.
    (f). 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.It is concerned with how people are affected.
    (g). Economic growth is more relevant metric for assessing progress in developed countries.While More relevant to measure progress and quality of life in developing countries.
    (h). Poverty and inequality may remain in economic growth. While Achieving economic development is linked with end of poverty and inequality.
    (I) Economic growth is concerned with increase in economy’s output.WhileIt is concerned with structural changes in the economy.
    Economic development= Economic growth + standard of living
    (j). 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. 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.. 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.. Arthur Lewis, the father of development economics was an analysis of not only economic growth but also structural transformation.
    Development Economics should be studied as a separate discipline in the University for the following reasons:
    The aim of the course is to give a better understanding of Development Economics. The aims will be achieved by:
    • introducing students to the basic concepts of economic development and growth
    • teaching students what determines growth i.e. why some countries are developed and others are not
    • exposing students to the structural differences and the basic common characteristics of the less-developed countries.
    bringing to the knowledge of the students ,some growth and development theories and models and how relevant they are in breaking the hold of poverty in the less- developed countries.

  52. Nzenwa Ngozi Beatrice says:

    Name: Nzenwa Ngozi Beatrice
    Registration Number: 2018/249548
    Department: Social Science Education
    Unit: Economics Education
    Email: paulbeatrice3417@gmail.com

    1. As the special adviser to the president, I stand on the motion that development is the process of expanding the real freedoms that people enjoy in the sense that people are not restricted from engaging in legal activities needed for productiveness nor experiencing inequalities or deprivation as a result of their social status or financial status.
    According to Amartya Sen expanding the real freedoms that people enjoy and enhancing the capability to lead the kind of lives we have reason to value is regarded as development. He furthered stated under capability approach that some important “Being” and “Doing” in capability to function include; being able to live long, being well nourished, being healthy, being literate, being well clothed, being mobile, being able to take part in the life of the community. Also, Amartya mentioned that there are three core values of development namely; sustenance, self-esteem and freedom from servitude .
    Based on the above statement of Amartya Sen; development can be said to have taken place if they are various existence of freedom that would enable great enhancement of capability which will in return lead to living the kind of lives we have reason to value because freedom promotes the ability to exercise great potentials, it also encouraged creativity and most importantly enables an individual live a comfortable life that best suits your standards.
    2. Economic growth and economic development are greatly important in an economy. Economic growth measures an increase in real GDP (real output). In other words, real GDP measures the actual increase in goods and services and exclude the impact of rising places. Economic growth is measured as the percentage change in real GDP; usually in per capital terms.
    Economic development means an improvement in quality of life and living standards; example, measures of literacy, life expectancy, health care, among others. While economic growth is a quantitative measure, economic development measures economic development measures both quantitatively and qualitatively. Economic development in order words include both output and welfare. It is a process by which nation improves the economic, political and social well-being of its people.
    Economic development is therefore a broader concept than economic growth. Development reflect social and economic progress and requires economic growth. Economic growth is a vital and necessary condition for development, but it is not a sufficient condition as it cannot guarantee development unlike economic development is both necessary and sufficient for improvement of human welfare, quality standard of living under likes.
    According to Amartya Sen, development is about creating freedom for people and removing obstacles to greater freedom. Greater freedom enables people to choose their own destiny, obstacles to freedom and hence to development include poverty, lack of economic opportunities, corruption, poor governance, lack of education and lack of health. Growth on the other hand is not really interested in the freedom or welfare of the citizen.
    The extent to which a country has developed maybe assessed by a range of indicators e.g per Capita income, life expectancy, education and the extent of poverty. While that of growth is just reflected in the GDP ( Gross Domestic Product).
    3. Truly developmental economics is of great important to human and national development. Development economics can be traced back from the beginning of peoples reflections on the evolution of societies, perhaps to the reflection embodied in early mythology. A less extreme approach would begin with the first systematic reflection on the material progress of societies. Moving closer to the approach of most histories of development we could begin with systematic reflection on the first industrial revolutions in Europe or finally we could begin after world war two when this sort of inquiry was applied to Asia, Africa, and Latin America and began to be called development economics. The beginning chosen depends on the purpose of the history however, since the focus is on the academic discipline of development economics the story will begin after world war two
    According to Paul Oslington, the discipline of development economics great out of colonial economics, which trained policy makers and administrator 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 native people was unlikely, and in any case best promoted by a policy of stabilization.
    In conclusion, political changes, granting of independence as a colonial empire crumbles brought about great concern to the leaders of these new nations which enables them seek for advice. Such quest brought about the need and establishment of developmental economics.
    Development economics should be studied as a separate course in the University because during the cause of 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 it will enable you understand why some countries have been able to go through a process of economic and human development whilst others have languished.

  53. Okoli Chibuzor.D says:

    Name: Okoli Chibuzor
    Reg no: 2018/249713

    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
    1. Sen’s basic premise asserts the dialectical relationship between development and freedom, and in essence “a view of development as an integrated process of expansion of substantive freedoms that connect with one another.” According to Sen, these freedoms are access to health care, education, political dissent, economic.
    Sen gives two reasons why freedom should be the primary element of development: first, the only acceptable evaluation of human progress is primarily and ultimately enhancement of freedom; second, the achievement of development is dependent on the free agency of people. … Freedom is also good because it creates growth.

    2. Economic growth:

    I. Economic Growth is the positive change in the indicators of economy.
    II. Economic Growth refers to the increment in amount of goods and services produced by an economy.
    III. Economic growth means an increase in real national income / national output.
    Iv. It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.
    V. Economic growth is single dimensional in nature as it only focuses on income of the people.
    Vi. Earlier, economic growth was only measured in terms of Gross Domestic Product (GDP).

    Economic Development:

    I. Economic development is the quantitative and qualitative change in an economy.
    II. Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy.
    III. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
    Iv. Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
    V. Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
    VI. Economic development is concerned with the happiness of public life.

    3. Development Economics 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.
    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.

  54. ODO RUTH SOMTOCHI (2018/242445) says:

    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 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”.
    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”.

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

    Economic Growth is the positive change in the indicators of economy. While, 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. While, 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. While, 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. While, 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. While, 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. While, Economic development relates to growth of human capital indexes and decrease in inequality.

    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.

    Development economics is fascinating because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world
    Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. You will investigate the factors that have led to this global inequality, and analyse some of the forms of market and government failure that may have contributed to the situation.

    As part of this study programme, you will see the way in which economics can help our understanding of some of the major challenges of the 21st century, including:

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

  55. Obiesie Mmesoma Rejoice says:

    Name: Obiesie Mmesoma Rejoice
    Reg. No: 2018/245427
    Department: Economics/Education
    E-mail: obiesiemmesoma@gmail.com
    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 the special adviser to Mr. President on Human Capital Development, I would say development is a process that creates growth, progress, positive change or the addition of physical, economic, environmental, social and demographic components. Development can be seen as a process of expanding the real freedoms that people enjoy because 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 advancement or with social modernization.The growth of GNP of individual’s income can be very important as means to expanding the freedoms enjoyed by the members of the society. But freedoms also depend on other determinants such as social and economic arrangements as well as political and civil rights.
    2. Clearly analyse the differences between Economic Growth and Economic Development
    Economic Growth
    i. Economic growth refers to the increment in the number of goods and services produced by an economy.
    ii. Economic growth means an increase in real national income / national output.
    iii. 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.
    iv. Economic growth is the positive change in the indicators of the economy.
    v. Economic growth relates to a gradual increase in one of the components of GDP; consumption, government spending, investment, or net exports.
    vi. Economic growth is single-dimensional in nature as it only focuses on the income of the people.
    vii. Economic growth focuses on the production of goods and services.
    viii. Economic growth is the precursor and prerequisite for economic development. It is the subset of economic development.
    ix. Economic growth is also considered as a traditional measure of development which indicates the quantitative rise of economy.
    x. Economic growth is for short term/short period.
    xi. Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
    xii. Economic growth is concerned with increase in economy’s output.
    xiii. Economic growth is more relevant metric for assessing progress in developed countries.
    xiv. Economic growth is relatively narrow concept as compared to economic development.
    While Economic Development
    i. Economic development refers to the reduction and elimination of poverty, unemployment, and inequality with the context of a growing economy.
    ii. Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life expectancy, and health care.
    iii. Economic development includes processes and policies by which a country improves the social, economic, and political well-being of its people.
    iv. Economic development is the quantitative and qualitative change in an economy.
    v. Economic development relates to the growth of human capital indexes and decrease in inequality.
    vi. Economic growth is concerned with how people are affected.
    vii. Economic development focuses on the distribution of resources.
    viii. Economic development is multi-dimensional in nature as it focuses on both income and improvement of living standards of the people.
    ix. Economic development comes after economic growth. It is a positive impact on economic growth.
    x. Economic development comprises of economic growth and standard of living.
    xi. Economic development refers to increase in productivity.
    xii. When economic development is attained, it leads to end of poverty and inequality.
    xiii. Economic development is more abstract concept.
    xiv. Economic development focuses on distribution of resources.
    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 as a branch of economics after the second world war. During this period, economist become concerned about the low standards of living in so many countries of Latin America, Africa, and Asia. It emerged as an academic discipline during the late part of the 20th century amid growing concerns for third world economies struggling to establish themselves in the postcolonial era. Economists in this period were so worried about how the economies of the developed world were so different from that of the less developed countries and this led them to develop theories and methods to investigate these problems facing less developed countries and proffer possible solutions, and that was how Development Economics came into existence.
    The reasons why Development Economics should be studied as a separate course in the University are as follows:
    i. 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.
    ii. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world.
    iii. Development economics would help to meet the private interest of students like job prospects as development economists and to satisfy their intellectual curiosity as to what causes poverty and inequality and their solutions.
    iv. Development economics helps in understand how consumer’s behavior is vital for a business to succeed. Economists use theories and models to predict behaviour and inform business strategies.
    v. Development economics help developing countries to know how to achieve sustainable development.

  56. OKONKWO CHISOM JUDITH says:

    NAME: OKONKWO CHISOM JUDITH
    REG NO: 2018/243044
    DEPT:CSS . ECONOMICS/ SOCIOLOGY
    COURSE CODE:391 (DEVELOPMENT 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.

    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.

    N0. 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.

    These are the top six reasons why economic development plays a critical role in any region’s economy.

    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.

    Number 2:
    Below are 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 elimination and reduction 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.
    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 include process and policies by which a country improves the social economic and political well-being of it’s people.
    5:Economic growth is single dimensional in nature as it only focuses on income of the people while economic development is multidimensional in nature as it focus on both income and improvement of living standards of the people.

    No3: Origin of Development Economics as an independent discipline
    This reason makes it difficult to trace around the discipline of development economics, namely, the fact that the interest in economic growth and development started long before the postwar period. This is particularly true of Adam Smith and other classical political economists. David Ricardo and J. S. Mill, for instance, distinguished between two cases of reduced growth (or stationary states), caused either by lack of investment (this in the case of the poor countries) or by diminishing returns to land (in the case of the rich countries). Insufficient capital accumulation in countries with an abundance of fertile land was attributed to “bad government, insecurity of property and want of education”. Barbaric” nations, as Mill called them, should be guided by “civilized” developed societies.
    Perhaps more crucial for the disciplinary identity of development economics was not any high theoretical debate but the fields in which it was going to be applied, that is, Latin America and the younger African and Asian countries that appeared as independent entities after the end of World War II. The new bipolar world that emerged during the Cold War and the reconfiguration of former imperial areas in a new, contested third world were fundamental cues for the reorientation of vast resources and many intellects from the question of growth in the so-called advanced countries to the problem of how to foster growth in less-developed ones. Thus, irrespective of their theoretical disagreements, development econ- omists all agreed on what is only a slight paraphrase of Viner’s famous dictum: development economics is what development economists do.
    Development economics, in other words, was from the very beginning an applied discipline, highly contested, characterized by strong eclecticism, with roots in different theoretical traditions (including an important number of classical propositions), and with an intrinsic permanent uncertainty of identity that has never abandoned it. The problem to be addressed was always more important than the discipline that addressed it. Starting in the mid-1950s, development economics entered the corridors of academe, when the first courses, textbooks, journals, and volumes of collected readings appeared; development research centers were established at MIT, Harvard, Yale, Stanford, Sussex, and elsewhere; and applied studies were pursued at the United Nations and the World Bank. In the same years, scholars were also beginning to address questions that would shape a similar though distinct disciplinary field, namely, growth economics. Although both found inspiration in the interest of the classics in dynamic processes of economic growth, development economics and growth economics evolved in separate ways. Whereas the latter addressed the growth performance of industrialized economies, development economists addressed obstacles to growth in relatively poor countries and how to overcome them. Because of their investigation of steady- state growth paths, growth economists were able from the beginning to produce formal models of the evolution of economies over time. Most development economics did not deploy mathematical methods, if only because the field tackled issues such as coordination failures, increasing returns, unbalanced growth, structural change, and unequal international exchange that were less amenable to modeling techniques available at the time. Hence the two subfields parted company. However, the emphasis on capital accumulation led many development planners to pay close attention, at times critically, to the influential Harrod-Domar growth model (Boianovsky 2018). Moreover, growth economists like Robert Solow and others occasionally used their tools to discuss topics such as “poverty traps” and “multiple equilibria,” which caught the attention of develop- ment economists as well. Since the late 1980s, with the inception of endog- enous growth models, the debates about convergence, and the analytic attention to the role of institutions, the gap between growth and develop- ment economics has tended to lessen.
    Reasons why development economics should be studied as a separate course
    a. 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
    b. 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 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.

  57. UKWUEZE DESTINY AMARACHI says:

    Name: ukwueze Destiny Amarachi
    Reg no : 2018/242416
    DEP: Economics

    No 1
    Answer
    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”. 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
    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.

    No 2
    Answer
    * Economic development is a
    broader concept than economic growth. The development reflects social and economic progress and requires economic growth.

    Economic growth is a necessary condition for development, but alone it cannot guarantee development.

    * Economic development is considered to be a broader concept than economic growth because economic growth only takes monetary development into account whereas economics
    development requires social development and monetary development to go hand in hand.

    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.

    *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.

    Economic growth is measured in terms of GDP, whereas Economic development is measured in terms of HDI.(human development index)

    *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.

    Economic growth is used in developed countries as a measure of growth as it is assumed if a nation is developed then the quality of life would already be imminent.

    *Economic development seems to be the overall champ in calculating the progress of a country while
    Economic growth provides easy and reliable stats of development in developed countries. Both of them have their flaws and advantages and clearly both appeal to different target audiences.

    No3a

    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

    Answer
    As an academic discipline, development economics was established in the mid-1940s 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.
    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
    Delivering policy advice was thus an important purpose for development economics. It was asked to help solve the “development problem” as arising at the time, to pursue what Hirschman called an “agenda for a better world”. Concern with policy implementation was also part of the motivation for development economists

    3b
    discuss the reasons why Development Economics should be studied as a separate course in the University.

    Answer
    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.

  58. Okpara Favour Amarachi says:

    Name : OKPARA FAVOUR AMARACHI
    Reg number : 2018/248953
    Email address : favouramy363@gmail.com
    Department : Economics

    1).As the Special Adviser to Mr. President on Human Capital Development it is reasonable to agree with the definition of development 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.However,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.
    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.The crucial challenges of development in many countries today include the need for the freeing of labour from explicit or implicit bondage that denies access to the open labour market. Similarly, the denial of access to product markets is often among the deprivations from which many small cultivators and struggling producers suffer under traditional arrangements and restrictions. The freedom to participate in economic interchange has a basic role in social living.
    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 essence,I do not stand with the category of people that only view development “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”.In my own opinion it is hard to think that any process of substantial development can do without very extensive use of markets, but that does not preclude the role of social support, public regulation, or statecraft when they can enrich rather than impoverish human summarily,he exercise of freedom is mediated by values, but the values in turn are influenced by public discussion and social interactions, which are themselves influenced by participatory freedoms. Each of these connections deserves careful scrutiny.

    2). DIFFERENCES BETWEEN ECONOMIC GROWTH AND DEVELOPMENT
    – 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.
    – 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.
    – Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports.
    – Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
    – Economic growth is more relevant metric for assessing progress in developed countries.It is measured in certain time frame/period.
    – Economic growth is relatively narrow concept as compared to economic development.

    On the other hand Economic development comprises of the following :
    – 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 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.

     

    3). ORIGIN OF DEVELOPMENT ECONOMICS AS AN INDEPENDENT DISCIPLINE
    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. Arthur Lewis was an analysis of not only economic growth but also structural transformation.Development Economics 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.
    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.

    Reasons why Development Economics should be studied as a separate course in the University :
    1.Models Of Economic Growth: In Development Economies we come across a lot of models of economic growth which present the picture of economic growth of western advanced countries. It means that how the developed nations got growth or what was their route of economic growth. In this respect, we study the growth model as presented by Adam Smith, Ricardo and other classical economists; the neoclassical models of economic growth as presented by J.E. Meade, Robert Solow and Swan etc.; the Schumpeter’s model of economic growth; the Harrod-Damar models of economic growth; and many other models of economic growth.

    2.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 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.

    4.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.

  59. Anyanta Minah Ngozi says:

    NAME: ANYANTA MINAH NGOZI
    REG NO: 2018/249540
    DEPT: COMBINED SOCIAL SCIENCES ( ECONOMICS/SOCIOLOGY AND ANTHROPOLOGY)
    COURSE: ECO 361
    Gmail: ngozianyanta10@gmail.com

    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 in my own understanding could be define as Growth or an increase in Production capacity plus Desirable Social changes. Now from the aforementioned definition we see that Development is 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 proposed by Amartya. Speaking on the live one Values, brings us to the definition of Value. Value is said to be something of importance. When something is of importance, we cherish and adores it. While Freedoms means right from restrictions to one’s own choice.
    Therefore Development is a process of expanding the real freedoms that people enjoy; removing restrictions placed on people’s consumption capacity including choice of area’s of specialization. Most persons aren’t productive in the Economy due to the fact that most of the jobs they’re currently into ain’t in sinequanon with their area of expertise, rather it was being forced upon them either by situation of the country or given to them through connection. Therefore for Development to take place, there’s need for freedom of speech; all hands must be on deck in proper decision making and for proper policy implementation; and also Freedom to enjoy basic social amenities and to explore their abilities and franchise in order to bring about desirable social change, good standard of living, Economic growth and hence Development.
    This Freedom will lead to the following
    I. More effective production
    II. More efficient policy making
    Iii. Freedom of choice and increased happiness
    Iv. Good standard of living etc.

    2. Clearly analyse the differences between Economic Growth and Economic Development.
    ANSWER:
    The differences between Economic Growth and Development includes the following:
    1. Economic Growth takes place when there’s sustained increase in a country’s output as measured in GDP or GNP while Economic Development occurs when the standard of living of the populace or masses increases, including both income and other dimensions such as health and literacy rate.
    2. Economic Growth is a narrow measure of Economic welfare that does not take account of important non-economic aspects such as leisure, access to good health and education, environment, freedom as well as social justice while Economic Development occurs with the reduction and elimination of poverty, inequality and unemployment within a developing economy.
    3. Economic Growth is a necessary but insufficient condition for Economic Development while Economic Development is a necessary and sufficient condition for improvement of welfare including Economic Growth plus other desirable social changes like increase in standard of living etc.
    4. Economic Growth is about income while Economic Development is about outcome.
    5. Economic Development accounts for changes in technological and institutional organization of production as well as in distributive pattern of income while Economic growth does not include that.

    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 DevelopmentEconomics should be studied as a separate course in the University.
    ANSWER:
    THE ORIGIN OF DEVELOPMENT ECONOMICS
    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. … Arthur Lewis was an analysis of not only economic growth but also structural transformation.
    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.
    The IMPORTANCE OF STUDYING DEVELOPMENT ECONOMICS AS AN INDEPENDENT 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’s basically interested in improving the expertise and potentials of masses not just in promoting methods of Economic growth.
    Unlike other Economic disciplines, it makes use of Economic analysis, methods and tools to understand the problems, constraints and opportunities facing developing countries.
    Some of the reasons and benefits of studying Development Economics includes the following:
    1. For moral and ethical Reasons: Helps in bringing people to think about the moral implications of some pressing issues such as Poverty, inequality and underdevelopment.
    2. Enables us to work towards our own welfare such as Global coexistence, trade and investment etc.
    3. Exposes us to source for our Private interest such as Job prospects
    4. Awakens the quest and hunger for intellectual curiosity such as why do some countries grow while others doesn’t. And why is there poverty, inequality, corruption etc.

  60. Chime Doris chinenye says:

    Name: Chime Doris Chinenye
    Reg no: 2018/250191
    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, it is argued here, as a process of expanding the real freedoms that people enjoy. 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. 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. 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. 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 (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 deniesimportant 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.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 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.
    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.

    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.

    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.

    Origin of development economics as an independent discipline
    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 (see, e.g., Adelman 1974; Seers 1979). 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).

    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. 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.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. By studying development economics, you will have the opportunity to apply the tools of economics analysis to the problem 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.

  61. Omeke Chinenye Joy says:

    Name: omeke Chinenye Joy
    Reg. Number: 2018/244290
    Dept.: Education Economics
    Eco 361 5th discussion quiz.
    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 means freedom, according to Amartya Sen.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”.
    However, 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. 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”.
    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. 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 vz Economic Development.
    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. 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.
    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), HumanPoverty Index (HPI), Gini Coefficient, Gender Development Index (GDI), Balance of trade, Physical Quality of Life Index (PQLI)
    10. 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.
    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
    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..
    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.
    Delivering policy advice was thus an important purpose for development economics. It was asked to help solve the “development problem” as arising at the time, to pursue what Hirschman called an “agenda for a better world”. Concern with policy implementation was also part of the motivation for development economists. Hence the need for a comprehensive understanding of policy cutting across sub-disciplines in economics, concerns with the political economy of policy, and the practice of inter-disciplinarity as a necessity for success.
    No surprise then that the “pioneers” of development in the 1940s and 1950s were active in policy-making, working closely with governments. This was the case with Hirschman, Lewis, Prebisch, Myrdal, Rosenstein-Rodan, and Tinbergen. But this also made development economics somewhat of a maverick in economics. By being so broad and policy oriented, new ideas were plentiful (Bardhan, 1993) but rigor was often lacking. Development economics was more integrative and inter-disciplinary than specialized in a set of rigorous analytical techniques, as was the case with other fields of economics.
    The lesson here is that the normative purpose of development economics has been key to its success, and that it should be carefully preserved. Mainstreaming of the field in the economics profession, which was successfully achieved in the last 10-15 years, must be made compatible with continued policy engagement. This creates obvious tensions for academics, and the need for creative compromises to satisfy two masters: academic demands to publish in the best professional journals, as in other fields of economics, and policy relevance for the practice of development. Today, many successful development economists have been incredibly ingenious about deriving top academic papers from deep engagement in policy and program advice. This difficult road to success in development economics needs to be carefully studied. It requires seeing the generic in the particular, the potential for normative in the positive, and the politically feasible in the logic of policy recommendations. It requires taking advantage of policy engagement to learn about fundamental issues of human behavior, institutional design, and policy formulation. Success in the field of development economics is indeed an art of bewildering difficulty to practice.
    Development economics should be studied in the university for the following reasons:
    1. Development economics 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. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world. And also tries to 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.
    References
    https://iep.utm.edu/sen-cap/
    https://www.cairn.info/revue-d-economie-du-developpement-2014-HS01-page-9.html
    https://www.publichealthnotes.com/economic-growth-vs-economic-development-17-differences/
    https://www.raggeduniversity.co.uk/2014/05/10/development-freedom-digest-alex-dunedin/
    https://whystudyeconomics.ac.uk/during-your-study/module-choices/development-economics/

  62. Ofili beluchi joan says:

    NAME: OFILI BELUCHI JOAN
    REG NO:2018/241862
    DEPT:ECONOMICS MAJOR
    COURSE: ECO 361
    1.Development could be seen as the removal of various types of unfreedoms that leave people with choice and little opportunity of exercising their reasoned agency.
    This can be achieved by expanding the range of economic and social choices available to individuals and nationa.
    According to A Martha Sen, development can also be seen as enhancing the capabilities of people to lead the kind of life they reason to value.
    THESE CAPABILITIES INCLUDE:
    1)Being able to live long.
    2) Being well nourished.
    3) Being healthy.
    4) Being literate.
    5) Being well clothed.
    6)Being mobile.
    7)Being to take part in the life of the community.

    2. The differences between economic growth and development are as follows:
    a) Economic growth takes place when there is a sustained increase in a country’s GDP, 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.
    b) Growth is a sustained increase in a country’s output, whereas development is a progressive changes in the socio-econmic structure of the country.
    c) Growth is a narrow measure of economic welfare that doesn’t take account of important non-econmic aspects such as more leisure time, access to health and education, environment, freedom or social justice, whereas development is changes in technological and institutional organization of production as well as in distributive pattern of income.

    3. Development Economics emerged as a branch of economics after the second world war. During this period, economist become concerned about the low standards of living in so many countries of Latin America, Africa, and Asia.
    The economies of the less developed countries were so different from the developed countries that basic economies could not explain the behavior of less developed economies.
    Traditional approaches produced some interesting and even elegant Economic models, but these models failed to explain the patterns of no growth, weak or slow growth or growth and retrogression found in the less developed economies.

  63. Michael-Atu Ifunanya says:

    Michael-Atu Ifunanya
    2018/243767
    Economics Education
    No 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 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, 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 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 state.
    No 2. 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.
    -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.
    -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)
    Achieving economic development is linked with end of poverty and inequality.
    It is more abstract concept.
    Economic development focuses on distribution of resources.
    No 3a. 1756, “a gradual unfolding, a full working out or disclosure of the details of something;” see development. Meaning “the internal process of expanding and growing” is by 1796; sense of “advancement through progressive stages” is by 1836. Of property, with a sense of “a bringing out of the latent possibilities” for use or profit, from 1885 (Pickering’s glossary of Americanisms, 1816, has betterments “The improvements made on new lands, by cultivation, and the erection of buildings, &c.”). Meaning “state of economic advancement” is from 1902. The origin of development economics as an independent variable was during Robert McNamara’s 13years at the world bank.he introduced key change most notably shifting the banks economic development policies towards targeted poverty reduction.
    has grown in popularity as a subject of study since the early 1990s, and has been most widely taught and researched in developing countries and countries with a colonial history, such as the UK, where the discipline originated.Students of development studies often choose careers in international organisations such as the United Nations, World Bank, non-governmental organisations (NGOs), media and journalism houses, private sector development consultancy firms, corporate social responsibility (CSR) bodies and research centers.
    3b. 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. the study of economics has provided us with a systematic framework for analyzing, researching, writing, and teaching about a wide array financial and regional economic issues. Economics has provided us with a methodology for understanding and making sense of our complex environment

  64. Ajah Favour Chinyere says:

    Name: Ajah Favour Chinyere
    Reg No: 2018/241836
    Department: Economics
    Course code: Eco 361
    Course title: Development Economics 1

    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.

    Answers:

    1.Development means “improvement in country’s economic and social conditions”. More specially, it refers to improvements in way of managing an area’s natural and human resources. In order to create wealth and improve people’s lives.
    Development economics is 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.Economic growth is an increase in the production of goods and services in an economy.Economic growth is commonly measured in terms of the increase in aggregated market value of additional goods and services produced, using estimates such as GDP. While Economic development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents. Economic development means different things to different people.

    3.The origin of development economics has experienced a similar inner tension, shifting its focus from a history of theories to a history of institu- tions, 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 (see, e.g., Adelman 1974; Seers 1979). 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 appar- ent, the first historians of the field were development economists them- selves, 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).

    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, the Lorenz curve and Gini co-efficient like measures are employed to measure international inequalities. 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.

  65. Ezeaku Anderson Esomchukwu says:

    Name: Ezeaku Anderson Esomchukwu
    Reg No: 2018/242413
    Dept: Economics
    1. 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 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 of the opportunity to be adequately clothed or sheltered or to enjoy clean water or sanitary facilities. 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.
    2. 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.
    * Economic growth focuses on production of goods and services while economic development focuses on distribution of resources
    * 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. Development economics was from the very beginning an applied discipline, highly contested, characterized by strong eclecticism, with roots in different theoretical traditions( including an important number of classical propositions) and with an intrinsic permanent uncertainty of identity that has never abandoned it. The problem to be addressed was always more important than the discipline that addressed it. Starting in the mid-1950s, development economics entered the corridors of academe, when the first courses, textbooks, journals, and volumes of collected readings appeared; development research centers were established at MIT, Harvard, Yale, Stanford, Sussex and elsewhere; and applied studies were pursued at the united nations and the World bank.

  66. Nwogwugwu Chisom Jennifer says:

    Name: Nwogwugwu Chisom Jennifer
    Reg number: 2018/245129
    Department: Economics
    Eco 361 Assignment.
    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
    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).
    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 such as Nigeria.
    2.)
    Economic Growth is the positive change in the indicators of economy.
    Economic development refers to the reduction and elimination of poverty unemployment and inequality with the context of growing economy.

    Economic Growth refers to the increment in amount of goods and services produced by an 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 growth means an increase in real national income / national output
    Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.

    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 relates to growth of human capital indexes and decrease in inequality.

    Economic growth focuses on production of goods and services.
    Economic development focuses on distribution of resources.

    3.) Development economics as an independent discipline.
    Indeed, the first major debate that shaped the discipline—the 1950s balanced-growth versus unbal￾anced-growth debate—was fought under the rubric of what actually defined development economics as a distinct disciplinary field. Albert Hirschman (1958, 51) famously criticized the theory of balanced growth.
    Another reason makes it difficult to trace neat borders around the disci￾pline of development economics, namely, the fact that the interest in eco￾nomic growth and development started long before the postwar period. This is particularly true of Adam Smith and other classical political econ￾omists. David Ricardo and J. S. Mill, for instance, distinguished between two cases of reduced growth (or stationary states), caused either by lack of investment (this in the case of the poor countries) or by diminishing returns to land (in the case of the rich countries). Insufficient capital accumulation in countries with an abundance of fertile land was attributed to “bad gov￾ernment, insecurity of property and want of education” .

    B.) 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.
    Also 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.

  67. ERHIJAKPOR FLOURISH OGHENEOCHUKOME says:

    NAME: ERHIJAKPOR FLOURISH OGHENEOCHUKOME
    REG NO: 2018/242450
    1. Development can be seen, it is argued here, as a process of expanding the real freedoms that people enjoy. Focus on human freedom 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 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 (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 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. 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.
    Unfreedom can arise either through inadequate processes (such as the violation of voting privileges or other political or civil rights) or through inadequate opportunities that some people have for achieving what they minimally would like to achieve (including the absence of such elementary opportunities as the capability to escape premature mortality or preventable morbidity or involuntary starvation).
    Having greater freedom to do the things one has reason to value is (I) significant in itself for the person’s overall freedom, and (2) important in fostering the person’s opportunity to have valuable outcomes.6 Both are relevant to the evaluation of freedom of the members of the society and thus crucial to the assessment of the society’s development.
    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. 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 (a) would make good use of the new historical research that has been done in recent years on development economics and (b) absorb the fundamental contribution of development economists and their sensitivity for the applied dimension 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. Classical Economics Adam Smith’s Wealth of Nations (1776 / 2001) was the original English classical economic text and, as he says on the first page, what he was examining was why some nations became so productive while others did not, that is to say why they developed. Smith essentially sees economic development: “as a process embedded in, and limited by a particular physical, institutional, and social environment. One of the most enduring contributions of classical economics is the central place it gives to trade in promoting development. This belief in trade derives from Smith’s ideas about the benefits of specialization and resultant trade in those goods bringing ‘gains from trade’ as well as from David Ricardo’s law of comparative advantage. It is important to note at the outset that classical economist’s commitment to free trade was not as rigid as that of today’s neoclassical or neoliberal economists. They also saw that trade did, and should, occur in the context of some government controls on both the movement of capital. The ideas of Smith and Ricardo along with Thomas Robert Malthus provided the basis for one of the three main theories of growth in economics – classical Growth Theory, which emphasized capital accumulation, production, technological advancement, division of labor and population growth.
    NEOCLASSICAL ECONOMICS
    Neoclassical economics originated in the early 1870s. When John Bates Clark identified the key postulates of neoclassical economics as: “private property, individual freedom, a limitation of government activity to those fields which Adam Smith had laid down as proper to it, the mobility of capital and labor according to the stimulus of varying remuneration, and, finally the desire of the individual to satisfy certain objective wants”, he could equally have been summarizing the key postulates of classical economics. However, neoclassical economics was clearly a break from classicism, starting with its more individualistic approach to society, through to its consequent emphasis on consumption, demand and utility (of conglomerations of individuals), which replaced classical economics’ emphasis on production, supply and costs.
    KEYNESIAN ECONOMICS
    In 1936, with the memory of the Great Depression still very fresh, John Maynard Keynes published his magnum opus, The General Theory, which provided both an extensive critique of neoclassical economics and developed an alternative framework for analyzing liberal capitalist economic 5 relations. The core point about Keynes’ critique is that it finds that capitalist economies will not always tend to a balance between supply and demand, that is equilibrium or, at any rate, an equilibrium that produces full employment. This was due, in Keynes’ analysis, to a lack of demand in the economy. The key policy implication was that government can and should intervene in economies to boost demand and thus achieve full employment.
    The origin of Development Economics as an independent discipline
    Understanding the process of economic development is thus central to most research in economics and the social sciences more broadly. Development economics nonetheless emerged as a distinct field of analytical, empirical and institutional research only in the past half century or so, with especially rapid progress in the past generation. An ideational revolution occurred in the social sciences in the 1970s. In economics, this revolution was waged by monetarists and by public choice and rational expectations theorists against the Keynesian paradigm that had dominated the post‐ World War II world. The result was a general reaction against government interventionism and in favor of free markets and minimalist variants of neoclassical economic thought. As a consequence, development problems came to be seen largely as resulting from an excess of government interference in the economy. By the 1980s, development was very much out of favor as a subdiscipline within economics. Throughout the latter 1980s and early 1990s, many concurred with Lalʹs (1983) assessment that development economics constitutes little more than a futile quest for queer exceptions to the rules of mainstream economics, and that the fundamental fallacy of such pursuits was belied by the catastrophic failure of state‐planned economies. A widespread assumption existed that development ought to be nothing more than the extension of neoclassical orthodoxy to low‐ and middle‐income countries. Things have changed. A major resurgence is evident in development economics as many leading economists and economics departments around the world have begun to focus again on development issues over the past decade or two and premier scholarly recognition – Nobel Prizes, John Bates Clark Medals, MacArthur “genius” awards and the like – has been bestowed on eminent scholars working within development economics. This reflects a natural return to development economics’ proper place within the broader discipline. Bardhan (1993) points out that development economics’ rich history has produced much of lasting importance to economics more broadly: efficiency wage theory, dynamic (pecuniary and technological) externalities, multiple equilibria, principal‐agent modeling; adverse selection; rent‐seeking and political economy; nonlinear pricing, etc. To that listing one might add, from the past fifteen years’ work, intrahousehold issues and the social economics of identity and networks. Today many mainstream economists rediscover development models and formalize them with great fanfare (
    WHAT IS DEVELOPMENT ECONOMICS
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.
    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    With its focus on understanding how resource allocation, human behavior, institutional arrangements and private and public policy jointly influence the evolution of the human condition, development economics is arguably the original and most fundamental field within the discipline of economics, at least as it relates to the social sciences and humanities more broadly. As the opening sentence of T.W. Schultz’s 1979 Nobel Prize lecture declared, “Most of the people in the world are poor, so if we knew the economics of being poor, we would know much of the economics that really matters.” (Schultz 1980, p.639) Ultimately, virtually all important work in development economics focuses on improving our knowledge of being – or becoming – poor and, more hopefully, about the processes by which people avoid or escape poverty and enjoy improved standards of living. Such work ranges from understanding the decision making processes, contractual and extra‐contractual arrangements within and among households and firms that lead to inefficiency, exclusion, and/or vulnerability, to identifying what determines the emergence and diffusion of improved production technologies and who gains from new trading opportunities, to establishing the welfare costs associated with different sectoral or macro policies, and the nature of national‐ scale economic growth and its relationship to inequality, trade and sociopolitical institutions.
    Why Study Development Economics
    Development economics studies the transformation of emerging nations into more prosperous nations. Strategies for transforming a developing economy tend to be unique because the social and political backgrounds of countries can vary dramatically. Not only that, but the cultural and economic frameworks of every nation is different also, such as women’s rights and child labor laws.
    Students of economics, and professional economists, create theories and methods that guide practitioners in determining practices and policies that can be used and implemented at the domestic and international policy level.
    Some aspects of development economics include determining to what extent rapid population growth helps or hinders development, the structural transformation of economies, and the role of education and healthcare in development.
    They also include international trade, globalization, sustainable development, the effects of epidemics, such as HIV, and the impact of catastrophes on economic and human development.
    Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans. Also unlike many other fields of economics, there is no consensus on what students should know. Different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.
    Development economics research ultimately describes and explores the causal reasons why some countries, communities and people are rich and others are poor. What structural factors distinguish the experience of those who enjoy high and/or rising standards of living from those enduring low and/or stagnant conditions? Of greatest practical importance, what can be done to reinforce the experience of the former subpopulation and to relieve the suffering of the latter?
    Prominent development economists include Jeffrey Sachs, Hernando de Soto Polar, and Nobel Laureates Simon Kuznets, Amartya Sen, and Joseph Stiglitz.

  68. Obiyo, Uchechukwu Ngozi says:

    Name: Obiyo, Uchechukwu Ngozi
    Reg Number: 2018/241841
    1. One of the basic needs of man is freedom which plays a major role in social process. Human development means to expand human choices, which it required to freedom concept. Human development is the most important factor of welfare improvement where the freedom is an essential instrument to achieve it. Development, from the given definition, is 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. Knowing that this freedom is very essential to man and to human development, then it is quite clear that development as a whole can be viewed from this perspective. Freedom should be the primary element of development: first, the only acceptable evaluation of human progress is primarily and ultimately enhancement of freedom; second, the achievement of development is dependent on the free agency of people.
    As much as freedom is very important, it still limits the broad sense of what development fully covers. Development doesn’t just look at political freedom, educational freedom, or social freedom. Rather 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. From this definition, it is seen that development doesn’t just seek to satisfy the well being of man alone but also that of the economy.
    2. Below are clearly stated 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.
    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. 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).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.
    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).
    3b. Development Economics shouldbe studied as a separate course in the university because it is necessary that people get to know about development as a whole. Development Economics is quite broad and it deserves to be treated as a course of its own in order to avoid rushing it and also in order to know at least as much there is to know about it. This way, a student can then decide if it’s this particular field of Economics that he/she wants to major in.

  69. Onyedekwe Henry Chinedu. says:

    Onyedekwe Henry Chinedu
    2018/242306
    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:

    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.
    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 such as 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.

    Types of freedom:

    Political freedoms

    Economic facilities

    Social opportunities

    Transparency guarantees

    Protective security

     
    Each of these distinct types of rights and opportunities helps to advance the general capability of a person. They may also serve to complement each other. We must explore and work towards the promotion of overall freedoms of people to lead the kind of lives they have reason to value.

     The instrumental freedoms link with each other and with the ends of enhancement of human freedom in general. Empirical linkages tie the distinct types of freedom together, strengthening their joint importance. These connections are central to a fuller understanding of the instrumental role of freedom.

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

    answer:

    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.

    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 (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) 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.

    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.

  70. OGBU EMMANUEL CHIMAOBIM says:

    Name: Ogbu Emmanuel Chimaobim
    Reg no.: 2018/246272
    Department: Combined social sciences, (ECONOMICS/POLITICAL SCIENCE)

    As the Special Adviser to Mr. President on Human Capital Development, I’ll clearly defend my points with

    As 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.
    According to Economist Amartya Sen, he proposed that development is about creating freedom for people and removing obstacles to greater freedom, Greater freedom enables people to choose their own destiny. 
    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 which is about expanding the richness of human life, rather than simply the richness of the economy in which human beings live. It is an approach that is focused on creating fair opportunities and choices for all people to enable them enjoy their lives.
    Underdevelopment brings about corruption, terrorism, unfavourable business conditions. Etc The benefits of development to both individual citizens and society at large are so important that it is essential that governments always work towards achieving a better standard of living and stimulating economic growth.

    2. Difference between Economic growth and Economic Development

    Economic development is the increase in the standard of living from a low-income economy to a high-income economy.
    It focuses on health, education, working conditions, and market conditions. The application of economic development is complex and varied as the cultural, social, and economic background of every nation is different.
    ° Factors affecting Economic Development
    ✓Life expectancy
    ✓Adult literacy
    ✓Levels of infrastructure
    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. While
    Growth and development are synonyms for each other but when ‘economic’ is prefixed to each of the words, then both of them contradict the similarity.
    •• Economic Growth is an increase in the production of a country’s level of national output which is caused by an increase in the quality of resources, increase in the quantity of resources & improvements in technology.
    An increase in capital goods, labour forces, new territories, technology, and human capital can also contribute to economic growth.
    Economic Growth can be measured by an increase in a country’s GDP (gross domestic product).
    ° Factors affecting Economic growth
    ✓Better capital good
    ✓Human capital
    ✓Technology
    ✓Labour force.

    3. The origin of development Economics
    Mercantilism which is the earliest throry of development, was developed in the 17th century, paralleling the rise of the nation state. Earlier theories had given little attention to development.
    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.
    research has been emerging among development economists since the very late 20th century focusing on interactions between ethnic diversity and economic development, particularly at the level of the nation-state. Development economics also includes topics such as third world debt, and the functions of such organisations as the International Monetary Fund and World Bank.
    Nowadays we study development Economics to provide better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents.

    b. Since, development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries.
    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    We study development Economics separately in school because 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.

  71. Aneke Nelson maduakonam says:

    Name: ANEKE Nelson Maduakonam
    Reg no:2018/242192
    Dept: Education Economics
    Gmail: nelsonmadu80@gmail.com
    No:1answer
    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.
    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.human development focuses on improving the lives people lead rather than assuming that economic growth will lead, automatically, to greater wellbeing for all. Income growth is seen as a means to development, rather than an end in itself.
    human development is about giving people more freedom to live lives they value. In effect this means developing people’s abilities and giving them a chance to use them.

    No:2 Answer
    Economic Growth is the positive change in the indicators of economy. While 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. While 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. While 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.While 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. While 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. While Economic development relates to growth of human capital indexes and decrease in inequality.

    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.

    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.

    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.

    No:3 Answer
    Development economics is a branch of economics that focuses on improving fiscal, economic, and social conditions in developing countries. Development economics considers factors such as health, education, working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries.

    The field also examines both macroeconomic and microeconomic factors relating to the structure of developing economies and domestic and international economic growth.
    Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world.
    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.
    Studying BSc Development Economics will provide you with a thorough grounding in economic theory, analysis and policy, while studying the economics of a wide range of developing and emerging countries.

  72. Udumukwu Emmanuel Chibueze says:

    Udumukwu Emmanuel Chibueze
    2018/242302
    Manuelbueze07@gmail.com

    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 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.

    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.

  73. Ignatius chisom immaculate says:

    Ignatius chisom immaculate
    2018/243793

    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 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.

    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.

  74. Unadike Fabian Chinemezu says:

    NAME: UNADIKE FABIAN CHIMEMEZU
    REG NO: 2018/249698
    EMAIL: Fabzycf@gmail.com
    DEPARTMENT: ECONOMICS
    COURSE TITLE: DEVELOPMENT ECONOMICS 1
    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.

    Answers
    1. Development can be defined as a process Of economic and social advancement in terms of quality of life of people in an economy. It includes progress or advancement in education, increase in life expectancy, quality health care, freedom and justice in all ramifications.
    Development is about outcomes.,development occurs with the reduction and elimination of poverty, inequality and unemployment within the economy. Development involves the changes in composition outputs, shift in the allocation of productive resources and elimination or reduction of poverty, inequality and unemployment. Development requires the removal of major sources of unfreedom, poverty as well as systematic social deprivation neglect of public facilities as well as intolerance.
    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.
    I believe that development has a close relationship with freedom that is why Amartya sen who was considered the greatest development thinker of our times said that; One of human basic needs is freedom that play central role in social process. Human development means to expand human choices, which it required to freedom concept. Human development is the most important factor of welfare improvement where the freedom is an essential instrument to achieve it. Development means freedom, according to Amartya Sen. 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.
    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.

    2. The difference between Economic Growth and Economic Development are as follows:
    A. Economic Growth refers to the increment in amount of goods and services produced by an economy while economic development refers to the elimination and reduction of poverty, unemployment and inequality with the context of growing economy.
    B. 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.
    C. 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 include process and policies by which a country improves the social economic and political well-being of it’s people.
    D. Economic growth is single dimensional in nature as it only focuses on income of the people while economic development is multidimensional in nature as it focus on both income and improvement of living standards of the people.
    E. Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports while economic development is concerned with the happiness of public life.
    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.

    3. 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. 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.
    Development Economics 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.
    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.
    I think that the main reasons why Development Economics should be studied as a Course on its own is because it has a very very Huge role to play if Developing Countries like Nigeria wants to be tagged as a “Developed Country” because it teaches things needed to be done to help developing a Country. It should be treated as a very serious thing and treated as a very crucial thing by making it a Course.
    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.

  75. Eze Amarachi Ruth says:

    Name: Eze Amarachi Ruth
    Reg no: 2018/248529
    Department: Economics
    Assignment

    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 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 tools.

    2. Economic Growth
    Economic Growth is the positive change in the indicators of the economy.
    Economic Growth refers to the increment in the number 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 focuses on the production of goods and services.Economic growth relates to a gradual increase in one of the components of GDP; consumption, government spending, investment, or net exports.Economic growth is single-dimensional in nature as it only focuses on the income of the people.
    Economic Growth is the precursor and prerequisite for economic development. It is the subset of economic development.

    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.

    Below are the differences between economic growth and economic development
    i). Growth is the positive change in the indicators of economy while economic development is the quantitative and qualitative change in an economy.
    ii). Economic Growth refers to the increment in amount of goods and services produced by an economy while economic development refers to the elimination and reduction of poverty, unemployment and inequality with the context of growing economy.
    iii). 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.
    iv). 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 include process and policies by which a country improves the social economic and political well-being of it’s people.

    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 emerged as a separate discipline from traditional economics as a result of low standard of living after the second world war. Conventional economics was the economics of special case, whereas development economics appeared potentially to be the new economics for the contemporary world.The earliest Western theory of development economics was mercantilism, which developed in the 17th century, paralleling the rise of the nation state.
    Development economics should be studied in the universities for the following reasons:
    a. 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.
    b. It helps to answer the question of if it’s necessary for an economy to engage in structural transformation process .
    In general Development economics help Developing countries to know how to achieve sustainable development.
    C. It helps us to understand how necessary it is for an economy to engage in international trade.

  76. Nwosu Joshua chukwunweike says:

    Reg no: 2018/250479
    Department: Economics major
    Nwosu Joshua chukwunweike.

    1     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.
    Development 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.

    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. Economic growth means an increase in real national income / national output.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).

    3     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 asymmetric financial and welfare distribution attributed to sovereign rule.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. 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 stateslong before the recent concern over fragile states (Alatas 2013.
    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.

  77. Bamiduro Ibukun Obianuju says:

    Name: Bamiduro ibukun obianuju
    Reg no: 2018/243749
    Department: Economics
    Course: 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. analyze 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. Given this 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.

    Answers1

    As the Special Adviser to Mr. President on Human Capital Development like it has been rightly said 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. Let’s take a deeper look at this.

    What is Development?

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

    What is human capital development?

    Human capital development is the process of improving an organization’s employee performance, capabilities, and resources

    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 emphasize 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 several 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 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.
    Human capital is considered to be one of the most important elements of company success. The president will need to understand this and that the process of developing human capital requires creating the necessary environments in which employees can learn better and apply innovative ideas, acquire new competencies, develop skills, behaviors, and attitudes.

    Answer 2

    1)Economic Growth is the positive change in the indicators of an economy while Economic development is the quantitative and qualitative change in an economy.

    2)Economic Growth refers to the increment in the number of goods and services produced by an economy while Economic development refers to the reduction and elimination of poverty, unemployment, and inequality within the context of a 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 the process and policies by which a country improves the social, economic, and political well-being of its people.

    5)Economic growth focuses on the production of goods and services while Economic development focuses on the distribution of resources.

    6)Economic growth relates to a gradual increase in one of the components of GDP; consumption, government spending, investment, or net exports while Economic development relates to the growth of human capital indexes and a decrease in inequality.

    7)Economic growth is single-dimensional as it only focuses on the income of the people while Economic development is multidimensional 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 has a positive impact on economic growth.

    9)Indicators of economic growth are:
    GDP
    GO
    Per capita income while 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 a short term/short period. It is measured in a certain time frame/period.

    10)Economic growth is a continuous and long-term process while Economic development does not have a specific period to measure.

    Answer 3

    In this respect, development studies have 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).

    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.

  78. Joseph chioma Mercy says:

    NAME: JOSEPH CHIOMA MERCY
    REG. NO: 2018/242205
    DEPT. EDUCATION/ECONOMICS

    1. “development can be seen and argued as a process of expanding the real freedom that people enjoy” Though recognizing the importance of economic benchmarks, Sen argues for the need for an expanded definition of development to include real human ‘freedoms’ such as political freedoms, economic facilities, social opportunities, transparency guarantees and protective security. This human freedom is both the primary end objective and the principle means of development. In tandem, Sen stresses the need to abolish ‘unfreedoms’ such as poverty, famine, starvation, undernourishment, tyranny, poor economic opportunities, systematic social deprivation, neglect of public facilities, intolerance, and over-activity of repressive states.
    Development enhances the capacity to use the kind of loves we have reason to value
    Some key capacities are
    a. Being able to live long
    b. Being well nourished
    c. Being healthy
    d. Being literate
    e. Being well clothed
    f. Being mobile
    g. Being able to take path in the life of the community

    2. DIFFERENCE BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT
    a. 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.
    b. 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.
    c. Economic Growth is the precursor and prerequisite for economic development while Economic development comes after economic growth. It is a positive impact of economic growth.
    3. ORIGIN OF DEVELOPMENT ECONOMICS
    Development economics emerged as a branch of economics when Economist after world war 2, became more concerned about the standard of living in so many countries of Latin America, Africa and Asia. The economy of the less developed countries were so different from the developed countries that basic economic could not explain the behavior of less developed country’s economics. Many approaches were used in trying to explain the slow and weak growth of the countries but they all failed.

  79. Nwoko Nnamdi Netochukwu says:

    ▪︎ What is Development Economics?
    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.
    •Its Origin
    In its most general sense, development is a process that has gone on throughout human history as individuals and societies have attempted to better themselves. In Europe, concerted efforts to improve the conditions of disadvantaged sectors in society began in the 19th and early 20th centuries often spearheaded by religious or socialist groups. Such efforts were accompanied by the study of disadvantage, and eventually led, inter alia, to legislation and the establishment of government departments concerned with improving or protecting social welfare. However, the ‘development’ as a major government activity and field of endeavour extending beyond national borders emerged only after the Second World War, as a result of the need to rebuild the war-torn countries in Europe. European, US, and international organisations involved in reconstruction in Europe then turned their attention to the problems faced by countries in Africa, Asia, and Latin America as they began to gain their independence and as people and governments in former colonial countries recognised that they faced both obligations and opportunities in raising economic activities and living standards in their former colonies.

    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.

    ▪︎ Importance of Development
    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.

    ▪︎ Differences between Economic growth and Development Economics.
    Economic growth is a conservative concept and it denotes the rise in a nations’ actual level of output on account of the rise in quality of resources whereas economic development is comparatively a normative concept, and it denotes the enhancement in the standard of living of an individual, and self-esteem needs.

    As per the economist Amartya Sen, economic growth is one aspect of economic development. Also, united Nations sees it as this “Economic development focuses not only on man’s materialistic need but it focuses on overall development or rise in its living standards.

    Economic growth can be calculated in a specific period of time whereas economic development is an ongoing/ 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 it measures the improvement in the HDI index whereas economic growth is moreover related to developed countries but its parameters can be applied to developing countries also as these parameters include GDP, GNP, FDI 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.

    ▪︎ Why Study Development Economics?
    Development economics is fascinating because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world.

    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.

  80. Julius Loveth Olachi (2018/242294) says:

    JULIUS LOVETH OLACHI
    2018/242294
    ECONOMICS DEPARTMENT
    juliusloveth2002@gmail.com

    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,
    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.
    The human capital development approach focuses on improving the lives people lead rather than assuming that economic growth will lead, automatically, to greater opportunities for all. Income growth is an important means to development, rather than an end in itself. Human Capital Development is about giving people more freedom and opportunities to live lives they value. In effect this means developing people’s abilities and giving them a chance to use them. For example, educating a girl would build her skills, but it is of little use if she is denied access to jobs, or does not have the skills for the local labour market.

    NO 2.
    DIFFERENCES BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT
    1. The scope of economic growth is unidirectional as it only refers to the economic growth of the nation. It only refers to the growth in the market value of goods and commodities produced in the country.
    Economic development in this aspect has a greater scope as they are multi-dimensional, and they take into account both quality and quantity. The quality of living of a nation’s citizens and their overall development forms the basis of this.
    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. In economic growth, there is rise in parameters like GDP, GNP, FDI,FII etc. WHILE in economic development there is rise in life expectancy rate, infant, improvement in literacy rate, infant mortality rate and poverty rate etc.
    4. 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.
    5. Economic development applies to underdeveloped and developing countries, whereas the concept of economic growth is more applicable to developed countries. Underdeveloped or developing countries are assessed continuously for the literacy rate, gender-related index, HDI, etc.
    6. One of the significant differences between economic growth and economic development is in terms of its definition. Economic growth is the measure of growth in the production of goods and commodities for the entire population in a financial year and is represented as a quantity. Economic development talks about the overall growth of the nation in terms of health improvement of the citizens, academic level progress, per capita income, technological advancements, etc.
    7. It 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.
    8. Economic growth is the positive quantitative change in the output of an economy in a particular time period WHILE, Economic development is the positive quantitative change in the output of an economy in a particular time period

    NO. 3
    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 economic landscape, and, finally, often showing 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 (see, e.g., Adelman 1974; Seers 1979). 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 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.

    REASON WHY WE SHOULD 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.

  81. Nwosu Sochima Anne says:

    Name: Nwosu Sochima Anne
    Reg no:2018/242291
    Dep: Economics
    Course: Eco 361
    1. Development economics was defined as a process of expanding the real freedoms that people enjoy by Amartya Sen, freedoms here may include political freedom and transparency in relations between people, freedom of opportunity, including freedom to access credit; and economic protection from abject poverty, including through income supplements and unemployment relief Based on these ethical considerations, development cannot be reduced to simply increasing basic incomes nor to rising average per capita incomes. Rather, it requires a package of overlapping mechanisms that progressively enable the exercise of a growing range of freedoms. Freedom here is both an end and a means to development. 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. 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. The difference 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 has to do with the positive change in the indicators of the economy while economic development is the qualitative and quantitative change in an economy Economic Growth refers to the increment in amount of goods and services produced by an economy whereas Economic development refers to the reduction and elimination of poverty, unemployment and inequality with the context of growing economy. We can put it in simple words that economic growth is the means of development and economic development is the ends of development.
    3. The origin of development economics as an independent discipline. The father of development economics is W. Arthur Lewis. 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. Arthur Lewis was an analysis of not only economic growth but also structural transformation. 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 period. 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. Also, development economics should be studied as a separate course because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world and that’s what makes it exceptional.

  82. Aneke Hannah Chimuaya says:

    Name: Aneke Hannah Chimuaya
    Course code: Eco 361
    Reg no: 2018/241871
    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.

    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.
    No. 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 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.

    No. 2
    The following are the difference between economic growth and economic development
    Economic growth
    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.
    It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.
    4: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.
    5: Economic Growth is the precursor and prerequisite for economic development.
    Indicators of economic growth are GDP, GNI and per capita income.
    6: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.
    7:Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
    8:Economic growth is concerned with increase in economy’s output.
    It focuses on production of goods and services.
    9:Economic growth is more relevant metric for assessing progress in developed countries.
    10:Economic growth is relatively narrow concept as compared to economic development.
    It is for short term/short period.
    It is a material/physical concept.
    11:Economic growth is measured in certain time frame/period.
    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.
    6:Economic development is concerned with the happiness of public life.
    7:Economic development comes after economic growth. It is a positive impact of economic growth.
    8: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.
    9: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)
    10:Economic development is the ends of development.
    Achieving economic development is linked with end of poverty and inequality.
    It is more abstract concept.
    11:Economic development focuses on distribution of resources
    No. 3
    Development “a gradual unfolding, a full working out or disclosure of the details of something; development Meaning “the internal process of expanding and growing” is by sense of “advancement through progressive stages” Of property, with a sense of “a bringing out of the latent possibilities” for use or profit.
    It emerged as an academic discipline during the late part of the 20th century amid growing concerns for third world economies struggling to establish themselves in the postcolonial era.
    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.
    Indeed, the first major debate that shaped the discipline—the 1950s balanced-growth versus unbalanced-growth debate—was fought under the rubric of what actually defined development economics as a distinct disciplinary field. Albert
    Hirschman (1958, 51) famously criticized the theory of balanced growth, whose principal authors he identified in Paul Rosenstein-Rodan, Ragnar Nurkse, and Tibor Scitovsky, on the ground that the theory failed “as a theory of development.” As Hirschman put it,
    Development presumably means the process of change of one type of economy into some other more advanced type. But such a process is
    given up as hopeless by the balanced growth theory which finds it difficult to visualize how the “underdevelopment” equilibrium can be bro-
    ken into at any point. . . . The balanced growth theory reaches the conclusion that an entirely new, self-contained modern industrial economy
    must be superimposed on the stagnant and equally self-contained traditional sector. . . . This is not growth, it is not even the grafting of some-
    thing new onto something old; it is a perfectly dualistic pattern of development.

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

    1: This area of study is concerned with bringing intellectual power to solve major societal problems by selecting suitable theory, techniques and methods as a foundation for studies, which improve our understanding.
    2: It is a multidisciplinary field with contributions from ecology, demography, anthropology, geography, international relations, political science, history, sociology and public management.
    3: Development Studies is context sensitive in hunt of these goals. It evaluates societal changes within a comparative, historical, and global point of view. It intends to take into account the particularity of diverse societies in terms of ecology, history, culture, and technology, and how these variations often transform into different ‘local’ responses to regional or global processes, and different strategies of development.
    4: Development studies is an ever-evolving and ever-changing field of study, at present covering concerns and topics such as environmental and socio-political sustainability; poverty, gender equity and women’s.
    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.

  83. Asogwa Martha Adaugo says:

    Asogwa Martha Adaugo
    2018/243642
    Economics/Education
    Shantelmartha12@gmail.com
    Development economics
    Eco 361
    Quiz
    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:::::
    It can be argued that in organizations real change comes in two forms: development or deterioration. From this perspective, when things change, they either improve or worsen. If they do neither, the question then becomes what kind of change is it that neither makes things better or worse-after all “change for the better” and “change for the worse” are more familiar experiences and concepts than “change that makes no difference” (which nonetheless, in some sense and situations, seems possible, like a change of tie). But, if a chosen personal or organizational change changes nothing, why bother?
    Human capital development is the process of improving an organization’s employee performance, capabilities and resources. If a manager or human resources department were to ask, “What can be done to make employees more productive?” the answer would be considered to fall within the scope of development. Being diverse and comprehensive, human capital development can range from on-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.
    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 in which technology plays a leading and dominant role, the rapid evolution and deployment of innovative technologies means that to keep up, employees are going to co-evolve, i.e., develop the skills, values and perspectives mastery of these technologies requires. In an 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.

    2. Clearly analyse the differences between Economic Growth and Economic Development.
    Answer,,,
    I) 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
    Whereas,
    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.
    II)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.
    III)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.
    IV)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.
    V)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.
    VI)Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities.
    VII)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.

    No.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 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.
    Reasons are ,,
    1)Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level
    2] This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.
    3]approaches in development economics may incorporate social and political factors to devise particular plans.
    4] Also unlike many other fields of economics, there is no consensus on what students should know.broader knowledge .
    5] Different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.

  84. BENJAMIN GIFT IHUNANYA. 2018/241855 says:

    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 does not only deal with narrower scopes like the growth of gross national product , or with the rise in personal incomes , or with the industrialization or with technological advancement, or with social modernization. Rather Development consists of the removal of various types of unfreedoms that leave people with little choice and little opportunity of exercising their reasoned agency.
    Viewing development in term of expanding freedoms directs the focus to the objective rather than some particular means, or some specially chosen list of instruments. National policies should not just be aimed at Economic growth but also on development of human capital such as life expectancy ( policies should be made to improve the lifespan on individuals), provision of education and social inclusion.
    2. Clearly analyse the differences between Economic Growth and Economic Development
    Economic growth is a sustained increase in a country’s output of goods and services while Economic development is progressive changes in the socio-economic structure of a country.
    Economic growth measures welfare with GDP which is a narrow measure of economic welfare that does not take account of important non-economic aspects e.g. freedom and social justice, while, Economic development considers changes in technological and institutional organization of production as well as in distributive pattern of income.
    Economic growth focuses on income while Economic development is about outcomes.
    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.

  85. Eze Ugochukwu Ethel says:

    Name: Eze Ugochukwu Ethel
    Dept: Social Science Education (Education Economics)
    Reg.no: 2018/245419
    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.

    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
    These are the top six reasons why economic development plays a critical role in any region’s economy.

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

    N0. 2

    Different between Economic growth and Economic development :

    Economic Growth refers to the increment in amount of goods and services produced by an economy. It is reduction and elimination of poverty, unemployment and inequality with the context of growing economy.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.

    The differences between economic Growth and Economic Development are as follows

    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.
    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.

    5. 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.

    6. 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.

    N0. 3

    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. Development economics should be studied as a separate course because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade.

    2.Development Economics when studied as a course in the University will help us to know the contrasting experience of success and failure in the economies of different regions of the world

    3.Development economics when studied will help us explore some of the economic challenges peculiar to some of the poorest countries in the world.

    4.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.

  86. Nnamani Chidimma Esther says:

    Name: Nnamani Chidimma Esther
    Reg num: 2018/243795
    Dept: Economics
    Email: nnamanichidimma12@gmail.com
    Assignment on ECO361

    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.
    Freedom in this context is not really the literal meaning of freedom, rather it means giving people the freedom to do what will better their lives, chances to make choices. Being able to have access to good health, good education, feeding well, being free to socialize etc. this is part of the duties of government in the society, they should try to invest in human capital, because what derives most of the advanced countries economy is high human capital, a healthy and well-nourished worker will be very effective and efficient in her duties. Good and quality education is an asset to the economy.
    With improvement in human capital, the three core values of development will be achieved: sustenance, self-esteem, freedom from servitude and this will bring about general increase in standard of living and rapid development will set in.

    2) Clearly analyze the differences between Economic Growth and Economic Development

    Economic Growth 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.

    3) 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.

    3b) the 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. It helps students to gain a better understanding of a number of critical questions about the economics of developing nations.

  87. Isaac Bright Chisom 2018/246602 says:

    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 does not only deal with narrower scopes like the growth of gross national product , or with the rise in personal incomes , or with the industrialization or with technological advancement, or with social modernization. Rather Development consists of the removal of various types of unfreedoms that leave people with little choice and little opportunity of exercising their reasoned agency.
    Viewing development in term of expanding freedoms directs the focus to the objective rather than some particular means, or some specially chosen list of instruments. National policies should not just be aimed at Economic growth but also on development of human capital such as life expectancy ( policies should be made to improve the lifespan on individuals), provision of education and social inclusion.
    2. Clearly analyse the differences between Economic Growth and Economic Development
    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.
    Economic growth takes place when there is a sustained increase in a country’s output as measured by GDP or GNP while Economic development occurs when the standard of living of a large majority of the population rises, including both in income and other dimensions like health and literacy.
    Economic growth focuses on income while Economic development is about outcomes.
    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 as a branch of Economics after the world war II. 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.

  88. Onah Ogochukwu says:

    ONAH OGOCHUKWU JULIET
    2018/248266
    Combined Social Sciences Economics/Sociology

    Eco 361 assignment
    1. 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.
    Freedom is central to the process of development for two distinct reasons:
    a. Evaluative reason: assessment of progress has to be done primarily in terms of whether the freedoms that people have are enhanced.
    b. Effectiveness reason: achievement of development is thoroughly dependent on the free agency of people.

    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. Economic growth means an increase in real national income / national output.

    3a. Development Economics emerged as an independent discipline in Economics after the second world war. The economists then we’re concerned about the low standard of living in so many countries of Latin America, Africa and Asia because the economies of the less developed countries (LDC) were so different from the developed countries.

    3b. 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 conomic and human development whilst others have languished.

  89. Onah Ogochukwu says:

    ONAH OGOCHUKWU JULIET
    2018/248266
    Combined Social Sciences Economics/Sociology

    Eco 361 assignment
    1. 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.
    Freedom is central to the process of development for two distinct reasons:
    a. Evaluative reason: assessment of progress has to be done primarily in terms of whether the freedoms that people have are enhanced
    b. Effectiveness reason: achievement of development is thoroughly dependent on the free agency of people

    2a. 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.

    3a. Development Economics emerged as an independent discipline in Economics after the second world war. The economists then we’re concerned about the low standard of living in so many countries of Latin America, Africa and Asia because the economies of the less developed countries (LDC) were so different from the developed countries.

    3b. 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 conomic and human development whilst others have languished.

  90. Uche constance chidera says:

    Name:. Uche Constance Chidera
    Reg.no.:. 2018/250689
    Dept:. Economics (major)
    Level:. 300l
    Course code:. Eco 361
    1. Considering the purpose of development as 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.therefore, development creates the need to place an emphasis on specific policies that would channel resources and enable social and economic mobility for various layers of the population.
    According to 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. So standing on the view of Jeffery and Paul,every citizen of a country should be entitled to total freedom and engage in living a life worth valuable in every society they may find themselves as this brings peace,intellectual-societal sustainability,economic diversity and harmony, and real development.
    2a. 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.
    b. 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.
    c. 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.
    d. Economic growth is the subset of economic development.
    e. 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.
    f. Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities.
    g. 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.
    h. Economic growth is necessary but not enough to achieve economic development.
    i. 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. The history of development economics has experienced a similar inner tension, shifting its focus from a history of theories to a history of institu-tions, 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.
    Indeed, the first major debate that shaped the discipline—the 1950s balanced-growth versus unbalanced-growth debate—was fought under the rubric of what actually defined development economics as a distinct disciplinary field. Albert Hirschman (1958, 51) famously criticized the theory of balanced growth, whose principal authors he identified in Paul Rosenstein-Rodan, Ragnar Nurkse, and Tibor Scitovsky, on the ground that the theory failed “as a theory of development.” As Hirschman put it, Development presumably means the process of change of one type of economy into some other more advanced type. But such a process is given up as hopeless by the balanced growth theory which finds it diff icult to visualize how the “underdevelopment” equilibrium can be broken into at any point. . . . The balanced growth theory reaches the conclusion that an entirely new, self-contained modern industrial economy must be superimposed on the stagnant and equally self-contained traditional sector. . . . This is not growth, it is not even the grafting of something new onto something old; it is a perfectly dualistic pattern of development. (51–52).
    Perhaps more crucial for the disciplinary identity of development economics was not any high theoretical debate but the fields in which it was going to be applied, that is, Latin America and the younger African and Asian countries that appeared as independent entities after the end of World War II. The new bipolar world that emerged during the Cold War and the reconfiguration of former imperial areas in a new, contested third world were fundamental cues for the reorientation of vast resources and many intellects from the question of growth in the so-called advanced countries to the problem of how to foster growth in less-developed ones.
    3i. It gives opportunity to apply the tools of economic analysis to the problems and challenhavepbeen.
    ii. It helps us 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.
    iii. In Development Economies we come across a lot of models of economic growth which present the picture of economic growth of western advanced countries.
    iv. A core part of economic development works to diversify the economy, reducing a region’s vulnerability to a single industry.
    v. Economic development helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers.

  91. Mbah Chidimma Judith 2018/243101.department: Economic nd sociology says:

    1. 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 (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 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.
    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,
    the political and economic life of the community.

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

    Answer.
    Differences between economic growth and economic development include-
    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 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.
    6. 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.
    7. Indicators of economic growth are: GDP, GNI and per capita income while Indicators of economic development are: Human Development Index (HDI),Human Poverty Index (HPI), Gini Coefficient, Gender Development Index (GDI), Balance of trade, and Physical Quality of Life Index (PQLI).
    8. It is for short term/short period, economic growth It is measured in certain time frame/period while Economic development does not have specific time period to measure.It is a continuous and long-term process
    9. Economic growth is concerned with increase in economy’s output. while 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.

    .
    3. The history of development economics has experienced a similar inner tension, shifting its focus from a history of theories to a history of institu￾tions, 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 appar￾ent, the first historians of the field were development economists them￾selves, 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 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.
    Why development studies?
    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. 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.
    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.
    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.
    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.

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

    QUESTION 1

    Development can be seen as it is argued that is a process of expanding the real freedom that people enjoy

    Development involves the removal of various types of Unfreedom that leave people with the chance and little opportunity of exercising their reasoned agency.

    According to Sen,It has been employed extensively in the context of human development, for example, by the United Nations Development Programme, as a broader, deeper alternative to narrowly economic metrics such as growth in GDP per capita. Here ‘poverty’ is understood as deprivation in the capability to live a good life, and ‘development’ is understood as capability expansion.

    QUESTION 2 DIFFERENCES BETWEEN ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT
    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.

    ECONOMIC GROWTH

    (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.

    (6)Earlier, economic growth was only measured in terms of Gross Domestic Product (GDP).

    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.
    (5)Economic development is concerned with the happiness of public life.

    QUESTION 3 ORIGIN OF DEVELOPMENT ECONOMICS

    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. … 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

    QUESTION 3 (b)

    WHY SHOULD DEVELOPMENT ECONOMICS BE STUDIED ALONE AS A COURSE

    Explore the complexity of economic development with an approach that’s both analytically rigorous and problem and policy oriented. On the process of learning Economic Development you’ll learn to apply rigorous economic analyses to real-world problems like poverty and underdevelopment to identify effective policies.

    Importantly, you’ll integrate methods, research findings and new insights from behavioural and experimental economics. While taught by specialised development economists, the Development Economics is housed in the multi/interdisciplinary School of International Development. This gives you the chance to take two taught modules from a choice taught by political scientists, anthropologists, specialists on natural resource, gender, and education – making this course a fascinating and rewarding choice.

  93. IBEZIM CHISOM PRECIOUS - 2018/242340 says:

    NAME: IBEZIM CHISOM PRECIOUS
    REG NUMBER: 2018/242340
    DEPARTMENT: ECONOMICS
    COURSE: DEVELOPMENT ECONOMICS
    COURSE CODE: 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.

    The process of development entails the expansion of one’s freedoms. Greater freedoms result from the development of “capabilities,” which are described as a person’s choices among possible “functionings” and the freedoms he or she has in exercising those choices. People’s functionings are what they can be or do, such as being educated, healthy, well-nourished, and self-assured. Functionings are in turn determined by “entitlements,” defined as the set of alternative commodities and services that a person can command in a society using the totality of rights and opportunities that he or she faces. The availability of public goods, personal qualities, asset endowments, societal norms, climate and environmental circumstances, and individual differences in relative deprivation all influence entitlements. Sen’s heralded contribution to the understanding of development based on the concepts of entitlements, functionings, capabilities, and freedoms was to broaden the definition of development beyond simple measures of income, consumption, and wealth to include important issues of freedom and choice (Sen, 2000). Progressing toward development, in this approach, entails tackling the sources of capability deprivation (e.g. unemployment, insecurity, etc.) and broadening the set of capabilities (e.g. good clothing, being able to live long, being well nourished, being healthy, being literate, etc)

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

    i. Economic growth is defined as an increase in economic metrics such as GDP, GNI, and per capita income. While economic development refers to the quantitative and qualitative changes in an economy as measured by metrics such as the HDI, HPI, and PQLI, among others.

    ii. The increase in the number of products and services generated by an economy is referred to as economic growth. WHILE In the context of a growing economy, economic development refers to the reduction and elimination of poverty, unemployment, and inequality.

    iii. A rise in real national income / national output is referred to as economic growth. WHILE Improvements in the quality of life and living standards, such as literacy, life expectancy, and health care, are examples of economic development.

    iv. Economic growth is one-dimensional in nature because it solely considers people’s income. WHILE Economic development is multi-faceted in nature, focusing on both income and the betterment of people’s living standards.

    v. 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.

    vi. In industrialized countries, economic growth is a more important criterion for measuring progress. WHILE In developing countries, economic development is more important for measuring progress and quality of life.

    vii. Economic growth is just for a limited time. It is calculated over a specific time period. WHILE Economic development is a long-term, ongoing activity. It does not have a set measurement period.

    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.

    Though economists from Adam Smith to Marx and Keynes have been interested in the study of economic development, they were mostly engaged in problems that were fundamentally static in nature and generally tied to a Western European framework of social and cultural institutions. Economists began to devote their focus to examining the issues of poor countries and establishing theories and models of development and growth in the 1940s of the twentieth century, particularly after World War II. The wave of political revival that swept the Asian and African nations when they threw off the colonial yoke following World War II piqued their interest in development economics even more. The ambition of new leaders in these countries to foster rapid economic development, combined with the recognition by industrialized countries that “poverty anywhere is a threat to prosperity everywhere,” has piqued interest in the topic.

    The importance of studying development economics cannot be overemphasized. Development economics is concerned with the economic aspects of low-income countries’ development processes. Its emphasis is not only on techniques of improving growth and structural transformation, but also on increasing the population’s potential. Development economics also entails the development of ideas and methodologies to aid in the formulation of policies and practices that may be applied on a national or international scale. To develop specific strategies, development economics models may combine social and political aspects. Development economics helps us to think and provide answers to questions like:
    i. what are the causes of poverty?
    ii. how can the problems of underdevelopment be solved?
    iii. how do people achieve material opportunities to live an acceptable life? etc

  94. Igboneme Adaeze Patience/2018/250527/Economics says:

    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 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” (1999:3).
    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. The evaluative role refers to the success of a society based on the substantive freedom that the members enjoy. He explains this role by pointing out the differences between the capability approach and utility (happiness) or libertarian procedural liberty or real income approaches. Utility is viewed as satisfaction or happiness.

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

    Answer.
    Differences between economic growth and economic development include-
    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 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.
    6. 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.
    7. Indicators of economic growth are: GDP, GNI and per capita income while Indicators of economic development are: Human Development Index (HDI),Human Poverty Index (HPI), Gini Coefficient, Gender Development Index (GDI), Balance of trade, and Physical Quality of Life Index (PQLI).
    8. It is for short term/short period, economic growth It is measured in certain time frame/period while Economic development does not have specific time period to measure.It is a continuous and long-term process
    9. Economic growth is concerned with increase in economy’s output. while 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.

    Answer.
    Development economics emerged as a separate discipline from traditional economics as a result of low standard of living after the second world war. Conventional economics was the economics of special case, whereas development economics appeared potentially to be the new economics for the contemporary world.The earliest Western theory of development economics was mercantilism, which developed in the 17th century, paralleling the rise of the nation state.
    Development economics should be studied in the universities for the following reasons:
    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. Development economics attempts to explore some of the economic challenges peculiar to some of the poorest countries in the world.
    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.

  95. Ajah, Angela N. says:

    NAME: AJAH, ANGELA N.
    REG. NO.: 2019/246659
    EMAIL: ajahangelanelly@gmail.com
    DEPARTMENT : LIBRARY & INFORMATION SCIENCE/ECONOMIC
    COURSE CODE : Eco. 361 (Online Discussion Quiz 5)
    COURSE: DEVELOPMENT ECONOMICS.
    LECTURER: TONY ORIJI

    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.

    Answer to number one (1)
    1. 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”. Sen argues that there are five types of interrelated freedoms, namely, political freedom, economic facilities, social opportunities, transparency and security.
    Sen’s basic premise asserts the dialectical relationship between development and freedom, and in essence “a view of development as an integrated process of expansion of substantive freedoms that connect with one another.” According to Sen, these freedoms are access to health care, education, political dissent, economic.
    Five distinct types of freedom, seen in an “instrumental” perspective, are particularly investigated in the empirical studies that follow. These include:
    1. Political freedoms,
    2. Economic facilities,
    3. Social opportunities,
    4. Transparency guarantees,
    5. Protective security.
    Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents. Economic development means different things to different people.
    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.

    Answer to number two (2)
    Economic Growth refers to the increment in amount of goods and services produced by an economy. It means an increase in real national income / national output. Economic development in other hand, means an improvement in the quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
    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.
    6. Economic growth focuses on production of goods and servicesf while Economic development focuses on distribution of resources.
    7.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.It is concerned with how people are affected.

    8. 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.
    9. 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.
    10. Indicators of economic growth are: GDP, GNI, Per Capital income while 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)
    11. It 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.
    12. 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.
    13. 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
    14. It refers to increase in production. It refers to increase in productivity.
    15. It is the means of development. It is the ends of development.
    16. Economic growth is relatively narrow concept as compared to economic development. It is a broader concept than economic development.
    17. Economic growth is concerned with increase in economy’s output while Economic Develolment is concerned with structural changes in the economy.
    Economic development= Economic growth + standard of living

    18. It is not concerned with happiness of public life. It is concerned with happiness of public life.
    19. Poverty and inequality may remain in economic growth Achieving economic development is linked with end of poverty and inequality.
    20. Economic growth is more relevant metric for assessing progress in developed countries, it is a material/physical concept. Economic Development More relevant to measure progress and quality of life in developing countries, It is more abstract concept.

    Answer to question three (3)
    Development Economic emerged as an independent discipline in 1950s. It is said that it has its heyday in the 1960s and early 1970s, and was on the wane from the mid 1970s. Development Economic as an independent discipline was introduced by a 13years old world banker called Robert McNamara’s. He introduced key change most notably shift the banks economic development policies towards targeted poverty reduction. Development Economic has grown in popularity as a subject of study since the early 1990s, and has been most widely taught and researched in Colonial history countries and developing countries such as UK, where the discipline originated.
    Reasons for studying economics in university included:
    Economics is a broad field that offers a variety of benefits. Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. Indeed, economics is an important subject because of the fact of scarcity and the desire for efficiency. Development studies is a multidisciplinary subject that focuses on the evolution of nations from political, cultural, geographical, and socio-economic perspectives. It emerged as an academic discipline during the late part of the 20th century amid growing concerns for third world economies struggling to establish themselves in the postcolonial era. More recently, academics turned their attention towards Western states, seeking to address today’s (and tomorrow’s) most pressing issues by studying their cultural and political development. In other words, development studies is about 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. Studying economics can open up a variety of career options across all sectors of the economy, from agriculture to manufacturing, to banking and consultancy.

  96. PETER EMMANUEL says:

    Name: PETER EMMANUEL
    Reg no: 2018/246577
    Department: Economics education

    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, 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 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 (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 un freedom: 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. 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
    * 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
    While 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.
    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 history of development economics has encountered a comparative internal . Straining and moving its concentration from the history theories to history of institutions,at times returning to the question of what development economics is and particularly what status it has in the more extensive financial aspects scene, and, at last, frequently showing a specific partisanship with respect to the “antiquarian.”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 (see, e.g., Adelman 1974; Seers 1979). 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 appar￾ent, the first historians of the field were development economists them￾selves, 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 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.
    Reason
    Development economics is fascinating because it shows how economic analysis can help us to understand the big themes of the 21st century, poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world.
    Development economics 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.

  97. Onyemalu Ogochukwu Maryanne says:

    Onyemalu Ogochukwu Maryanne
    2018/242424
    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.
    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. Training and development involves improving the effectiveness of organizations and the individuals and teams within them.Training may be viewed as related to immediate changes in organizational effectiveness via organized instruction, while development is related to the progress of longer-term organizational and employee goals. While training and development technically have differing definitions, the two are oftentimes used interchangeably and/or together. Training and development has historically been a topic within applied psychology but has within the last two decades become closely associated with human resources management, talent management, human resources development, instructional design, human factors.
    Training practice and methods
    Training and development encompasses three main activities: training, education, and development
    The “stakeholders” in training and development are categorized into several classes. The sponsors of training and development are senior managers. The clients of training and development are business planners. Line managers are responsible for coaching, resources, and performance. The participants are those who actually undergo the processes. The facilitators are human resource management staff. And the providers are specialists in the field. Each of these groups has its own agenda and motivations, which sometimes conflict with the agendas and motivations of the others.
    Especially in the last couple decades, training has become more trainee-focused, which allows those being trained more flexibility and active learning opportunities.For example, these active learning techniques include exploratory/discovery learning,error management training,guided exploration, and mastery training.Typical projects in the field include executive and supervisory/management development, new-employee orientation, professional-skills training, technical/job training, customer-service training, sales-and-marketing training, and health-and-safety training. Training is particularly critical in high-reliability organizations, which rely on high safety standards in order to prevent catastrophic damage to employees, equipment, or the environment (e.g. nuclear power plants, operating rooms).[15]
    It is important to note that all employees require different levels and types of development in order to fulfill their job role in the organization. All employees need some type(s) of training and development on an ongoing basis to maintain effective performance, or to adjust to new ways or work, and to remain motivated and engaged. The instructional systems design approach (often referred to as ADDIE model) is great for designing effective learning programs and used for instructional design. Instructional design is the process of designing, developing and delivering learning content. There are 5 phases in the ADDIE model: (1) needs assessment, (2) program design, (3) program development, (4) training delivery or implementation, and (5) evaluation of training.
    Analyze – problem identification, (TNA) training needs analysis, target audience determined, stakeholder’s needs identified, identify the resources required.
    Design – learning intervention/implementation outline and mapped, mapping evaluation methods.
    Development – determine delivery method, production of learning product that is in line with design, determine instructional strategies/media/methods, quality evaluation of the learning product, development of communication strategy, development of required technology, development and evaluation of assessments and evaluation tools.
    Implement – participation in side-programs, training delivery, learning participation, implementation of a communication plan, evaluation of business, execution of formal evaluations.
    Evaluation – (integral part of each step) formal evaluation, continuous learning evaluation, evaluation of business, potential points of improvement.
    2. Economic Growth and Economic Development
    Economic Growth is the positive change in the indicators of economy while 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 while 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 while 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 while 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 while 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 while 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 while 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 while 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 while 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 while 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 while Economic development requires intervention from the government as all the developmental policies are formed by the government
    It refers to increase in production while economic development refers to increase in productivity.
    It is the means of development while Economic developmentis the ends of development.
    3. map here of China attracting foreign direct investment. Again China’s great breakthrough after 1978 when Deng Xiaoping opened China to the world was to attract foreign investment that made China an export base for world manufacturing production. And, you can see, also, that the wave goes from darker provinces where its foreign direct investment is the highest, into the interior. Moving from coast to the interior just as Adam Smith had told us. And, the result is by the end of the 20th century and into the early years of the 21st century, what had started as the preserve of England, and then had spread across the English Channel and the North Sea into Western Europe, that had spread to the lands of new settlement first, that had then spread to other temperate zones, then it spread to Central and Eastern Europe, that had been taken up by Japan in late 19th century industrialization, that in the 20th century after World War Two could now spread to the former colonized parts of the world and as they gained their independence was a process of global economic development that had reached almost all the world. There are still places where this is not true til today. Often the most land-locked interior places with difficult climate, with lack of natural resources, and so forth that have all of the burdens and few of the benefits should take hold. But for most of the world, the breakthrough by now has taken place. Of course, those who made the breakthrough early on are today’s rich world. They’re the high income countries. Those who have come late to this by virtue of their history, their politics, their resource base, their geography are today’s middle income or low income countries. Those still waiting to take off are today’s least developed countries. We’re going to turn our attention carefully and in detail to how those least developed countries can make the breakthrough now in the 21st century.
    3b. 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.

  98. ABONYI AMAKA MARY says:

    NAME: ABONYI AMAKA MARY
    REG NO: 2018/241874
    DEPARTMENT: ECONOMICS
    1. From your understanding, who is good researcher?
    A good researcher is someone who undertakes reflective thinking, raises questions to find answers to problems. A good researcher must be unbiased and objective.
    2. What are the Characteristics of a Researcher?
    The following are the characteristics of a researcher:
    A researcher must be resilient and research oriented
    A researcher must be efficient. He must maximize resources with minimal efforts
    A researcher must be scientific. He must be careful in following the right step or method
    He must be effective. i.e. successful in producing desired or intended result.
    A researcher must be active
    He must be resourceful
    He must be creative
    He must be honest

    3. What are the Qualities of a Good Researcher?
    The qualities of a good researcher include the following;
    • Intellectual Curiosity. A good researcher undertakes reflective thinking, raises questions to find answer, and continues to read the related literature. As the problem becomes clear he formulates and tests hypotheses which may be accepted or rejected. The result of the hypothesis depends on the analysis of data he gathers.
    • Prudence. A good researcher uses the 4M’s (Man, Money, Materials & Machinery) effectively and economically.
    • High Tolerance to Healthy Criticism. A good researcher is doubtful of the veracity of the results are collected honestly.
    • Intellectual Honesty. A good researcher’s success and failure depends on his honest collection of data and its interpretation
    Intellectual creativity: A productive and resourceful investigator always create new approaches to research or new approaches to find answers to problems.

    4. Research can be classified by purpose or by method. Discuss and analyse this sentence explicitly.
    Research can be classified based on purpose. In this form of classification, researches are named after the objective or purpose that the research is meant to achieve. Some examples of such researches include the following;
    Action research:
    Evaluation research
    Applied research
    Pure or basic research
    Research could also be classified based on the method or procedure used. In this form of research, researches are named after the process of research. Some examples of such researches are as follows;
    Historical research
    Statistical research
    Survey research
    Case study
    Experimental research

  99. Ugwu Emmanuel Chibuike says:

    Name:ugwu Emmanuel chibuike
    Reg.no:2019/248403
    Detp:Education /Economics

    Assignment on Eco361
    No1
    Answer
    Amartya Sen, the 1998 Nobel laureate in economics, argues that the “capability to function” is what really matters for status as a poor or non poor person. As Sen put it, “Economic
    growth cannot be sensibly treated as an end in itself. Development has to be
    more concerned with enhancing the lives we lead and the freedoms we
    enjoy.
    In effect, Sen argues that 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 matters for well-being is not just the
    characteristics of commodities consumed, as in the utility approach, but what
    use the consumer can and does make of commodities. For example, a book is
    of little value to an illiterate person (except perhaps as cooking fuel or as a sta￾tus symbol). Or as Sen noted, a person with parasitic diseases will be less able
    to extract nourishment from a given quantity of food than someone without
    parasites.
    To make any sense of the concept of human well-being in general, and
    poverty in particular, we need to think beyond the availability of commodities
    and consider their use: to address what Sen calls functionings, that is, what a
    person does (or can do) with the commodities of given characteristics that they
    come to possess or control. Freedom of choice, or control of one’s own life, is it￾self a central aspect of most understandings of well-being. As Sen explains:
    The concept of “functionings” …reflects the various things a person may value
    doing or being.

    No2.
    Answer
    The difference between economic growth and development is that:
    (1) Economic growth takes place when there is a sustained increase in a country’s outputs or in the per capita output. While
    Economic development occur when the standard of living of a large majority of the population rise include both income and other dimension like health and literacy.

    (2) Economic growth deals on sustainable increase in a country’s output of goods and services . while
    Economic development is progressive change in the socio -economic structure of the country
    (3). In economic growth, Gross domestic product (GDP) is a narrow measure of economic welfare that does not take account of important non economic aspects while
    Economic development deals with change in technology and institutional organization of production as well as in distributive pattern of income.

    No3
    ANSWER
    Development economics as a field of study emerged after the second world war. After the war there was decrease in the quality of life of people but as time goes on other countries recovered from the aftermath of the war effect except Asia, Africa and Latin America. There was a remarkable differences between the economies of the now developed countries and the mentioned above. Models and theories used in the Developed countries could not work or explain the reason for the slow growth or stagnation in the now Developing countries. These led to the emergence of development economics to help explain why there is much difference between the Developed countries and these Developing countries and solution to these problems.
    The following reasons are the importance of development economics
    1) it helps us to understand and explain why the theories and models used by the Developed countries could not work in the Developing economies.
    2) It helps us to understand the importance of quality education and good health care system to the development of an economy.
    3) It helps us to understand how necessary it is for an economy to engage in international trade.
    4) It helps to understand the problem of over population and poverty and how it affects Development.
    5) It helps to answer the question of if it’s necessary for an economy to engage in structural transformation process .
    In general Development economics help Developing countries to know how to achieve sustainable development.

  100. GWOM PAUL JACOB says:

    Gwom Paul Jacob
    2018/243820
    Department of economics
    Eco 361
    AN 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.

    As a specisl adviser to Mr president on Human Development, I will advise Mr president based on the importance of economic development in the country.

    The Sen capability approach is a moral framework. It proposes that social arrangements should be evaluated primarily according to the extent of freedom people have to promote as well as achieving functions they value. Amartya Sen’s capability theory approach is a theoretical framework that involves two core normative claims.

    First, the assumption that freedom to achieve well-being is of primary moral importance. And second, that freedom to achieve well-being must be understood in terms of people with capabilities. In other words, their real opportunities to do and be what they value. The approach has been developed into a variety of more specific normative theories. Such as those of social justice or the narratives of development ethics.

    It has also given rise to a new highly interdisciplinary literature in the social sciences resulting in new social statistics and indicators. And to a new policy paradigm used mainly in developing studies, the so-called “human development approach” or human well-being.

    The capability approach claims that freedom to achieve well-being is a matter of what people can do and be. And therefore, the kind of life they can effectively lead. As Sen argues, people’s commodities or wealth or their mental reactions (utility) are an inappropriate angle because they provide limited or indirect information about how life is going. Sen illustrates his point with the example of a standard bicycle.
    This has the characteristics of “transportation”, but whether it will actually provide transportation will depend on the characteristics of those trying to use it. It could be considered a generally useful tool for most people to extend their mobility. Even if that person by some quirk, finds the bicycle charming, we should be able to notice within our assessment system that it still lacks transportation. This mental reaction also does not show that the same person would not appreciate transportation if it were actually available to them.

    Theory of capabilities

    The capabilities approach goes directly to the quality of life that people can actually achieve. This quality of life is analyzed in terms of the central concepts of “functioning” and “capability”. Sen argues that the correct approach to assessing how well people are doing is their ability to live a life that we have reason to value, not their wealth of resources or subjective well-being. But to begin to assess how people perform in terms of capacity, we first need to determine which functions are important to the good life and how much, or at least we need to specify an assessment procedure to determine this.

    Assessing capability is more information-demanding than other accounts of advantage because it not only has a much broader view of what constitutes the achievement of well-being, but also attempts to assess the freedom people actually have to make high-quality choices. Because the value of a set of capabilities represents an individual’s effective freedom to live a life that is valuable in terms of the value of the functionings available to that individual, when available functionings are enhanced, so is the individual’s effective freedom.

    Interpersonal Variations

    The diagnosis of capacity failures or significant interpersonal variations in capacity leads the attention to the relevant responsible causative pathways. These are: individual physiology, local environmental diversities, variations in social conditions, differences in relational perspectives and distribution within the family. Many of these interpersonal variations also influence people’s abilities to access resources in the first place. For example, people with physical disabilities often have more expensive requirements for achieving the same capabilities, such as mobility. While at the same time they also have greater difficulty obtaining income.

    In conclusion, the capabilities approach is defined by its choice of focus on the moral significance of individuals’ ability to achieve the kind of life they have reason to value. This distinguishes it from more established approaches to ethical evaluation. They focus exclusively on subjective well-being or the availability of means for good living, respectively. A person’s ability to live a good life is defined in terms of the set of valuable “beings and actions”. Like having good health or having loving relationships with other people to whom they have real accessibility.

    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:
    GDPGNIPer capita incomeIndicators of economic development are:
    Human Development Index (HDI)Human Poverty Index (HPI)Gini CoefficientGender 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 while 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.

    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.

    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 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.

    WHY DEVELOPMENT ECONOMICS SHOULD BE STUDIED AS A SEPERADE DISCIPLINE IN 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.

  101. Odo Godsmark Onochie says:

    NAME: Odo Onochie Godsmark
    REG. NO.: 2017/249540
    DEPARTMENT: ECONOMICS
    COURSE: ECO 361- DEVELOPMENT ECONOMICS I
    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 a 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 functionings 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
    Clearly analyze the differences between economic growth and economic development.
    ECONOMIC GROWTH
    ECONOMIC DEVELOPMENT

    This takes place when there is sustained increase in a country`s output for at least 1-2 years measured by the GDP or GNP.
    This takes place when the standard of living of the majority rises including dimensions like income, literacy, health.

    This is a sustained increase in a country`s output of goods and services.
    This is the transformation of the socio-economic structure of a nation.

    It is a narrow measure of welfare.
    It is a broad and exhaustive measure of welfare.

    It is a necessary but insufficient condition for economic development.
    It is a necessary and sufficient condition for enhancement of human welfare, standard of living and poverty alleviation.

    Economic growth is all about incomes.
    Economic development is all about outcomes.

    Many Economics 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 Development 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 action.

  102. ABONYI AMAKA MARY says:

    NAME: ABONYI AMAKA MARY
    REG NO: 2018/241874
    DEPARTMENT: ECONOMICS
    1. Development can be seen, it is argued, as a process of expanding the real freedoms that people enjoy. 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, it plays a prominent part in the process. Freedoms are among the principal means of development, growth of GNP or of individual incomes can 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. Similarly, industrialization or technological progress or social modernization can substantially contribute to expanding human freedom. 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.

    2. The differences between economic growth and development included the following:
    Economic Growth is the positive change in the indicators of economy while 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 while 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 while 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 while 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 while 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 while Economic development relates to growth of human capital indexes and decrease in inequality.
    Economic growth is a necessary but sufficient condition for economic development while Economic development is a necessary and sufficient condition for improvement of human welfare, raising standard of living and reduction of poverty.
    Economic growth is about incomes while Economic development is about outcomes

    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)
    3. Origin of development economics
    Development economics emerged as a branch of economics in 1950s. It emerged because; Economists after world war (II) became concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. These economies were used as a case study due to their level of poverty and they were so different from the developed economies that basic economics could not explain. Economists could not use the traditional models to explain the patterns of no growth, weak or slow growth and retrogression found in these economies. In order to explain these patterns, economists came up with development economics. Development economics has a greater scope. In addition to being concerned with the efficient allocation of existing scare productive resources and with their sustained growth overtime, it also deal with the economic, social, political and institutional mechanisms both public and private necessary to bring about rapid and large scale improvement. It makes use of economic analysis, methods and tools to understand the problem, constraints and opportunities facing developing countries.

    WHY STUDY DEVELOPMENT ECONOMICS?
    • Development economics as a discipline helps us gain a better understanding of a number of critical questions about the economics of developing nations.
    • It illustrates the kind of issues faced by almost every developing nation and how to solve some of the problems facing these economies.
    • Through development economics, we also study the economic, social, political and institutional mechanisms that lead to development and transformation of the less developed countries.
    • Development economics gives us the opportunity to satisfy our intellectual curiosity like:
    What causes inequality and poverty and what can be done?
    Why do some countries grow and others do not?
    • We also study development economics for moral and ethical reasons. We able to know that poverty and inequality are unfair and development is human right.

  103. Ubechu Agatha Chidinma says:

    Ubechu Agatha Chidinma
    2018/242441
    Economics
    dinmagatha@gmail.com

    QUESTION: What is the real meaning of development and origin/importance of development of Economics.

    What is Development?

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

    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.

    ORIGIN OF DEVELOPMENT
    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. 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.

    IMPORTANCE OF DEVELOPMENT ECONOMICS
    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.

  104. UMEAYO EKWOMCHUKWU ELIJAH says:

    e 31 Issue 3
    The evolution of development economics and globalization
    To read the full version of this content please select one of the options below:

    The evolution of development economics and globalization
    Ryszard Piasecki , Miron Wolnicki
    International Journal of Social Economics

    ISSN: 0306-8293

    Article publication date: 1 March 2004 Reprints & Permissions

    Article has an altmetric score of 1
    Abstract
    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

  105. ASADU FRANCISCA SOMTOCHUKWU says:

    NAME: ASADU FRANCISCA SOMTOCHUKWU
    REG NO: 2018/241230
    DEPT: EDUCATION ECONOMICS
    COURSE: ECO 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.
    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.
    Expansion of freedom is viewed, in this approach, both as the primary end and as the principal means of development. Development consists of the removal of various types of unfreedoms that leave people with little choice and little opportunity of exercising their reasoned agency. The removal of substantial unfreedoms, it is argued here, is constitutive of development. However, for a fuller understanding of the connection between development and freedom we have to go beyond that basic recognition (crucial as it is). The intrinsic importance of human freedom, in general, as the preeminent objective of development has to be distinguished from the instrumental effectiveness of freedoms of particular kinds to promote freedoms of other kinds. The linkages between different types of freedoms are empirical and causal, rather than constitutive and compositional. For example, there is strong evidence that economic and political freedoms help to reinforce one another, rather than being hostile to one another (as they are sometimes taken to be). Similarly, social opportunities of education and health care, which may require public action, complement individual opportunities of economic and political participation and also help to foster our own initiatives in overcoming our respective deprivations. If the point of departure of the approach lies in the identification of freedom as the main object of development, the reach of the policy analysis lies in establishing the empirical linkages that make the viewpoint of freedom coherent and cogent as the guiding perspective of the process of development.
    2. The term economic growth is defined as the process whereby the country’s real national and per capita income increases over a long period of time. This definition of economic growth consists of the following features of economic growth:
    Economic Growth implies a process of increase in National Income and Per-Capita Income. The increase in Per-Capita income is the better measure of Economic Growth since it reflects increase in the improvement of living standards of masses.
    Economic Growth is measured by increase in real National Income and not just the increase in money income or the nominal national income. In other words the increase should be in terms of increase of output of goods and services, and not due to a mere increase in the market prices of existing goods.
    Increase in Real Income should be Over a Long Period: The increase of real national income and per-capita income should be sustained over a long period of time. The short-run seasonal or temporary increases in income should not be confused with economic growth.
    Increase in income should be based on Increase in Productive Capacity: Increase in Income can be sustained only when this increase results from some durable increase in productive capacity of the economy like modernization or use of new technology in production, strengthening of infrastructure like transport network, improved electricity generation etc.
    ECONOMIC DEVELOPMENT
    Economic development is defined as a sustained improvement in material well being of society. Economic development is a wider concept than economic growth. Apart from growth of national income, it includes changes – social, cultural, political as well as economic which contribute to material progress. It contains changes in resource supplies, in the rate of capital formation, in size and composition of population, in technology, skills and efficiency, in institutional and organizational set-up. These changes fulfill the wider objectives of ensuring more equitable income distribution, greater employment and poverty alleviation. In short, economic development is a process consisting of a long chain of inter-related changes in fundamental factors of supply and in the structure of demand, leading to a rise in the net national product of a country in the long run.
    3. 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. 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 Study Development Economics?
    Development economics is fascinating because it shows how economic analysis can help us to understand the big themes of the 21st century – poverty and inequality, globalisation and trade, and the contrasting experience of success and failure in the economies of different regions of the world.
    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.

  106. Ugwu chidiebere loveth says:

    NAME: UGWU CHIDIEBERE LOVETH
    REG NO:2018/242902
    DEPTMENT: EDUCATION AND ECONOMICS
    EMAIL: ugwuchidiebereloveth1@gmail.com

    No1
    1. 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 (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 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. 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, the political and economic life of the community.

    No2 Differencr between Economic Growth and Economic Development
    a)Economic Growth is the positive change in the indicators of economy whileEconomic development is the quantitative and qualitative change in an economy.
    b) 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.
    C) 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.
    d) 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.
    e) Economic growth focuses on production of goods and services while Economic development focuses on distribution of resources.
    f) Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net export while Economic development relates to growth of human capital indexes and decrease in inequality.

    G) 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.
    h) 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
    I)Economic growth refers to increase in production while Economic development refers to increase in productivity.
    J)Economic growth is the means of development economic development is the ends of development.

    N0. 3

    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.

    6. Increase in National Income-

    Importance of Economic Development
    In this importance of economic development, it results in an increase in per capita income which in turn increase the national income of a nation. It also helps to enhance the efficiency level of an individual through the great or optimum per capita wage and salary.

    7. Proper Utilization of Resources-
    It ensures proper utilization of resources such as national, human, and physical resources. These resources play a very crucial role to develop the production capacity and as well as economic growth of the rate.

    8. High Degree of Structural Transformation-
    There has been a transformation in the structure of the economy from the dominant agricultural sector to manufacturing and finally to the emergence of services.

  107. Udeh Josephine Nkemakoram says:

    Udeh Josephine Nkemakoram
    2018/241843
    Economics
    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.
    To understand this we need to know what freedom is. Freedom, generally, is having the ability to act or change without constraint. Something is “free” if it can change easily and is not constrained in its present state. Development would limit the constraints imposed on individuals, constraints that could have been imposed by poverty, constraints that could have been imposed by tyranny, constraints that could have been imposed by corruption and so many other vices.
    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.
    2. Clearly analyze the differences between Economic Growth and Economic Development
    Economic Growth is the positive change in the indicators of economy, while 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, while 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, while 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, while Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
    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 should be studied as a course in the university because the knowledge gotten from it helps in the formulation of policies that bring about the development of a country. It could help solve the problem of poverty by stipulating policies that will lead to economic growth and job creation that will help combat poverty. By enlightening individuals on the important role of agriculture on the economy of a country, the importance of trade and so many other economic factors. The study of economics development provides better chances at attaining development.

  108. CHUKWUDUBEM CHINEMEREM PEACE says:

    NAME: Chukwudubem Chinemerem Peace
    REG. NO:2018/245426
    DEPARTMENT: Education/Economics
    COURSE: 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 reasons to value. As the Special Adviser to Mr. President on Human Capital Development, clearly discuss this and justify your position.
    Focussing on human freedoms contracts with narrower views of development, such as identifying with the growth of gross national product or with the rise in personal income, or with the industrialization or with technological advance or with social modernization. These freedoms include:
    1. Being able to live long: Here a person is able to afford the basic things are hat helps him to attain the life expectancy rate such as a good and affordable services, working in an environment that is not hazardous such as those working in the chemical industry. An environment that is free from pollution.
    2. Being well nourished: Being able to afford a well balanced meal. Eating healthy and nutritious food in the right proportion.
    3. Being literate: The ability to be educated up to the university level with a B.sc degree at least.
    4. Being healthy: This has to do with the state of well being or balance often physical or but sometimes also mental and social.
    5: Having freedom of choice in what one can become and can do i.e having nobody to dictate your life for you. Having the ability to make your career choices.

    2. Clearly analyse the differences between Economic growth and Economic Development
    1. Economic growth takes when there is a sustained (ongoing for at least 1_2 years) increase in a country’s output (as measures by GDP or GNP) or in the per capita output (GDP or GNP per person). 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.
    2. Economic growth has to do with a sustained increase in a country’s output of goods and services. While
    Economic development has to do with progressive changes in the socio economic structure of a country.
    3. In economic growth GDP is a narrow measure of economic welfare that does not take account of importation of non economic aspects e.g more leisure time, access to health and education, environment, freedom or social justice. While
    Economic development deals with changes in technological and Institutional organization of production as well as in distributive pattern of income.
    4. 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. 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.
    ORIGIN OF DEVELOPMENT ECONOMICS
    The study of economic development is one of the newest, most exciting, and most challenging branches of the broader disciplines of economics and political economy. Although one could claim that Adam Smith was the first “development economist” and that his Wealth of Nations, published in 1776, was the first treatise on economic development, the systematic study of the problems and processes of economic development such as the low standard of living in so many countries of Africa, Asia, and Latin America has emerged only over the past five decades or so.
    The economies of the less developed countries (LDCs) were so different from the developed countries that basic economics could not explain the behavior of less developed countries (LDCs)
    Traditional approaches produced some interesting and even elegant economic models, but these models failed to explain the patterns of no growth, weak/slow growth, or growth and retrogression found in the LDCs.
    Although development economics often draws on relevant principles and concepts from other branches of economics in either a standard or modified form, for the most part it is a field of study that is rapidly evolving its own distinctive analytical and methodological identity.
    REASONS WHY DEVELOPMENT ECONOMICS SHOULD BE STUDIED SEPARATELY
    1. Because Development Economics seek to know what causes inequality and poverty and the solution to it.
    2. It seek to know why some countries grow and others don’t.
    3. Development Economics answer policy questions.

  109. Obodoike faith oluchi says:

    Name: Obodoike faith oluchi
    Reg No:2018/245387
    Department: Education economics
    Email: oluchifaith093@gmail.com
    Assignment
    1. What is the real meaning of development And origin, important of development economics.
    2. Clearly analysis the difference between economics growth and Economics development
    3. Many economics pundit 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 reason 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 modern uses of development are figurative and emerged in English 18c. and after: Transitive meaning “unfold more fully, bring out the potential in” is by 1750; intransitive sense of “come gradually into existence or operation” is by 1793; that of “advance from one stage to another toward a finished state” is by 1843. The intransitive meaning “become known, come to light” is by 1864, American English. The photographic sense “induce the chemical changes necessary to cause a latent picture or image to become visible” is from 1845; the real estate sense of “convert land to practical or profitable use” is by 1865. Related: Developed; developing.Developing as an adjective in reference to poor or primitive countries or nations that are advancing in economic, industrial, and social conditions is by 1960.

    1b. 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 four reasons why development economics plays a critical role in any region’s economy.
    1. Economy fortification Development Economics helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers.

    2. Increased tax revenue
    The increased presence of companies in the region translates to increased tax revenue for community projects and local infrastructure.

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

    4. 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.

    Answer
    No 2.
    The difference between economics growth and Economics development are as follows:
    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.
    focuses on distribution of resources.
    3. 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.

    4. 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.
    5. 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.

    Answer
    No 3. 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. Arthur Lewis was an analysis of not only economic growth but also structural transformation
    3b. 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.

  110. ONWE, IRENE EBERE says:

    NAME:ONWE, IRENE EBERE
    REG NO: 2018/242201
    EMAIL: Irene.onwe.242201@unn.edu.ng
    DEPT: EDUCATION AND ECONOMICS
    COURSE: DEVELOPMENT ECONOMICS (ECO 361)
    ASSIGNMENT:
    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 the Special Adviser to Mr. President on Human Capital Development, i am of the opinion that development as a process of expanding the real freedoms that people enjoy and enhancing the capability to lead the lives we have reason to live is simply being able to afford the necessities of life, access to advanced technology, increase in employment rate, reduction of inflation, unavailability of insecurity, freedom to live, economic unfreedom, better policies and good governance
    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. 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;

    ii). 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. 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.
    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.

    2. Clearly analyse the differences between Economic Growth and Economic Development
    i) 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. While 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.
    ii). 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. While 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.
    iii). 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. While, 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.
    iv). Economic growth is necessary but not a sufficient condition for economic development. While, Economics development is a necessary and sufficient condition for improvement of human welfare, raising of living standards and reduction of poverty.
    v). Economic growth is concerned with increase in economy’s output.
    It focuses on production of goods and services. While, Economic development= Economic growth + standard of living, It refers to increase in productivity.

    vi). 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 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. 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 economists comprise a large group, many of whom would reject the mutual benefit claim, without regarding themselves as Neo-Marxists or dependence theorists” (Streeten 1983, 875). Moreover, the borders between the special case and the rest were in fact blurred. An increasingly vast literature has shown that the analysis of less-developed economies has affected the analysis of economic dynamics in advanced countries.1 Another reason makes it difficult to trace neat borders around the discipline of development economics, namely, the fact that the interest in economic growth and development started long before the postwar period. This is particularly true of Adam Smith and other classical political economists. David Ricardo and J. S. Mill, for instance, distinguished between two cases of reduced growth (or stationary states), caused either by lack of investment (this in the case of the poor countries) or by diminishing returns to land (in the case of the rich countries). Insufficient capital accumulation in countries with an abundance of fertile land was attributed to “bad government, insecurity of property and want of education” (Ricardo [1821] 1951, 99; see also Boianovsky 2013a, 76–77, 81–82).2 “Barbaric” nations, as Mill called them, should be guided by “civilized” developed societies.
    Perhaps more crucial for the disciplinary identity of development economics was not any high theoretical debate but the fields in which it was going to be applied, that is, Latin America and the younger African and Asian countries that appeared as independent entities after the end of World War II. The new bipolar world that emerged during the Cold War and the reconfiguration of former imperial areas in a new, contested third world were fundamental cues for the reorientation of vast resources and many intellects from the question of growth in the so-called advanced countries to the problem of how to foster growth in less-developed ones. Thus, irrespective of their theoretical disagreements, development economists all agreed on what is only a slight paraphrase of Viner’s famous dictum: development economics is what development economists do. Development economics, in other words, was from the very beginning an applied discipline, highly contested, characterized by strong eclecticism, with roots in different theoretical traditions (including an important number of classical propositions), and with an intrinsic permanent uncertainty of identity that has never abandoned it. The problem to be addressed was always more important than the discipline that addressed it. Starting in the mid-1950s, development economics entered the corridors of academe, when the first courses, textbooks, journals, and volumes of collected readings appeared; development research centers were established at MIT, Harvard, Yale, Stanford, Sussex, and elsewhere; and applied studies were pursued at the United Nations and the World Bank. In the same years, scholars were also beginning to address questions that would shape a similar though distinct disciplinary field, namely, growth economics. Although both found inspiration in the interest of the classics in dynamic processes of economic growth, development economics and growth economics evolved in separate ways. Whereas the latter addressed the growth performance of industrialized economies, development economists addressed obstacles to growth in relatively poor countries and how to overcome them. Because of their investigation of steadystate growth paths, growth economists were able from the beginning to produce formal models of the evolution of economies over time. Most development economics did not deploy mathematical methods, if only because the field tackled issues such as coordination failures, increasing returns, unbalanced growth, structural change, and unequal international exchange that were less amenable to modeling techniques available at the time. Hence the two subfields parted company.

    Development economics should be studied separately in the university because it 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 should be studied in the university because it involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level. This may involve restructuring market incentives or using mathematical methods which has to be studied differently in order to have the proper knowledge, some of these methods are intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods, which has to be effective understood. Hence the need to study development economics separately.
    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. This is why development economics should be studied differently in order to enable the students know the necessary theories to use in different situations.

  111. Offor Chukwuebuka Donaldson says:

    Name: Offor chukwuebuka Donaldson
    Course code: Eco 361
    Reg no: 2018/246940
    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.
    Solution 1
    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.

    Solution 2
    The following are the difference between economic growth and economic development
    Economic growth
    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.
    It refers to an increase over time in a country’s real output of goods and services (GNP) or real output per capita income.
    4: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.
    5: Economic Growth is the precursor and prerequisite for economic development.
    Indicators of economic growth are GDP, GNI and per capita income.
    6: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.
    7:Economic growth only looks at the quantitative aspect. It brings quantitative changes in the economy.
    8:Economic growth is concerned with increase in economy’s output.
    It focuses on production of goods and services.
    9:Economic growth is more relevant metric for assessing progress in developed countries.
    10:Economic growth is relatively narrow concept as compared to economic development.
    It is for short term/short period.
    It is a material/physical concept.
    11:Economic growth is measured in certain time frame/period.
    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.
    6:Economic development is concerned with the happiness of public life.
    7:Economic development comes after economic growth. It is a positive impact of economic growth.
    8: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.
    9: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)
    10:Economic development is the ends of development.
    Achieving economic development is linked with end of poverty and inequality.
    It is more abstract concept.
    11:Economic development focuses on distribution of resources
    Solution 3
    Development “a gradual unfolding, a full working out or disclosure of the details of something; development Meaning “the internal process of expanding and growing” is by sense of “advancement through progressive stages” Of property, with a sense of “a bringing out of the latent possibilities” for use or profit.
    It emerged as an academic discipline during the late part of the 20th century amid growing concerns for third world economies struggling to establish themselves in the postcolonial era.
    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.
    Indeed, the first major debate that shaped the discipline—the 1950s balanced-growth versus unbalanced-growth debate—was fought under the rubric of what actually defined development economics as a distinct disciplinary field. Albert
    Hirschman (1958, 51) famously criticized the theory of balanced growth, whose principal authors he identified in Paul Rosenstein-Rodan, Ragnar Nurkse, and Tibor Scitovsky, on the ground that the theory failed “as a theory of development.” As Hirschman put it,
    Development presumably means the process of change of one type of economy into some other more advanced type. But such a process is
    given up as hopeless by the balanced growth theory which finds it difficult to visualize how the “underdevelopment” equilibrium can be bro-
    ken into at any point. . . . The balanced growth theory reaches the conclusion that an entirely new, self-contained modern industrial economy
    must be superimposed on the stagnant and equally self-contained traditional sector. . . . This is not growth, it is not even the grafting of some-
    thing new onto something old; it is a perfectly dualistic pattern of development.

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

    1: This area of study is concerned with bringing intellectual power to solve major societal problems by selecting suitable theory, techniques and methods as a foundation for studies, which improve our understanding.
    2: It is a multidisciplinary field with contributions from ecology, demography, anthropology, geography, international relations, political science, history, sociology and public management.
    3: Development Studies is context sensitive in hunt of these goals. It evaluates societal changes within a comparative, historical, and global point of view. It intends to take into account the particularity of diverse societies in terms of ecology, history, culture, and technology, and how these variations often transform into different ‘local’ responses to regional or global processes, and different strategies of development.
    4: Development studies is an ever-evolving and ever-changing field of study, at present covering concerns and topics such as environmental and socio-political sustainability; poverty, gender equity and women’s.
    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.

  112. Kalu Ezinne obiwe says:

    NAME : KALU EZINNE OBIWE
    REG. NUMBER : 2018/247194
    DEPARTMENT : SOCIAL SCIENCE EDUCATION (ECONOMICS EDUCATION)
    EMAIL ADDRESS : kaluezinne007@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.
    Development can be defined as “improvement in country’s economic and social conditions”. 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.
    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.
    Freedom is central to the process of development for two distinct reasons:
    A. The evaluative reason: assessment of progress has to be done primarily in terms of whether the freedoms that people have are enhanced.
    B. The effectiveness reason: achievement of development is thoroughly dependent on the free agency of people.
    Hence, 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.
    2. Clearly analyse the differences between Economic Growth and Economic Development
    Differences between Economic Growth and Economic Development are as follows;
    i. Economic Growth is the increase in the real output of the country in a particular span of time. While Economic Development is the increase in the level of production in an economy along with enrichment of living standards and the advancement of technology.
    ii. 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. Whereas 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.
    iii. 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.
    iv. Economic growth is necessary but not enough to achieve economic development.
    v. Unlike economic development, Economic growth is an automatic process. Meanwhile, economic development is the outcome of planned and result-oriented activities.
    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 (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.
    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.
    WHY WE STUDY DEVELOPMENT ECONOMICS AS A SEPARATE DISCIPLINE
    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 understand why some countries have been able to go through a process of economic and human development whilst others have languished. The study of development economics equips us to find solutions to the following;
    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?
    IV. How important is it for countries to engage in international trade in the context of a globalising economy?
    V. How can less-developed countries achieve sustainable development?

    Reference
    https://www.educba.com/economic-growth-vs-economic-development: Retrieved on 28/09/2021.
    https://en.m.wikipedia.org/wiki/Development_economics: Retrieved on 28/09/2021.
    https://link.springer.com/chapter/10.1007/978-1-349-21587-4_2

  113. Obeta Princess Oluchi says:

    Name: Obeta Princess Oluchi
    Reg no. 2018/242409
    Department: Economics
    Level: 300
    1. As the special adviser to the president, I will say that 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 is also argued as a process of enhancing the capability to lead the kind of lives we haven’t reason to value. The key idea of capability approach is that social arrangements should aim to expand people’s capabilities, their freedom to promote or achieve valuable beings and doings. An essential test of development is whether people have greater freedoms today than they did in the past.
    2. The differences between economic growth and economic development are as follows;
    1 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.
    2 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 include process and policies by which a country improves the social economic and political well-being of it’s people.
    5:Economic growth is single dimensional in nature as it only focuses on income of the people while economic development is multidimensional in nature as it focus on both income and improvement of living standards of the people.
    3 Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports while economic development is concerned with the happiness of public life.
    4 Economic Growth is the positive change in the indicators of economy while economic development is the quantitative and qualitative change in an economy
    5 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.
    6 Indicators of economic growth are GDP, GNI and per capita income while 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)
    7 Economic growth relates a gradual increase in one of the components of GDP; consumption, government spending, investment or net exports while Economic development also relates to: provision of sufficient and effective physical and social infrastructures, equal access to resources.
    8 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 while Economic development is the ends of development. Achieving economic development is linked with end of poverty and inequality.
    9 Economic growth is concerned with increase in economy’s output while Economic development refers to increase in productivity

    3. Development Economics should be studied as a separate course because of the following reasons;
    (1) Problem of World Poverty: 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, the Lorenz curve and Gini co-efficient like measures are employed to measure international inequalities. 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.
    (2) Meaning Of Economic Development: It is the education and the mass media both at the country level and at world level which arouse the feelings in favor of development, i.e., the people of backward countries of Africa, Asia and Latin America became aware of with the concept of Economic Development. The Western experts were of the view that if real GNP and per capita GNP of a country increase over a long period of time it would be given the name of economic development. But later on, a lot of criticism was made against these measures of development. Then the economists engaged themselves in finding other measures of economic development. Accordingly, the social and economic indicator approach, the basic needs approach and the construction of human development index approach have been introduced by the economists and sociologists to measure economic development. Thus in Development Economics we study economic development and different measures which can be employed to measure it.
    (3) Models Of Economic Growth: In Development Economies we come across a lot of models of economic growth which present the picture of economic growth of western advanced countries. It means that how the developed nations got growth or what was their route of economic growth. In this respect, we study the growth model as presented by Adam Smith, Ricardo and other classical economists; the neoclassical models of economic growth as presented by J.E. Meade, Robert Solow and Swan etc.; the Schumpeter’s model of economic growth; the Harrod-Damar models of economic growth; and many other models of economic growth.
    (4) Theories Of Under-Development And Development: Development Economics also presents a lot of theories regarding the under-development of the poor countries as well as the theoretical means and ways through which the poor and backward nations of the world can attain economic development. The first set of theories is given the name of structuralist theory of development which states that the poverty of the poor nations is attributed to structural problems of the UDCs. The other theory is given the name of ‘International Dependencia model which states that it is the deliberate behavior on the part of DCs which exploited UDCs in such a way to keep them poor and backward. The third theory of economic development is called Stage Theory, where it has been told that the process of economic growth and development is furnished with certain stages (Rostow’s stages of economic growth) whereby it has been emphasized that poverty comes into being due to shortage of capital, and growth can be attained by increasing the savings and investment (even through foreign resources). The fourth major theory of economic growth is given the name Neo-classical counter-revolution theory which says that rather blaming international forces the poor countries should depend upon free markets and privatization for their economic growth.

    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 are left behind.

  114. Okafor Ifunanya Chioma says:

    Name: Okafor Ifunanya Chioma
    Department: Economics
    Reg No: 2018/241851
    Eco361 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.
    Development is the process of expanding human freedom. It requires expanding peoples choices thereby involving freedom. Freedom here means no constraints on human development. These freedom includes: political freedom, social freedom, religious freedom among others. Being unfree involves a number of factors that hinder development which are, poverty, illiteracy, neglect of public facilities by government, insecurity, poor health facilities etc. People having freedom to access to public facilities, health facilities, public education etc all these accelerate development in the country. Using Nigeria as case study with the issue of insecurity and inadequate justice system as a constraints to development. The issue of insecurity in the Northern Nigeria reduces the amount development around that area. It makes people avoid that area even with a good idea progresses there because it is not safe.
    2. Clearly analyse the differences between Economic Growth and Economic Development
    A.Economic Growth is the positive change in the indicators of economy while Economic development is the quantitative and qualitative change in an economy.
    B.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.
    C.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.
    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 while Economic development includes process and policies by which a country improves the social, economic and political well-being of its people.
    E.Economic growth focuses on production of goods and services while Economic development focuses on distribution of resources.
    F.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.It is concerned with how people are affected.
    G.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.
    H.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.
    I.Indicators of economic growth are:GDP,GNI,Per capita income while 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)
    J. Economic growth is for short term/short period and measured in certain time frame/period while Economic development is a continuous and long-term process.
    In conclusion, economic development is positive change to the economy but with economic growth that may be no positive change in the country. Economic development is very crucial in the country.
    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.
    B.Reasons for Studying Development Economics
    (1) Problem of World Poverty: 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. 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.
    (2) Meaning Of Economic Development: It is the education and the mass media both at the country level and at world level which arouse the feelings in favor of development, i.e., the people of backward countries of Africa, Asia and Latin America became aware of with the concept of Economic Development. The Western experts were of the view that if real GNP and per capita GNP of a country increase over a long period of time it would be given the name of economic development. But later on, a lot of criticism was made against these measures of development. Then the economists engaged themselves in finding other measures of economic development. Accordingly, the social and economic indicator approach, the basic needs approach and the construction of human development index approach have been introduced by the economists and sociologists to measure economic development. Thus in Development Economics we study economic development and different measures which can be employed to measure it.
    (3) Models Of Economic Growth: In Development Economies we come across a lot of models of economic growth which present the picture of economic growth of western advanced countries. It means that how the developed nations got growth or what was their route of economic growth. In this respect, we study the growth model as presented by Adam Smith, Ricardo and other classical economists; the neoclassical models of economic growth as presented by J.E. Meade, Robert Solow and Swan etc.; the Schumpeter’s model of economic growth; the Harrod-Damar models of economic growth; and many other models of economic growth.
    (4) Theories Of Under-Development And Development: Development Economics also presents a lot of theories regarding the under-development of the poor countries as well as the theoretical means and ways through which the poor and backward nations of the world can attain economic development. The first set of theories is given the name of structuralist theory of development which states that the poverty of the poor nations is attributed to structural problems of the country.
    (5) Problems Of Population: The models of economic growth tell us that labor is an important factor of economic growth. But as far as developing countries are concerned it is not so. The population growth has led to create a lot of problems i.e., population in developing countries is rising faster than natural resources and the capital accumulation.