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ECO. 361 Online Discussion/Quiz–19-12-2022 (Understanding the fundamentals of Development)

ECO. 361 Online Discussion/Quiz–19-12-2022 (Understanding the fundamentals of Development)

  1. According to Prof.  Michael Todaro, the three objectives of Development include,Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately
  2. Measuring Development is  a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.
  3. Development economics emerged as a branch of economics because:Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss the \
  4. Many folks study Development Economics for many reasons. Discuss
  5. The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.

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Comments 280

  1. Avatar Metu Sandra Chiamaka says:

    Metu Sandra chiamaka
    2017/249526
    Eco major
    1.Development enhances the capability of people; the self esteem to be a person and lead the kind of lives they desire, improvement in the wellbeing of the human lives in areas such as health and literacy which helps to be productive and function well in activities and innovative reasoning. He saw that development sufficient to growth for every economy’s or nation’s growth saw to providing and distributing more and more human welfare and necessities.
    2.UN’s Human Development Index (HDI): This measures a country’s average achievements in three basic dimensions of human development;
    • life expectancy
    • educational attainment
    • adjusted real income (PPP per period)
    UN’s Human Poverty Index (HPI): This measures deprivation using the percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water and the percentage of underweight children under five.
    3.Economics before the World War II recorded a high rate of low standard of living in so many countries. The economies of the less developed countries were so different from the developed countries that basic economics could not explain the behavior of less developed countries.
    4.Moral and ethnic reasons
    -poverty is unfair
    -inequality is unfair (at least at current level)
    -development is human right
    Our own welfare
    -Global interaction (wars, environment, refugee)
    -Global co-existence
    -Trade and investment
    Private interests
    -job prospects
    -perspectives on economies, common around knowledge
    Intellectual curiosity
    -what causes inequality and poverty and what can be done?
    -why do some countries grow and others grow?
    Sauvy expressed the third world countries into three estates; Priest, Noble and the Commoners; “Tiers Monde”. “the third world is nothing and it wants to be something” implies that the third world is exploited, as much as the third estate; its destiny is a revolutionary one. It conveys as well a second idea also discussed by Sauvy that of non-alignment for the third world belongs neither to the industrialized capitalist world nor to the industrialized communist bloc.

  2. Avatar ODOH GLORY CHIDERA says:

    NAME: ODOH GLORY CHIDERA
    REG NO: 2019/244719
    DEPARTMENT: COMBINE SOCIAL SCIENCES (ECONOMICS/SOCIOLOGY)

    Economic development is a broad term that does not really have a single, unique definition.
    Prof.( Economist) Michael Todaro specified three objectives of development.
    (1). Life sustaining goods and services: To increase the availability and widen the distribution of basic life- sustaining goods such as food,shelter, health and protection.
    (2). High incomes: To raise levels of living, including in addition to higher incomes,the provision of more jobs,better education,greater attention to cultural and human values,all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem.
    (3). Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nations- states but also to the forces of ignorance and human misery.
    Note the emphasis placed on ‘cultural and human values, self-esteem and freedom from ignorance,.
    It is important to remember that development is about much more than advancing economic growth.
    ” Human development is the expansion of people’s freedom to live long, healthy and creative lives, to advance other goals they have reason to value, and to engage actively in shaping development equitably and sustainably on a shared planet. People are both the beneficiaries and the drivers of human development,as individuals and in groups”.
    The above report was from Human Development Report dated November 2010.
    ( No2). The Human Development Index (HDI) is a statistics developed and compiled by the United Nations since 1990 to measure various countries levels of social and economic development. It is composed of four principal areas of interest: Mean years of schooling, expected years of schooling,life at birth, and gross national income (GNI) per capita.
    This index is a tool used to follow changes in development levels over time and compare the development levels of different countries.
    The health aspect of the HDI is measured by the life expectancy,as calculated at the time of birth,in each country,and normalized so that this component is equal to 0 when life expectancy is 20 and equal to 1 when life expectancy is 85.
    * Education: Is measured on two levels: the mean year of schooling for residents of a country, and the expected years of schooling that a child has at the average age for starting school. These are each separately normalized so that both 15 mean years of schooling and 18 years of expected schooling equals 1 and a simple mean of the two is calculated.
    * The economic metric chosen to represent the standard of living is GNI per capita based on Purchasing Power Parity (PPP) a common metric used to reflect average income. The standard of living is normalized so that it is equal to 1 when GNI per capita is $75,000 and equal to 0 when GNI per capita is $100.
    The final score (HDI) for each country is calculated as a geometric mean of the three components by taking the cube root of the product of the normalized components scores.
    Every year, the United Nations Development Program (UNDP) ranks countries based on the HDI report released in their annual report. HDI is one of the best tools to keep tracks of the levels of development of a country,as it combines all major social and economic indicators that are responsible for economic development.
    ( 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 . The key authors are Paul Rosenstein Rodan, Kurt Mandelbaum, Ragnar Nurkse, and Sir Hans Wolfgang Singer.
    The economic of world war II on the Americans was that high growth needn’t require war . America’s response to world war II was the most extra ordinary mobilization of an idle economy in the history of the world.
    During the war,17 million new civilian jobs were created, industrial productivity increased by 96% and corporate profits after taxes doubled.
    The economic techniques used during the world war II era was that the United States had a centrally planned economy. Strategic resources were produced in quantities set in Washington,and allocated among end users by the public officials sitting on the war production board . Key prices and wages were administered not left to market.

    ( No 4). People study Development economics because it is a branch of economics that focuses on how people in a society can escape poverty and enjoy a better standard of living..
    Development economics tries to cover the political,social , economic and institutional mechanism with the aim of bringing large improvement in the life standards of poor and Mal nourished population of the under developed countries like India, Pakistan and Singapore e.t.c.
    Development economics mainly focuses on the structural changes in every area of the economy. It tries to bring improvement in institution, technology being used in industries and many other areas. It identifies the economic problems,causes and their consequences in the developing countries and also tell how to overcome these problems. For instance, Pakistan is facing multiple economic problems like poverty, unemployment, unequal distribution of wealth, limited resources, corruption and many other social issues. Therefore economic development is concerned with these issues and develops strategies that will enable people to break the vicious circle of poverty and backwardness so that every individual of the developing country will enjoy a quality life.

    ( No 5).
    The above assertion therefore implies that the third world is exploited ,much as the third estate was exploited and that ,like the third estate,it’s destiny is a revolutionary one. It conveys as well as second idea ,also discussed by Sauvy- that of non- alignment, for the developing world belongs neither to the industrialised capitalist world nor to the industrialised former communist bloc. The expression ” third world” was used at the 1955 conference of Afro- Asian countries held in Bandung, Indonesia.
    In 1956 a group of social scientists associated with Sauvy’s National Institute of Demographic studies in Paris published a book called ‘ LE TIERS- MONDE’ . Three years later, the French economist Francois Perroux launched a new journal on problems of underdevelopment with the same title.
    By the end of the 1950s,the term was frequently employed in the French media to refer to the underdeveloped countries of Asia,Africa, Oceania and Latin America. Present- day politicians and social commentators, however,now use the term ” developing world” in a politically correct effort to dispel the negative connotation of ‘ third world ‘.
    This combination of condition in Asia, Africa, Oceania and Latin America is linked to the absorption of the third world into the international capitalist economy by way of conquest or indirect domination.
    The main economic consequences of western domination was the creation, for the first time in history,of a world market by setting up throughout the third world sub- economics linked to the west, and by introducing other modern institution, industrial capitalism disrupted traditional economies , and indeed societies. This disruption led to underdevelopment.

    Thank you Mr President.

  3. Avatar Nnemelu Ifeomachukwu Shalon says:

    Nnemelu Ifeomachukwu Shalon
    2018/251946
    library and information science.

    of Economy to improve the standard of living suffered by countries of latin America,Africa and Asia using various methods such as Economic analysis,theories etc during this period. It was during this period that Lord Maynard Keynes propounded the keynesian model. In his model, he believed that government’s intervention is necessary to increase or reduce aggregate demand so as to balance the economy.
    (4) Many folks study Development Economics for the following reasons:
    (i) Private Interest: People study Development Economics for their own personal reasons. The following factors are what influences people to study Development Economics for their own personal reasons or interest:
    (a)Job Prospect: people are influenced to study Development Economics because they want to work as development consultants etc.
    (b) perspective on economics, common allround knowledge.
    (ii) Intellectual Curiosity: People study Development Economics because they want to know the answers and solutions to the following:
    (a) What causes inequality and poverty,and what can be done?
    (b) Why do some countries grow and others do not?

    (iii) Our own welfare: people study Economics for the welfare and well being of everyone. More reasons for studying development Economics for our own welfare includes: Global interaction ( Wars, environment,refugee),Global co-existence, Trade and investment
    (iv) Moral and Ethical reasons: People study Development Economics because they believe Inequality is unfair,hence there is need to curtail it,they believe that development is a human right. They also believe poverty is unfair and must be eradicated.
    (5) The French demographer Alfred Sauvy coined the expression “tiers monde’ in French to describe the third estate which is made up of commoners. Before and during the French Revolution, there exist three divisions of people in France. The first division is called the first estate,second division is the second estate, and the third division is called the third estate. The first estate is made up of priests,while the second estate is made up of nobles and the third estate is made up of commoners. The people in the third estate according to Sauvy is nothing ,and they “want to be something”. They are servants to the priests and nobles. They are exploited heavily and its destiny is a revolutionary one. The third World or third estate as conveyed or discussed by Sauvy is one that is of a non-alignment. This implies that the third world belongs to neither the industrialised capitalist nor to the industrialised communist bloc.
    The expression third world was used at the 1955 conference of Afro-Asian countries held in Bandung Indonesia.
    In 1956 a group of social scientists associated to Sauvy’s National institute of Demographic Studies in Paris, published a book called “Le Tiers-Monde”.
    Three years later,the French Economist Francois Perroux launched a new Journal on problems of underdevelopment,with the same title.
    By the end of the 1950’s the term was frequently employed in the French media to refer to the underdeveloped countries of Asia,Africa, Oceania,and Latin America.

  4. Avatar Ugwu Confidence Chika (2019/245041, ECO/POL) says:

    Name :UGWU CONFIDENCE CHIKA
    Reg No: 2019/245041
    DEP:T COMBINED SOCIAL SCIENCE (ECONOMICS/POLITICAL SCIENCE)
    QUESTION 1
    1.Raising peoples’ living levels , i. incomes and consumption, levels of food, medical services, education through relevant growth processes
    Creating conditions conducive to the growth of peoples’ self-esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect
    Increasing peoples’ freedom to choose by enlarging the range of their choice variables, e. varieties of goods and services
    In the traditional development economics, development meant growth of per capita real income. Later on, a wider definition of develop­ment came to be assigned that focused on distributional objectives. Economic development, in other words, came to be redefined in terms of reduction or elimination of poverty and inequality.
    These are, after all, ‘a goods-oriented’ view of development. True development has to be ‘people- centred’. When development is defined in terms of human welfare it means that people are put first. This ‘people-oriented’ view of development is to be called human development.
    It is thus clear that per capita income does not stand as a true index of development of any country. To overcome this problem and to under­stand the dynamics of development, the United Nations Development Programme (UNDP) developed the concept of Human Development Index (HDI) in the 1990s. This index brought in revolutionary changes not only in development, but also in the policy environment in which the government was assigned a major role instead of market forces.
    Economic development now refers to expan­ding capabilities. According to Amartya Sen, the basic objective of development is ‘the expansion of human capabilities’. The capability of a person reflects the various combinations of ‘doings and beings’ that one can achieve. It then reflects that the people are capable of doing or being. Capability thus describes a person’s freedom to choose between different ways of living.
    For example:
    Can people read and write? Are food­stuffs distributed among people in a universal manner? Do poor students get midday meal in schools? Do the poor children get adequately nourishing diets at home? No one would doubt that an illiterate poor person cannot have the same capabilities that a rich literate one gets. Thus capability failure leads to poverty and deprivation. This perspective of development, as enunciated by A. Sen, suggests why development economists put greater emphasis on education and health.
    There are many countries in the world which —despite high levels of per capita GDP growth/ real income—experience high mortality rate, undernourishment rate, poor literacy, and so on. This is a case called ‘growth without development’. M. P Todaro and S. C. Smith assert: “Real in­come is essential, but to convert the characteristics of commodities into functions…. surely requires health and education as well as income.” In other words, income does not define peoples’ ‘well- being’ adequately.
    Well-being, although a diverse notion, should consider health and education, in addition to income. Sen’s intellectual insights and fundamental ideas induced UNDP to formulate HDI as a comprehensive measure of development. It may be reiterated that the HDI as used in the Human Development Reports to compare different countries in the world has been designed as alternative to per capita GDP/GNP. Today, it is the most single commonly used measure to evaluate development outcomes.
    QUESTION 2
    Gross Domestic Product (GDP)
    GDP is s how much money a country makes from its products over the course of a year, usually converted to US Dollars:
    the sum of gross value added by all resident producers in the economy + product taxes – any subsidies not included in the value of the products.
    Gross National Product (GNP)
    GNP is the GDP of a nation together with any money that has been earned by investment abroad minus the income earned by non-nationals within the nation.
    GNP per capita
    GNP per capita is calculated as GNP divided by population; it is usually expressed in US Dollars.
    It’s a common indicator used for measuring development, but is imperfect as the calculation doesn’t take into account certain forms of production, such as subsistence production.
    Birth and death rates
    Crude Birth and Death rates (per 1000) can be used as an overall measure of the state of healthcare and education in a country, though these numbers do not give a full picture of a nation’s situation.
    The Human Development Index (HDI)
    The HDI is a composite statistic calculated from the:
    Life expectancy index
    Education index
    Mean years of schooling index
    Expected years of schooling index
    Income index
    Countries are ranked based on their score and split into categories that suggest how well developed they are.
    Infant mortality rate
    Infant mortality rate is the number of infants dying before reaching one year of age per 1,000 live births in a given year.
    Literacy rate
    The rate, or percentage, of people who are able to read is a useful indicator of the state of education within a country.
    High female literacy rates generally correspond with an increase in the knowledge of contraception and a falling birth rate.
    Life expectancy
    This simple statistic can be used as an indicator of the:
    healthcare quality in a country or province
    level of sanitation
    provision of care for the elderly
    It should not, of course, be used on its own to describe these things.
    QUESTION 3
    After World War II a number of developing countries attained independence from their former colonial rulers. One of the common claims made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies. Thus economic development after independence became an objective of policy not only because of the humanitarian desire to raise living standards but also because political promises had been made, and failure to make progress toward development would, it was feared, be interpreted as a failure of the independence movement. Developing countries in Latin America and elsewhere that had not been, or recently been, colonies took up the analogous belief that economic domination by the industrial countries had thwarted their development, and they, too, joined the quest for rapid growth.
    At that early period, theorizing about development, and about policies to attain development, accepted the assumption that the policies of the industrial countries were to blame for the poverty of the developing countries. Memories of the Great Depression, when developing countries’ terms of trade had deteriorated markedly, producing sharp reductions in per capita incomes, haunted many policymakers. Finally, even in the developed countries, the Keynesian legacy attached great importance to investment.
    In this milieu, it was thought that a “shortage of capital” was the cause of underdevelopment. It followed that policy should aim at an accelerated rate of investment. Since most countries with low per capita incomes were also heavily agricultural (and imported most of the manufactured goods consumed domestically), it was thought that accelerated investment in industrialization and the development of manufacturing industries to supplant imports through “import substitution” was the path to development. Moreover, there was a fundamental distrust of markets, and a major role was therefore assigned to government in allocating investments. Distrust of markets extended especially to the international economy.
    Experience with development changed perceptions of the process and of the policies affecting it in important ways. Nonetheless, there are significant elements of truth in some of the earlier ideas, and it is important to understand the thinking underlying them.
    QUESTION 4
    Development economics means studying economic aspects of a low-income country, such as healthcare, education, labor conditions, and market changes.
    It further analyzes ways to improve fiscal, economic, and social conditions allowing an emerging economy to become a developed economy.
    It also helps developing countries identify and overcome hurdles in economic growth, such as poverty, inequality, and market failure.
    Development economists focus on developing methods and policies for the economic development of a poor economy. They analyze population growth, structural transformations and provide ways to achieve sustainable development.
    QUESTION 5
    1952, Alfred Sauvy first coined the term ‘Third World.’ Almost 70 years later, the former president of the World Bank Robert B. Zoellick declared the demise of the “outdated categorizations of First and Third Worlds,” and confined all categorizations dividing the world into parts to the dustbin of history. According to Zoellick, “the developing world is becoming a driver of the global economy” and “North and South, East and West, are now points on a compass, not economic destinies.”
    Besides Zoellick’s reasoning that the objective political-economic conditions for multiple ‘worlds’ are withering, self-declared progressives keep reminding us that the concept ‘Third World’ is “out of date, insulting and confusing,” and that it “reinforces the idea of superiority and hierarchy,” as is claimed in this blog. “The fact that this term is outdated may seem blatantly obvious to me, but that’s probably only because I studied International Relations and Politics at University and have worked in International Development for almost a decade,” the author claims.
    But just like the development industry is drenched with neoliberal ‘NGOism’, modern theories of International Relations remain heavily dominated by Western thought. This is all in contrast with a radical and non-Eurocentric reading of the actual history of the Third World. Told from the perspective of those who made this history, this article aims to show how the legacy of the Third World is one of anti-colonial, anti-imperialist struggles for peace, development and liberation of the majority of the world’s peoples.
    “Three Worlds, One Planet”
    A European man dividing the world in his own image does seem like a source for trouble, but Alfred Sauvy wasn’t the white chauvinist one might expect him to be when he coined the term in his 1952 essay “Trois mondes, une planète.” Inspired by the anti-colonial struggles and global peace building efforts, Sauvy recognized in the then largely colonized Tiers Monde a revolutionary bloc which could contest the existential struggle between the Cold War powers of the capitalist First World and the socialist Second World. This Third World, having the momentum of history, he described as “the most important” world, even being the “first in the chronology.” It was only this Third World which could replace “preparation for war” with “world hunger” as the number one global concern.

    Next to the obvious demand of independence, the Third World wanted peace and development, but also dignity, recognition and planetary democracy. Importantly, Sauvy derived his term ‘Third World’ from the ‘Third Estate’ of pre-revolutionary France. The monarchy of the French Ancien Régime used to divide the general assembly into three estates: the First Estate representing the clergy, the Second Estate representing the aristocracy, and the Third Estate representing everyone else. While representing over 90% of the French population, the Third Estate would always be outvoted by the other estates which had equal electoral weight. Not accepting this systemic political farce, the ‘commoners’ of the Third Estate would turn against the Kingdom and form the National Assembly, signalling the beginning of the French Revolution.
    er the Cubans, the figureheads of the Third World project would not be communists. It were the nationalist leaders produced by the anti-colonial struggles in Asia and Africa that would over a series of meetings in the 50’s and 60’s make the project into a reality.

    The first and maybe most important of such meetings was the Asian–African Conference of 1955. Held in the Indonesian city of Bandung, leaders of 29 newly independent countries representing over 54% of the world’s population would for the first time in history deliberate freely and independently on their own soils. The central aims of the conference were voicing a rigorous opposition against all forms of (neo)colonialism, imperialism and racism, the strengthening of economic and cultural South-South cooperation and exchange, and for the sake of the entirety of humankind, making a plea for world peace. It was the strength and broadness of this common agenda which made it able to overcome diversity among the participating nations to make possible the first intercontinental political project constituting the majority of the world’s population. The Indonesian president Sukarno, who had led the nationalist anti-colonial independence movement in Indonesia and was host of the conference, would articulate this sentiment in his opening speech:
    We are of many different nations, we are of many different social backgrounds and cultural patterns. Our ways of life are different. Our national characters, or colors or motifs — call it what you will — are different. Our racial stock is different, and even the color of our skin is different. But what does that matter? Mankind is united or divided by considerations other than these. Conflict comes not from variety of skins, nor from variety of religion, but from variety of desires. […] But what harm is in diversity, when there is unity in desire?

    Plenary Hall of the Bandung Conference (source).
    But the “Unity in Diversity” motto that Sukarno would later in his speech deploy was not completely uncontested at Bandung. It was not race or religion, but ideology which would lead the more right wing delegates of countries like Thailand, Pakistan and the Philippines to stain the conference with anti-communist fearmongering. Luckily, this Cold War rhetoric, totally out of place at an event which was meant as a testimony against the Cold War, would not come to define the conference. The dominant current of Bandung was the centre-left consensus represented by nationalist leaders such as India’s Nehru, Egypt’s Nasser, Burma’s U Nu and Sukarno himself. These leaders would under an approving gaze of the most notable delegate Zhou Enlai speak out not only against the Cold Warmongering of the right, but also against the military-economic pacts and allegiances that some of these countries had made with the capitalist First World. They were quite convincing. In the Philippines, the conference had for instance “strengthened domestic elements which advocated an Asian identity for the country by moving away from too close a security relationship with the United States.”

    Furthermore, there was no conflict or disagreement with the proposal, as articulated in the final communique, “that for effective co-operation for world peace membership in the United Nations should be universal.” The Bandung-29 thus demanded the admission of newly independent countries such as Cambodia, Ceylon (Sri Lanka), Jordan and Libya, which would be admitted later that year. This was maybe the most important accomplishment of the Bandung conference: the democratization and subsequent politicization of until then by imperialists dominated institutions like the UN, through which other demands of the Third World such as denuclearization and better terms of trade could be forwarded. As Vijay Prashad articulated it: The “Third World amassed [their] ideas and nailed them to the doors of powerful buildings. The Third World project enabled the powerless to hold a dialogue with the powerful.”

    Another accomplishment which would have a great impact on future international relations was the outlining of the Ten Principles of Bandung. Inspired by the “Five Principles of Peaceful Coexistence” first codified in the Sino-Indian treaty of 1954, the final communique of the first ever Asian–African Conference would conclude by reasserting principles like non-interference, respect for sovereignty and territorial integrity, equality of all races and nations, rejection of coercion and big power politics and the settlement of international disputes by peaceful means

  5. Avatar hezekiah joy says:

    HEZEKIAH JOY CHIWONKE
    2019/245662
    ECONOMICS/PHILOSOPHY
    Hezekiahjoy224@gmail.com
    0810 982 5437
    1.
    The end point of development is that a means of obtaining a BETTER LIFE is secured. A kind of living that shows improvements in only a few facets of life is GOOD, but can be made BETTER. Hence, the concept of development spans across the Economic, social and institutional framework of every society.
    It is no doubt Prof.Todaro, Michael P. asserted that Development must be characterised by at leastthree objectives. These objectives in a way are closely linked with the three Core Values of Development. And so the objectives, what Development seeks to attain in every society are;
    • To increase the availability and widen the distribution of life sustaining goods such as food, shelter, health and protection.
    This is the first stage in the process of development, as one needs to survive before he thinks of attaining any feat. When there is no chance for survival, then the realization of one’s potential will not be feasible. One has to have enough I order to be more. In every society that pursues Development, these life sustaining goods are necessary, as if any of these were in critically short supply, such society would be in the state of Absolute underdevelopment. Though a country should be experiencing a rise in its GDP, but when this is not backed with a corresponding improvement in its provisions for sustenance to the least average person in it’s territory then it is not experiencing development.
    • To raise level of living including in addition to higher incomes, the provision of more jobs, better education and greater attention to cultural and human values.
    Now there are certain values that forms the foundations of humanity. One of it is that of projecting one’s identity . It is considered desirable that a society is accorded recognition in the national sphere. Hence, the objective of raising the standard of living is not just to enhance material well-being but to also provoke or generate individual and national self esteem. A society can only be highly esteemed based on her worth, and so the level of living is one way to determine a society’s worth.
    • To expand the range of economic and social choices available to individuals and countries. And this would be done by freeing them from servitude and dependence on not only other people and/or other countries but also on the forces of ignorance and human misery. Sen saw capabilities as, “The freedom that a person has in terms of the choice of what he does or can do with the commodities of given characteristics that they come to possess or control.”For freedom to exist, it is indicative of the fact that the great divide between the haves and the have-nots is abridged.

    2.
    In UN’s conscious attempt to measure human development, came up with The Human Development Index, as it gives focus to the qualitative aspects of human development. The UN’s HDI sees that two other critical indices which areHealth(longevity) and Education(knowledge) are not sidelined as indicators to Human Development.
    Hence the UN came out with three basic dimensions of human development to measure a country’s average achievements. Which are;
    • Long and Healthy Life (Longevity)
    Longevity is measured by Average Life Expectancy(in years) at birth, computed by assuming that babies born in a given year will experience the current death rate of each age cohort ( the first year, second year, third year and so forth through the nth year) through out their lifetime.
    This dimension bothers on improving the quality of life of humanity, from the quality of food, to health conditions, to environmental conditions as well as embracing industrialization, Artificial Intelligence to cut down the level of stress.
    • Educational attainment
    In the UNDP it was stated about Brazil that, ‘…only Primary schools end up being relatively targeted to the poor, not because the government succeeded in targeting resources but because richer households send their children to private schools…’ Now, how about the secondary schools, for the fact that there was a high record of Primary school education, does not necessarily imply that there will be such influx of the have-nots into higher education.
    AsEducation gives the opportunity to acquire the necessary skills and knowledge that will enable people to develop their potential, it is necessary that the level of educational attainment is high. Hence, this dimension is a composite of two variables; a two-thirds weight based on the adult literacy rate(in %) and a one-third weight based on the combined primary, secondary and tertiary Gross enrollment rate (in%). This dimension is measured by the Education Index.
    • A decent Standard of Living
    It is measured by the economicmetric, the GNI Index. It is the Gross National Income per capita based on Purchasing Power Parity which is the metric used to reflect average income. PPP is a metric for comparing relative GNIs and GDPs of different countries instead of the exchange rates so that living standards across these countries can be measured accurately. Hence, this dimension of HDI can be used to accurately question national policy choices and to decipher how two countries having the same level of income per person can still have widely different human development outcomes.
    3.
    Economists after the Second World War became concerned about the low standard of living in so many countries particularly those in Latin America, Africa and Asia. It was after the Second World War that a number of developing countries attained their Independence from their colonial masters. And so one of the claims held by theleaders of the Independence Movements was that Western Colonialism was responsible for perpetuating low living standards in African colonies.
    For instance, the Agricultural land of Nigeria was mined of its cash crops to sponsor the European countries during the war. During which Nigeria experienced an economic boom. However, after gaining her political Independence it looked as though, economically she had not gained independence. As such, Economic Development became part of the objectives of the Independence Movements and not only an ethical drive. Latin America also believed that the Economic domination of the Industrial countries checkmated their Development and that their policies were to blame for the poverty of the developing countries. And so it was thought that Accelerated investment in Industrialization and the development of manufacturing industries to supplant imports through Import Substitution was the pathway to development in the LDCs.
    Notwithstanding, the economies of the LDCs were so different from the Developed countries that basic Economics could not explain the behavior of LDC economies. It is no wonder Seers held that in a bid to study the developing world, a student trained in the Developed world will have to drop every prior doctrine absorbed about Development that prevails in their current world so as to adapt to the situations that prevails in the developing world. In other words, the principles applied in the study of development Economics in Developed economies should not be also applied in exact terms in developing countries.
    Traditional Economics is an approach to Economics that emphasizes utility, profit maximization, market efficiency and determination of equilibrium. However, Development Economics has a greater scope, and so in addition to what traditional economics offers, it must also deal with the economic, social, political and institutional mechanisms, both public and private, necessary to bring about rapid and large-scale improvements in levels of living for the LDCs.Also, unlike the Developed economies,the LDCs are plagued with a highly imperfect commodity and factor markets, limited information, economic policies are highly influenced by socio-political priorities.
    As existing and traditional areas of economics was not sufficient to bring a significant shift in the Economic vistas of many developing nations, there was then a need for a separate field – Development Economics. Its ultimate end is that we gain insights about developing economies in order to help improve the material lives of the majority of the global population.
    4.
    According to Seers, Development Economics analyses 75 – 80% of the LDCs, whose economies are highly characterized by persistent poverty, large income and assets inequalities, low levels of education and health, it is to these ends and more that categorically, reasons for studying Development Economics was outlined. Of which are;
    • Moral and Ethical Reasons
    Here we seek to establish or enshrine political, social, and institutional mechanisms to bring about rapid improvements in the standard of living of LDCs. Establishing economic, social structures to shape the problems of underdevelopment and come up with prospects for successful development.
    • Our own welfare
    Here we seek to know the sources of national and international economic growth and to know the beneficiaries of such economic growth. Knowing whether expanded international trade will benefit the entire globe, and the proportion to which such benefits will be distributed. To know the impact of Foreign aid on developing nations.
    • Private Interests
    Seek to establish educationalsystems that will promote economic growth.When and how should developing countries protect local industries. Forecasting the gains or profits of multinational corporations and Investments in developed countries.
    • Intellectual Curiosity
    Here we seek to know how and why some countries develop rapidly whereas others lag behind, what are the causes of extreme poverty and what policies are most effective in improving the lot of the extremely poor. To know why a lot still continue to migrate to township from villages, despite the high cost of living in township.
    5.
    French Scientist, Alfred Sauvy coined the word, ‘the third world ‘ in 1952 at the height of the Cold War. The word applied to the developing countries that remained outside the two power blocs but belonged to the non-communist world.Sauvy is famously tagged with the statement; “ …like the third estate, the third world is nothing and it wants to be something…” So we could get perspectives from Joseph Sieyes as he was the one that first wrote about the third estate was nothing.
    It was in response to the three rhetorical questions given by Necker, the then France Finance minister to invite writers to state how they thought the Estates-General should be organized. The questions and responses are:
    • What is the Third Estate? Everything
    • What has it been hitherto in the political order? Nothing
    • What does it desire to be? To become something
    Sieyes argued that the Third Estate is in truth France’s only legitimate Estate representing as it does the entire population and it bears the weight of the majority of tax.
    In the same light did Sauvy see the Third world. Like Sieyes’ Third Estate, the Third World are nothing as they have a weak or no Identity in the global sphere. In one sense, it could mean they are exploited. In another it could mean their non-alignment with the two economic blocs, i.e. the Industrialized Capitalist world and the Industrialized Communist world. The Third World are seen as underdeveloped and have no self-esteem to decide in matters that concerns the global village. And of course the Third World seeks to become something that’s why it strives for development.

  6. Avatar ONYEMA DIVINE OLUCHI 2019/244390 says:

    1. According to Prof. Michael Todaro, the three objectives of Development include,Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately
    ANSWER

    Professor Michael Todaro is a development economist who is known for his influential work on the topic of economic development. According to Todaro, the three objectives of development are:

    1. Producing more life-sustaining necessities such as food, shelter, and healthcare and broadening their distribution.
    2. Raising standards of living and individual self-esteem.
    3. Expanding economic and social choice and reducing fear.

    Explanation:

    1. Producing more life-sustaining necessities such as food, shelter, and healthcare and broadening their distribution

    The first objective of development is to produce more life-sustaining necessities such as food, shelter, and healthcare, and to ensure that they are distributed more widely. This objective is important because without basic necessities, people cannot live healthy and productive lives.

    In many developing countries, there is a lack of access to basic necessities such as food, clean water, and healthcare. This often leads to malnutrition, disease, and even death. To address this issue, governments and development organizations must work to increase the production of these necessities and ensure that they are distributed equitably.

    2. Raising standards of living and individual self-esteem

    The second objective of development is to raise standards of living and individual self-esteem. This means that people should have access to education, employment, and other opportunities that enable them to improve their quality of life and feel a sense of pride in their accomplishments.

    Improving education and employment opportunities is essential for raising standards of living and self-esteem. When people have access to education, they can acquire the knowledge and skills they need to secure better jobs and earn higher wages. This, in turn, enables them to provide for themselves and their families and to feel a sense of pride in their work.

    3. Expanding economic and social choice and reducing fear

    The third objective of development is to expand economic and social choice and reduce fear. This means that people should have the freedom to choose how they live their lives and that they should not be subject to fear and oppression.

    In many developing countries, there is a lack of economic and social choice, which often leads to inequality and poverty. To address this issue, governments and development organizations must work to create economic and social policies that promote equality and freedom.

    Additionally, reducing fear is important because fear can prevent people from taking risks and pursuing opportunities. When people feel safe and secure, they are more likely to take risks and try new things, which can lead to innovation and economic growth.

    2. Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.
    ANSWER

    Development is a complex process that involves multiple dimensions, such as economic growth, social progress, and environmental sustainability. Measuring development accurately requires a comprehensive and multidimensional approach that takes into account different aspects of development. To this end, the United Nations and other global agencies have developed various indices to measure development. In this response, we will discuss some of the indices developed by the UN and other global agencies.

    1. Human Development Index (HDI)
    The Human Development Index (HDI) is a composite index that measures development based on three dimensions: health, education, and income. The health dimension is measured by life expectancy at birth, the education dimension is measured by mean years of schooling, and the income dimension is measured by gross national income per capita. The HDI is used by the United Nations Development Programme (UNDP) to rank countries based on their level of human development.

    2. Gender Development Index (GDI)
    The Gender Development Index (GDI) is a composite index that measures development based on gender equality. It is similar to the HDI but takes into account gender disparities in health, education, and income. The GDI is also used by the UNDP to rank countries based on their level of gender development.

    3. Multidimensional Poverty Index (MPI)
    The Multidimensional Poverty Index (MPI) is a composite index that measures poverty based on multiple dimensions, such as health, education, and standard of living. The MPI is used by the UNDP and other agencies to measure poverty at the household level and to identify the dimensions in which people are most deprived.

    4. Sustainable Development Goals (SDGs)
    The Sustainable Development Goals (SDGs) are a set of 17 goals adopted by the United Nations in 2015 to guide development efforts towards sustainability. The SDGs cover multiple dimensions of development, such as poverty, health, education, gender equality, climate change, and sustainable consumption and production. The SDGs are used by the UN and other agencies to measure progress towards sustainable development.

    5. Environmental Performance Index (EPI)
    The Environmental Performance Index (EPI) is a composite index that measures environmental performance based on multiple dimensions, such as air and water quality, biodiversity, and climate change. The EPI is used by the Yale Center for Environmental Law and Policy and other agencies to rank countries based on their environmental performance.

    3. Development economics emerged as a branch of economics because:Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss
    ANSWER

    Development economics emerged as a branch of economics in response to the low standard of living in many countries of Latin America, Africa, and Asia after World War II. At that time, there was a growing concern among economists about the persistent poverty and underdevelopment in these countries and a need to find solutions to these problems.

    The end of World War II marked the beginning of a new era in global economic relations, as the war-ravaged countries sought to rebuild their economies and establish new political and economic systems. The Bretton Woods conference in 1944 established the International Monetary Fund (IMF) and the World Bank, which were designed to provide financial assistance and promote economic growth and development in the post-war world.

    However, many developing countries, particularly in Latin America, Africa, and Asia, did not experience the same level of economic growth and development as the industrialized countries. Instead, they faced persistent poverty, inequality, and underdevelopment, which prompted economists to study the underlying causes of these problems and to find ways to address them.

    Development economics emerged as a branch of economics in response to these challenges. It sought to understand the economic and social factors that led to underdevelopment and to identify policies and strategies that could promote economic growth, reduce poverty, and improve living standards in developing countries.

    Development economics drew on a variety of economic theories, including neoclassical economics, Keynesian economics, and institutional economics, to analyze the economic problems of developing countries. It also emphasized the importance of institutional and political factors, such as corruption, governance, and property rights, in shaping economic development.

    4. Many folks study Development Economics for many reasons. Discuss
    ANSWER

    There are various reasons why individuals choose to study development economics. Some of these reasons include:

    1. Interest in understanding global economic issues: Development economics is concerned with understanding the economic issues that affect the developing world, including poverty, inequality, and economic growth. Individuals who are interested in global economic issues often choose to study development economics as a way of gaining a deeper understanding of these issues.

    2. Desire to make a difference: Many people who study development economics are motivated by a desire to make a positive difference in the world. They may be interested in pursuing careers in international development, non-profit organizations, or government agencies that work on issues related to poverty reduction and economic development.

    3. Career opportunities: Studying development economics can lead to a wide range of career opportunities, including working for international organizations such as the World Bank and United Nations, government agencies, non-governmental organizations, research institutions, and academia.

    4. Personal or cultural background: Some individuals may have a personal or cultural background that motivates them to study development economics. For example, someone who grew up in a developing country may be interested in studying development economics to understand the economic challenges faced by their home country.

    5. Intellectual curiosity: Development economics is a dynamic field that draws on a variety of disciplines, including economics, sociology, political science, and anthropology. Individuals who are intellectually curious may be drawn to the interdisciplinary nature of development economics and the opportunity to explore complex issues from multiple perspectives.

    5.The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.
    ANSWER

    Alfred Sauvy’s assertion that the “Third World” wants to be something, much like the “Third Estate” during the French Revolution, highlights the desire for the countries of the developing world to rise above their current circumstances and achieve greater economic and social development. Sauvy’s analogy between the Third World and the Third Estate suggests that just as the Third Estate rose up against the nobility and demanded political and economic rights, so too the countries of the Third World seek to challenge the dominance of the industrialized nations and claim their place in the world.

    However, it is important to note that the term “Third World” is a complex and contested concept that has been criticized for its simplistic portrayal of diverse and complex societies. The term was originally used to refer to countries that were not aligned with either the capitalist First World or the communist Second World during the Cold War. It was later used more broadly to refer to developing countries, but this categorization has been criticized for its oversimplification and lack of nuance.

    Moreover, the assumption that the Third World wants to be something implies that these countries are inherently lacking or deficient, and that their development is a matter of catching up to the industrialized world. This view ignores the unique historical, cultural, and economic circumstances of each country and assumes a one-size-fits-all approach to development that may not be appropriate or effective.

    Furthermore, the Third World is not a monolithic entity, and the challenges and opportunities faced by each country are different. Some countries have made significant strides in economic development and poverty reduction, while others continue to struggle with conflict, corruption, and underdevelopment.

  7. Avatar Amankwe victor ubachukwu says:

    Amankwe victor ubachukwu
    2019/242928
    Library and information science

    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.
    5. Alfred Sauvy (31 October 1898 – 30 October 1990) was a demographer, anthropologist and
    historian of the French economy. Sauvy coined the term Third World (“Tiers Monde”) in
    reference to countries that were unaligned with either the Communist Soviet bloc or the
    Capitalist NATO bloc during the Cold War.
    The term “Third World” arose during the Cold War to define countries that remained non-aligned
    with either NATO or the Warsaw Pact. The United States, Canada, Japan, South Korea,
    Western European nations and their allies represented the “First World”, while the Soviet Union,
    China, Cuba, North Korea, Vietnam and their allies represented the “Second World”. This
    terminology provided a way of broadly categorizing the nations of the Earth into three groups
    based on political divisions. Strictly speaking, “Third World” was a political, rather than an
    economic, grouping.Since the dissolution of the Soviet Union and the end of the Cold War,
    the term Third World has decreased in use. It is being replaced with terms such as developing
    countries, least developed countries or the Global South. The concept itself has become
    outdated as it no longer represents the current political or economic state of the world and as
    historically poor countries have transited different income stages.
    The Third World was normally seen to include many countries with colonial pasts in Africa, Latin
    America, Oceania, and Asia.
    Some countries in the Eastern Bloc, such as Cuba, were often regarded as “Third World”.
    Because many Third World countries were economically poor and non-industrialized, it became
    a stereotype to refer to developing countries as “third world countries”, yet the “Third World”
    term is also often taken to include newly industrialized countries like Brazil, China and India now
    more commonly referred to as part of BRIC.
    Sauvy derived his term ‘Third World’ from the ‘Third Estate’ of pre-revolutionary France. The
    monarchy of the French Ancien Régime used to divide the general assembly into three estates:
    the First Estate representing the clergy, the Second Estate representing the aristocracy, and the
    Third Estate representing everyone else. While representing over 90% of the French population,
    the Third Estate would always be outvoted by the other estates which had equal electoral
    weight. Not accepting this systemic political farce, the ‘commoners’ of the Third Estate would
    turn against the Kingdom and form the National Assembly, signalling the beginning of the
    French Revolution.
    Sauvy ends his essay claiming that “this Third World, ignored, exploited, despised like the Third
    Estate, also wants to be something.” This, he later stated, was not only in homage to the French
    Revolution, but was in fact a direct transposition of the famous lines in Emmanuel-Joseph

  8. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    1.(I) Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence
    (ii) Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.
    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index
    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)
    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    3. In the post-World War II period due to concerns about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.
    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.
    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    4. Why study development economics
    (I) Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”It implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one”. It conveys as well a second idea also discussed by sauvy is that of alignment for, the developing world belongs neither to the industrise capitalist world nor to the industralised former communist bloc.

  9. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    1. (I)Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence
    (ii) Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.
    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index
    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)
    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    3. In the post-World War II period due to concerns about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.
    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.
    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    4. Why study development economics
    (I)Intellectual curiosity
    (ii) Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”It implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one”. It conveys as well a second idea also discussed by sauvy is that of alignment for, the developing world belongs neither to the industrise capitalist world nor to the industralised former communist bloc.

  10. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    1. (i) Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence
    (ii) Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.
    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index
    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)
    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    3. In the post-World War II period due to concerns about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.
    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.
    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    4. Why study development economics
    (I) Intellectual curiosity
    (ii) Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”It implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one”. It conveys as well a second idea also discussed by sauvy is that of alignment for, the developing world belongs neither to the industrise capitalist world nor to the industralised former communist bloc.

  11. Avatar Dinyelu Chikaodili Lovette says:

    Dinyelu Chikaodili Lovette
    2019/245486
    Combined Social Science
    Economics/Political Science
    chikaodililovette@gmail.com

    1. According to Prof Michael Todaro, the three objectives of development includes;
    Producing more life sustaining necessities (goods and services): To increase the availability and broaden the distribution of basic life-sustaining goods such as food, shelter, health and protection.
    Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem
    Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.
    “Human development is the expansion of people’s freedom to live long, healthy and creative lives; to advance other goals they have reason to value; and to engage actively in shaping development equitably and sustainably on a shared planet. People are both the beneficiaries and the drivers of human development, as individuals and in groups”

    2. Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against this background, the set of indices developed by the UN and other global agencies on how to measure development are; Health, Education, and Standard of living. The health component is assessed by life expectancy at birth. Education is measured by the average number of years of school completed by adults as well as the number of years of school expected to be completed by children. Standard of living is assessed by the GNI per capita, which provides a rough measure of the annual national income per person in a country. Those three measures are combined to produce a single Human Development Index (HDI) score.
    By including measures from three areas of human development, the HDI can provide insights that a single measure cannot. For example, a country with a higher GNI might have a lower life expectancy and lower educational attainment than a country with a lower GNI. When the three indicators are combined, the country with the higher GNI may have a lower HDI score than the country with the lower GNI. Such a result raises questions about how money is spent and how it might be better used to maximize well-being in the higher-income country. The UN urges governments to consider the HDI when making policy and spending choices that could either positively or negatively affect human development.
    The HDI is a useful summary of a country’s achievements in human development, but it is not a comprehensive measure. The UN created additional indexes to account for other factors that influence development. The Gender Development Index, for example, uses the three measures from the HDI but factors in disparities between men and women. The Multidimensional Poverty Index measures how many of a country’s people suffer from multiple overlapping indicators of poverty in health, education, and standard of living.

    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, Africa and Asia because Economic development involves Improved quality of life without better infrastructure and more jobs improving the economy of the region and raising the standard of living for its residents. Development economics as a branch of economics 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.

    4. Many folks study development economics for many reasons which includes;
    -The study of development economics allows one to gain the opportunity to apply economic analysis theories and practices to develop and implement policies aimed at putting a less-developed economy on the path of development. It focuses on economic variables such as GDP, supply and demand, and market rivalry.
    -The study of development economics, gives one an opportunity to apply the tools of economic analysis to the problems and challenges facing less-developed countries, and to begin to understand why some countries have been able to go through a process of economic and human development whilst others have languished.
    – Development economics focuses on how people in a society can escape poverty and enjoy a better standard of living. Development economic studies can be divided into economic and social aspects. Development economic research can help policymakers to make better decisions and formulate the right plans.
    – Again economic development tries to cover the political, social, economic and institutional mechanism with the aim to bring large improvements in the life standards of poor and mal nourished population of the underdeveloped countries like Pakistan, India and Singapore etc.
    Development economics mainly focuses on the structural changes in every area of the economy. It tries to bring improvements in institutions, technology being used in industries and many other areas. It identifies the economic problems,causes and their consequences in the developing countries and also tell how to overcome these problems. For instance, Pakistan is facing multiple economic problems like poverty, unemployment, unequal distribution of wealth, limited resources, corruption and many other other social issues. Therefore, economic development is concerned with these issues and develops strategies that will enable people to break the vicious circle of poverty and backwardness. So that every individual of the developing country will enjoy a quality life.

    5. The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”
    Here, the third estate refers to the “commoners aka everyone else.” The third world was also ignored, exploited and scorned. They were the developing and under developed nations that remained outside the two power blocs but belonged to the non-communist world and, the use of Tiers Monde in this context was more of an expression of neglect, exploitation and revolutionary potential.

  12. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    1. (i) Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

    (ii) Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index

    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)

    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    3. In the post-World War II period due to concerns about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.
    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.
    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    4. Why study development economics
    (i)Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”It implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one”. It conveys as well a second idea also discussed by sauvy is that of alignment for, the developing world belongs neither to the industrise capitalist world nor to the industralised former communist bloc.

  13. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    Michael Tadaro emphasised on three major objectives of development in any Economy.

    (i) Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

    (ii) Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index

    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)

    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    3. In the post-World War II period due to concerns about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.

    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.

    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    4. Why study development economics
    (i)Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”It implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one”. It conveys as well a second idea also discussed by sauvy is that of alignment for, the developing world belongs neither to the industrise capitalist world nor to the industralised former communist bloc.

  14. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    1. Michael Tadaro emphasised on three major objectives of development in any Economy.

    (i)Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

    (ii) Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protect
    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and
    greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate Mgreater individual and national self-esteem

    2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index

    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)

    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    3. In the post-World War II period due to concerns about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.
    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.
    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    4. Why study development economics
    (i)Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”It implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one”. It conveys as well a second idea also discussed by sauvy is that of alignment for, the developing world belongs neither to the industrise capitalist world nor to the industralised former communist bloc.

  15. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    Q1. Michael Tadaro emphasised on three major objectives of development in any Economy.

    (i). Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

    (ii). Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem.

    Q2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index

    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)

    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    Q3. In the post-World War II period due to concerns about the low standard of living in many countries in Africa, and Asia etc. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.

    Q4. (i)Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    Q5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”

    The term therefore implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one.

  16. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    Q1. Michael Tadaro emphasised on three major objectives of development in any Economy.

    (i). Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

    (ii). Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem.

    Q2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index

    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)

    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    Q3. In the post-World War II period due to concerns about the low standard of living in many countries in Africa, and Asia etc. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.

    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.

    Q4. Four reasons why many folks study development economics
    (i)Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    Q5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”

    The term therefore implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one.

  17. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    Q1. Michael Tadaro emphasised on three major objectives of development in any Economy.

    (i). Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

    (ii). Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem.

    Q2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index

    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)

    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    Q3. In the post-World War II period due to concerns about the low standard of living in many countries in Africa, and Asia etc. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.

    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.

    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    Q4. Four reasons why many folks study development economics
    (i)Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    Q5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”

    The term therefore implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one. It conveys as well a second idea also discussed by sauvy is that of alignment for, the developing world belongs neither to the industrise capitalist world nor to the industralised former communist bloc.

  18. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    Q1. Michael Tadaro emphasised on three major objectives of development in any Economy.

    (i). Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

    (ii). Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem.

    Q2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index

    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)

    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    Q3. Development economics emerged as a branch of economics in the post-World War II period due to concerns about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.

    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.

    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    Q4. Four reasons why many folks study development economics
    (i)Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    Q5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”

    The term therefore implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one. It conveys as well a second idea also discussed by sauvy is that of alignment for, the developing world belongs neither to the industrise capitalist world nor to the industralised former communist bloc.

  19. Avatar Mgboh Chidera Martins says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    Q1. Michael Tadaro emphasised on three major objectives of development in any Economy.

    (i). Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

    (ii). Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem.

    Q2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index

    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)

    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    Q3. After World War II a number of developing countries attained independence from their former colonial rulers. The claim made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies.

    Development economics emerged as a branch of economics in the post-World War II period due to concerns about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.

    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.

    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    Q4. Four reasons why many folks study development economics
    (i)Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    Q5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”

    The term therefore implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one. It conveys as well a second idea also discussed by sauvy is that of alignment for, the developing world belongs neither to the industrise capitalist world nor to the industralised former communist bloc.

  20. Avatar MGBOH CHIDERA MARTINS says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    1. Michael Tadaro emphasised on three major objectives of development in any Economy.

    (i) Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

    (ii) Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and
    greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index

    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)

    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    3. After World War II a number of developing countries attained independence from their former colonial rulers. The claim made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies. Development economics emerged as a branch of economics in the post-World War II period due to concerns about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.

    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.

    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    4. Four reasons why many folks study development economics

    (i)Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”

    The term therefore implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one.

  21. Avatar MGBOH CHIDERA MARTINS says:

    Name: Mgboh Chidera Martins
    Reg No: 2019/242146
    Dept: Economics

    1. Michael Tadaro emphasised on three major objectives of development in any Economy.

    (i) Freedom of choice: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence.

    (ii) Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    (iii) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and
    greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    2. (i) UN’s Human Poverty Index
    (ii) UN’s Human development Index

    UN’s Human development index: This index measures a country’s average achievements in three basic dimensions of human development:
    (a) Life expectancy
    (b) Educational attainment
    (c) Adjusted real income(purchasing power parity)

    UN’s Human Poverty index: This index measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water.

    3. After World War II a number of developing countries attained independence from their former colonial rulers. The claim made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies. Development economics emerged as a branch of economics in the post-World War II period due to concerns about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as developing or less developed countries, were characterized by low per capita income, low levels of industrialization, and a reliance on agriculture and natural resource exports.

    Economist began to study the causes of underdevelopment and to search for ways to improve the standard of living in these countries. They focused on issues such as economic growth, poverty reduction, inequality, and the role of the state in economic development.

    Development economics over time encompass a wide range of issues, including infrastructure development, human capital formation, institution building, and the impact of globalization on developing countries

    4. Four reasons why many folks study development economics

    (i)Intellectual curiosity
    (ii)Private interest
    (iii) Moral and ethical reason
    (iv) Our own welfare

    5. Alfred Sauvy wrote, the third world is nothing, and it “wants to be something.”

    The term therefore implies that the third estate was exploited and that, like the third estate,Its destiny is a revolutionary one. It conveys as well a second idea also discussed by sauvy is that of alignment for, the developing world belongs neither to the industrise capitalist world nor to the industralised former communist bloc.

  22. Avatar Nnaji Lovelyn Chinwe. 2019/247502 says:

    1. According to Prof. Micheal Todaro, the three objectives of development are centered towards maintaining a sustainable society, creating a healthy environment where social justice and economic growth thrives. These objectives are geared towards increasing the availability of basic needs such as food, shelter,health care, protection etc and also broadening there distribution. Improving standard of living by attaining higher income, more jobs, better education, etc thereby raising individual self esteem. Lastly, expanding the range of economic and social choices available to individuals and reducing fear.
    2. A. United Nations Human Development Index(HDI): The UNs HDI measures a country’s development and average achievements in three dimensions;
    (a). Life expectancy: This is the number of years a person is expected to live from birth.
    (b). Educational attainment: Is measured by mean of years of schooling for adults aged 25 years and more and expected years of schooling for children of school entering age.
    (c). Adjusted real income ($ ppp per person): is measured by gross national income per capita that is ppp- purchasing power parity per person.
    B. United Nations Human Povety Index(HPI): The UNs HPI is an index which accesses three elements of deprivation in a developing country using;
    (a). Longetivity: percentage of people expected to die before age 40.
    (b). Illiteracy: percentage of illetrate adults.
    (c). Standard of living: percentage of people without access to health services and safe water and the percentage of underweight children under five.
    3. After the world war 2, The economies of the less developed countries were so different from the developed countries that basic economics could not explain the behavior of less developed countries, classical Economist suggested that the economy be left alone and it would adjust back to normal but after some years the economy wasn’t improving and so traditional Economist stepped in which lead to traditional approaches towards producing some interesting and even elegant economic models, but these models failed to explain the patterns of no growth, weak/slow vrowth, or growth and retrogression found in the less developed countries.
    4. Many people study development economics because
    (a). They want to improve on their morals and ethics and development is human right.
    (b). Of our own welfare. To improve on our global interactions and coexistence. Also to improve on trade and investment.
    (c). Of private interests. We study development economics to attain more job prospects and gain common all round knowledge.
    (d). Intellectual curiosity. Through development economics we study what causes inequality and poverty and what can be done.
    (e). Development Economics helps to become more grounded in making development policies.
    5. The expression implies that the countries are underdeveloped and are exploited and it’s destiny is a revolutionary one. Sauvy discussed that the third world belongs neither to the industrialized capitalist world nor to the industrialized communist world. By the end of the 1950s the term was frequently employed in the French media to refer to underdeveloped countries.

  23. Avatar Ogaeme Onyedikachi Lovedey says:

    361
    Ogaeme Onyedikachi Lovedey
    Economics department
    2019/251299

    1. According to Prof. Michael Todaro the three objectives of development are;
    a). Producing more life sustaining necessities such as food shelter and health care and broadening their distribution: what development man to economists is a multidimensional concept involving improvement in human well-being which include life sustaining necessities.
    b). Raising standards of living and individual self esteem: Development according to Prof Dudley Seers argument is about outcomes i.e development issues with the reduction and elimination of poverty, inequality and unemployment within a growing economy. All these leads to raising one’s standard of living.
    c). Expand economic and social choice and reducing fear: in the words of Amartya Sen “development requires the removal of major sources of unfreedom….” This includes giving people choices and freedom to several other things. And thereby reducing fear.

    2. The set of indices developed by UN include:
    a). Life expectancy: This include the number of years an average individual is capable of living due to the basic amenities and facilities, financial status and health care around such a one. If the life expectancy ratio of a country is low that shows that development is not taking place.
    b). Educational attainment: This shows what educational degrees an average individual can attain given all facts, features and necessities. If an average individual can easily afford to get to university level without delay of any type then the development level of such a country is nice
    c). Adjusted real income ($PPP per person): this is the income of a person after all deductible had been made.

    3. Development economics emerged as a branch of economics after the world war II because the Economists became concerned about the low standard of living in so many countries of Latin America, Africa and Asia; The countries in this region were less developed countries and their economy were different from the developed countries and basic economics could but explain its behaviour. So economists at that time came up with development economics which involves the creation of theories and methods that aid the determination of policies and practices and be implemented at either the domestic or international level.

    4. Reasons why people study development economics include;
    a). Due to Moral and ethical reasons
    b). Our own welfare.
    c). Private interests;
    d). Intellectual curiosity.

    5. The “tiers monde” or third Estate which denote the third world is the least member of the society with very little or nothing of financial value to survive on. Which made Alfred Sauvy to say that the “third world is nothing and wants to be something”

  24. Avatar OGBONNA MMESOMA RITA says:

    OGBONNA MMESOMA RITA
    REG NO: 2019/243578
    DEPARTMENT: ECONOMICS EDUCATION
    ANSWER TO QUESTION ONE(1)????
    1.Producing More Life Sustaining Necessities Such As Food Shelter & Health Care And Widening Their Distribution: According to prof. Michael Todaro, one of the objectives of development is to increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.Sustenance is the ability to meet basic needs of people. All people have certain basic needs without which life would be impossible.

    2. Raising Standard Of Living And Individual Self Repute: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    3. Dilating Economic And Social Choice And Reducing Fear: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.

    ANSWER TO QUESTION TWO(2)????:
    The Human Development Index (HDI) is a statistic developed and compiled by the United Nations since 1990 to measure various countries’ levels of social and economic development. These are the basic three (3) dimensions of human development;

    #Life Expectancy: The health aspect of the HDI is measured by the life expectancy, as calculated at the time of birth, in each country, and normalized so that this component is equal to 0 when life expectancy is 20 and equal to 1 when life expectancy is 85.

    #Educational Attainment: Education is measured on two levels; the mean years of schooling for residents of a country bc of expected schooling equal 1, and a simple mean of the two is calculated.

    #Adjusted Real Income: The economic metric chosen to represent the standard of living is GNI per capita based on purchasing power parity (PPP), a common metric used to reflect average income. The standard of living is normalized so that it is equal to 1 when GNI per capita is $75,000 and equal to 0 when GNI per capita is $100.

    ANSWER TO QUESTION THREE(3)????
    Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- 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 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, and Sir Hans Wolfgang Singer.
    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.

    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 elongation 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 tally capabilities, morbidity, sustenance, literacy, 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.”

    ANSWER TO QUESTION FOUR(4)????
    Economic development is a critical component that drives economic growth in an economy, creating new job opportunities and facilitating an improved quality of life that includes increased access to opportunities created by economic growth for existing and future residents. These are some of the reasons of studying development economics;

    1.Assess factors like education, healthcare, and employment conditions: 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.

    2.Promote international trade (import and export) among world nations: Trade is central to ending global poverty. Countries that are open to international trade tend to grow faster, innovate, improve productivity and provide higher income and more opportunities to their people. Open trade also benefits lower-income households by offering consumers more affordable goods and services.

    3.Develop ways to achieve sustainable development: State-of-the-art sustainability practices can transform traditional economic development and poverty alleviation strategies. Creating resource efficiencies in areas such as water, transportation, energy, and material use makes communities more equitable and resilient while lowering the cost of living.

    4.Evaluate an economy, fix problems in it, and predict economic development

    5.Understand the economic effects of pandemics and natural disasters: The economic damage caused by disasters varies. Capital assets and infrastructure such as housing, schools, factories and equipment, roads, dams and bridges are lost. Human capital is depleted due to the loss of life, the loss of skilled workers and the destruction of education infrastructure that disrupts schooling.

    6. Analyze the rate of population increase, affecting the economic development

    7. Examine the structural transformation and implement fiscal policies accordingly

    ANSWER TO QUESTION FIVE (5)????
    Alfred Sauvy (31 October 1898 – 30 October 1990)[1] was a demographer, anthropologist and historian of the French economy. Sauvy coined the term Third World (“Tiers Monde”) in reference to countries that were unaligned with either the Communist Soviet bloc or the Capitalist NATO bloc during the Cold War.

    From the start the meaning of both the phrase itself and its geographical reference have been ambiguous. Generally speaking the term has always had both a political and a socioeconomic meaning, even though at first, during the Cold War, the political sense was more widely applied. The term gained popularity quickly and it became one of the most important and expressive concepts of the 20th century. From the very beginning, however, it was strongly criticised. Its critics have pointed out many different problems, which is why some people have argued that the notion of the ‘Third World’ should be abandoned. These voices were particularly widespread after the end of the Cold War.

    Sauvy derived his term ‘Third World’ from the ‘Third Estate’ of pre-revolutionary France. The monarchy of the French Ancien Régime used to divide the general assembly into three estates: the First Estate representing the clergy, the Second Estate representing the aristocracy, and the Third Estate representing everyone else. While representing over 90% of the French population, the Third Estate would always be outvoted by the other estates which had equal electoral weight. Not accepting this systemic political farce, the ‘commoners’ of the Third Estate would turn against the Kingdom and form the National Assembly, signalling the beginning of the French Revolution.

    Sauvy ends his essay claiming that “this Third World, ignored, exploited, despised like the Third Estate, also wants to be something.” This, he later stated, was not only in homage to the French Revolution, but was in fact a direct transposition of the famous lines in Emmanuel-Joseph Sieyès’ 1789 pamphlet What is the Third Estate?:
    Likewise, with the process of decolonization just taking off, the Third World was still only a concept. Like the Third Estate before the French revolution, Sauvy’s ‘Third World’ was not yet really existing in the political order, but was a future projection, a positively charged potentiality of an inevitable collective uprising. Resonating Frantz Fanon, who would later in The Wretched of the Earth proclaim that the “Third World today faces Europe like a colossal mass,” Sauvy writes:
    Don’t you hear on the French Riviera, the cries reaching us from the other end of the Mediterranean, from Egypt or Tunisia? Do you think it is just palace revolutions or the growls of the ambitious few, in search of space? No, no, the pressure is constantly increasing in the human boiler.

    REFERENCE
    Erika Rasure. (2022) What Is the Human Development Index (HDI)? https://www.investopedia.com

    Tutor2u (2021) Economic development retrieved from https://www.tutor2u.net

    United Nations. (2007) Indicators of Sustainable Development: Guidelines and Methodologies from United Nations Newyork, Third edition.

    Wallstreetmojo Team (2003) understanding development econmics retrieved from https://www.wallstreetmojo.com

  25. Avatar Ugwu Oluchi Jacintha says:

    Ugwu Oluchi Jacintha
    2020/250319(2/3)
    Social science education
    Education/Economics

    Prof. Michael Todaro said, the 3 main objectives of development are; Producing more life sustaining necessities, Raising standard of living and Expanding economic and social choice. Every nation is trying so hard to develop their country in other to raising the standard of living in the country and also help individuals improve their self esteem, this factor helps in producing the basic necessities of life such as food, shelter, health care and it also helps in the distribution of these necessities.
    2. The set of indices used to measure development are in three basic dimensions of human development which are; Life expectancy, Educational attainment and Adjusted real income.
    The UN make use of these three dimensions to measure and know the level of a country’s development. First they use what they expect of life to measure development (i.e % of people that are expected to die before the age of 50)
    They can also use the percentage of illiterate adults to measure development in an economy.
    3. Economist after world war II because concerned about the low standard of living in so many countries and they brought Development Economics into existence as a branch of Economics to deal with the economic aspect of the development process in every low income country. They didn’t just focus on improving the incomes and the growth of they economy but they also considered improving the potentials for the mass of the population.
    4. People study Development Economics for Moral and Ethical reasons (like learning that poverty is unfair, inequality is unfair), People also study Development Economics for their own private interests(For job propects, perspectives on economics), we also have people who study Development Economics because of their intellectual curiosity (They want to know what causes inequality and poverty and how it can be eradicated, they also want to know why some countries are growing and others aren’t).
    5. The term ” the third world is nothing, and it “wants to be something.” implies that the third world is exploited, much as the third estate was exploited and that, like the third estate, its destiny is a revolutionary one.Because the economies of underdeveloped countries have been geared to the needs of industrialised countries, they often comprise only a few modem economic activities, such as mining or the cultivation of plantation crops. Control over these activities has often remained in the hands of large foreign firms. The prices of developing world products are usually determined by large buyers in the economically dominant countries of the West, and trade with the West provides almost all the developing world’s income. Throughout the colonial period, outright exploitation severely limited the accumulation of capital within the foreign-dominated countries.

  26. Avatar Ugwu Oluchi Jacintha (Education/ Economics) says:

    What does economic development mean?
    Michael Todaro specified three objectives of development: Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection. Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteemFreedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.Note the emphasis placed on cultural and human values, self-esteem and freedom from ignorance; it is important to remember that development is about more than advancing economic growth. Many economists believe development should be less about growth, more about inclusive well-being and about building capacities and resilience in a fast-changing and unpredictable world.The most common measurement of development is the Human Development Index published each year by the United Nations Development Programme.

    Amartya Sen on India
    In An Uncertain Glory, Sen argues that India’s main problems lie in the lack of attention paid to the essential needs of the people, especially the poor
    Despite considerable economic growth and increasing self-confidence as a major global player, modern India is a disaster zone in which millions of lives are wrecked by hunger and by pitiable investment in health and education services. Economic growth without investment in human development is unsustainable and unethical.
    2. The HDI is a summary measurement of basic achievement levels in human development. The computed HDI of a country is an average of indexes of each of the life aspects that are examined: knowledge and understanding, a long and healthy life, and an acceptable standard of living. Each of the components is normalized to scale between 0 and 1, and then the geometric mean of the three components is calculated.
    The health aspect of the HDI is measured by the life expectancy, as calculated at the time of birth, in each country, and normalized so that this component is equal to 0 when life expectancy is 20 and equal to 1 when life expectancy is 85.
    Education is measured on two levels: the mean years of schooling for residents of a country, and the expected years of schooling that a child has at the average age for starting school. These are each separately normalized so that both 15 mean years of schooling and 18 years of expected schooling equal 1, and a simple mean of the two is calculated.
    The economic metric chosen to represent the standard of living is GNI per capita based on purchasing power parity (PPP), a common metric used to reflect average income. The standard of living is normalized so that it is equal to 1 when GNI per capita is $75,000 and equal to 0 when GNI per capita is $100.DI) …
    Infant mortality rate. …
    Literacy rate. …
    Life expectancy.
    3. What is the Third Estate? Everything. What has it been till now in the political order? Nothing. What does it want to be? Something. (Wolf-Phillips (1987). According to Love (1980) the use of Tiers Monde in this context was more of an expression of neglect, exploitation and revolutionary potential. Safire (1972), further argued that tiers monde, was originally popularized in France between 1947 and 1949 and was used to describe parties that pitched their political tent between the Gaullist Rassemblement du people Francais and the regime of the Fourth French Republic (1946 – 5).
    According to Safire (1972) President Charles de Gaulle, had also used the phrase tiers monde to describe the role of France, independent of United States foreign policy alliances. Safire (ibid, 1972) further offered a working definition of tiers monde or third force as a weight added at the fulcrum of the balance of power; a group of nations or an ideology that lies between the communist world and the western capitalist camps Wolf-Phillips (1987). In this instance, the term third force or precisely third world was used in a political not economic sense. It is critical to note that today the so called second world or the communist Eastern Europe and the Soviet Union are aggressively pursuing a free market economy. Therefore any numerical first, second and third worlds is obsolete and should be confined to the heaps of ancient history, since you can not have a first and a third in a numerical or arithmetical numbering, without having a second.

    4. Development economics is a branch of economics which deals with the economic development of the third world countries or the developing countries. Why do we study development economics?
    The answer is that economic development tries to cover the political, social, economic and institutional mechanism with the aim to bring large improvements in the life standards of poor and mal nourished population of the underdeveloped countries like Pakistan, India and Singapore etc.
    Development economics mainly focuses on the structural changes in every area of the economy. It tries to bring improvements in institutions, technology being used in industries and many other areas. It identifies the economic problems,causes and their consequences in the developing countries and also tell how to overcome these problems. For instance, Pakistan is facing multiple economic problems like poverty, unemployment, unequal distribution of wealth, limited resources, corruption and many other other social issues. Therefore, economic development is concerned with these issues and develops strategies that will enable people to break the vicious circle of poverty and backwardness. So that every individual of the developing country will enjoy a quality life.

    5. Third world was coined in French (le tiers monde) by the population expert Alfred Sauvy, to refer to those poor countries, especially in Latin America, Africa and Asia, which were aligned with neither the communist nor the capitalist blocs. It appeared in an article in L’Observateur on 14 August 1952. He created it with a nod to a famous pamphlet by the Abbé Sieyès in January 1789 about the Third Estate, le Tiers-État, one of the classes in the Estates-General, a pamphlet that was influential in the lead-up to the French Revolution later that year. The Third Estate was the commons or the ordinary people, the First Estate being the clergy and the Second Estate the nobility (the English term Fourth Estate, the press, came from this classification by analogy some decades later).

    Third world was taken up in translation by economists and politicians in Britain and the United States in the early 1960s. By analogy, first world and second world were later coined from it in English, being recorded respectively in 1967 and 1974. The former was a collective term for the developed countries that were based on a capitalist model of high income market economies, of which the USA is the principal example. This was contrasted with the second world, the relatively high income Communist countries or those with centrally planned economies in which the government owns the means of production; here the USSR was the prime case. Neither term was as widely used as third world; both have lost popularity since the fall of the Berlin Wall in 1989 except in historical contexts, though the phrase first world countries for the industrialized nations is still fairly common.

  27. Avatar Sesugh Lucy Ngufan says:

    Sesugh Lucy Ngufan
    2016/235894
    Economics/Philosophy
    Question ONE
    Michael Todaro specified three objectives of development.
    According to Prof. Michael Todaro, the three objectives of Development include:
    Producing more life sustaining necessities such as food shelter & health care.
    Broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear.
    Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.
    Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem
    Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.
    Michae Todaro sees these necessities as part of developing a nation. Consider having food in abundance, good shelter, good health facilities, good clothings. With these, people can go about their other activities. If these basic necessities are not in abundance, it affects the living standard of the people. Just like Nigeria, people consume unclean water, bad food, poor education etc. When this happens, the country is underdeveloped. The aim of Todaro is that those basic necessities should not just be in little quantity but there should be a continuous increase in those necessities, which upon increasing would give a good standard of living to the people and thus, along for the widening of other areas in the nation. This first objective is a primary and necessary objective of development.To raise levels of living, the basic necessities are ensured and the quest for a better living comes to play because people can not just eat to live, have shelter to live in, have clothes just to protect the skin, but the quest to improve life comes in. Things such as education, having good jobs, being enlighten and educated, people can be able to create jobs and even the government can are for the citezens. Having these activities and improvement, there will be increase or raising in the standard of living of the people, expanding economic and social choice and reducing fear.
    Finally, the emphasis placed on cultural and human values, self-esteem and freedom from ignorance; it is important to remember that development is about more than advancing economic growth. Many economists believe development should be less about growth, more about inclusive well-being and about building capacities and resilience in a fast-changing and unpredictable world.
    QUESTION TWO
    The most common measurement of development is the Human Development Index(HDI) published each year by the United Nations Development Programme.
    The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone.
    The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development: a long and healthy life, being knowledgeable and having a decent standard of living. The HDI is the geometric mean of normalized indices for each of the three dimensions.
    HDI Dimensions.
    Long and healthy Life.
    Knowledge.
    A decent standard of living.
    The four aspects of the development are: mean years of schooling, expected years of schooling, life expectancy at birth, and gross national income (GNI) per capita.The UN in measuring the mean years of schooling takes into cognizance the average total number of those who have completed their education in a country. Notably, education is the best gift you can offer to the young ones, it is vital, because in a country where the total number of the population that have completed their education is high, there is the likeliness of the foundation of development. The Human Development Index measures the year of schooling which is appropriate for individuals in a nation and also measures the expected years of schooling for individuals which is the age at which a child is to begin schooling until the child finishes. Human Development Index checks the appropriate age at which a child is to begin and end school. For instance, in Nigeria, a child who begins to school at the age of four is expected to complete his studies in 10.2 years, that is at his 18th birthday. The measurements of the expected years of schooling is the sum of the age-specific enrolment ratios for primary, secondary, post-secondary non-tertiary and tertiary education. With this, the level of development of a nation can also be measured.Life expectancy at birth shows the total mortality rate of the population and summarize the different mortality rate of the different levels of human life.
    Dudley Sears defined development as “the reduction and elimination of poverty, inequality and unemployment within a growing economy”.
    Nobel Economist Amartya Sen writing in “Development as Freedom”, sees development as being concerned with improving the freedoms and capabilities of the disadvantaged, thereby enhancing the overall quality of life – what really matters are the capabilities of people, that is, the extent of their opportunity set and of their freedom to choose among this set, the life they value.
    Amartya Sen pursues the idea that development provides an opportunity to people to free themselves from deep suffering caused by;
    Early mortality
    Persecution
    Starvation / malnutrition
    Illiteracy
    For many, economic development should be about increasing political freedom, cultural and social freedom and not just about raising incomes.
    Measuring development progress can be difficult not least because of variations in the quality of data produced by different countries and also because of disagreements about which indicators might be given greater weighting when making an assessment. The Human Development Index (HDI) is one such approach.
    QUESTION THREE
    The world war 2 lasted for 6 years, between 1939-1945. The war was disastrous than the first one.
    After World War II a number of developing countries attained independence from their former colonial rulers. One of the common claims made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies. Thus economic development after independence became an objective of policy not only because of the humanitarian desire to raise living standards but also because political promises had been made, and failure to make progress toward development would, it was feared, be interpreted as a failure of the independence movement. Developing countries in Latin America and elsewhere that had not been, or recently been, colonies took up the analogous belief that economic domination by the industrial countries had thwarted their development, and they, too, joined the quest for rapid growth.
    Having been indulged extensively by the elite nations, the entire world was plunged into pandemonium. These elites (USA, France, Japan, UK..) are considerably the world’s human and resources developers, hence, within the time the war lasted, there wasn’t food, human or mineral transportation to other contemporary nations and, as a result, led to the underdevelopment of those nations, just like what is slightly being experienced in Ukraine. After everything, they’d go back to the drawing board to ascertain the ruins brought upon these poor nations due to the war. They started sorting for avenues to revamp those poor nations hence, that’d have been the reason why development of economics got schemed into school work curriculum.
    At that early period, theorizing about development, and about policies to attain development, accepted the assumption that the policies of the industrial countries were to blame for the poverty of the developing countries. Memories of the Great Depression, when developing countries’ terms of trade had deteriorated markedly, producing sharp reductions in per capita incomes, haunted many policymakers.
    Finally, even in the developed countries, the Keynesian legacy attached great importance to investment.
    QUESTION FOUR.
    The reasons why people study development economics are as follows;
    Studying development economics, enables you 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 critically analyzes ways to improve fiscal, economic, and social conditions allowing an emerging economy to become a developed economy.
    Due to lack of development in different countries of the world, the quest to studying development economics not just by economic students but by people in general arisen. It also includes different scientific methods of analyzing and managing ones business. Economists are also employed by the government to manage and see the affairs of the country.
    QUESTION FIVE
    The economically underdeveloped countries of Asia, Africa, Oceania and Latin American is considered as an entity with common characteristics such as poverty, high bath rate and economic dependence on the advanced countries. Until recently, the developing world was known as the ‘third world’. The French demographer Alfred Sauvy coined the expression (in French) in 1952 by analogy with the ‘third estate. The commoners of France before and during the French Revolution as opposed to priests and nobles comprising the first and second estates.
    Alfred Sauvy stated that the third world is nothing and it wants to be something. It was just like a play until it finally emanated into a turning point for the third world. The assertion by Sauvy that the third world is nothing and wants to become something came from the line of the French revolution that turned the world into a peaceful political and Economic government. It was only this Third World which could replace “preparation for war” with “world hunger” as the number one global concern. Next to the obvious demand of independence, the Third World wanted peace and development, but also dignity, recognition and planetary democracy. The third world was derived from the third Estate of pre-revolutionary France. The first was the clergy, the second was the aristocracy and the third was the common people of the land. The third world was just in line with what Karl max called capitalism a situation whereby the rich exploit on the poor and opress them. According to Sauvy, he ends his essay claiming that “this Third World, ignored, exploited, despised like the Third Estate, also wants to be something.”
    ‘Like the third estate’, wrote Sauvy, ‘the third world is nothing, and it wants to be something’. The term, therefore, implies that the third world is exploited, much as the third estate was exploited and that, like the third estate, its destiny is a revolutionary one. It conveys as well a second idea, also discussed by Sauvy that of nonalignment, for the developing world belongs neither to the industrialised capitalist world nor to the industrialised former communist bloc. The expression ‘third world’ was used at the 1955 conference of Afro-Asian countries held in Bandung. Indonesia. In 1956 a group of social scientists associated with Sauvy’s National Institute of Demographic Studies, in Paris, published a book called ‘Le Tiers-Monde’. Three years later, the French economist Francois Perroux launched a new journal, on problems of underdevelopment, with the same title. By the end of the 1950s, the term was frequently employed in the French media to refer to the underdeveloped countries of Asia. Africa, Oceania and Latin America. Present-day politicians and social commentators, however, now use the term ‘developing world’ in a politically correct effort to dispel the negative connotations of ‘third world’.
    Countries in the developing world have a number of common traits: distorted and highly dependent economies devoted to producing primary products for the developed world; traditional, rural social structures; high population growth and widespread poverty.
    This combination of conditions in Asia, Africa, Oceania and Latin America is linked to the absorption of the developing world into the international capitalist economy, by way of conquest or indirect domination. The main economic consequence of Western domination was the creation, for the first time in history, of a world market. By setting up sub-economies linked to the West throughout the developing world, and by introducing other modern institutions, industrial capitalism disrupted traditional economies and, indeed, societies. This disruption led to underdevelopment.
    Because the economies of underdeveloped countries have been geared to the needs of industrialised countries, they often comprise only a few modem economic activities, such as mining or the cultivation of plantation crops. Control over these activities has often remained in the hands of large foreign firms. The prices of developing world products are usually determined by large buyers in the economically dominant countries of the West, and trade with the West provides almost all the developing world’s income. Throughout the colonial period, outright exploitation severely limited the accumulation of capital within the foreign-dominated countries. Even after decolonisation (in the 1950s, 1960s, and 1970s), the economies of the developing world grew slowly, or not at all, owing largely to the deterioration of the ‘terms of trade’ the relationship between the cost of the goods a nation must import from abroad and its income from the exports it sends to foreign countries. Terms of trade are said to deteriorate when the cost of imports rises faster than income from exports. Since buyers in the industrialised countries determined the prices of most products involved in international trade, the worsening position of the developing world was scarcely surprising. Only the oil-producing countries after 1973 succeeded in escaping the effects of Western domination of the world economy.
    No study of the developing world could hope to assess its future prospects without taking into account population growth. While the mortality rate from poverty-related diseases continues to cause international concern, the birth rate continues to rise at unprecedented levels. This population explosion in the developing world will surely prevent any substantial improvements in living standards, as well as threaten people in stagnant economies with worsening poverty and starvation levels.

  28. Avatar Sesugh Lucy Ngufan says:

    Sesugh Lucy Ngufan
    2016/2
    Economics/Philosophy
    Question 1
    Michael Todaro specified three objectives of development.
    According to Prof. Michael Todaro, the three objectives of Development include:
    Producing more life sustaining necessities such as food shelter & health care.
    Broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear.
    Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.
    Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem
    Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.
    Michae Todaro sees these necessities as part of developing a nation. Consider having food in abundance, good shelter, good health facilities, good clothings. With these, people can go about their other activities. If these basic necessities are not in abundance, it affects the living standard of the people. Just like Nigeria, people consume unclean water, bad food, poor education etc. When this happens, the country is underdeveloped. The aim of Todaro is that those basic necessities should not just be in little quantity but there should be a continuous increase in those necessities, which upon increasing would give a good standard of living to the people and thus, along for the widening of other areas in the nation. This first objective is a primary and necessary objective of development.To raise levels of living, the basic necessities are ensured and the quest for a better living comes to play because people can not just eat to live, have shelter to live in, have clothes just to protect the skin, but the quest to improve life comes in. Things such as education, having good jobs, being enlighten and educated, people can be able to create jobs and even the government can are for the citezens. Having these activities and improvement, there will be increase or raising in the standard of living of the people, expanding economic and social choice and reducing fear.
    Finally, the emphasis placed on cultural and human values, self-esteem and freedom from ignorance; it is important to remember that development is about more than advancing economic growth. Many economists believe development should be less about growth, more about inclusive well-being and about building capacities and resilience in a fast-changing and unpredictable world.
    QUESTION TWO
    The most common measurement of development is the Human Development Index(HDI) published each year by the United Nations Development Programme.
    The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone.
    The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development: a long and healthy life, being knowledgeable and having a decent standard of living. The HDI is the geometric mean of normalized indices for each of the three dimensions.
    HDI Dimensions.
    Long and healthy Life.
    Knowledge.
    A decent standard of living.
    The four aspects of the development are: mean years of schooling, expected years of schooling, life expectancy at birth, and gross national income (GNI) per capita.The UN in measuring the mean years of schooling takes into cognizance the average total number of those who have completed their education in a country. Notably, education is the best gift you can offer to the young ones, it is vital, because in a country where the total number of the population that have completed their education is high, there is the likeliness of the foundation of development. The Human Development Index measures the year of schooling which is appropriate for individuals in a nation and also measures the expected years of schooling for individuals which is the age at which a child is to begin schooling until the child finishes. Human Development Index checks the appropriate age at which a child is to begin and end school. For instance, in Nigeria, a child who begins to school at the age of four is expected to complete his studies in 10.2 years, that is at his 18th birthday. The measurements of the expected years of schooling is the sum of the age-specific enrolment ratios for primary, secondary, post-secondary non-tertiary and tertiary education. With this, the level of development of a nation can also be measured.Life expectancy at birth shows the total mortality rate of the population and summarize the different mortality rate of the different levels of human life.
    Dudley Sears defined development as “the reduction and elimination of poverty, inequality and unemployment within a growing economy”.
    Nobel Economist Amartya Sen writing in “Development as Freedom”, sees development as being concerned with improving the freedoms and capabilities of the disadvantaged, thereby enhancing the overall quality of life – what really matters are the capabilities of people, that is, the extent of their opportunity set and of their freedom to choose among this set, the life they value.
    Amartya Sen pursues the idea that development provides an opportunity to people to free themselves from deep suffering caused by;
    Early mortality
    Persecution
    Starvation / malnutrition
    Illiteracy
    For many, economic development should be about increasing political freedom, cultural and social freedom and not just about raising incomes.
    Measuring development progress can be difficult not least because of variations in the quality of data produced by different countries and also because of disagreements about which indicators might be given greater weighting when making an assessment. The Human Development Index (HDI) is one such approach.
    QUESTION THREE
    The world war 2 lasted for 6 years, between 1939-1945. The war was disastrous than the first one.
    After World War II a number of developing countries attained independence from their former colonial rulers. One of the common claims made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies. Thus economic development after independence became an objective of policy not only because of the humanitarian desire to raise living standards but also because political promises had been made, and failure to make progress toward development would, it was feared, be interpreted as a failure of the independence movement. Developing countries in Latin America and elsewhere that had not been, or recently been, colonies took up the analogous belief that economic domination by the industrial countries had thwarted their development, and they, too, joined the quest for rapid growth.
    Having been indulged extensively by the elite nations, the entire world was plunged into pandemonium. These elites (USA, France, Japan, UK..) are considerably the world’s human and resources developers, hence, within the time the war lasted, there wasn’t food, human or mineral transportation to other contemporary nations and, as a result, led to the underdevelopment of those nations, just like what is slightly being experienced in Ukraine. After everything, they’d go back to the drawing board to ascertain the ruins brought upon these poor nations due to the war. They started sorting for avenues to revamp those poor nations hence, that’d have been the reason why development of economics got schemed into school work curriculum.
    At that early period, theorizing about development, and about policies to attain development, accepted the assumption that the policies of the industrial countries were to blame for the poverty of the developing countries. Memories of the Great Depression, when developing countries’ terms of trade had deteriorated markedly, producing sharp reductions in per capita incomes, haunted many policymakers.
    Finally, even in the developed countries, the Keynesian legacy attached great importance to investment.
    QUESTION FOUR.
    The reasons why people study development economics are as follows;
    Studying development economics, enables you 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 critically analyzes ways to improve fiscal, economic, and social conditions allowing an emerging economy to become a developed economy.
    Due to lack of development in different countries of the world, the quest to studying development economics not just by economic students but by people in general arisen. It also includes different scientific methods of analyzing and managing ones business. Economists are also employed by the government to manage and see the affairs of the country.
    QUESTION FIVE
    The economically underdeveloped countries of Asia, Africa, Oceania and Latin American is considered as an entity with common characteristics such as poverty, high bath rate and economic dependence on the advanced countries. Until recently, the developing world was known as the ‘third world’. The French demographer Alfred Sauvy coined the expression (in French) in 1952 by analogy with the ‘third estate. The commoners of France before and during the French Revolution as opposed to priests and nobles comprising the first and second estates.
    Alfred Sauvy stated that the third world is nothing and it wants to be something. It was just like a play until it finally emanated into a turning point for the third world. The assertion by Sauvy that the third world is nothing and wants to become something came from the line of the French revolution that turned the world into a peaceful political and Economic government. It was only this Third World which could replace “preparation for war” with “world hunger” as the number one global concern. Next to the obvious demand of independence, the Third World wanted peace and development, but also dignity, recognition and planetary democracy. The third world was derived from the third Estate of pre-revolutionary France. The first was the clergy, the second was the aristocracy and the third was the common people of the land. The third world was just in line with what Karl max called capitalism a situation whereby the rich exploit on the poor and opress them. According to Sauvy, he ends his essay claiming that “this Third World, ignored, exploited, despised like the Third Estate, also wants to be something.”
    ‘Like the third estate’, wrote Sauvy, ‘the third world is nothing, and it wants to be something’. The term, therefore, implies that the third world is exploited, much as the third estate was exploited and that, like the third estate, its destiny is a revolutionary one. It conveys as well a second idea, also discussed by Sauvy that of nonalignment, for the developing world belongs neither to the industrialised capitalist world nor to the industrialised former communist bloc. The expression ‘third world’ was used at the 1955 conference of Afro-Asian countries held in Bandung. Indonesia. In 1956 a group of social scientists associated with Sauvy’s National Institute of Demographic Studies, in Paris, published a book called ‘Le Tiers-Monde’. Three years later, the French economist Francois Perroux launched a new journal, on problems of underdevelopment, with the same title. By the end of the 1950s, the term was frequently employed in the French media to refer to the underdeveloped countries of Asia. Africa, Oceania and Latin America. Present-day politicians and social commentators, however, now use the term ‘developing world’ in a politically correct effort to dispel the negative connotations of ‘third world’.
    Countries in the developing world have a number of common traits: distorted and highly dependent economies devoted to producing primary products for the developed world; traditional, rural social structures; high population growth and widespread poverty.
    This combination of conditions in Asia, Africa, Oceania and Latin America is linked to the absorption of the developing world into the international capitalist economy, by way of conquest or indirect domination. The main economic consequence of Western domination was the creation, for the first time in history, of a world market. By setting up sub-economies linked to the West throughout the developing world, and by introducing other modern institutions, industrial capitalism disrupted traditional economies and, indeed, societies. This disruption led to underdevelopment.
    Because the economies of underdeveloped countries have been geared to the needs of industrialised countries, they often comprise only a few modem economic activities, such as mining or the cultivation of plantation crops. Control over these activities has often remained in the hands of large foreign firms. The prices of developing world products are usually determined by large buyers in the economically dominant countries of the West, and trade with the West provides almost all the developing world’s income. Throughout the colonial period, outright exploitation severely limited the accumulation of capital within the foreign-dominated countries. Even after decolonisation (in the 1950s, 1960s, and 1970s), the economies of the developing world grew slowly, or not at all, owing largely to the deterioration of the ‘terms of trade’ the relationship between the cost of the goods a nation must import from abroad and its income from the exports it sends to foreign countries. Terms of trade are said to deteriorate when the cost of imports rises faster than income from exports. Since buyers in the industrialised countries determined the prices of most products involved in international trade, the worsening position of the developing world was scarcely surprising. Only the oil-producing countries after 1973 succeeded in escaping the effects of Western domination of the world economy.
    No study of the developing world could hope to assess its future prospects without taking into account population growth. While the mortality rate from poverty-related diseases continues to cause international concern, the birth rate continues to rise at unprecedented levels. This population explosion in the developing world will surely prevent any substantial improvements in living standards, as well as threaten people in stagnant economies with worsening poverty and starvation levels.

  29. Avatar EZUGWU JOHNSON CHINECHEREM 2019/245390 says:

    EZUGWU JOHNSON CHINECHEREM
    2019/245390
    ECONOMICS MAJOR
    QUESTION ONE
    The three objectives of development by prof. Michael Todaro covers a wide range in the development of a nation. They are as Follows: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health, and protection: Without the basic necessities of life, man can hardly survive. For the lives and welfare of a people of a nation to be ensured, there must be the provision of these basic necessities of life in the nation. Think about food as one of the basic necessities, no human being can be comfortable without eating for a day then talk less of a weak. What about clothing, without clothes our skin can be exposed to a lot of dangers such as cold, heat and others. Also, when you look at shelter, imagine having no house to stay in, you will be exposed to so many things that discomfort a man. Health is also another factor, when you are healthy you are the richest man on earth because you would be able to do so many things for more than the rich man who has money but is very sick. Todaro sees all these as necessary and as part of developing a nation. Now if there are abundance of food, good shelter, good health facilities in nation, and also good clothings for the people, this would enable people to be able to go about their other activities. When these basic necessities are not well supplied, it affects the standard of living of the people, that is why in countries like Nigeria, you see people drinking unclean water, eating bad food, living in an uncompleted buildings, etc. Thus, when this happens, there is lack of development in that nation.Now, the idea of To dark is that, those basic necessities should not just be there in a little quantity but there should be a continuous increase in those necessities, which upon increasing would give a good standard of living to the people and thus, along for the widening of other areas in the nation. This first objective is a primary and necessary objective of development.To raise levels of living: When the basic necessities are ensured, then the quest for a better living comes to play, why because people can not just eat to live, have shelter to live in, have clothes just to protect the skin, but the quest to improve in life comes in. Things such as education, having good jobs, greater attention to cultural andhuman values, all of which will serve not only to enhance material well being but also to generate greater individual and national self-esteem. This second objective cares for the intellectual need and social need of the people. When there is good education, the educated people would know how best to make plans and to development and manage what has been given to them. With education, the teaming youths would be able to exploy and discover many things which van lead to development. If the education of the people is being toiled with just as the case in Nigeria, there would be more illiterate people in the country and there would be no development. Being enlighten and educated, people can be able to create jobs and even the government can take good care of the citezens. With these activities and improvement, there will be increase or raising in the standard of living of the people.Expanding economic and social choice and reducing fear: Expanding economic and social choice comes when there is an increase in the standard of living of the people, both in academic, intellectual, and other aspects. This gives the opportunity to people to begin to specialize in different areas of works and develop their skills. At this level, individuals should be able to be engaged in one aspect of work or the other which makes them independent. In a nation where there is freedom and unity, and also when individuals are given incentives, there tend to be freedom, and when there is freedom people tend to exercise their freedom. Nations like China, America and others are developed due to the increase and specialization in different spheres of the economy. Here, nation states produce different products and export to countries in need due to their level of development.

    QUESTION TWO

    The UN set of indices for measuring development is made up of four stages. Though, The Human Development Index (HDI) being a statistic developed and compiled by the United Nations since 1990 to measure various countries’ levels of social and economic development has some set back, it is the best in measuring development. The four aspects of the development are: mean years of schooling, expected years of schooling, life expectancy at birth, and gross national income (GNI) per capita.The UN in measuring the mean years of schooling takes into cognizance the average total number of those who have completed their education in a country. As we know, education is the best gift you can offer to the young ones, it is vital, because in a country where the total number of the population that have completed their education is high, there is the likeliness of the foundation of development. Talking about this, in a country like Switzerland, the average number of completed education is at the age of 22. If in a country, those from 22 years are graduates and working, then there is development. The Human Development Index measures the year of schooling which is appropriate for individuals in a nation.The Human Development Index measures the expected years of schooling for individuals which is the age at which a child is to begin schooling until the child finishes. Human Development Index checks the appropriate age at which a child is to begin and end school. For instance, in Nigeria, a child who begins to school at the age of four is expected to complete his studies in 10.2 years, that is at his 18th birthday. The measurements of the expected years of schooling is the sum of the age-specific enrolment ratios for primary, secondary, post-secondary non-tertiary and tertiary education. With this, the level of development of a nation can also be measured.Life expectancy at birth shows the total mortality rate of the population and summarize the different mortality rate of the different levels of human life. It takes the average number of years a child is expected to live beginning from birth till his death. To know the level of development of any nation, the number of children given birth to and the number of those dying matters. This also checks the health facilities in a nation. If there is good health facilities a nation, the life expectancy of the people would increase, people would be able to live long and accomplish many things in life and this shows development, in a situation where there is poor health facilities in a nation, the life expectancy of the people would decrease, there would be high death rate and short life span. So the Human Development Index measures development in this aspect too.The Human Development Index measures the Gross National Product per capita. Gross National Income is the total amount of money earned by the total number of citizens in a country, while per capita income is national income divided by the total population in the country. If the number of workers in a country is high, there would also be high national income which would determine the level of development in the country try. In a nation where there is choice specialization and expansion in different area of jobs by a large number of individuals there is also development. The United Nations use the Human Development Index to also measure development in this aspect. When there economic growth of the country is high, citizens would not suffer poverty and all other vices in the country.With these four methods, the United Nations measures and determine a nation that is developed.

    QUESTION THREE

    The economy of the world were greatly affected (both positive and negatively) after the WW2, for this reason, there was a shift of focus from macro and micro economics leading to something more specific. This shift is due to the fact that macro and micro economics could not find a substantial explanation of the poor standard of living at against the constant growth in Per capital income, as well as the quick rise in inflation whence production increased. For the sake of knowledge incapacitation regarding the major divisions/types of economics micro and macro economics, a new branch of economics – developmental economics, came as a necessary offshoot to provide solution to the degrade in the standard of living and lack of the basic needs of men especially in Latin America, Africa and Asia because as at then they had most developing countries that lacked industrialization.

    QUESTION FOUR

    There are so many reasons why people in general study development economics. Some are as follows:It analyzes ways to improve fiscal, economic, and social conditions allowing an emerging economy to become a developed economy. Due to lack of development in different countries of the world, the quest to studying development economics not just by economic students but by people in general arisen. Different scientific methods of analyzing and managing ones business, and even the nation as a whole is made up of it. Government uses economists who are specialist in this area to manage the country.International trade: Since it talks about how different aspects of the economy needs growth and development, it goes further to give room on how to partner with other countries in order to expand and increase development. This is done when a nation trades with other nation have exchange of the goods a country can produce more with the ones it cannot produce the more, with tho, it makes for the redistribution of goods needed in areas where there are not found. Now, for instance, Nigeria is an oil producing Country, but those not produce cars and other electronics, when Nigeria sells its oil to other countries and buys from them, those goods not found I. Nigeria would be made available. So the study of development economics predispose learners to international trade.The study of development economics raises the standard of living of a nation. This is seen in the different methods it apply to see that the people of a given nation have their basic necessities and also enjoy a good standard of living such as good health, better education, better jobs, etc.It develops industrial and social infrastructure. Development economics incorporates the industrial and social sectors of the economy and gives measures on how to go about them. For instance, Prof. Michael Todaro spoke about the objectives of development and one of which he said is the expansion and increase in different aspects such as increase in production, specialization and others. Here, one learns how to manage his industry and expand them. The study also brings development in social structures such as good roads, electricity and others.There are many others things that development economics incorporates that makes people of different fields to study it.

    QUESTION FIVE

    The sayings of Alfred Sauvy that the third world is nothing and it wants to be something was just like a play until it finally emanated into a turning point for the third world. The assertion by Sauvy that the third world are nothing and wants to become something came from the line of the French revolution that turned the world into a peaceful political and Economic government. It was only this Third World which could replace “preparation for war” with “world hunger” as the number one global concern. Next to the obvious demand of independence, the Third World wanted peace and development, but also dignity, recognition and planetary democracy. The third world was derived from the third Estate of pre-revolutionary France. The first was the clergy, the second was the aristocracy and the third was the common people of the land. The third world was just in line with what Karl max called capitalism a situation whereby the rich exploit on the poor and opress them. According to Sauvy, he ends his essay claiming that “this Third World, ignored, exploited, despised like the Third Estate, also wants to be something.” This lead the the peaceful revolution where by the commoners jointly had a negotiation with the other two estate and an avenue was created for them which led to the coming together of 29 different nations (UN) with a common desire. Different conferences were held first at Bandung which came up with a project which was meant to bring to play the common goals of the organization, the project were not only political recognition, peace and liberation, they also included concrete socio-economic development. With the different struggle of the third world, the words of Alfred Sauvy came through and they who were nothing became something.

  30. Avatar UKWUEZE DESTINY AMARACHI says:

    Name:UKWUEZE DESTINY AMARACHI
    Reg no:2018/242416
    Department:Economics

    1: Life-sustaining products and services: To expand the accessibility and reach of fundamental necessities like food, shelter, health care, and security. – Increased earnings: To raise living standards, it is necessary to provide more jobs, better education, and more emphasis on cultural and human values, in addition to raising earnings. By doing so, one can improve material well-being as well as boost both personal and societal self-esteem.
    Freedom to make economic and social decisions: To increase the range of options open to people and nations by releasing them from slavery and reliance, not just in regard to other people and nation-states but also to the forces of ignorance and human suffering.Human development is the increase in people’s freedom to live long, healthy, and creative lives, to progress other goals they have a reason to value, and to actively participate in shaping development in a way that is fair and sustainable for all people on the planet. Humans, both individually and collectively, are both the benefactors and the agents of human growth.

    2: The UN’s human development index gauges a nation’s average performance across the three facets of development.
    Life expentancy :
    The average number of years a newborn baby will survive if they are exposed to the mortality hazards that were present for their cohorts at the time of their birth is known as life expectancy. According to the Nigerian life expectancy index for 2020, the average Nigerian is not anticipated to survive past the age of 55, which indicates that when a citizen is around 60 years old, their productivity might not be considered for development.Academic Attachment
    Educational attachment :
    When it comes to education, the level of literacy—both formal and informal—can be used as a barometer to gauge the state of an economy. It can also be used to calculate the percentage of kids between the ages of 5 and 15 who are enrolled in school.
    Adjusted real income:
    real income is the money left over after taxes are deducted; it is what can be used to buy goods and services. The higher the real income, the greater the purchasing power of the income; this means that more goods and services can be purchased, which promotes economic growth.

    3: Due to its emphasis on enhancing the fiscal, economic, and social conditions of developing nations, development economics has become a distinct field of study within economics. With an emphasis on enhancing conditions in the world’s poorest nations, development economics takes into account elements including health, education, working conditions, local and international policy, and market conditions.The area also looks at macroeconomic and microeconomic aspects of developing economies’ structures, as well as domestic and global economic growth. It aids in the development of developing countries into more rich ones.
    It calls for measures for reforming a developing economy to be distinctive due to the wide range of social and political histories among nations. Not only that, but each country has its own cultural and economic frameworks, such as laws governing women’s rights and child labor, which cannot be changed solely through economic means. As a result, development economics emerged to allow students to concentrate more on improving and providing the resources necessary for a nation to develop.

    4:
    For the following reasons, development economics is widely studied:
    • Examine how the rate of population growth affects economic growth.
    • Consider the structural change and adjust your fiscal policy.
    • Consider elements including healthcare, career opportunities, and education.
    • Encourage world nations to engage in import and export business.
    • Create strategies for sustainable development.
    • Assess an economy, address its issues, and forecast its future growth.
    • Recognize how pandemics and natural disasters affect the economy.
    The chance to apply economic analysis theories and techniques to create and carry out policies intended to place a less developed economy on the path to development is provided by studying development economics. It emphasizes economic factors like GDP, supply and demand, and market competition.

    5:Literally translated as “Third World,” Tiers Monde. A demographer, anthropologist, and historian of the French economy, Alfred Sauvy. With reference to nations that did not support either the capitalist NATO bloc or the communist Soviet bloc during the Cold War, Sauvy first used the phrase “Tiers Monde” (Third World).
    Before the French Revolution, the Estates-General, France’s legislative body, were composed of the First Estate (the clergy), the Second Estate (the nobility), and the Third Estate (the commoners, or everyone else), according to Alfred Sauvy.

  31. Avatar Ogbodo Emmanuel Chukwuemeka reg no: 2019/246458 economics says:

    ANSWERS:
    1. Economist Michael Todaro specified three objectives of development:
    LIFE SUSTENANCE NECESSITY
    Producing more life sustaining necessity such as food, shelter, health care and broadening their
    distribution is one of the three objective of development, the government and the private sector
    should ensure there is sufficient food and make provision for Good hospital and educational
    sector should establish good schools with a good high standard of learning.
    STANDARD OF LIVING AND INDIVIDUAL SELF ESTEEM:
    The government should provide an avenue towards giving incentive to workers and increment in
    salary this will increase income and boost there standard of living. Creating job opportunities by
    embarking on projects useful to the society, the citizen self esteem should be maintained and
    protected by taken care of their needs thereby promoting human rights.

    2. CITIZENS – many of the goals focus on lifting people out poverty and hunger and providing a
    decent education for all
    CLIMATE CHANGE– there is a lot more focus on protecting the environment compared to the
    original MDGs – for example with the ‘life under water’ goal.
    PROSPERITY– there is a focus on improving lives through enterprise and innovation, linking
    into partnership below
    PEACE AND SECURITY – the agenda recognises that there can be no effective development
    without peace.
    PARTNERSHIP AMONG COUNTRIES– there is much more focus on the agenda for
    sustainable development being a partnership between developed and less developed countries
    than with the original MDGs.

    3. World War II or the Second World War, often abbreviated as WWII or WW2, was a world war
    that lasted from 1939 to 1945. It involved the vast majority of the world’s countries—including all
    of the great powers—forming two opposing military alliances: the Allies and the Axis powers.
    World War II was a total war that directly involved more than 100 million personnel from more
    than 30 countries.
    It ended with the 1973–1975 recession or 1970s recession, was a period of economic
    stagnation in much of the Western world during the 1970s, putting an end to the overall
    post–World War II economic expansion. It differed from many previous recessions by involving
    stagflation, in which high unemployment and high inflation existed simultaneously.
    Development economic emerged as a branch of economic which entails economic expansion
    and which became active after the world war2 and recession.
    The United States, the Soviet Union and Western European and East Asian countries in
    particular experienced unusually high and sustained growth, together with full employment.
    Contrary to early predictions, this high growth also included many countries that had been
    devastated by the war, such as Japan (Japanese economic miracle), West Germany and
    Austria (Wirtschaftswunder), South Korea (Miracle on the Han River), Belgium (Belgian
    economic miracle), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece
    (Greek economic miracle). Even countries that were relatively unaffected by the war such as
    Sweden (Record years) experienced considerable economic growth.

    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.
    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:
    It helps economists to be conscious about uncertain crisis which can plague the economy.
    It helps the Government to know what the citizens really want and to be able to fulfil their
    aspiration in life
    Risk Management is one of the reasons why it’s important to include or why economic
    development is studied in schools. It brings the minds on what risk is all about and how to
    manage it.
    Development Economic will enhance a nation on the importance of Multilateral ability.
    Sustainable Development can be obtained with the study of development Economic.
    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.

    5. Alfred Sauvy (31 October 1898 – 30 October 1990)[1] was a demographer, anthropologist and
    historian of the French economy. Sauvy coined the term Third World (“Tiers Monde”) in
    reference to countries that were unaligned with either the Communist Soviet bloc or the
    Capitalist NATO bloc during the Cold War.
    The term “Third World” arose during the Cold War to define countries that remained non-aligned
    with either NATO or the Warsaw Pact. The United States, Canada, Japan, South Korea,
    Western European nations and their allies represented the “First World”, while the Soviet Union,
    China, Cuba, North Korea, Vietnam and their allies represented the “Second World”. This
    terminology provided a way of broadly categorizing the nations of the Earth into three groups
    based on political divisions. Strictly speaking, “Third World” was a political, rather than an
    economic, grouping.[1] Since the dissolution of the Soviet Union and the end of the Cold War,
    the term Third World has decreased in use. It is being replaced with terms such as developing
    countries, least developed countries or the Global South. The concept itself has become
    outdated as it no longer represents the current political or economic state of the world and as
    historically poor countries have transited different income stages.
    The Third World was normally seen to include many countries with colonial pasts in Africa, Latin
    America, Oceania, and Asia.
    Some countries in the Eastern Bloc, such as Cuba, were often regarded as “Third World”.
    Because many Third World countries were economically poor and non-industrialized, it became
    a stereotype to refer to developing countries as “third world countries”, yet the “Third World”
    term is also often taken to include newly industrialized countries like Brazil, China and India now
    more commonly referred to as part of BRIC.
    Sauvy derived his term ‘Third World’ from the ‘Third Estate’ of pre-revolutionary France. The
    monarchy of the French Ancien Régime used to divide the general assembly into three estates:
    the First Estate representing the clergy, the Second Estate representing the aristocracy, and the
    Third Estate representing everyone else. While representing over 90% of the French population,
    the Third Estate would always be outvoted by the other estates which had equal electoral
    weight. Not accepting this systemic political farce, the ‘commoners’ of the Third Estate would
    turn against the Kingdom and form the National Assembly, signalling the beginning of the
    French Revolution.
    Sauvy ends his essay claiming that “this Third World, ignored, exploited, despised like the Third
    Estate, also wants to be something.” This, he later stated, was not only in homage to the French.

  32. Avatar NGANA THADDEUS IFEANYI REG, NO: 2019/246750 ECONOMICS says:

    Answers:
    1.Economist Michael Todaro specified three objectives of development:
    LIFE SUSTENANCE NECESSITY
    Producing more life sustaining necessity such as food, shelter, health care and broadening their
    distribution is one of the three objective of development, the government and the private sector
    should ensure there is sufficient food and make provision for Good hospital and educational
    sector should establish good schools with a good high standard of learning.
    STANDARD OF LIVING AND INDIVIDUAL SELF ESTEEM:
    The government should provide an avenue towards giving incentive to workers and increment in
    salary this will increase income and boost there standard of living. Creating job opportunities by
    embarking on projects useful to the society, the citizen self esteem should be maintained and
    protected by taken care of their needs thereby promoting human rights.

    2.CITIZENS – many of the goals focus on lifting people out poverty and hunger and providing a
    decent education for all
    CLIMATE CHANGE– there is a lot more focus on protecting the environment compared to the
    original MDGs – for example with the ‘life under water’ goal.
    PROSPERITY– there is a focus on improving lives through enterprise and innovation, linking
    into partnership below
    PEACE AND SECURITY – the agenda recognises that there can be no effective development
    without peace.
    PARTNERSHIP AMONG COUNTRIES– there is much more focus on the agenda for
    sustainable development being a partnership between developed and less developed countries
    than with the original MDGs.

    3.World War II or the Second World War, often abbreviated as WWII or WW2, was a world war
    that lasted from 1939 to 1945. It involved the vast majority of the world’s countries—including all
    of the great powers—forming two opposing military alliances: the Allies and the Axis powers.
    World War II was a total war that directly involved more than 100 million personnel from more
    than 30 countries.
    It ended with the 1973–1975 recession or 1970s recession, was a period of economic
    stagnation in much of the Western world during the 1970s, putting an end to the overall
    post–World War II economic expansion. It differed from many previous recessions by involving
    stagflation, in which high unemployment and high inflation existed simultaneously.
    Development economic emerged as a branch of economic which entails economic expansion
    and which became active after the world war 2 and recession.
    The United States, the Soviet Union and Western European and East Asian countries in
    particular experienced unusually high and sustained growth, together with full employment.
    Contrary to early predictions, this high growth also included many countries that had been
    devastated by the war, such as Japan (Japanese economic miracle), West Germany and
    Austria (Wirtschaftswunder), South Korea (Miracle on the Han River), Belgium (Belgian
    economic miracle), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece
    (Greek economic miracle). Even countries that were relatively unaffected by the war such as
    Sweden (Record years) experienced considerable economic growth.

    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.
    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:
    It helps economists to be conscious about uncertain crisis which can plague the economy.
    It helps the Government to know what the citizens really want and to be able to fulfil their
    aspiration in life
    Risk Management is one of the reasons why it’s important to include or why economic
    development is studied in schools. It brings the minds on what risk is all about and how to
    manage it.
    Development Economic will enhance a nation on the importance of Multilateral ability.
    Sustainable Development can be obtained with the study of development Economic.
    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.

    5. The term Third World has long served to describe countries of Africa, Asia, and Latin America that have been seen to share relatively low per-capita incomes, high rates of illiteracy, limited development of industry, agriculture-based economies, short life expectancies, low degrees of social mobility, and unstable political structures.
    The 120 countries of the Third World also share a history of unequal encounters with the West, mostly through colonialism and globalization.
    Alfred sauvy (31 October 1898 – 31october 1990) was a demographer, anthropologist, and a historian of French economy, sauvy coined the term third world (“tiers monde) in reference to countries that unaligned with either the communist soviet bloc or the capitalist NATO bloc during the cold war. During the Cold War (1945–1991), Third World referred to countries that were relatively minor players on the international stage, it conveys also idea that it is a revolutionary one.

  33. Avatar Iheanacho Emmanuel Chinedu Reg no: 2019/244463 Combined Social Science ( ECO/SOC) says:

    1. Accordingly, production of more life sustaining necessities reduces poverty; if shelter is made available for citizens, citizen won’t be worry of where to lay down their tired head after a long day of work. It promotes productivity thereby improving the economy. When there is also provision of good and adequate healthcare services corresponding with food production, citizens productivity is enhanced which means development conversely must augment shelter, food, healthcare production before it can be stamped as one. Development should also involve revising the standard of living of citizens, providing more jobs, better education and greater attention to cultural and human values all of which enhances human wellbeing and productivity of individuals.
    When an economy is said to be developed, then several choice of its citizens should be achievable, citizens should be able to have time for relaxation and also engage in all social activities without fear of the unknown, individuals nation should be free from slavery and dependence, not only in relation to other people and nation states, but also to the forces of ignorance and human misery.
    2. United Nations (UN) human development index measures a countries average achievement in three faces of development.

    -Educational Attachment
    The level of literacy (formal and informal) in terms of education can be used as an index to measure the level of development in an economy and it can also be used in term of percent of children between the age of 5-15 in school.
    Literacy is the ratio of adult male and female reported as estimated to have basic ability to read and write; functional literacy general lower than the reported numbers.
    Life Expectancy
    Life expectancy is the average number of years newborn babies will live if placed or situated under the mortality risks prevailing for their cohorts at the time of their births. In Nigeria, as of 2020 life expectancy index, an average Nigerian is not expected to live beyond 55 years which means for every citizen that is 60 years and above, their productivity might not count for development of Nigeria even if they are working because they are above the life expectancy of the Nation.
    Life expectancy ratio is important to determine the productivity of citizens of an economy.

    -Adjusted Real Income
    Adjusted real income refers to the income obtained after deduction of tax, it is what can be used to purchase goods and services, the higher the real income, the higher the purchasing power of the income , that means, more goods and services can be purchased and thus leading to economic development, one of the index used to measure economic development , purchasing power parity is defined as the number of units of a foreign country’s currency required to purchase the identical quantity of goods and services in the local developing country market as $1 would buy in the United States. In practice, adjustments are made for differing relative prices across countries so that living standards may be measured more accurately, Generally, prices of nontraded services are much lower in developing countries because wages are so much lower. Clearly, if domestic prices are lower, PPP measures of GNI per capita will be higher than estimates using foreign exchange rates as the conversion factor

    3. Most countries of Latin America, Africa and Asia were mostly affected by the effect of
    World war 2 after most industries were destroyed during the war and that affected the economy of European countries also affecting the economies of Africa, Asia and Latin America.
    Following the great depression of 1939-1945 and the effect of the war the standard of living of citizens became low; thus food was barely available coupled with famine and death; most countries were affected since there was no importation or exportation of commodities.
    Hence, after World war 2, it became a thing of concern to re-stabilize the economy of many countries affected by the war; building back industries and factories in other to curb the low standard of living of these countries that were affected.
    4. Some of the reasons for studying development Economics:
    -Moral and Ethnic reason
    Poverty is not good variable for the development of economy; if citizens are poor, the economy cannot grow plus if inequality is dormant; hence the study of development economics is essential for economy growth and development.

    -Our own welfare
    To help improve our well being like shelter, good health care services which are some of the major factor for development of the economy of a nation

    -Private interest
    For job opportunities getting more knowledge about development.
    -Intellectual Curiosity
    To help solve question about the economy.

    5. The term Third World has long served to describe countries of Africa, Asia, and Latin America that have been seen to share relatively low per-capita incomes, high rates of illiteracy, limited development of industry, agriculture-based economies, short life expectancies, low degrees of social mobility, and unstable political structures.
    The 120 countries of the Third World also share a history of unequal encounters with the West, mostly through colonialism and globalization.
    Alfred sauvy (31 October 1898 – 31october 1990) was a demographer, anthropologist, and a historian of French economy, sauvy coined the term third world (“tiers monde) in reference to countries that unaligned with either the communist soviet bloc or the capitalist NATO bloc during the cold war. During the Cold War (1945–1991), Third World referred to countries that were relatively minor players on the international stage, it conveys also idea that it is a revolutionary one,

    Reference:
    Economic_Development_Todaro_and_Smith.pdf, pg 45-

  34. Avatar Nnewubelu Chukwuyebuka Joshua says:

    NAME; NNEWUBELU CHUKWUEBUKA JOSHUA
    REG. NUMBER; 2019/247241

    1. the three objectives of Development are explain in these form;
    I. Raising peoples’ living levels, i.e. incomes and consumption, levels of food, medical services, education through relevant growth processes
    II. Creating conditions conducive to the growth of peoples’ self-esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect
    III. increasing peoples’ freedom to choose by enlarging the range of their choice variables, e.g. varieties of goods and services.

    2.There are many different measures used to assess the development gap, each one offering an alternate way of dividing up the world with regards to how developed it is.
    I. Gross Domestic Product (GDP); GDP is s how much money a country makes from its products over the course of a year, usually converted to US Dollars [the sum of gross value added by all resident producers in the economy + product taxes – any subsidies not included in the value of the products].
    II. Birth and death rates; Crude Birth and Death rates (per 1000) can be used as an overall measure of the state of healthcare and education in a country, though these numbers do not give a full picture of a nation’s situation.
    III. The Human Development Index (HDI); The HDI is a composite statistic calculated from the: Life expectancy index, Education index, Mean years of schooling index, Expected years of schooling index, Income index
    Countries are ranked based on their score and split into categories that suggest how well developed they are.
    IV. Infant mortality rate; Infant mortality rate is the number of infants dying before reaching one year of age per 1,000 live births in a given year.
    V. Literacy rate; The rate, or percentage, of people who are able to read is a useful indicator of the state of education within a country. High female literacy rates generally correspond with an increase in the knowledge of contraception and a falling birth rate.
    VI. Life expectancy; This simple statistic can be used as an indicator of the: healthcare quality in a country or province, level of sanitation, provision of care for the elderly. It should not, of course, be used on its own to describe these things.

    3.After World War II a number of developing countries attained independence from their former colonial rulers. One of the common claims made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies. Thus economic development after independence became an objective of policy not only because of the humanitarian desire to raise living standards but also because political promises had been made, and failure to make progress toward development would, it was feared, be interpreted as a failure of the independence movement. Developing countries in Latin America and elsewhere that had not been, or recently been, colonies took up the analogous belief that economic domination by the industrial countries had thwarted their development, and they, too, joined the quest for rapid growth.
    At that early period, theorizing about development, and about policies to attain development, accepted the assumption that the policies of the industrial countries were to blame for the poverty of the developing countries. Memories of the Great Depression, when developing countries’ terms of trade had deteriorated markedly, producing sharp reductions in per capita incomes, haunted many policymakers. Finally, even in the developed countries, the Keynesian legacy attached great importance to investment.
    In this milieu, it was thought that a “shortage of capital” was the cause of underdevelopment. It followed that policy should aim at an accelerated rate of investment. Since most countries with low per capita incomes were also heavily agricultural (and imported most of the manufactured goods consumed domestically), it was thought that accelerated investment in industrialization and the development of manufacturing industries to supplant imports through “import substitution” was the path to development. Moreover, there was a fundamental distrust of markets, and a major role was therefore assigned to government in allocating investments. Distrust of markets extended especially to the international economy.

    4. The study of development economics allows one to gain the opportunity to apply economic analysis theories and practices to develop and implement policies aimed at putting a less-developed economy on the path of development. It focuses on how people in a society can escape poverty and enjoy a better standard of living. Development economic studies can be divided into economic and social aspects. Development economic research can help policymakers to make better decisions and formulate the right plans.

    5. Writing in 1949, Sauvy described potential overpopulation as a ‘false problem’ and argued against attempts at global population control. He suggested examining countries on a case-by-case basis to determine whether they lack the raw materials and natural resources that can support a larger population. Otherwise, he thought that we run the risk of under-populating a country that could support a much larger population. Sauvy coined the term ‘Third World’ in an article published in the French magazine, L’Observateur on August 14, 1952. He wrote: “…car enfin, ce Tiers Monde ignoré, exploité, méprisé comme le Tiers Etat, veut lui aussi, être quelque chose”
    “…because at the end, this ignored, exploited, scorned Third World, like the Third Estate, wants also, to become something”. Sauvy coined Third World by analogy with the Third Estate and the above quote is a paraphrase of Sieyès’s famous sentence about the Third Estate during the French Revolution.

  35. Avatar Ogaeme Onyedikachi Lovedey says:

    Ogaeme Onyedikachi Lovedey
    Economics department
    2019/251299

    1. According to Prof. Michael Todaro the three objectives of development are;
    a). Producing more life sustaining necessities such as food shelter and health care and broadening their distribution: what development man to economists is a multidimensional concept involving improvement in human well-being which include life sustaining necessities.
    b). Raising standards of living and individual self esteem: Development according to Prof Dudley Seers argument is about outcomes i.e development issues with the reduction and elimination of poverty, inequality and unemployment within a growing economy. All these leads to raising one’s standard of living.
    c). Expand economic and social choice and reducing fear: in the words of Amartya Sen “development requires the removal of major sources of unfreedom….” This includes giving people choices and freedom to several other things. And thereby reducing fear.

    2. The set of indices developed by UN include:
    a). Life expectancy: This include the number of years an average individual is capable of living due to the basic amenities and facilities, financial status and health care around such a one. If the life expectancy ratio of a country is low that shows that development is not taking place.
    b). Educational attainment: This shows what educational degrees an average individual can attain given all facts, features and necessities. If an average individual can easily afford to get to university level without delay of any type then the development level of such a country is nice
    c). Adjusted real income ($PPP per person): this is the income of a person after all deductible had been made.

    3. Development economics emerged as a branch of economics after the world war II because the Economists became concerned about the low standard of living in so many countries of Latin America, Africa and Asia; The countries in this region were less developed countries and their economy were different from the developed countries and basic economics could but explain its behaviour. So economists at that time came up with development economics which involves the creation of theories and methods that aid the determination of policies and practices and be implemented at either the domestic or international level.

    4. Reasons why people study development economics include;
    a). Due to Moral and ethical reasons
    b). Our own welfare.
    c). Private interests;
    d). Intellectual curiosity.

    5. The “tiers monde” or third Estate which denote the third world is the least member of the society with very little or nothing of financial value to survive on. Which made Alfred Sauvy to say that the “third world is nothing and wants to be something”

  36. Avatar Mbah Juliet Ezinne says:

    Name: MBAH JULIET EZINNE
    Reg no: 2019/241713
    Department: EDUCATION AND ECONOMIC
    COURSE: ECO 361
    1) According to Prof. Michael Todaro, the three objectives of Development include, Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately

    Michael Paul Todaro (Development Economist) – Development is not purely an economic phenomenon but rather a multi- dimensional process involving reorganization and reorientation of entire economic AND social system Development is process of improving the quality of all human lives with three equally important aspects. Todaro emphasized the “good life” that individuals and societies ought to pursue as based on three (3) core values : 1)life sustenance, 2) self esteem, and 3) freedom from servitude.
    1. Raising peoples’ living levels, i.e. incomes and consumption, levels of food,
    medical services, education through relevant growth processes
    2. Creating conditions conducive to the growth of peoples’
    self-esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect
    3. Increasing peoples’ freedom to choose by enlarging the range of their choice
    variables, e.g. varieties of goods and services

    2. Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.

    Development measures how economically, socially, culturally or technologically advanced a country is.
    Studying development is about measuring how developed one country is compared to other countries in the present, or to the same country in the past.
    There is no single way to calculate the level of development because of the variety of economies, cultures and peoples.
    The two most important ways of measuring development is to use a range of social and economic indicators.
    Social indicators measure the access a population has to wealth, jobs, education, nutrition, health, leisure and safety – as well as political and cultural freedom.
    Material elements, such as wealth and nutrition, are described as the standard of living.
    Health and leisure are often referred to as quality of life.
    Health: Do the population have access to medical care? What level of healthcare is available? Is it free? One of the most popular social indicators is Life Expectancy. This is the average lifespan for someone born in a particular country. The Life Expectancy can be impacted by a range of situations such as war, disease and natural disasters. If the Life Expectancy for an area is high – this indicates an MEDC and if the Life Expectancy is low this is more likely to be an LEDC.
    Education: Do the population have access to education? Is it free? What level of education is available i.e. primary, secondary or further/higher education? Another popular social indicator is Adult Literacy Rate. This is a measure of the percentage of the adult population who are able to both read and write. MEDCs such as the UK will have a very high rate (99%), whereas countries such as Somalia will have a rate closer to 24%.
    Economic indicators are a measure of a country’s wealth and how it is generated. They give a very accessible measure of the amount of wealth in the economy of one country compared with another.
    Gross National Income/Gross National Product: This is the main measure of wealth that is used to compare different countries around the world. It measures the total amount of all of the goods and services within a country each year, divided by the number of people who live there. The final figure is always given in US dollars so that an easy comparison can be made between different countries. The higher the GNI/GNP is, the more developed a country will be.
    Industry: What type of industry dominates? LEDCs focus on primary industries, such as farming, fishing and mining. MEDCs focus on secondary industries, such as manufacturing. The most advanced countries tend to focus more on tertiary or service industries, such as banking and information technology.
    Vehicles per 1,000 people: A final measure looks at the number of cars that people own. This can help to demonstrate the amount of money that is spread through a country. For example, Germany has 528 cars per 1,000 but China only has 8 per 1,000.

    3. Development economics emerged as a branch of economics because: Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss
    economic development, the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.
    Economic development first became a major concern after World War II. As the era of European colonialism ended, many former colonies and other countries with low living standards came to be termed underdeveloped countries, to contrast their economies with those of the developed countries, which were understood to be Canada, the United States, those of western Europe, most eastern European countries, the then Soviet Union, Japan, South Africa, Australia, and New Zealand. As living standards in most poor countries began to rise in subsequent decades, they were renamed the developing countries.
    There is no universally accepted definition of what a developing country is; neither is there one of what constitutes the process of economic development. Developing countries are usually categorized by a per capita income criterion, and economic development is usually thought to occur as per capita incomes rise. A country’s per capita income (which is almost synonymous with per capita output) is the best available measure of the value of the goods and services available, per person, to the society per year. Although there are a number of problems of measurement of both the level of per capita income and its rate of growth, these two indicators are the best available to provide estimates of the level of economic well-being within a country and of its economic growth.
    It is well to consider some of the statistical and conceptual difficulties of using the conventional criterion of underdevelopment before analyzing the causes of underdevelopment. The statistical difficulties are well known. To begin with, there are the awkward borderline cases. Even if analysis is confined to the underdeveloped and developing countries in Asia, Africa, and Latin America, there are rich oil countries that have per capita incomes well above the rest but that are otherwise underdeveloped in their general economic characteristics. Second, there are a number of technical difficulties that make the per capita incomes of many underdeveloped countries (expressed in terms of an international currency, such as the U.S. dollar) a very crude measure of their per capita real income. These difficulties include the defectiveness of the basic national income and population statistics, the inappropriateness of the official exchange rates at which the national incomes in terms of the respective domestic currencies are converted into the common denominator of the U.S. dollar, and the problems of estimating the value of the noncash components of real incomes in the underdeveloped countries. Finally, there are conceptual problems in interpreting the meaning of the international differences in the per capita income levels.
    Although the difficulties with income measures are well established, measures of per capita income correlate reasonably well with other measures of economic well-being, such as life expectancy, infant mortality rates, and literacy rates. Other indicators, such as nutritional status and the per capita availability of hospital beds, physicians, and teachers, are also closely related to per capita income levels. While a difference of, say, 10 percent in per capita incomes between two countries would not be regarded as necessarily indicative of a difference in living standards between them, actual observed differences are of a much larger magnitude. India’s per capita income, for example, was estimated at $270 in 1985. In contrast, Brazil’s was estimated to be $1,640, and Italy’s was $6,520. While economists have cited a number of reasons why the implication that Italy’s living standard was 24 times greater than India’s might be biased upward, no one would doubt that the Italian living standard was significantly higher than that of Brazil, which in turn was higher than India’s by a wide margin.
    The interpretation of a low per capita income level as an index of poverty in a material sense may be accepted with two qualifications. First, the level of material living depends not on per capita income as such but on per capita consumption. The two may differ considerably when a large proportion of the national income is diverted from consumption to other purposes; for example, through a policy of forced saving. Second, the poverty of a country is more faithfully reflected by the representative standard of living of the great mass of its people. This may be well below the simple arithmetic average of per capita income or consumption when national income is very unequally distributed and there is a wide gap in the standard of living between the rich and the poor.
    The usual definition of a developing country is that adopted by the World Bank: “low-income developing countries” in 1985 were defined as those with per capita incomes below $400; “middle-income developing countries” were defined as those with per capita incomes between $400 and $4,000. To be sure, countries with the same per capita income may not otherwise resemble one another: some countries may derive much of their incomes from capital-intensive enterprises, such as the extraction of oil, whereas other countries with similar per capita incomes may have more numerous and more productive uses of their labour force to compensate for the absence of wealth in resources. Kuwait, for example, was estimated to have a per capita income of $14,480 in 1985, but 50 percent of that income originated from oil. In most regards, Kuwait’s economic and social indicators fell well below what other countries with similar per capita incomes had achieved. Centrally planned economies are also generally regarded as a separate class, although China and North Korea are universally considered developing countries.

    4. Many folks study Development Economics for many reasons. Discuss
    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, globalization 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 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.
    5. The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.
    THE DEVELOPING WORLD – the economically underdeveloped countries of Asia. Africa. Oceania and Latin America – is considered as an entity with common characteristics, such as poverty, high birth rates, and economic dependence on the advanced countries. Until recently, the developing world was known as ‘the third world’. The French demographer Alfred Sauvy coined the expression (in French) in 1952 by analogy with the ‘third estate’ – the commoners of France before and during the French Revolution – as opposed to priests and nobles, comprising the First and second estates respectively. ‘Like the third estate’, wrote Sauvy, ‘the third world is nothing, and it wants to be something’. The term therefore implies that the third world is exploited, much as the third estate was exploited and that, like the third estate, its destiny is a revolutionary one. It conveys as well a second idea, also discussed by Sauvy – that of nonalignment, for the developing world belongs neither to the industrialized capitalist world nor to the industrialized former communist bloc. The expression ‘third world’ was used at the 1955 conference of Afro-Asian countries held in Bandung. Indonesia. In 1956 a group of social scientists associated with Sauvy’s National Institute of Demographic Studies, in Paris, published a book called ‘Le Tiers-Monde’. Three years later, the French economist Francois Perroux launched a new journal, on problems of underdevelopment, with the same title. By the end of the 1950s the term was frequently employed in the French media to refer to the underdeveloped countries of Asia. Africa, Oceania and Latin America. Present day politicians and social commentators, however, now use the term ‘developing world’ in a politically correct effort to dispel the negative connotations of ‘third world’.

    B. Countries in the developing world have a number of common traits: distorted and highly dependent economies devoted to producing primary products for the developed world; traditional, rural social structures; high population growth and widespread poverty. Nevertheless, the developing world is sharply differentiated, for it includes countries on various levels of economic development. And despite the poverty of the countryside and the urban shanty towns, the ruling elites of most third world countries are wealthy.

    C. This combination of conditions in Asia, Africa, Oceania and Latin America is linked to the absorption of the developing world into the international capitalist economy, by way of conquest or indirect domination. The main economic consequence of Western domination was the creation, for the first time in history, of a world market. By setting up sub-economies linked to the West throughout the developing world, and by introducing other modern institutions, industrial capitalism disrupted traditional economies and, indeed, societies. This disruption led to underdevelopment.

    D. Because the economies of underdeveloped countries have been geared to the needs of industrialised countries, they often comprise only a few modem economic activities, such as mining or the cultivation of plantation crops. Control over these activities has often remained in the hands of large foreign firms. The prices of developing world products are usually determined by large buyers in the economically dominant countries of the West, and trade with the West provides almost all the developing world’s income. Throughout the colonial period, outright exploitation severely limited the accumulation of capital within the foreign dominated countries. Even after decolonisation (in the 1950s, 1960s, and 1970s), the economies of the developing world grew slowly, or not at all, owing largely to the deterioration of the ‘terms of trade’ – the relationship between the cost of the goods a nation must import from abroad and its income from the exports it sends to foreign countries. Terms of trade are said to deteriorate when the cost of imports rises faster than income from exports. Since buyers in the industrialised countries determined the prices of most products involved in international trade, the worsening position of the developing world was scarcely surprising. Only the oil-producing countries – after 1973 – succeeded in escaping the effects of Western domination of the world economy.

    E. No study of the developing world could hope to assess its future prospects without taking into account population growth. While the mortality rate from poverty-related diseases continues to cause international concern, the birth rate continues to rise at unprecedented levels. This population explosion in the developing world will surely prevent any substantial improvements in living standards, as well as threaten people in stagnant economies with worsening poverty and starvation levels.

  37. Avatar Ugwu Somto Emmanuel says:

    Ugwu Somto Emmanuel
    Combined Social science
    Economics/Philosophy
    2019/245096

    1. Economist Michael Todaro specified three objectives of development:
    i. Life sustaining goods and services: to increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.
    ii. Higher incomes: to raise levels of living including in addition to higher incomes, the provision of more jobs, better education and greater attention to cultural and human values, all of which will serve not only to enhance material well being, but also to generate greater individual and national self-esteem.
    iii. Freedom to make economic and social choices: to expand the rate of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.

    2. The Human Development Index (HDI) is a statistic developed and compiled by the United Nations since 1990 to measure various countries’ levels of social and economic development. This index is a tool used to follow changes in development levels over time and compare the development levels of different countries.
    It was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone.
    The HDI uses components such as average annual income and educational expectations to rank and compare countries and it measures each country’s social and economic development by focusing on the following four factors: mean years of schooling, expected years of schooling, life expectancy at birth, and gross national income (GNI) per capita.
    Some other examples of social indicators of development include:
    – Education levels – for example how many years of schooling children have?
    – Health – often measured by life expectancy.
    – Employment Rates
    – Gender equality
    – Peacefulness
    – Democracy
    – Corruption
    – Media freedoms
    – Civil Rights
    – Crime/ social unrest
    – Suicide Rates

    (3). Development economics allows one to gain the opportunity to apply economic analysis theories and practices to develop and implement policies aimed at putting a less-developed economy on the path of development. It focuses on economic variables such as GDP, supply and demand, and market rivalry.
    (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.
    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 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.

    (5). The economically underdeveloped countries of Asia, Africa, Oceania, and Latin America, considered as an entity with common characteristics, such as poverty, high birthrates, and economic dependence on the advanced countries. The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” the commoners of France before and during the French Revolution-as opposed to priests and nobles, comprising the first and second estates respectively.
    Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.” The term therefore implies that the third world is exploited, much as the third estate was exploited, and that, like the third estate its destiny is a revolutionary one. It conveys as well a second idea, also discussed by Sauvy, that of non-alignment, for the third world belongs neither to the industrialized capitalist world nor to the industrialized Communist bloc. The expression third world was used at the 1955 conference of Afro-Asian countries held in Bandung, Indonesia. In 1956 a group of social scientists associated with Sauvy’s National Institute of Demographic Studies, in Paris, published a book called Le Tiers-Monde. Three years later, the French economist Francois Perroux launched a new journal, on problems of underdevelopment, with the same title. By the end of the 1950’s the term was frequently employed in the French media to refer to the underdeveloped countries of Asia, Africa, Oceania, and Latin America.

  38. Avatar Chukwunweike Lucky Nnamdi 2019/247233 C.s.s Economics and Sociology says:

    Question no 1

    Economist Michael Todaro specified three objectives of development:

    Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.
    Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem
    Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.
    Note the emphasis placed on ‘cultural and human values’, ‘self-esteem’ and freedom from ignorance; it is important to remember that development is about much more than advancing economic growth.

    Question no 2
    The United Nations in 1990 developed and compiled THE HUMAN DEVELOPMENT INDEX (HDI), to measure various countries’ levels of social and economic development. It is composed of four principal areas of interest: mean years of schooling, expected years of schooling, life expectancy at birth, and gross national income (GNI) per capita.
    This index is a tool used to follow changes in development levels over time and compare the development levels of different countries. The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone.
    How Is the HDI Measured?
    The HDI is a summary measurement of basic achievement levels in human development. The computed HDI of a country is an average of indexes of each of the life aspects that are examined: knowledge and understanding, a long and healthy life, and an acceptable standard of living.

    Question no 3
    Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- 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.
    Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology. Highly developed countries have governments that focus on these areas.
    Natural resources are the number one factor that spurs economic growth. It makes economic growth considerably easier. Consider the case of countries like Dubai or other Middle East nations. The fact that they are rich in oil resources has literally been the defining factor of their economies. However, the major the major cause of emergency of economic problems would be limited resources and unlimited human wants that leads to scarcity which are the roots cause of problems.

    Question no 4
    The study of development economics allows one to gain the opportunity to apply economic analysis theories and practices to develop and implement policies aimed at putting a less-developed economy on the path of development.
    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.

    Question no 5
    Alfred Sauvy coined the term “Third world” which was also referred to as TIERS MONDE in French by analogy with the third estate I.e he coined the word third world using the third estate as an analogy.The third estate were a group of people referred to as the commoners or common people.They were being exploited by those in the first estate and second estate .The third estate comprised of people who were politically invisible,unrepresented in and weilding ni influence at all.Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.” This implied that the Third world is being exploited as much as the third estate was exploited.This is because the third world comprised of the underdeveloped or under performing conditions in certain fields and Alfred sauvy coined the term third world to be distinguish countries that neither belonged to the industrialized capitalist world nor to the industrialized communist Bloc.

  39. 2019/249884
    Economics Education
    1) According to Prof Todaro, Development is a multi-dimensional process involving changes in social lives, popular behaviour and national institutions, as well as the acceleration of economic growth, the decrease of inequality and absolute eradication of poverty.
    Development, in its importance, must represent the whole point of change by which an entire social system, tuned to the diverse basic needs and desires of individuals and social groups within that system, moves away from a condition of life widely perceived as unsatisfactory, toward a situation or condition of life as materially and spiritually “better”.
    2) The UN developed Human Development Index (HDI) as a summary measure of average achievement in key dimensions of human development a long and healthy life, being knowledgeable and have a decent standard of living. The Human Development index was the geometric mean of normalized indices for each of the three dimensions.
    The health dimension is assessed by life expectancy at birth, the education dimension is measured by mean of years of schooling for adults aged 25 years and more and expected years of schooling for children of school entering age. The standard of living dimension is measured by gross national income per capita. The HDI uses the logarithm of income, to reflect the diminishing importance of income with increasing gross national income

    3) Economists after world war 2 become concerned about the low standard of living in so many countries of Latin America, Africa and Asia
    After World War II a so many of developing countries (Most African countries, Asian) got independence from their former colonial rulers. The common claims made by leaders of independence movements was that colonialism had been responsible for causing low living standards in the colonies. Thus after independence economic development became an objective of policy not only because of the generous wishes to raise standard of living also because of promises made by the political individuals and failure to make progress toward development would, was feared, be interpreted as a failure of the independence movement.
    During the early period, theories about development, and about policies to achieve development, accepted the assumption that the policies of the industrial countries caused poverty of the developing countries.
    4) Development economics can be seen as studies of developing countries. It is generally seen as the tools to promote economic growth of a nation, increase in employment rate and the redistribution of wealth in the society.
    The study of development economics allows one gain the opportunity to apply economic analysis theories and practices to develop and implement policies aimed at putting a less-developed economy on the path of development. Its focus on economic variables such as GDP, supply and demand, and market rivalry.
    5) The term “wants to be something” implies that the third world is exploited much as the third estate was exploited and that like the third estate it’s destiny is a revolutionary one. It conveys as well a second idea also discussed by Alfred Sauvy, that of non-alignment for the third world belongs neither to the industrialised communist bloc.

  40. Avatar OZONWU CHUKWUEBUKA SILAS says:

    NAME: OZONWU CHUKWUEBUKA SILAS
    REG NO:2019/244686
    DEPT: ECONOMICS
    EMAIL: ozonwuchukwuebuka@gmail.com
    1.According to Todaro, Development must, therefore, be conceived of as a multi- dimensional process involving major changes in social structures, popular attitudes and national institutions, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.
    The life-sustaining basic human needs include food, shelter, health and protection. When any one of these is absent or in critically short supply, a condition of absolute “underdevelopment” exists.Self-esteem: A second universal component of good life is self- esteem- a sense of worth and self- respect- of not being used as a tool by others for their own ends. Due to the significance attached to material values in developed nations, worthiness and esteem are now-a-days increasingly conferred only on countries that possess economic wealth and technological power- those that have developed.
    Now-a-days the Third World seeks development in order to gain the esteem which is denied to societies living in a state of disgraceful “underdevelopment.” … Development is legitimized as a goal because it is an important, perhaps even an indispensable, way of gaining esteem.6 Freedom from Servitude: Arthur Lewis stressed the relationship between economic growth and freedom from servitude when he concluded that “the advantage of economic growth is not that wealth increases happiness, but that it increases the range of human choice.” Wealth can enable a person to gain greater control over nature and his physical environment than they would have if they remained poor. It also gives them the freedom to choose greater leisure. The concept of human freedom should encompass various components of political freedom, freedom of expression, political participation and equality of opportunity.It is interesting to note that some of the most notable economic success stories of the 1970s and 1980s (Saudi Arabia, South Korea, Singapore, Malaysia, Thailand, Indonesia, Turkey and China among others) did not score highly on the 1991 Human Freedom Index compiled by the United Nations Development Programme.
    2.
    : The Human Development Index (HDI) is a statistical tool used to measure a country’s overall achievement in its social and economic dimensions. The social and economic dimensions of a country are based on the health of people, their level of education attainment and their standard of living. Description: Pakistani economist Mahbub ul Haq created HDI in 1990 which was further used to measure the country’s development by the United Nations Development Program (UNDP). Calculation of the index combines four major indicators: life expectancy for health, expected years of schooling, mean of years of schooling for education and Gross National Income per capita for standard of living. Every year UNDP ranks countries based on the HDI report released in their annual report. HDI is one of the best tools to keep track of the level of development of a country, as it combines all major social and economic indicators that are responsible for economic development.
    Asset Turnover Ratio: Asset turnover ratio is the ratio between the value of a company’s sales or revenues and the value o
    Austerity: economic growth of country is determined by factors such as Capital structure, Human resources, Nat
    Bailout: Bailout is a general term for extending financial support to a company or a country facing a potential
    Balance Of Payment: According to the RBI, balance of payment is a statistical statement that shows 1. The transaction i
    Bank Rate: Bank rate is the rate charged by the central bank for lending funds to commercial banks. Description
    Barter: the hard currency came into existence, the mostcommon form of trade was bartering. Barter Systemda
    Base Rate: Base rate is the minimum rate set by the Reserve Bank of India below which b anks are not allowed to
    Basel Iii: The third Basel accord or Basel-III is the cornerstone of banking supervision in the world. Framed b
    Brexit It is an abbreviation for the term “British exit”, similar to “Grexit” that was used for many years
    3.
    The post-Second World War economic boom was an era of considerable prosperity that followed the recovery period and ended with the 1973-1975 Recession. These years are also referred to as the “Golden Age of Capitalism” in the West, although Eastern Europe andbparts of Asia also saw significant growth in these years.bThis economic boom began at different points per region depending on the length of the recovery period; for example, it started in the U.S. almost as soon as the war ended, as the U.S. was not as structurally devastated by the war as Europe or Asia. In contrast, growth in some Southern European economies did not take off until the late 1950s due to the legacy of the civil wars in the region. The cause of these developments, particularly in Europe, remains a topic of discussion among historians today, though the emergence of the welfare state and increased international cooperation tend to be the most cited causes of this prosperity in the West.
    4.
    Country development and development economics bothvinvolve a wide range of studies. Primarily, development economics can be divided into two categories – economic and social.
    Economic growth
    Development economics uses economic growth as an indicator of country development efficiency. Economic growth shows how well a country is running and potentially growing. It is the most obvious and quantitative indicator for the evaluation of country development. Structural change Structural change is the way a country’s economy is organized and how a market functions. It’s usually in between free-market operation and state control. Structural change is the most fundamental aspect of country development. Hence, development economics also study the structural changes in a country.
    Technological changes Technology can significantly change economic behavior, such as production and consumption. When a new technology appears, development economics will analyze its effect on country development.bSocial aspects of development economics analyze the economic consequences of social-related development. Institutions Institutions are essential for a country’s economy. Well- established institutions facilitate economic and country development. Education Educated human capital leads to better economic production and a higher standard of living. Many countries focus on investing in their human capital through education. Therefore, development economics considers the economic results of such education policies. It is primarily about finding the current human capital level, developing, and providing direction for education policy. Public health Better living standards include improvement in public health . Countries see public health as part of their development. Since public health advancement involves a substantial cost, development economics is crucial. Working conditionsvWorking conditions are closely associated with the advanced level of an economy. Working conditions include salaries and employee benefits, which represent the purchasing power in an economy. Development economics can assist in evaluating the impact of working vconditions on the future economy.
    5.
    The term Third World first appeared in a 1952 article entitled, ‘ Three Worlds, One Planet’ by Alfred Sauvy, in which he argued that reference is often made to two words in a state of confrontation, and that there is in fact a third world which is generally overlooked – and that this third world is the most significant, and in fact, in a chronological sense it is the first world. The term Third World is used as both a category and a concept – emerging first with Sauvy, as mentioned above, the “phrase used was tiers monde.” Within a decade of its inception, the term had gained widespread acceptance and was employed extensively. ] Since the early 1960s, the term has frequently been used as a “synonym for such phrases as ‘underdeveloped world’, ‘developing countries’, ‘less developed countries’, ‘former colonies’, ‘Afro-Asian and Latin American countries’, ‘the South’ (of the North-South division) and so on.” The concept emerged in the context of the Cold War, and as used initially, carried “specific political and power connotations,” and embraced notions “political powerlessness, economic poverty and social marginalization.” The concept was roughly understood and used as an expression analogous to that of the ‘Third Force’ that referred to and described the group of Nonaligned African and Asian countries, psychologically united in common opposition to imperialism and colonialism. Within the Cold War context of ideological bifurcation, the Third World referred to that group of states “that represented the third component in the operation and dynamics of a bipolar global balance.” This Nonaligned Group “necessarily occupied a political space between the First World capitalist states and the Second World socialist states,”and it was through this nonalignment that this group of states attempted to maintain independence and a distance between the two opposing superpower blocs, and if and when possible, to benefit from this division. The term Third World emerged as part of the three worldsvclassification scheme, which, while it retained currency, seemed compelling as it served a dual function, namely “a hegemonic conceptualization of the world, and of struggles against that hegemony.” [19] The three worlds idea itself emerged as an unintended consequence of “modernization discourse in Euro-American social science,” which was developed in the 1950s as a response to the “entanglement of colonialism and anti-colonial movements in an emergent Cold War that impelled the globe to division between two major power blocs.” In political terms, modernization discourse aimed to ensure and prolong Euro-American hegemony, as it was a representation of Euro-American cultural, political and social paradigms – “the paradigms of capitalist modernity – as the ultimate paradigms of progress.” However, it is ironic to note that once the idea of the Third World emerged, it was enthusiastically adopted by “radical advocates of liberation from Euro-American colonialism and hegemony” who perceived it as both a mobilizing idea to accomplish the missions of decolonization and as a mechanism by which to reorganize global relationships.

  41. Avatar OZONWU CHUKWUEBUKA SILAS says:

    NAME: OZONWU CHUKWUEBUKA SILAS
    REG NO:2019/244686
    DEPT: ECONOMICS
    EMAIL: ozonwuchukwuebuka@gmail.com
    1.According to Todaro, Development must, therefore, be conceived of as a multi- dimensional process involving major changes in social structures, popular attitudes and national institutions, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.
    The life-sustaining basic human needs include food, shelter, health and protection. When any one of these is absent or in critically short supply, a condition of absolute “underdevelopment” exists.Self-esteem: A second universal component of good life is self- esteem- a sense of worth and self- respect- of not being used as a tool by others for their own ends. Due to the significance attached to material values in developed nations, worthiness and esteem are now-a-days increasingly conferred only on countries that possess economic wealth and technological power- those that have developed.
    Now-a-days the Third World seeks development in order to gain the esteem which is denied to societies living in a state of disgraceful “underdevelopment.” … Development is legitimized as a goal because it is an important, perhaps even an indispensable, way of gaining esteem.6 Freedom from Servitude: Arthur Lewis stressed the relationship between economic growth and freedom from servitude when he concluded that “the advantage of economic growth is not that wealth increases happiness, but that it increases the range of human choice.” Wealth can enable a person to gain greater control over nature and his physical environment than they would have if they remained poor. It also gives them the freedom to choose greater leisure. The concept of human freedom should encompass various components of political freedom, freedom of expression, political participation and equality of opportunity.It is interesting to note that some of the most notable economic success stories of the 1970s and 1980s (Saudi Arabia, South Korea, Singapore, Malaysia, Thailand, Indonesia, Turkey and China among others) did not score highly on the 1991 Human Freedom Index compiled by the United Nations Development Programme.
    2.
    : The Human Development Index (HDI) is a statistical tool used to measure a country’s overall achievement in its social and economic dimensions. The social and economic dimensions of a country are based on the health of people, their level of education attainment and their standard of living. Description: Pakistani economist Mahbub ul Haq created HDI in 1990 which was further used to measure the country’s development by the United Nations Development Program (UNDP). Calculation of the index combines four major indicators: life expectancy for health, expected years of schooling, mean of years of schooling for education and Gross National Income per capita standard of living. Every year UNDP ranks countries based on the HDI report released in their annual report. HDI is one of the best tools to keep track of the level of development of a country, as it combines all major social and economic indicators that are responsible for economic development.
    Asset Turnover Ratio: Asset turnover ratio is the ratio between the value of a company’s sales or revenues and the value o
    Austerity: economic growth of country is determined by factors such as Capital structure, Human resources, Nat
    Bailout: Bailout is a general term for extending financial support to a company or a country facing a potential
    Balance Of Payment: According to the RBI, balance of payment is a statistical statement that shows 1. The transaction i
    Bank Rate: Bank rate is the rate charged by the central bank for lending funds to commercial banks. Description
    Barter: the hard currency came into existence, the mostcommon form of trade was bartering. Barter Systemda
    Base Rate: Base rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to
    Basel Iii: The third Basel accord or Basel-III is the cornerstone of banking supervision in the world. Framed b
    Brexit It is an abbreviation for the term “British exit”, similar to “Grexit” that was used for many years
    3.
    The post-Second World War economic boom was an era of considerable prosperity that followed the recovery period and ended with the 1973-1975 Recession. These years are also referred to as the “Golden Age of Capitalism” in the West, although Eastern Europe andbparts of Asia also saw significant growth in these years.bThis economic boom began at different points per region depending on the length of the recovery period; for example, it started in the U.S. almost as soon as the war ended, as the U.S. was not as structurally devastated by the war as Europe or Asia. In contrast, growth in some Southern European economies did not take off until the late 1950s due to the legacy of the civil wars in the region. The cause of these developments, particularly in Europe, remains a topic of discussion among historians today, though the emergence of the welfare state and increased international cooperation tend to be the most cited causes of this prosperity in the West.
    4.
    Country development and development economics bothvinvolve a wide range of studies. Primarily, development economics can be divided into two categories – economic and social.
    Economic growth
    Development economics uses economic growth as an indicator of country development efficiency. Economic growth shows how well a country is running and potentially growing. It is the most obvious and quantitative indicator for the evaluation of country development. Structural change Structural change is the way a country’s economy is organized and how a market functions. It’s usually in between free-market operation and state control. Structural change is the most fundamental aspect of country development. Hence, development economics also study the structural changes in a country.
    Technological changes Technology can significantly change economic behavior, such as production and consumption. When a new technology appears, development economics will analyze its effect on country development.bSocial aspects of development economics analyze the economic consequences of social-related development. Institutions Institutions are essential for a country’s economy. Well- established institutions facilitate economic and country development. Education Educated human capital leads to better economic production and a higher standard of living. Many countries focus on investing in their human capital through education. Therefore, development economics considers the economic results of such education policies. It is primarily about finding the current human capital level, developing, and providing direction for education policy. Public health Better living standards include improvement in public health . Countries see public health as part of their development. Since public health advancement involves a substantial cost, development economics is crucial. Working conditionsvWorking conditions are closely associated with the advanced level of an economy. Working conditions include salaries and employee benefits, which represent the purchasing power in an economy. Development economics can assist in evaluating the impact of working vconditions on the future economy.
    5.
    The term Third World first appeared in a 1952 article entitled, ‘ Three Worlds, One Planet’ by Alfred Sauvy, in which he argued that reference is often made to two words in a state of confrontation, and that there is in fact a third world which is generally overlooked – and that this third world is the most significant, and in fact, in a chronological sense it is the first world. The term Third World is used as both a category and a concept – emerging first with Sauvy, as mentioned above, the “phrase used was tiers monde.” Within a decade of its inception, the term had gained widespread acceptance and was employed extensively. ] Since the early 1960s, the term has frequently been used as a “synonym for such phrases as ‘underdeveloped world’, ‘developing countries’, ‘less developed countries’, ‘former colonies’, ‘Afro-Asian and Latin American countries’, ‘the South’ (of the North-South division) and so on.” The concept emerged in the context of the Cold War, and as used initially, carried “specific political and power connotations,” and embraced notions “political powerlessness, economic poverty and social marginalization.” The concept was roughly understood and used as an expression analogous to that of the ‘Third Force’ that referred to and described the group of Nonaligned African and Asian countries, psychologically united in common opposition to imperialism and colonialism. Within the Cold War context of ideological bifurcation, the Third World referred to that group of states “that represented the third component in the operation and dynamics of a bipolar global balance.” This Nonaligned Group “necessarily occupied a political space between the First World capitalist states and the Second World socialist states,”and it was through this nonalignment that this group of states attempted to maintain independence and a distance between the two opposing superpower blocs, and if and when possible, to benefit from this division. The term Third World emerged as part of the three worldsvclassification scheme, which, while it retained currency, seemed compelling as it served a dual function, namely “a hegemonic conceptualization of the world, and of struggles against that hegemony.” [19] The three worlds idea itself emerged as an unintended consequence of “modernization discourse in Euro-American social science,” which was developed in the 1950s as a response to the “entanglement of colonialism and anti-colonial movements in an emergent Cold War that impelled the globe to division between two major power blocs.” In political terms, modernization discourse aimed to ensure and prolong Euro-American hegemony, as it was a representation of Euro-American cultural, political and social paradigms – “the paradigms of capitalist modernity – as the ultimate paradigms of progress.” However, it is ironic to note that once the idea of the Third World emerged, it was enthusiastically adopted by “radical advocates of liberation from Euro-American colonialism and hegemony” who perceived it as both a mobilizing idea to accomplish the missions of decolonization and as a mechanism by which to reorganize global relationships.

  42. Avatar Ogbaga Stella chinwedu says:

    Ogbaga Stella chinwedu
    Economics major
    2019/2417333
    Assignment eco 361(developmental economics)

    (Question 1)

    Michael Todaro (1977), on the other hand, stressed that development must be
    regarded as “multi-dimensional process involving major changes in social
    structures, popular attitudes, institutions, as well as the acceleration of economic
    growth, the reduction of inequality, and the eradication of absolute poverty.” He
    further explained that development must represent the whole gamut of change by which
    the entire social system, tuned to the diverse basic needs and desires of individuals and
    social groups within that system, moves away from a condition greatly perceived to be
    unsatisfactory toward a situation or condition of life regarded as materially and spiritually
    “better”. Todaro emphasized the “good life” that individuals and societies ought to
    pursue as based on three (3) core values : 1)life sustenance, 2) self esteem, and 3)
    freedom from servitude. Todaro here, thus provide a normative philosophical and
    humanistic dimension to development but taking on a much holistic integrative
    perspective by emphasizing the need for accelerated economic growth along with social
    and institutional component. By this, he points out that the problem of
    underdevelopment and inequality is largely structural in nature and proliferated by
    existing institutions in society the promotes rather than prevents inequality, inadequate
    redistribution of wealth, blocks access to basic services, and are the very cause of
    deprivation thereby impeding attainment of development objectives on top of efforts and
    interventions being done.

    (Question 2)

    The Human Development Index (HDI) is a statistic developed and compiled by the United Nations since 1990 to measure various countries’ levels of social and economic development. It is composed of four principal areas of interest: mean years of schooling, expected years of schooling, life expectancy at birth, and gross national income (GNI) per capita.

    This index is a tool used to follow changes in development levels over time and compare the development levels of different countries.

    (Question 3)

    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, especially third world countries.

    (Question 4)

    I study developmental economics because development economics focuses on how people in a society can escape poverty and enjoy a better standard of living.
    Development economic studies can be divided into economic and social aspects.
    Development economic research can help policymakers to make better decisions and formulate the right plans.
    Development economic research can help policymakers to make better decisions and formulate the right plans, even though we tend to find our self in a rigmarole country.

    (Question 5)

    Third World” is an outdated and derogatory phrase that has been used historically to describe a class of economically developing nations. It is part of a four-part segmentation that was used to describe the world’s economies by economic status. Third World falls behind First World and Second World but was ahead of Fourth World, though Fourth-World countries were hardly recognized at all. Today, the preferred terminology is a developing nation, an underdeveloped country, or a low- and middle-income country (LMIC).
    There can be a few ways to divide up the world for purposes of economic segmentation. Classifying countries as First, Second, Third, and Fourth World was a concept created during and after the Cold War, which ran from approximately 1945 to the 1990s.

  43. Name: Arinze,ebuka kelvin
    Reg no: 2019/246530
    Department: Economics department
    course: Eco 391(Research method)

    Question 1
    Research is made to know the cause of a particular problem and how the solve it. It is a systematic way of finding solutions to problems or getting more information concerning issues that needs attention. (Encyclopedia) Research is the organized and systematic method of finding answers to questions.  It is systematic because it is a process broken up into clear steps that lead to conclusions. Research is organized because there is a planned structure or method used to reach the conclusion.  Research is only successful if we find answers, whether we like these answers or not. Development research is focussed on relevant, useful and important questions. If there are no questions, there can be no research.
    For example if we want to make a research on the causes of unemployment in a particular geographical entity, we must ask questions like why are few persons employed and many are unemployed. when such question gets an answer it will lead to another question which will draw us closer to a solution.

    Question 2
    Research is a careful investigation or inquiry specially through search for new facts in any branch of knowledge. It is a systematized effort to gain new knowledge and also a movement from the known to unknown (encyclopedia). Research is made by asking questions and through a close look into a cause of a problem.
    Researchers are driven by a desire to solve personal, professional, and societal problems. These problems may be simple everyday problems like the best school in Nigeria or they may be major problems that require vast teams of researchers working in well funded labs.
    Research is done by making inquries. For example, imagine you just wrote WAEC and you are preparing to write Jamb to study Economics in a particular university. As a researcher you begin to make inquries of the best university to study Economics, the cutoff mark, the price of school fees etc. Inquiry and research has somehow morphed into synonyms.

    Question 3
    Creswell states – “Research is a process of steps used to collect and analyze information to increase our understanding of a topic or issue”. It consists of three steps: 
    1. Pose a question
    2. collect data to answer the question and
    3.present an answer to the question.
    creswell in his words above is saying that, the first thing to do while making a research is to first of all ask questions. For example if you are making a research on the causes of COVID-19, you first of all ask or write down questions like who first got the disease, where is that person from (country), the occupation of that person, where he or she goes to every day etc. After that, you start collecting data to answer the question. After getting answers to the questions then you summarize by answering what is the actual cause of COVID-19.

    Question 4)

    I study developmental economics because development economics focuses on how people in a society can escape poverty and enjoy a better standard of living.
    Development economic studies can be divided into economic and social aspects.
    Development economic research can help policymakers to make better decisions and formulate the right plans.
    Development economic research can help policymakers to make better decisions and formulate the right plans, even though we tend to find our self in a rigmarole country.

    (Question 5)

    Third World” is an outdated and derogatory phrase that has been used historically to describe a class of economically developing nations. It is part of a four-part segmentation that was used to describe the world’s economies by economic status. Third World falls behind First World and Second World but was ahead of Fourth World, though Fourth-World countries were hardly recognized at all. Today, the preferred terminology is a developing nation, an underdeveloped country, or a low- and middle-income country (LMIC).
    There can be a few ways to divide up the world for purposes of economic segmentation. Classifying countries as First, Second, Third, and Fourth World was a concept created during and after the Cold War, which ran from approximately 1945 to the 1990s.

  44. Avatar Ugwuda confidence chika says:

    1.In the traditional development economics, development meant growth of per capita real income. Later on, a wider definition of develop­ment came to be assigned that focused on distributional objectives. Economic development, in other words, came to be redefined in terms of reduction or elimination of poverty and inequality.
    These are, after all, ‘a goods-oriented’ view of development. True development has to be ‘people- centred’. When development is defined in terms of human welfare it means that people are put first. This ‘people-oriented’ view of development is to be called human development.
    It is thus clear that per capita income does not stand as a true index of development of any country. To overcome this problem and to under­stand the dynamics of development, the United Nations Development Programme (UNDP) developed the concept of Human Development Index (HDI) in the 1990s. This index brought in revolutionary changes not only in development, but also in the policy environment in which the government was assigned a major role instead of market forces.
    Economic development now refers to expan­ding capabilities. According to Amartya Sen, the basic objective of development is ‘the expansion of human capabilities’. The capability of a person reflects the various combinations of ‘doings and beings’ that one can achieve. It then reflects that the people are capable of doing or being. Capability thus describes a person’s freedom to choose between different ways of living.
    For example:
    Can people read and write? Are food­stuffs distributed among people in a universal manner? Do poor students get midday meal in schools? Do the poor children get adequately nourishing diets at home? No one would doubt that an illiterate poor person cannot have the same capabilities that a rich literate one gets. Thus capability failure leads to poverty and deprivation. This perspective of development, as enunciated by A. Sen, suggests why development economists put greater emphasis on education and health.
    There are many countries in the world which —despite high levels of per capita GDP growth/ real income—experience high mortality rate, undernourishment rate, poor literacy, and so on. This is a case called ‘growth without development’. M. P Todaro and S. C. Smith assert: “Real in­come is essential, but to convert the characteristics of commodities into functions…. surely requires health and education as well as income.” In other words, income does not define peoples’ ‘well- being’ adequately.
    Well-being, although a diverse notion, should consider health and education, in addition to income. Sen’s intellectual insights and fundamental ideas induced UNDP to formulate HDI as a comprehensive measure of development. It may be reiterated that the HDI as used in the Human Development Reports to compare different countries in the world has been designed as alternative to per capita GDP/GNP. Today, it is the most single commonly used measure to evaluate development outcomes.

    Per capita income, both in terms of GNP and GDP, is one of the macroeconomic indicators that has long been used to measure economic growth. From a macroeconomic perspective, this indicator is a measurable part of human well-being, so that it can describe the welfare and prosperity of society. It seems that per capita income has become an indispensable macroeconomic indicator, although it has several drawbacks. So that the growth of national income, so far, has been used as a development goal in third world countries. It is as if there is an assumption that the welfare and prosperity of society is automatically indicated by an increase in national income (economic growth). Even though, some experts consider the use of this indicator to ignore the pattern of distribution of national income.
    2. Economic structure
    It has been assumed that an increase in per capita income will reflect a structural transformation in the economy and social classes. With economic development and per capita increase, the contribution of the manufacturing / industrial and service sectors to national income will continue to increase. The development of the industrial sector and the improvement at the level of wages will increase the demand for industrial goods, which will be followed by the development of investment and expansion of the workforce. On the other hand, the contribution of the agricultural sector to national income will continue to decline.
    3. Urbanization
    Urbanization can be interpreted as the increasing proportion of the population living in urban areas compared to rural areas. Urbanization is said to not occur if population growth in urban areas is equal to zero. In accordance with the industrialization experience in Western European countries and North America, the proportion of the population in urban areas is directly proportional to the proportion of industrialization. This means that the speed of urbanization will increase in line with the fast pace of the industrialization process. In industrialized countries, the majority of the population lives in urban areas, while in developing countries the largest proportion lives in rural areas. Based on this phenomenon, urbanization is used as an indicator of development.
    4. Savings Figures
    The development of the manufacturing / industrial sector during the industrialization stage requires investment and capital. Financial capital is a major factor in the industrialization process in a society, as happened in England in general Europe at the beginning of the growth of capitalism which was followed by the industrial revolution. In a society with high productivity, this venture capital can be collected through savings, both private and government.
    5. Quality of Life Index
    The Quality of Life Index (IKH) or Physical Quality of life Index (PQLI) is used to measure people’s welfare and prosperity. Macroeconomic indexes cannot provide a picture of people’s welfare in measuring economic success. For example, the national income of a nation can continue to grow, but without increasing social welfare.
    The quality of life index is calculated based on:
    (1) the average life expectancy at the age of one year,
    (2) infant mortality rate, and
    (3) numerical literacy.
    In the quality of life index, the average life expectancy and infant mortality rate can simultaneously describe the nutritional status of children and mothers, health status, and family environment which is directly related to family welfare. Education is measured by literacy rate, which can describe the number of people who have access to education as a result of development. This variable describes the welfare of the community, because the high economic status of the family will affect the educational status of its members. By the makers, this index is considered as the best way to measure the quality of human beings as a result of development, in addition to per capita income as a measure of human quantity.
    6. Human Development Index ( Human Development Index )
    The United Nations Development Program (UNDP) has developed other development indicators, in addition to several existing indicators. The basic idea underlying this index is the importance of paying attention to the quality of human resources. According to UNDP, development should be aimed at developing human resources. In this understanding, development can be defined as a process that aims to develop options that can be made by humans. This is based on the assumption that improving the quality of human resources will be followed by the opening of various options and opportunities to determine the path of human life freely.
    Economic growth is considered an important factor in human life, but it will not automatically affect the improvement of human dignity and dignity. In this connection, there are three components that are considered most decisive in development, long and healthy life, the acquisition and development of knowledge, and the improvement of access to a better life. This index is created by combining three components. The three components are:
    (1). average life expectancy at birth,
    (2). average educational attainment at the elementary, junior high and high school levels,
    (3). per capita income calculated based on Purchasing Power Parity .
    3.he standard thinking of the day was that the United States would sink into a deep depression at the war’s end. Paul Samuelson, a future Nobel Prize winner, wrote in 1943 that upon cessation of hostilities and demobilization “some ten million men will be thrown on the labor market.” He warned that unless wartime controls were extended there would be “the greatest period of unemployment and industrial dislocation which any economy has ever faced.” Another future Nobel laureate, Gunnar Myrdal, predicted that postwar economic turmoil would be so severe that it would generate an “epidemic of violence.”
    This, of course, reflects a world view that sees aggregate demand as the prime driver of the economy. If government stops employing soldiers and armament factory workers, for example, their incomes evaporate and spending will decline. This will further depress consumption spending and private investment spending, sending the economy into a downward spiral of epic proportions. But nothing of the sort actually happened after World War II.
    In 1944, government spending at all levels accounted for 55 percent of gross domestic product (GDP). By 1947, government spending had dropped 75 percent in real terms, or from 55 percent of GDP to just over 16 percent of GDP. Over roughly the same period, federal tax revenues fell by only around 11 percent. Yet this “destimulation” did not result in a collapse of consumption spending or private investment. Real consumption rose by 22 percent between 1944 and 1947, and spending on durable goods more than doubled in real terms. Gross private investment rose by 223 percent in real terms, with a whopping six-fold real increase in residential- housing expenditures.
    The private economy boomed as the government sector stopped buying munitions and hiring soldiers. Factories that had once made bombs now made toasters, and toaster sales were rising. On paper, measured GDP did drop after the war: It was 13 percent lower in 1947 than in 1944. But this was a GDP accounting quirk, not an indication of a stalled private economy or of economic hardship. A prewar appliance factory converted to munitions production, when sold to the government for $10 million in 1944, added $10 million to measured GDP. The same factory converted back to civilian production might make a million toasters in 1947 that sold for $8 million—adding only $8 million to GDP. Americans surely saw the necessity for making bombs in 1944, but just as surely are better off when those resources are used to make toasters. More to the point, growth in private spending continued unabated despite a bean-counting decline in GDP.
    As figure 1 shows, between 1944 and 1947 private spending grew rapidly as public spending cratered. There was a massive, swift, and beneficial switch from a wartime economy to peacetime prosperity; resources flowed quickly and efficiently from public uses to private ones.
    Just as important, the double-digit unemployment rates that had bedeviled the prewar economy did not return. Between mid-1945 and mid-1947, over 20 million people were released from the armed forces and related employment, but nonmilitary-related civilian employment rose by 16 million. This was described by President Truman as the “swiftest and most gigantic change-over that any nation has made from war to peace.”[9] The unemployment rate rose from 1.9 percent to just 3.9 percent. As economist Robert Higgs points out, “It was no miracle to herd 12 million men into the armed forces and attract millions of men and women to work in munitions plants during the war. The real miracle was to reallocate a third of the total labor force to serving private consumers and investors in just two years.”
    4 .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.
    5 .4.1952, Alfred Sauvy first coined the term ‘Third World.’ Almost 70 years later, the former president of the World Bank Robert B. Zoellick declared the demise of the “outdated categorizations of First and Third Worlds,” and confined all categorizations dividing the world into parts to the dustbin of history. According to Zoellick, “the developing world is becoming a driver of the global economy” and “North and South, East and West, are now points on a compass, not economic destinies.”
    Besides Zoellick’s reasoning that the objective political-economic conditions for multiple ‘worlds’ are withering, self-declared progressives keep reminding us that the concept ‘Third World’ is “out of date, insulting and confusing,” and that it “reinforces the idea of superiority and hierarchy,” as is claimed in this blog. “The fact that this term is outdated may seem blatantly obvious to me, but that’s probably only because I studied International Relations and Politics at University and have worked in International Development for almost a decade,” the author claims.

    But just like the development industry is drenched with neoliberal ‘NGOism’, modern theories of International Relations remain heavily dominated by Western thought. This is all in contrast with a radical and non-Eurocentric reading of the actual history of the Third World. Told from the perspective of those who made this history, this article aims to show how the legacy of the Third World is one of anti-colonial, anti-imperialist struggles for peace, development and liberation of the majority of the world’s peoples.
    “Three Worlds, One Planet”
    A European man dividing the world in his own image does seem like a source for trouble, but Alfred Sauvy wasn’t the white chauvinist one might expect him to be when he coined the term in his 1952 essay “Trois mondes, une planète.” Inspired by the anti-colonial struggles and global peace building efforts, Sauvy recognized in the then largely colonized Tiers Monde a revolutionary bloc which could contest the existential struggle between the Cold War powers of the capitalist First World and the socialist Second World. This Third World, having the momentum of history, he described as “the most important” world, even being the “first in the chronology.” It was only this Third World which could replace “preparation for war” with “world hunger” as the number one global concern.

    Next to the obvious demand of independence, the Third World wanted peace and development, but also dignity, recognition and planetary democracy. Importantly, Sauvy derived his term ‘Third World’ from the ‘Third Estate’ of pre-revolutionary France. The monarchy of the French Ancien Régime used to divide the general assembly into three estates: the First Estate representing the clergy, the Second Estate representing the aristocracy, and the Third Estate representing everyone else. While representing over 90% of the French population, the Third Estate would always be outvoted by the other estates which had equal electoral weight. Not accepting this systemic political farce, the ‘commoners’ of the Third Estate would turn against the Kingdom and form the National Assembly, signalling the beginning of the French Revolution.
    er the Cubans, the figureheads of the Third World project would not be communists. It were the nationalist leaders produced by the anti-colonial struggles in Asia and Africa that would over a series of meetings in the 50’s and 60’s make the project into a reality.

    The first and maybe most important of such meetings was the Asian–African Conference of 1955. Held in the Indonesian city of Bandung, leaders of 29 newly independent countries representing over 54% of the world’s population would for the first time in history deliberate freely and independently on their own soils. The central aims of the conference were voicing a rigorous opposition against all forms of (neo)colonialism, imperialism and racism, the strengthening of economic and cultural South-South cooperation and exchange, and for the sake of the entirety of humankind, making a plea for world peace. It was the strength and broadness of this common agenda which made it able to overcome diversity among the participating nations to make possible the first intercontinental political project constituting the majority of the world’s population. The Indonesian president Sukarno, who had led the nationalist anti-colonial independence movement in Indonesia and was host of the conference, would articulate this sentiment in his opening speech:
    We are of many different nations, we are of many different social backgrounds and cultural patterns. Our ways of life are different. Our national characters, or colors or motifs — call it what you will — are different. Our racial stock is different, and even the color of our skin is different. But what does that matter? Mankind is united or divided by considerations other than these. Conflict comes not from variety of skins, nor from variety of religion, but from variety of desires. […] But what harm is in diversity, when there is unity in desire?

  45. Avatar Okafor Roseline Chugo 2019/248202 says:

    1. According to Prof. Michael Todaro, the three objectives of Development include,Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately
    Development, according to Todaro (1981), is a multi-dimensional process involving the reorganization and reorientation of the entire economic and social systems. Economic development is thus, the process in which a nation improves the living standard of its people as well as their political, social well-being.
    Michael Todaro specified three objectives of development:
    Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.
    Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem
    Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.
    Note the emphasis placed on ‘cultural and human values’, ‘self-esteem’ and freedom from ignorance; it is important to remember that development is about much more than advancing economic growth.
    “Human development is the expansion of people’s freedom to live long, healthy and creative lives; to advance other goals they have reason to value; and to engage actively in shaping development equitably and sustainably on a shared planet. People are both the beneficiaries and the drivers of human development, as individuals and in groups”

    2. Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.
    The United Nations uses what is known as Human Development Index (HDI) to measure development base on GDP, Health and Education. The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone. It combines one economic indicator (Gross National Income) with two social indicators: life expectancy and years of schooling into one score and ranks countries accordingly.
    The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone.
    The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development: a long and healthy life, being knowledgeable and have a decent standard of living. The HDI is the geometric mean of normalized indices for each of the three dimensions. The health dimension is assessed by life expectancy at birth, the education dimension is measured by mean of years of schooling for adults aged 25 years and more and expected years of schooling for children of school entering age. The standard of living dimension is measured by gross national income per capita. The HDI uses the logarithm of income, to reflect the diminishing importance of income with increasing GNI. The scores for the three HDI dimension indices are then aggregated into a composite index using geometric mean. Refer to Technical notes for more details. The HDI can be used to question national policy choices, asking how two countries with the same level of GNI per capita can end up with different human development outcomes. These contrasts can stimulate debate about government policy priorities. The HDI simplifies and captures only part of what human development entails. It does not reflect on inequalities, poverty, human security, empowerment, etc. The HDRO provides other composite indices as broader proxy on some of the key issues of human development, inequality, gender disparity and poverty.
    3. Development economics emerged as a branch of economics because:Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss the \
    Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- 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 decade following World War II is fondly remembered as a period of economic growth and cultural stability. America had won the war and defeated the forces of evil in the world. The hardships of the previous fifteen years of war and depression were replaced by rising living standards, increased opportunities, and a newly emerging American culture confident of its future and place in the world. It is not surprising that politicians of all stripes harken back to those halcyon days to make a case for their agendas. But a closer examination of the actual events of the immediate postwar period provides a picture that is much more nuanced and at odds with the world view that government intervention is the essential ingredient of prosperity.

    4. Many folks study Development Economics for many reasons. Discuss
    There are many reasons why people study economic development and they include:
    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 needed to expand, such as industry partners like CareerSource Central Florida and the Florida High Tech Corridor, utilities, and local government partners.
    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 advanced manufacturing, aerospace and defense, aviation, autonomous vehicles, biotechnology and pharmaceuticals, business services, gaming, entertainment technology, financial technology, life sciences and healthcare, logistics and distribution, medical technology, and innovative technology.
    Business retention and expansion
    A large percentage of jobs in the Orlando economy are created by existing companies that are expanding their operations. The Partnership’s economic development team executes numerous business retention and expansion visits to local companies just last year to assist with their operational needs.
    Economy fortification
    Economic development helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers. For example, when the COVID-19 pandemic heavily impacted the global leisure and hospitality industry, many technology companies transitioned focus to clients in the region’s modeling, simulation and training sector.
    Increased tax revenue
    The increased presence of companies in the region translates to increased tax revenue for community projects and local infrastructure. Economic development can also support major job creation initiatives such as the semiconductor research and development campus NeoCity, positioning the 500-acre development opportunity for critical funding for domestic semiconductor research and manufacturing through advocacy for the CHIPS and FABS Acts.
    Improved quality of life
    Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents. Quality of place is more important than ever to attract a large talent pool in the era of increased remote workers.
    5. The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.
    Alfred Sauvy, a French scholar, is credited for developing the term “Third World” to describe emerging new entities in international politics, in an article he titled “Trois Mondes, Une Planete” (Three Worlds, One Planet), published in L’Observateur in 1952 (Sauvy, 1952). He built the term on the concept of the ‘third estate’ prevalent in France, with references to the critical events of that time; the new states emerging from decolonization, two superpowers bickering, and the different systems of universal political and socio-economic conditions threatening the survival of newly independent states in the international community. Sauvy (1952) introduced the emergence of a new entity that is non-western, different from the first and Second Worlds, but equal. explained that the Third World was a political unit, or, field on which inter-bloc rivalry occurred, they were the sources of the rivalry between the two superpowers in the Cold War, and at the same time, they were the victims of the Cold War. The third interpretation speaks to the aspiration of the Third World to assert itself as the third pole of influence, independent of, and equal to the already existing world, in contemporary international order. Countries that are part of the “third world” are generally characterized by (1) high rates of poverty, (2) economic and/or political instability, and (3) high mortality rates.
    Sauvy wrote a column, “Trois Mondes, Une Planète,” that worried that poor countries would get lost in the Cold War. Engaged in an arms race, the capitalist West and communist East would neglect world hunger, poverty, and disease. And it would be to their peril, he warned. “After all, this Third World — ignored, exploited, scorned like the Third Estate — wants to be something, too.”
    Sauvy’s French audience would know that Third Estate allusion. Before the French Revolution, the Estates-General were France’s legislative body, comprised of the First Estate (the clergy), the Second Estate (the aristocracy) and the Third Estate (the commoners — aka, everyone else). In 1789, the Abbé Sieyès, a philosopher and revolutionary, published a pamphlet that began: “What is the Third Estate? Everything. What has it been hitherto in the political order? Nothing. What does it desire to be? Something.” In Sauvy’s implicit scheme, the capitalist West was the aristocracy, the communist bloc the clergy, and the leftovers… the leftovers.

  46. Avatar EZUGWU JOHNSON CHINECHEREM REG NO; 2019/245390 ECONOMICS says:

    University of Nigeria, Nsukka
    Department: Economics
    Name: EZUGWU JOHNSON CHINECHEREM
    Reg No: 2019/245390

    QUESTION ONE
    According to Micheal Tadaro; Advancement in communications technology has brought people closer together. Yet, the global community is divided between affluent developed nations and struggling developing countries. Many of us have a limited understanding of how greatly life in Africa, Asia, and Latin America differs from life in Western Europe and North America.
    The first main point here is to drive this idea home, and consider that policy decisions made in the developed nations exert profound impacts, for better or worse, on the people of developing countries.
    The second major point is that development economics must encompass the study of social, political, and economic factors affecting the well-being of all people. With improved distribution of income and application of appropriate modern technology, developing countries, assisted by developed nations, must aim at eliminating absolute poverty.
    A major theme is the sustained increases in the level of per capita income must enhance human capabilities in achieving equality, freedom, and interdependence. The chapter stresses the role of normative values in development economics, which is a subject dealing with human misery and human potential, equity and efficiency, cultural change, and transfer and creation of wealth.
    They concludes that economic development is both a physical reality and a state of mind. The meaning and objectives of development include the provision of basic human needs, reduction of inequality, raising living standards through appropriate economic growth, improving self-esteem in relation to the developed countries, and expanding opportunities and freedom of choice.• A classification of countries according to economic and social indicators
    • A method of measuring the level economic development across countries The Human Development Index: measurement and ranking of countries
    • An overview of the common development problems faced by many developing countries
    • A discussion on the relevance of the historical experience of the developed countries for the less developed countries
    • A discussion of the question of income convergence across countries
    • A discussion of long-run causes of comparative development
    Per capita income (using exchange rate conversion and/or in purchasing power parity equivalence) is used to classify countries. Data on several social indicators (e.g., life expectancy and adult literacy) complement per capita income to measure economic development as a broad based improvement in human life. Moreover, the Human Development Index is employed to measure development and to classify countries.
    Developing countries are not homogeneous but are enormously diverse in their structure.
    Nevertheless, they have several common features and problems including the following:
    • Lower levels of living and productivity
    • Lower levels of human capital investment
    • Higher levels of inequality and absolute poverty
    • Higher rates of population growth
    • Greater social fractionalization
    • Larger rural population and rapid rural-urban migration
    • Lower levels of industrialization and manufactured exports
    • Adverse geography
    • Underdeveloped markets
    • Lingering colonial heritage, external dependence, and governance challenges
    • Relative importance of private and public sectors and civil society
    The chapter concludes with a discussion on the relevance of the historical experience of the developed countries to today’s LDCs with respect to:
    Physical and human resources endowments
    Per capita income and GDP relative to the rest of the world
    Population size, distribution, and growth
    Historical role of international migration
    International trade benefits
    Scientific and technological research capabilities
    Efficacy of domestic institutions
    Due to variable income growth rates, it is expected that the per capita incomes within MDCs would converge. However, the MDCs-LDCs income disparity has a tendency to widen over time

    QUESTION TWO
    There are many different measures used to assess the development gap, each one offering an alternate way of dividing up the world with regards to how developed it is. Here, we shall look at some of the most common indicators of development used in geography.
    There are many different measures used to assess the development gap, each one offering an alternate way of dividing up the world with regards to how developed it is. Here, we shall look at some of the most common indicators of development used in geography.
    Gross Domestic Product (GDP)
    GDP is s how much money a country makes from its products over the course of a year, usually converted to US Dollars:
    • the sum of gross value added by all resident producers in the economy + product taxes – any subsidies not included in the value of the products.
    Gross National Product (GNP)
    GNP is the GDP of a nation together with any money that has been earned by investment abroad minus the income earned by non-nationals within the nation.
    GNP per capita
    GNP per capita is calculated as GNP divided by population; it is usually expressed in US Dollars.
    It’s a common indicator used for measuring development, but is imperfect as the calculation doesn’t take into account certain forms of production, such as subsistence production.
    Birth and death rates
    Crude Birth and Death rates (per 1000) can be used as an overall measure of the state of healthcare and education in a country, though these numbers do not give a full picture of a nation’s situation.
    The Human Development Index (HDI)
    The HDI is a composite statistic calculated from the:
    • Life expectancy index
    • Education index
    • Mean years of schooling index
    • Expected years of schooling index
    • Income index
    Countries are ranked based on their score and split into categories that suggest how well developed they are.
    Infant mortality rate
    Infant mortality rate is the number of infants dying before reaching one year of age per 1,000 live births in a given year.
    Literacy rate
    The rate, or percentage, of people who are able to read is a useful indicator of the state of education within a country.
    High female literacy rates generally correspond with an increase in the knowledge of contraception and a falling birth rate.
    Life expectancy
    This simple statistic can be used as an indicator of the:
    • healthcare quality in a country or province
    • level of sanitation
    • provision of care for the elderly
    It should not, of course, be used on its own to describe these things
    .

    QUESTION THREE
    Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- income countries. After World War II a number of developing countries attained independence from their former colonial rulers. One of the common claims made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies. Thus economic development after independence became an objective of policy not only because of the humanitarian desire to raise living standards but also because political promises had been made, and failure to make progress toward development would, it was feared, be interpreted as a failure of the independence movement. Developing countries in Latin America and elsewhere that had not been, or recently been, colonies took up the analogous belief that economic domination by the industrial countries had thwarted their development, and they, too, joined the quest for rapid growth.
    At that early period, theorizing about development, and about policies to attain development, accepted the assumption that the policies of the industrial countries were to blame for the poverty of the developing countries. Memories of the Great Depression, when developing countries’ terms of trade had deteriorated markedly, producing sharp reductions in per capita incomes, haunted many policymakers. Finally, even in the developed countries, the Keynesian legacy attached great importance to investment.
    In this milieu, it was thought that a “shortage of capital” was the cause of underdevelopment. It followed that policy should aim at an accelerated rate of investment. Since most countries with low per capita incomes were also heavily agricultural (and imported most of the manufactured goods consumed domestically), it was thought that accelerated investment in industrialization and the development of manufacturing industries to supplant imports through “import substitution” was the path to development. Moreover, there was a fundamental distrust of markets, and a major role was therefore assigned to government in allocating investments. Distrust of markets extended especially to the international economy.
    Experience with development changed perceptions of the process and of the policies affecting it in important ways. Nonetheless, there are significant elements of truth in some of the earlier ideas, and it is important to understand the thinking underlying them. Growth economics and development economics
    Development economics may be contrasted with another branch of study, called growth economics, which is concerned with the study of the long-run, or steady-state, equilibrium growth paths of the economically developed countries, which have long overcome the problem of initiating development.
    Growth theory assumes the existence of a fully developed modern capitalist economy with a sufficient supply of entrepreneurs responding to a well-articulated system of economic incentives to drive the growth mechanism. Typically, it concentrates on macroeconomic relations, particularly the ratio of savings to total output and the aggregate capital–output ratio (that is, the number of units of additional capital required to produce an additional unit of output). Mathematically, this can be expressed (the Harrod–Domar growth equation) as follows: the growth in total output (g) will be equal to the savings ratio (s) divided by the capital–output ratio (k); i.e., g = s/k. Thus, suppose that 12 percent of total output is saved annually and that three units of capital are required to produce an additional unit of output: then the rate of growth in output is 12/3% = 4% per annum. This result is obtained from the basic assumption that whatever is saved will be automatically invested and converted into an increase in output on the basis of a given capital–output ratio. Since a given proportion of this increase in output will be saved and invested on the same basis, a continuous process of growth is maintained.
    Growth theory, particularly the Harrod–Domar growth equation, has been frequently applied or misapplied to the economic planning of a developing country. The planner starts from a desired target rate of growth of perhaps 4 percent. Assuming a fixed overall capital–output ratio of, say, 3, it is then asserted that the developing country will be able to achieve this target rate of growth if it can increase its savings to 3 × 4 percent = 12 percent of its total output. The weakness of this type of exercise arises from the assumption of a fixed overall capital–output ratio, which assumes away all the vital problems affecting the developing country’s capacity to absorb capital and invest its saving in a productive manner. These problems include the central problem of the efficient allocation of available savings among alternative investment opportunities and the associated organizational and institutional problems of encouraging the growth of a sufficient supply of entrepreneurs; the provision of appropriate economic incentives through a market system that correctly reflects the relative scarcities of products and factors of production; and the building up of an organizational framework that can effectively implement investment decisions in both the private and the public sectors. Such problems, which generally affect the developing country’s absorptive capacity for capital and a number of other inputs, constitute the core of development economics. Development economics is needed precisely because the assumptions of growth economics, based as they are on the existence of a fully developed and well-functioning modern capitalist economy, do not apply.
    The developing and underdeveloped countries are a very mixed collection of countries. They differ widely in area, population density, and natural resources. They are also at different stages in the development of market and financial institutions and of an effective administrative framework. These differences are sufficient to warn against wide-sweeping generalizations about the causes of underdevelopment and all-embracing theoretical models of economic development. But when development economics first came into prominence in the 1950s, there were powerful intellectual and political forces propelling the subject toward such general theoretical models of development and underdevelopment. First, many writers who popularized the subject were frankly motivated by a desire to persuade the developed countries to give more economic aid to the underdeveloped countries, on grounds ranging from humanitarian considerations to considerations of cold-war strategy. Second, there was the reaction of the newly independent underdeveloped countries against their past “colonial economic pattern,” which they identified with free trade and primary production for the export market. These countries were eager to accept general theories of economic development that provided a rationalization for their deep-seated desire for rapid industrialization. Third, there was a parallel reaction, at the academic level, against older economic theory, with its emphasis on the efficient allocation of scarce resources and a striving after new and “dynamic” approaches to economic development.
    All of these forces combined to produce a crop of theoretical approaches that soon developed into a fairly fixed orthodoxy with its characteristic emphasis on “crash” programs of investment in both material and human capital, on domestic industrialization, and on government economic planning as the standard ingredients of development policy. These new theories have continued to have a considerable influence on the conventional wisdom in development economics, although in retrospect most of them have turned out to be partial theories. A broad survey of these theories, under three main heads, is given below. It is particularly relevant to the debate over whether the underdeveloped countries should seek economic development through domestic industrialization or through international trade. The limitations of these new theories—and how they led to a gradual revival of a more pragmatic approach todevelopment problems, which falls back increasingly on the older economic theory of efficient allocation of resources—are subsequently traced.

    QUESTION 4
    Importance Of Development Economics
    1.Analyze the rate of population increase, affecting the economic development
    Examine the structural transformation and implement fiscal policies
    accordingly
    Assess factors like education, healthcare, and employment conditions
    2. Promote international trade (import and export) among world nations
    3.Develop ways to achieve sustainable development
    4. Evaluate an economy, fix problems in it, and predict economic development
    5. Understand the economic effects of pandemics and natural disasters
    QUESTION FIVE
    The origin of the terminology is unclear. In 1952 Alfred Sauvy, a French demographer wrote an article in the French magazine L’Observateur which ended by comparing the Third World with the Third Estate. “Ce Tiers Monde ignoré, exploité, méprisé comme le Tiers État” (this ignored Third World, exploited, scorned like the Third Estate). [1] Other sources claim that Charles de Gaulle coined the term Third World, maybe de Gaulle only has quoted Sauvy.
    Definitions
    point The term First World refers to the developed, capitalist, industrial countries, generally aligned with NATO and the USA. The bloc of countries aligned with the United States after World War II, which had more or less common political and economic interests, this included the countries of North America and Western Europe, Japan, South Korea, and Australia.
    Some African countries were assigned to the First World because of their links with Western countries. Western Sahara was part of Spain at that time. The anticommunist Apartheid Regime of South Africa was until May 1961, a member of the Commonwealth, and Namibia was then known as South West Africa and was administered by South Africa. Angola and Mozambique were run by the Portuguese like companies. (Historical footnote: Both countries became communist countries for some years in 1975.)
    There were some “neutral” states in Europe, such as Switzerland, Sweden, Austria, Ireland, and Finland, but they can be classified as First World in this context.
    Countries of the “First World”
    point The Second World refers to the former communist-socialist, less industrialized states known as the Eastern Bloc. The countries in the sphere of influence of the Soviet Union; it included the Soviet Socialist republics, the countries of Eastern and Central Europe, e.g., Poland, East Germany (GDR), Czechoslovakia, and the Balkans. And there were the Asian communist states in the sphere of influence of China, – Mongolia, North Korea, Vietnam, Laos, and Cambodia.
    Countries of the “Second World”
    point The Third World was all the other countries. The mainly underdeveloped agricultural states and nations of Africa, Asia, and Latin America, where the blessings of civilization benefited only a small ruling elite and the corporations and upper classes of the former colonial powers.
    In principle, the term Third World is outdated but still in use; today, the politically correct designation would be less developed countries.

    What makes a nation Third World?
    Nowadays, the term Third World is more often replaced by the terms Least Developed Countries (UN) or Low-Income Countries (World Bank.)
    Whatever term is used, it serves to designate countries that suffer from high poverty, high child mortality, low economic and educational development, and low self-consumption of their natural resources. Countries that are vulnerable to exploitation by large corporations and industrialized nations.
    These are the developing and technologically less advanced nations of Asia, Africa, Oceania, and Latin America. Third world nations tend to have
    economies dependent on the developed countries and are generally characterized as poor with unstable governments and having high fertility rates, high gender-related illiteracy and are prone to diseases. One of the critical factors is the lack of a middle class; there is a huge impoverished population and a small elite upper class that controls the country’s wealth and resources. Most Third World nations also have very high foreign debt levels.
    Countries of the “Third World”
    Third World Countries classified by various indices: their Political Rights and Civil Liberties, the Gross National Income (GNI) and Poverty of countries, the Human Development of countries (HDI), and theFreedom of Information within a country.

    References:
    Ahmad, P. (2011). Empowerment and poverty reduction in malaysian development planning. (unpublished thesis). Shah Alam,
    Universiti Teknologi MARA
    Bowen, G.A. (2003) Social funds as a strategy for poverty reduction in Jamaica: An exploratory study. Florida International
    University.
    Hassan, GAA (2004) Growth, structural change and regional inequality in Malaysia England: Ashgate Publishing Limited
    Jomo K.S. & Shaari, I. (1986). Development policies and income inequality in peninsular Malaysia. Kuala Lumpur: University
    Malaya Press
    Philips, R & Pittman, RH (2009) An introduction to community development New York: Taylor and Francis Ltd
    Todaro, M.P. (1995). Economic development (5th edition ed.). Singapore Longman Singapore Publishers (Pte) Ltd
    Todaro, MP (1975) Economic development for a developing world: An introduction to principles, problems and policies for
    development London: Longman Publishers (Pte) Ltd
    World Bank (2006) Empowerment Retrieve

  47. Avatar Ugwuda confidence chika says:

    Answers
    1.Raising peoples’ living levels , i. incomes and consumption, levels of food, medical services, education through relevant growth processes
    Creating conditions conducive to the growth of peoples’ self-esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect
    Increasing peoples’ freedom to choose by enlarging the range of their choice variables, e. varieties of goods and services
    In the traditional development economics, development meant growth of per capita real income. Later on, a wider definition of develop­ment came to be assigned that focused on distributional objectives. Economic development, in other words, came to be redefined in terms of reduction or elimination of poverty and inequality.
    These are, after all, ‘a goods-oriented’ view of development. True development has to be ‘people- centred’. When development is defined in terms of human welfare it means that people are put first. This ‘people-oriented’ view of development is to be called human development.
    It is thus clear that per capita income does not stand as a true index of development of any country. To overcome this problem and to under­stand the dynamics of development, the United Nations Development Programme (UNDP) developed the concept of Human Development Index (HDI) in the 1990s. This index brought in revolutionary changes not only in development, but also in the policy environment in which the government was assigned a major role instead of market forces.
    Economic development now refers to expan­ding capabilities. According to Amartya Sen, the basic objective of development is ‘the expansion of human capabilities’. The capability of a person reflects the various combinations of ‘doings and beings’ that one can achieve. It then reflects that the people are capable of doing or being. Capability thus describes a person’s freedom to choose between different ways of living.
    For example:
    Can people read and write? Are food­stuffs distributed among people in a universal manner? Do poor students get midday meal in schools? Do the poor children get adequately nourishing diets at home? No one would doubt that an illiterate poor person cannot have the same capabilities that a rich literate one gets. Thus capability failure leads to poverty and deprivation. This perspective of development, as enunciated by A. Sen, suggests why development economists put greater emphasis on education and health.
    There are many countries in the world which —despite high levels of per capita GDP growth/ real income—experience high mortality rate, undernourishment rate, poor literacy, and so on. This is a case called ‘growth without development’. M. P Todaro and S. C. Smith assert: “Real in­come is essential, but to convert the characteristics of commodities into functions…. surely requires health and education as well as income.” In other words, income does not define peoples’ ‘well- being’ adequately.
    Well-being, although a diverse notion, should consider health and education, in addition to income. Sen’s intellectual insights and fundamental ideas induced UNDP to formulate HDI as a comprehensive measure of development. It may be reiterated that the HDI as used in the Human Development Reports to compare different countries in the world has been designed as alternative to per capita GDP/GNP. Today, it is the most single commonly used measure to evaluate development outcomes.
    2.Gross Domestic Product (GDP)
    GDP is s how much money a country makes from its products over the course of a year, usually converted to US Dollars:
    the sum of gross value added by all resident producers in the economy + product taxes – any subsidies not included in the value of the products.
    Gross National Product (GNP)
    GNP is the GDP of a nation together with any money that has been earned by investment abroad minus the income earned by non-nationals within the nation.
    GNP per capita
    GNP per capita is calculated as GNP divided by population; it is usually expressed in US Dollars.
    It’s a common indicator used for measuring development, but is imperfect as the calculation doesn’t take into account certain forms of production, such as subsistence production.
    Birth and death rates
    Crude Birth and Death rates (per 1000) can be used as an overall measure of the state of healthcare and education in a country, though these numbers do not give a full picture of a nation’s situation.
    The Human Development Index (HDI)
    The HDI is a composite statistic calculated from the:
    Life expectancy index
    Education index
    Mean years of schooling index
    Expected years of schooling index
    Income index
    Countries are ranked based on their score and split into categories that suggest how well developed they are.
    Infant mortality rate
    Infant mortality rate is the number of infants dying before reaching one year of age per 1,000 live births in a given year.
    Literacy rate
    The rate, or percentage, of people who are able to read is a useful indicator of the state of education within a country.
    High female literacy rates generally correspond with an increase in the knowledge of contraception and a falling birth rate.
    Life expectancy
    This simple statistic can be used as an indicator of the:
    healthcare quality in a country or province
    level of sanitation
    provision of care for the elderly
    It should not, of course, be used on its own to describe these things.
    3.After World War II a number of developing countries attained independence from their former colonial rulers. One of the common claims made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies. Thus economic development after independence became an objective of policy not only because of the humanitarian desire to raise living standards but also because political promises had been made, and failure to make progress toward development would, it was feared, be interpreted as a failure of the independence movement. Developing countries in Latin America and elsewhere that had not been, or recently been, colonies took up the analogous belief that economic domination by the industrial countries had thwarted their development, and they, too, joined the quest for rapid growth.
    At that early period, theorizing about development, and about policies to attain development, accepted the assumption that the policies of the industrial countries were to blame for the poverty of the developing countries. Memories of the Great Depression, when developing countries’ terms of trade had deteriorated markedly, producing sharp reductions in per capita incomes, haunted many policymakers. Finally, even in the developed countries, the Keynesian legacy attached great importance to investment.
    In this milieu, it was thought that a “shortage of capital” was the cause of underdevelopment. It followed that policy should aim at an accelerated rate of investment. Since most countries with low per capita incomes were also heavily agricultural (and imported most of the manufactured goods consumed domestically), it was thought that accelerated investment in industrialization and the development of manufacturing industries to supplant imports through “import substitution” was the path to development. Moreover, there was a fundamental distrust of markets, and a major role was therefore assigned to government in allocating investments. Distrust of markets extended especially to the international economy.
    Experience with development changed perceptions of the process and of the policies affecting it in important ways. Nonetheless, there are significant elements of truth in some of the earlier ideas, and it is important to understand the thinking underlying them.
    4.Development economics means studying economic aspects of a low-income country, such as healthcare, education, labor conditions, and market changes.
    It further analyzes ways to improve fiscal, economic, and social conditions allowing an emerging economy to become a developed economy.
    It also helps developing countries identify and overcome hurdles in economic growth, such as poverty, inequality, and market failure.
    Development economists focus on developing methods and policies for the economic development of a poor economy. They analyze population growth, structural transformations and provide ways to achieve sustainable development.
    4.1952, Alfred Sauvy first coined the term ‘Third World.’ Almost 70 years later, the former president of the World Bank Robert B. Zoellick declared the demise of the “outdated categorizations of First and Third Worlds,” and confined all categorizations dividing the world into parts to the dustbin of history. According to Zoellick, “the developing world is becoming a driver of the global economy” and “North and South, East and West, are now points on a compass, not economic destinies.”
    Besides Zoellick’s reasoning that the objective political-economic conditions for multiple ‘worlds’ are withering, self-declared progressives keep reminding us that the concept ‘Third World’ is “out of date, insulting and confusing,” and that it “reinforces the idea of superiority and hierarchy,” as is claimed in this blog. “The fact that this term is outdated may seem blatantly obvious to me, but that’s probably only because I studied International Relations and Politics at University and have worked in International Development for almost a decade,” the author claims.

    But just like the development industry is drenched with neoliberal ‘NGOism’, modern theories of International Relations remain heavily dominated by Western thought. This is all in contrast with a radical and non-Eurocentric reading of the actual history of the Third World. Told from the perspective of those who made this history, this article aims to show how the legacy of the Third World is one of anti-colonial, anti-imperialist struggles for peace, development and liberation of the majority of the world’s peoples.
    “Three Worlds, One Planet”
    A European man dividing the world in his own image does seem like a source for trouble, but Alfred Sauvy wasn’t the white chauvinist one might expect him to be when he coined the term in his 1952 essay “Trois mondes, une planète.” Inspired by the anti-colonial struggles and global peace building efforts, Sauvy recognized in the then largely colonized Tiers Monde a revolutionary bloc which could contest the existential struggle between the Cold War powers of the capitalist First World and the socialist Second World. This Third World, having the momentum of history, he described as “the most important” world, even being the “first in the chronology.” It was only this Third World which could replace “preparation for war” with “world hunger” as the number one global concern.

    Next to the obvious demand of independence, the Third World wanted peace and development, but also dignity, recognition and planetary democracy. Importantly, Sauvy derived his term ‘Third World’ from the ‘Third Estate’ of pre-revolutionary France. The monarchy of the French Ancien Régime used to divide the general assembly into three estates: the First Estate representing the clergy, the Second Estate representing the aristocracy, and the Third Estate representing everyone else. While representing over 90% of the French population, the Third Estate would always be outvoted by the other estates which had equal electoral weight. Not accepting this systemic political farce, the ‘commoners’ of the Third Estate would turn against the Kingdom and form the National Assembly, signalling the beginning of the French Revolution.
    er the Cubans, the figureheads of the Third World project would not be communists. It were the nationalist leaders produced by the anti-colonial struggles in Asia and Africa that would over a series of meetings in the 50’s and 60’s make the project into a reality.

    The first and maybe most important of such meetings was the Asian–African Conference of 1955. Held in the Indonesian city of Bandung, leaders of 29 newly independent countries representing over 54% of the world’s population would for the first time in history deliberate freely and independently on their own soils. The central aims of the conference were voicing a rigorous opposition against all forms of (neo)colonialism, imperialism and racism, the strengthening of economic and cultural South-South cooperation and exchange, and for the sake of the entirety of humankind, making a plea for world peace. It was the strength and broadness of this common agenda which made it able to overcome diversity among the participating nations to make possible the first intercontinental political project constituting the majority of the world’s population. The Indonesian president Sukarno, who had led the nationalist anti-colonial independence movement in Indonesia and was host of the conference, would articulate this sentiment in his opening speech:
    We are of many different nations, we are of many different social backgrounds and cultural patterns. Our ways of life are different. Our national characters, or colors or motifs — call it what you will — are different. Our racial stock is different, and even the color of our skin is different. But what does that matter? Mankind is united or divided by considerations other than these. Conflict comes not from variety of skins, nor from variety of religion, but from variety of desires. […] But what harm is in diversity, when there is unity in desire?

    Plenary Hall of the Bandung Conference (source).
    But the “Unity in Diversity” motto that Sukarno would later in his speech deploy was not completely uncontested at Bandung. It was not race or religion, but ideology which would lead the more right wing delegates of countries like Thailand, Pakistan and the Philippines to stain the conference with anti-communist fearmongering. Luckily, this Cold War rhetoric, totally out of place at an event which was meant as a testimony against the Cold War, would not come to define the conference. The dominant current of Bandung was the centre-left consensus represented by nationalist leaders such as India’s Nehru, Egypt’s Nasser, Burma’s U Nu and Sukarno himself. These leaders would under an approving gaze of the most notable delegate Zhou Enlai speak out not only against the Cold Warmongering of the right, but also against the military-economic pacts and allegiances that some of these countries had made with the capitalist First World. They were quite convincing. In the Philippines, the conference had for instance “strengthened domestic elements which advocated an Asian identity for the country by moving away from too close a security relationship with the United States.”

    Furthermore, there was no conflict or disagreement with the proposal, as articulated in the final communique, “that for effective co-operation for world peace membership in the United Nations should be universal.” The Bandung-29 thus demanded the admission of newly independent countries such as Cambodia, Ceylon (Sri Lanka), Jordan and Libya, which would be admitted later that year. This was maybe the most important accomplishment of the Bandung conference: the democratization and subsequent politicization of until then by imperialists dominated institutions like the UN, through which other demands of the Third World such as denuclearization and better terms of trade could be forwarded. As Vijay Prashad articulated it: The “Third World amassed [their] ideas and nailed them to the doors of powerful buildings. The Third World project enabled the powerless to hold a dialogue with the powerful.”

    Another accomplishment which would have a great impact on future international relations was the outlining of the Ten Principles of Bandung. Inspired by the “Five Principles of Peaceful Coexistence” first codified in the Sino-Indian treaty of 1954, the final communique of the first ever Asian–African Conference would conclude by reasserting principles like non-interference, respect for sovereignty and territorial integrity, equality of all races and nations, rejection of coercion and big power politics and the settlement of international disputes by peaceful means.

  48. Avatar EKECHUKWU IFEANYI PAUL 2019/249227 ECONOMICS EDUCATION says:

    Question 1

    Economist Michael Todaro specified three objectives of development:
    Life sustaining goods and services: He asserted that one of the major objectives of development is to increase the availability and widen the distribution of basic life-sustaining upgoods such as food, shelter, health and protection.
    Higher incomes: There can never be higher standard of living without a rise in per-capital income which also depends on higher incomes. The higher the income, the greater the standard of living because there will be enough money to take care of oneself in particular and the world in general. To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem
    Freedom to make economic and social choices: with the vast knowledge of development we can expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.
    “Human development is the expansion of people’s freedom to live long, healthy and creative lives; to advance other goals they have reason to value; and to engage actively in shaping development equitably and sustainably on a shared planet. People are both the beneficiaries and the drivers of human development, as individuals and in groups”
    Source: Human Development Report, November 2010

    Question 2.
    The most common measurement of development
    We can see that there are hundreds of economic, political and social indicators of development, ranging from ‘Hard’ economic indicators such as Gross National Income (and all its variations), to various poverty and economic inequality indicators, to the Sustainable Development Goals, which focus much more on social indicators of development such as education and health, all the way down to much more subjective development indicators such as happiness.
    Some of these indicators are considered asfollows.
    1. Total nominal Gross Domestic Product
    2. Gross National Income per capita (PPP)
    3. The percentage of people living on less than $1.25 a day
    4. The percentage of people living below the poverty line within a country.
    5. The unemployment rate.
    6. The Human Development Index score
    7. Progress towards the Sustainable Development Goals (overlaps with many other aspects)
    8. School enrollment ratios
    9. PISA educational achievement rankings
    10. Percentage of population in tertiary education.
    11. The infant mortality rate.
    12. Healthy life expectancy
    13. The gender inequality index
    14. The global peace index
    15. Total military expenditure
    16. Carbon Dioxide emissions
    17. The corruption index
    18. The Happiness Index.

    ECONOMIC INDICATORS OF DEVELOPMENT
    Nominal Gross National Income
    Nominal Gross National Income is the total economic value of domestic and foreign output by residents of a country.
    It roughly works out like this: Gross National Income = (gross domestic product) + (factor incomes earned by foreign residents) – (income earned in the domestic economy by nonresidents).
    Nominal Gross National Income rankings (2015)
    • 1st – USA = $17 trillion
    • 2nd – China – $$10 trillion
    • 6th – UK = $2.8 trillion
    • 7th – India = $2.0 trillion
    Nominal GNI is useful for giving you an idea of the ‘economic clout’ of a country compared to other countries. The real global power players (in terms of military expenditure) are all towards the top of this.
    These figures, however, tell you very little about the quality of life in a country…. for that you need to divide the figure per head of population and factor in the cost of living in the country….
    Gross National Income Per Capita (PPP)
    Gross National Income Per Capita – is GNI divided by the population of a country, so it’s GNI per person.
    (PPP) stands for Purchasing Power Parity – which alters the raw GNI per capita data to control for the different costs of living in a country, thus modifying the GNI figure in U.S. dollars to reflect what those dollars would actually buy given the different costs of living in different countries.
    Gross National Income Per Capita (PPP) rankings (2013)
    • 1st – Qatar – $123 000
    • 11th – United States – $53 000
    • 23rd – Finland – $38 000
    • 27th – United Kingdom – $35 000
    • 126th – Nigeria – $5360
    • 127th – India – $5350
    • 185th – Democratic Republic of Congo – $680
    More up to date data sources for various GNI stats:
    • GNI Per Capita (PPP) World Bank Data
    • You might find this 2016 world bank PDF document more accessible!
    GNI per capita (PPP) gives you a general idea of what the general economic standard of living is like for the average person in a country, however, there are serious limitations with this indicator – the main one being that it does not tell you how much of that income actually stays in a country, or how income is distributed. Quality of life will thus be a lot better for some people, and a lot worse for others than these gross statistics indicate.
    The Percentage of People Living on Less than $1.25 a day
    There are still around 800 million people around the world living on less than $1.25 a day (PPP), the figures for some of these countries are below:
    • The Democratic Republic of Congo (88%)
    • Bangladesh (47%)
    • India (26%)
    • China (6%)
    Proportion of population living below the poverty line within a country
    The UN sustainable development goals states that one of its aims (under goal 1) is to ‘reduce at least by half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions’. (Source – The United Nations Sustainable Development Goals)
    Social Indicators of Development
    The main social indicators of development include education, health, employment rates and gender equality. A well known example of a social indicator of development is the Human Development Index, which combines one economic indicator (Gross National Income) with two social indicators: life expectancy and years of schooling into one score and ranks countries accordingly.
    Some examples of social indicators of development include:
    1. Education levels – for example how many years of schooling children have.
    2. Health – often measured by life expectancy.
    3. Employment Rates
    4. Gender equality
    5. Peacefulness
    6. Democracy
    7. Corruption
    8. Media freedoms
    9. Civil Rights
    10. Crime/ social unrest
    11. Suicide Rates
    12. Composite indicators of all of the above
    The Human Development Index
    The Human Development Index is compiled annually by the United Nations and gives countries a score based on GNI per capita, number of years of actual and expected schooling and life expectancy, or in the words of the UN itself – the HDI is ‘A composite index measuring average achievement in three basic dimensions of human development—a long and healthy life, knowledge and a decent standard of living.’
    Selected Countries by Human Development Index rankings (2015)
    • 1st – Norway
    • 8th – United States
    • 14th – United Kingdom
    • 24th – Finland
    • 32nd – Qatar
    • 39th – Saudi Arabia
    • 55th – The United States
    • 56th – Saudi Arabia
    • 90th – China
    • India – 130th
    • 137th- Bhutan
    • 176th – DRC
    The Nobel Economist Amartya Sen in one of his publications pursues the idea that development provides an opportunity to people to free themselves from the suffering caused by
    • o Early mortality
    • o Persecution
    • o Starvation
    • o Illiteracy
    The Gender Inequality Index
    The United Nations defines the Gender Inequality Index as ‘A composite measure reflecting inequality in achievement between women and men in three dimensions: reproductive health, empowerment and the labour market’.
    More specifically, it gives countries a score between 0-1 (similar to the HDI) based on:
    • The Maternal mortality ratio: Number of deaths due to pregnancy-related causes per 100,000 live births.
    • The Adolescent birth rate: Number of births to women ages 15–19 per 1,000 women ages 15–19.
    • Proportion of seats held by women in the national parliament expressed as percentage of total seats.
    • The proportion of the female population compared to the male population with at least some secondary education
    • The comparative Labour force participation rate for men and women.
    Millennium Development Goals (MDGs)
    The Millennium Development Goals represent an ambitious set of development targets established in 2000 and designed to be met as fully as possible by the end of 2015.
    1. Eradicate extreme poverty and hunger
    2. Achieve universal primary education
    3. Promote gender equality and empower women
    4. Reduce child mortality
    5. Improve maternal health
    6. Combat HIV / AIDS, malaria and other diseases
    7. Ensure environmental sustainability
    8. Develop a global partnership for development

    Question 3
    Development economics was a branch of economics that spring forth after the world war II becausethe then world was plague with various problems and difficulties of the aftermath of the world war II. From the definition of the course we can see vividly the impact development economics has made since it emerged as a branch of economics.
    Professor Todaro in one of his books definedDevelopment economics as a branch of economics which deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economicdevelopment, 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. Third world countries of the world, like those in Latin America, Asia, Africa are still suffering and still in abject poverty, ravaged by flooding, pest and epidemic and hence the emergence of the course development economics so as to help deal with it.
    Development economics emerged toshow 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. 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.

    Question 4
    1.The Study of development economics allows one to gain the opportunity to apply economic analysis theories and practices to develop and implement policies aimed at putting a less-developed economy on the path of development. It focuses on economic variables such as GDP, supply and demand, and market rivalry.

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

    3. Developmenteconomics will help us to see the various 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?

    4.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.

    5. Improved quality of life
    Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents. Quality of place is more important than ever to attract a large talent pool in the era of increased remote workers.

    Question 5
    Historians usually credit it to the French demographer, anthropologist and historian of the French economy. AlfredSauvy, who coined the term “Third World” (“Tiers Monde”) in a 1952 article entitled “Three Worlds, One Planet.” In this original context, the First World included the United States and its capitalist allies in places such as Western Europe, Japan and Australia. The Second World consisted of the communist Soviet Union and its Eastern European satellites. The Third World, meanwhile, encompassed all the other countries that were not actively aligned with either side in the Cold War. These were often impoverished former European colonies, and included nearly all the nations of Africa, the Middle East, Latin America and Asia.

  49. Avatar Okoh Rachel Ifunanya says:

    Name: Okoh Rachel Ifunanya
    Registration Number: 2019/242735
    Department: Economics
    Eco 361

    1) According to Prof. Michael Todaro, the three objectives of Development include,Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately. Prof. Michael Todaro’s Three Objectives of Development 1. Raising peoples’ living levels, i.e. incomes and consumption, levels of food, medical services, education through relevant growth processes 2. Creating conditions conducive to the growth of peoples’ self-esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect 3. Increasing peoples’ freedom to choose by enlarging the range of their choice variables, e.g. varieties of goods and services
    2) Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development. 1) UN’s Human Poverty Index (HPI) measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water and the percentage of underweight children under five. 2) UN’s Human Development Index (HDI) measures a country’s average achievements in three basic dimensions of human development – life expectancy, educational attainment and adjusted real income.
    3) Development economics emerged as a branch of economics because: Economists after World War II became concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss. 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.
    4) Many folks study Development Economics for many reasons. Discuss. 1) Intellectual curiosity – what causes inequality and poverty and what can be done, why do some countries grow and others don’t? 2) Our own welfare – global interactions (wars, environment, refugees), global coexistence, trade and investment. 3) Private interests – job prospects, perspectives on economics, common knowledge. 4) Moral and ethical reasons – poverty is unfair, inequality is unfair, development is human right.
    5) The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyze this assertion in detail. The Third World categorization becomes anachronistic since its political classification and economic system are distinct to be applied in today’s society. Based on the Third World standards, any region of the world can be categorized into any of the four types of relationships among state and society, and will eventually end in four outcomes: praetorianism, multi-authority, quasi-democratic and viable democracy. However, political culture is never going to be limited by the rule and the concept of the Third World can be circumscribed. The term ‘Third World’ was widely used in the second half of the twentieth century to identify common issues in the political, social, economic and cultural history of Africa, Asia and Latin America. The general definition of the Third World can be traced back to the history that nations positioned as neutral and independent during the Cold War were considered as Third World Countries, and normally these countries are defined by high poverty rates, lack of resources, and unstable financial standing.

  50. Avatar Onwudimegwu Emmanuel Onyekachi says:

    Name: Onwudimegwu Emmanuel Onyekachi
    Reg No: 2019/246703
    Department: Combined social science (Economic and Sociology)
    Quiz on Development Economics Eco 361

    1:
    A) The first objective focuses solely on how the availability of shelter, food and health care to the citizens to certain development meaning the absence of such facilities makes a society under developed.

    B) The second objectives talks about how standard of living of a person can be raised by providing job opportunities for them for such an individual to develop self value and have a reason to live

    C) The third objective focus on how improving the standard of living by giving them free choice of high standards job helps in removing fear and terror

    2: The UN’s human development index(HDI) measures country’s achievements in 3 divergent mode
    A) This mode talks about what one expect from life through his achievements

    B) This mode talks about the educational awareness of the person and how it’s accessible to everyone

    C) This mode talks about PPP (Purchasing Power Parity) the rates in which currency conversion tries to equalize the purchasing power of different currencies by eliminating the differences in price level between countries

    3: Most Economists immediately after the Second World War shared their concerns about the low standard of living in many countries especially in the South America continent. The difference between the economy of the developed and the under developed countries were clear that economist could explain such behaviors. Therefore Emergency of development was introduced not as to promote structural and growth changes but also that of improving potentials of the masses

    4:Folks study Development Economics for so many reasons namely
    A) Private Interest : In Order to get better opportunities in job finding and also it helps in researching facts

    B) Moral And Ethnical Reason: it’s helps in the moral battle against poverty and low standards of living also to eliminate inequalities

    5: The term was formed in the early 1950s by the great French demographer Alfred Sauvy in reference to the a Third estate to differentiate the poor countries that couldn’t identify themselves as capitalist or socialist. The term was first appreciated however it’s was then opened to criticism. As a result of such criticism the notion of the Third World War became useless and doesn’t apply to developing countries but for other reasons. It’s also means the Third World War was cheated the same way the third estate was also cheated and it’s destiny as a revolutionary one.

  51. Avatar Igbadi Odiya Dadi says:

    University of Nigeria, Nsukka
    Department: Economics
    Name: Igbadi Odiya Danladi
    Reg No: 2019/244347
    Email: igbadidanladi424@gmail.com
    Date: 30/12/2022

    Answer to Question one
    According to Micheal Tadaro; Advancement in communications technology has brought people closer together. Yet, the global community is divided between affluent developed nations and struggling developing countries. Many of us have a limited understanding of how greatly life in Africa, Asia, and Latin America differs from life in Western Europe and North America.
    The first main point here is to drive this idea home, and consider that policy decisions made in the developed nations exert profound impacts, for better or worse, on the people of developing countries.
    The second major point is that development economics must encompass the study of social, political, and economic factors affecting the well-being of all people. With improved distribution of income and application of appropriate modern technology, developing countries, assisted by developed nations, must aim at eliminating absolute poverty.
    A major theme is the sustained increases in the level of per capita income must enhance human capabilities in achieving equality, freedom, and interdependence. The chapter stresses the role of normative values in development economics, which is a subject dealing with human misery and human potential, equity and efficiency, cultural change, and transfer and creation of wealth.
    They concludes that economic development is both a physical reality and a state of mind. The meaning and objectives of development include the provision of basic human needs, reduction of inequality, raising living standards through appropriate economic growth, improving self-esteem in relation to the developed countries, and expanding opportunities and freedom of choice.· A classification of countries according to economic and social indicators
    · A method of measuring the level economic development across countries The Human Development Index: measurement and ranking of countries
    · An overview of the common development problems faced by many developing countries
    · A discussion on the relevance of the historical experience of the developed countries for the less developed countries
    · A discussion of the question of income convergence across countries
    · A discussion of long-run causes of comparative development
    Per capita income (using exchange rate conversion and/or in purchasing power parity equivalence) is used to classify countries. Data on several social indicators (e.g., life expectancy and adult literacy) complement per capita income to measure economic development as a broad based improvement in human life. Moreover, the Human Development Index is employed to measure development and to classify countries.
    Developing countries are not homogeneous but are enormously diverse in their structure.
    Nevertheless, they have several common features and problems including the following:
    · Lower levels of living and productivity
    · Lower levels of human capital investment
    · Higher levels of inequality and absolute poverty
    · Higher rates of population growth
    · Greater social fractionalization
    · Larger rural population and rapid rural-urban migration
    · Lower levels of industrialization and manufactured exports
    · Adverse geography
    · Underdeveloped markets
    · Lingering colonial heritage, external dependence, and governance challenges
    · Relative importance of private and public sectors and civil society
    The chapter concludes with a discussion on the relevance of the historical experience of the developed countries to today’s LDCs with respect to:
    Physical and human resources endowments
    Per capita income and GDP relative to the rest of the world
    Population size, distribution, and growth
    Historical role of international migration
    International trade benefits
    Scientific and technological research capabilities
    Efficacy of domestic institutions
    Due to variable income growth rates, it is expected that the per capita incomes within MDCs would converge. However, the MDCs-LDCs income disparity has a tendency to widen over time

    Answers to Question two
    There are many different measures used to assess the development gap, each one offering an alternate way of dividing up the world with regards to how developed it is. Here, we shall look at some of the most common indicators of development used in geography.
    Gross Domestic Product (GDP)
    GDP is s how much money a country makes from its products over the course of a year, usually converted to US Dollars:
    the sum of gross value added by all resident producers in the economy + product taxes – any subsidies not included in the value of the products.
    Gross National Product (GNP)
    GNP is the GDP of a nation together with any money that has been earned by investment abroad minus the income earned by non-nationals within the nation.
    GNP per capita
    GNP per capita is calculated as GNP divided by population; it is usually expressed in US Dollars.
    It’s a common indicator used for measuring development, but is imperfect as the calculation doesn’t take into account certain forms of production, such as subsistence production.
    Birth and death rates
    Crude Birth and Death rates (per 1000) can be used as an overall measure of the state of healthcare and education in a country, though these numbers do not give a full picture of a nation’s situation.
    The Human Development Index (HDI)
    The HDI is a composite statistic calculated from the:

    Life expectancy index
    Education index
    Mean years of schooling index
    Expected years of schooling index
    Income index
    Countries are ranked based on their score and split into categories that suggest how well developed they are.
    Infant mortality rate
    Infant mortality rate is the number of infants dying before reaching one year of age per 1,000 live births in a given year.
    Literacy rate
    The rate, or percentage, of people who are able to read is a useful indicator of the state of education within a country.
    High female literacy rates generally correspond with an increase in the knowledge of contraception and a falling birth rate.
    Life expectancy
    This simple statistic can be used as an indicator of the:
    healthcare quality in a country or province
    level of sanitation
    provision of care for the elderly
    It should not, of course, be used on its own to describe these things.

    Answer to Question three
    Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- 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. Common topics include growth theory, poverty and inequality, human capital, and institutions.
    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.

    Answer to Question four
    Importance Of Development Economics
    1.Analyze the rate of population increase, affecting the economic development
    Examine the structural transformation and implement fiscal policies
    accordingly
    Assess factors like education, healthcare, and employment conditions
    2. Promote international trade (import and export) among world nations
    3.Develop ways to achieve sustainable development
    4. Evaluate an economy, fix problems in it, and predict economic development
    5. Understand the economic effects of pandemics and natural disasters
    Answer to question five
    The origin of the terminology is unclear. In 1952 Alfred Sauvy, a French demographer wrote an article in the French magazine L’Observateur which ended by comparing the Third World with the Third Estate. “Ce Tiers Monde ignoré, exploité, méprisé comme le Tiers État” (this ignored Third World, exploited, scorned like the Third Estate). [1] Other sources claim that Charles de Gaulle coined the term Third World, maybe de Gaulle only has quoted Sauvy.
    Definitions
    point The term First World refers to the developed, capitalist, industrial countries, generally aligned with NATO and the USA. The bloc of countries aligned with the United States after World War II, which had more or less common political and economic interests, this included the countries of North America and Western Europe, Japan, South Korea, and Australia.
    Some African countries were assigned to the First World because of their links with Western countries. Western Sahara was part of Spain at that time. The anticommunist Apartheid Regime of South Africa was until May 1961, a member of the Commonwealth, and Namibia was then known as South West Africa and was administered by South Africa. Angola and Mozambique were run by the Portuguese like companies. (Historical footnote: Both countries became communist countries for some years in 1975.)
    There were some “neutral” states in Europe, such as Switzerland, Sweden, Austria, Ireland, and Finland, but they can be classified as First World in this context.
    Countries of the “First World”
    point The Second World refers to the former communist-socialist, less industrialized states known as the Eastern Bloc. The countries in the sphere of influence of the Soviet Union; it included the Soviet Socialist republics, the countries of Eastern and Central Europe, e.g., Poland, East Germany (GDR), Czechoslovakia, and the Balkans. And there were the Asian communist states in the sphere of influence of China, – Mongolia, North Korea, Vietnam, Laos, and Cambodia.
    Countries of the “Second World”
    point The Third World was all the other countries. The mainly underdeveloped agricultural states and nations of Africa, Asia, and Latin America, where the blessings of civilization benefited only a small ruling elite and the corporations and upper classes of the former colonial powers.
    In principle, the term Third World is outdated but still in use; today, the politically correct designation would be less developed countries.

    What makes a nation Third World?
    Nowadays, the term Third World is more often replaced by the terms Least Developed Countries (UN) or Low-Income Countries (World Bank.)
    Whatever term is used, it serves to designate countries that suffer from high poverty, high child mortality, low economic and educational development, and low self-consumption of their natural resources. Countries that are vulnerable to exploitation by large corporations and industrialized nations.
    These are the developing and technologically less advanced nations of Asia, Africa, Oceania, and Latin America. Third world nations tend to have
    economies dependent on the developed countries and are generally characterized as poor with unstable governments and having high fertility rates, high gender-related illiteracy and are prone to diseases. One of the critical factors is the lack of a middle class; there is a huge impoverished population and a small elite upper class that controls the country’s wealth and resources. Most Third World nations also have very high foreign debt levels.
    Countries of the “Third World”
    Third World Countries classified by various indices: their Political Rights and Civil Liberties, the Gross National Income (GNI) and Poverty of countries, the Human Development of countries (HDI), and theFreedom of Information within a country.

    References:
    Ahmad, P. (2011). Empowerment and poverty reduction in malaysian development planning. (unpublished thesis). Shah Alam,
    Universiti Teknologi MARA
    Bowen, G.A. (2003) Social funds as a strategy for poverty reduction in Jamaica: An exploratory study. Florida International
    University.
    Hassan, GAA (2004) Growth, structural change and regional inequality in Malaysia England: Ashgate Publishing Limited
    Jomo K.S. & Shaari, I. (1986). Development policies and income inequality in peninsular Malaysia. Kuala Lumpur: University
    Malaya Press
    Philips, R & Pittman, RH (2009) An introduction to community development New York: Taylor and Francis Ltd
    Todaro, M.P. (1995). Economic development (5th edition ed.). Singapore Longman Singapore Publishers (Pte) Ltd
    Todaro, MP (1975) Economic development for a developing world: An introduction to principles, problems and policies for
    development London: Longman Publishers (Pte) Ltd
    World Bank (2006) Empowerment Retrieve

  52. Uche Miracle Chiamaka
    2019/241948
    chiamakauche132@gmail.com
    1. Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.
    Note the emphasis placed on ‘cultural and human values’, ‘self-esteem’ and freedom from ignorance; it is important to remember that development is about much more than advancing economic growth.

    2. The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development: a long and healthy life, being knowledgeable and have a decent standard of living.
    The HDI is the geometric mean of normalized indices for each of the three dimensions.
    The HDI can be used to question national policy choices, asking how two countries with the same level of GNI per capita can end up with different human development outcomes. These contrasts can stimulate debate about government policy priorities.
    The health dimension is assessed by life expectancy at birth, the education dimension is measured by mean of years of schooling for adults aged 25 years and more and expected years of schooling for children of school entering age. The standard of living dimension is measured by gross national income per capita. The HDI uses the logarithm of income, to reflect the diminishing importance of income with increasing GNI. The scores for the three HDI dimension indices are then aggregated into a composite index using geometric mean. Refer to Technical notes for more details.
    The HDI simplifies and captures only part of what human development entails. It does not reflect on inequalities, poverty, human security, empowerment, etc. The HDRO provides other composite indices as broader proxy on some of the key issues of human development, inequality, gender disparity and poverty.
    A fuller picture of a country’s level of human development requires analysis of other indicators and information presented in the HDR statistical annex.

    3. The six decades after the end of World War II, until the crisis of 2008, were a golden age in terms of the narrow measure of economic development, real per capita income (or gross domestic product, GDP). This multiplied by a factor of four for the world as a whole between 1950 and 2008. For comparison, before this period it took a thousand years for world per capita GDP to multiply by a factor of fifteen. Between the year 1000 and 1978, China’s income per capita GDP increased by a factor of two; but it multiplied six-fold in the next thirty years. India’s per capita income increased five-fold since independence in 1947, having increased a mere twenty percent in the previous millennium. Of course, the crisis of 2008 caused a major dent in the long-term trend, but it was just that. Even allowing for the sharp decreases in output as the result of the crisis, postwar economic growth is spectacular compared to what was achieved in the previous thousand years.

    The six decades after the end of World War II, until the crisis of 2008, were a golden age in terms of the narrow measure of economic development, real per capita income. This multiplied by a factor of four for the world as a whole between 1950 and 2008
    But what about the distribution of this income, and in particular the incomes of the poorest? Did they share in the average increase at all? Here the data do not stretch back as far as for average income. In fact, we only have reasonably credible information going back three decades. But, World Bank calculations, using their global poverty line of $1.90 (in purchasing power parity) per person per day, the fraction of world population in poverty in 2013 was almost a quarter of what it was in 1981-forty-two percent compared to eleven percent. The large countries of the world – China, India, but also Vietnam, Bangladesh, and so on -have contributed to this unprecedented global poverty decline. Indeed, China’s performance in reducing poverty, with hundreds of millions being lifted above the poverty line in three decades, has been called the most spectacular poverty reduction in all of human history.
    But the story of the postwar period is not simply one of rising incomes and falling income poverty. Global averages of social indicators have improved dramatically as well. Primary school completion rates have risen from just over seventy percent in 1970 to ninety percent now as we approach the end of the second decade of the 2000s. Maternal mortality has halved, from 400 to 200 per 100,000 live births over the last quarter century. Infant mortality is now a quarter of what it was half a century ago (30 compared to 120, per 1,000 live births). These improvements in mortality have contributed to improving life expectancy, up from fifty years in 1960 to seventy years in 2010.
    By 2013, the percentage of the world’s population living in poverty had dropped to one fourth.
    By 2013, the percentage of the world’s population living in poverty had dropped to one fourth the percentage of 1981: eleven percent compared to the previous forty-two percent
    Focus on just income, health, and education hides another major global trend since the war. This has truly been an age of decolonization. Membership of the UN ratcheted up as more and more colonies gained political independence from their colonial masters, rising from around fifty in 1945 to more than 150 three decades later. There has also been a matching steady increase in the number of democracies with decolonization, but there was an added spurt after the fall of the Berlin Wall in 1989, when almost twenty new countries were added to the democratic fold. To these general and well quantified trends we could add others, less easily documented, for example on women’s political participation.
    With this background of spectacular achievements at the global level, what is to stop us from declaring a victorious past on human progress? The answer is that we cannot, because good global average trends, although they are to be welcomed, can hide alarming counter tendencies. Countries in Africa which are mired in conflict do not have any growth data to speak of, and indeed any economic growth at all.
    Again in Africa, for countries for which we have data, although the fraction of people in poverty has been falling, the absolute number in poverty has been rising, by almost 100 million in the last quarter century, because of population growth.
    A similar tale with two sides confronts us when we look at inequality of income in the world. Inequality as between all individuals in the world can be seen as made up of two components. The first is inequality between average incomes across countries-the gap between rich and poor countries. The second is inequality within each country around its average.
    Given the fast growth of large poorer countries like
    India and China relative to the growth of richer countries like the US, Japan, and those in Europe, inequality between countries has declined. Inequality within countries displays a more complex picture, but sharp rises in inequality in the US, Europe, and in China and India means that overall within-country inequality has increased. Combining the two, world inequality has in fact declined overall (Laker and Milanovic, 2016). The importance of between-nation inequality has fallen from a contribution of four fifths of global inequality a quarter century ago. But its contribution is still not lower than three quarters of total world inequality. These two features, rising within nation inequality in large developing countries, and the still enormous role of between-nation
    inequality in global inequality, are the other side of the coin from the good news of developing country growth on average in the last three decades. Inequality among Earth’s inhabitants comprises two elements: the first, which is expressed by each country’s average income, reflects the gap between rich and poor countries; the second reflects inequalities within each country in terms of average incomes
    But income growth, if it comes at the expense of the environment, mis-measures improvement in human well-being. Particulate pollution has increased by ten percent over the last quarter century, with all of its related health implications. The global population under water stress has almost doubled in the last half
    century, and there has been a steady decline in global forest area over the same period. Global greenhouse gas emissions have increased from under 40 gigatons equivalent to close to 50 gigatons in the last quarter century. On present trends global warming is projected to be around 4°C by 2100, well above the safe level of 1.5°C warming. The consequences of global warming have already begun to appear in terms of an increase in severe weather outcomes.
    Thus, the past seven decades have indeed been golden ones for economic development on some measures, and even development more broadly measured. But all is not golden. The trends hide very worrying tendencies which have begun to surface in terms of their consequences, and are shaping the landscape of development we have with us. The next section takes up the story with a focus on the present of economic development.
    4. a. 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 needed to expand, such as industry partners like CareerSource Central Florida and the Florida High Tech Corridor, utilities, and local government partners.
    b. 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 advanced manufacturing, aerospace and defense, aviation, autonomous vehicles, biotechnology and pharmaceuticals, business services, gaming, entertainment technology, financial technology, life sciences and healthcare, logistics and distribution, medical technology, and innovative technology.
    C. Business retention and expansion
    A large percentage of jobs in the Orlando economy are created by existing companies that are expanding their operations. The Partnership’s economic development team executes numerous business retention and expansion visits to local companies just last year to assist with their operational needs.
    d. Economy fortification
    Economic development helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers. For example, when the COVID-19 pandemic heavily impacted the global leisure and hospitality industry, many technology companies transitioned focus to clients in the region’s modeling, simulation and training sector.
    e. Increased tax revenue
    The increased presence of companies in the region translates to increased tax revenue for community projects and local infrastructure. Economic development can also support major job creation initiatives such as the semiconductor research and development campus NeoCity, positioning the 500-acre development opportunity for critical funding for domestic semiconductor research and manufacturing through advocacy for the CHIPS and FABS Acts. F. Improved quality of life
    Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents. Quality of place is more important than ever to attract a large talent pool in the era of increased remote workers.
    In addition, inclusive economic development works to support the community’s quality of life through initiatives such as supporting the regional transportation network, affordable housing, innovation and entrepreneurship as well as upskilling opportunities for the local workforce. These initiatives help to provide access and capabilities for existing workforce to take advantage of the new high-wage job opportunities created by economic development efforts.

    5. The origin of the term “Third World” has been variously debated by Wolf-Philips (1979), with critical responses from Worsley (1979); Mini (1979); Love (1980) and McCall (1980). While these debates and others that followed did not take away the authorship from Alfred Sauvy (1952), a French economic historian and demographer, his original use and application of the term “third world” has completely changed or been eroded in the later part of the twentieth century and now the twenty-first century. According to Worsley (1979), the existence of the neutralist “Third Force” mostly the independent French left in 1949 inevitably led to the coining of the “Third World”. Although Worsely (1979) initially contested this origin, in his later articles, he did not broach the subject again especially when Wolf-Philips (1967) pointed out that it seemed Claude Bourdet had used the term as early as April 1949 while referring to the writing of Marcus (1958), but did not pointedly say that Bourdet originated the term. Even Muni (1979) did not contest the attribution of the origin of the “Third World” to Sauvy (1952) in his contribution to the debate. Hence, the source of the origin was traced to a three volume writings of Sauvy and his colleagues at the Institut National des Etudes Demorgraphiques in 1956 – Le Tiers Monde: Sous- developpment et developpment that firmly credits Sauvy with the introduction of the “Third World”.
    It should, however, be noted that Sauvys’ (1952 ) usage of Tiers Etat alluded to the 1789 oratory of the Abbe Sieyes- ‘What is the Third Estate? Everything. What has it been till now in the political order? Nothing. What does it want to be? Something. (Wolf-Phillips (1987). According to Love (1980) the use of Tiers Monde in this context was more of an expression of neglect, exploitation and revolutionary potential. Safire (1972), further argued that tiers monde, was originally popularized in France between 1947 and 1949 and was used to describe parties that pitched their political tent between the Gaullist Rassemblement du people Francais and the regime of the Fourth French Republic (1946 – 5). According to Safire (1972) President Charles de Gaulle, had also used the phrase tiers monde to describe the role of France, independent of United States foreign policy alliances. Safire (ibid, 1972) further offered a working definition of tiers monde or third force as a weight added at the fulcrum of the balance of power; a group of nations or an ideology that lies between the communist world and the western capitalist camps Wolf-Phillips (1987). In this instance, the term third force or precisely third world was used in a political not economic sense. It is critical to note that today the so called second world or the communist Eastern Europe and the Soviet Union are aggressively pursuing a free market economy. Therefore any numerical first, second and third worlds is obsolete and should be confined to the heaps of ancient history, since you can not have a first and a third in a numerical or arithmetical numbering, without having a second.
    Furthermore, Love (1980) referred to a possible earlier version he assumed was ignored by Worsley (1979) as Juan Peron’s “third Position”. Love (ibid, 1980) argued that Worsley (1979) should have credited Peron’s Argentina along with India, Yugoslavia and Egypt as one of the early champions of neutralism. According to Love (1980), Peron was possibly the first to use the term; faute de mieux that could be interpreted to mean “thirdness”. Love (ibid, 1980) emphasized that Peron’s connection with the Axis made him a political pariah with the United States State Department between 1945 and 1946, hence, he was advocating the “third Position” no later than 1949. Although Love (ibid 1980) asserted that “thirdness” was closely related to some notion of neutrality in the emerging cold war, he did acknowledge that “third force” and “third position” were still not the “third World”.
    The third world, meanwhile, became popularized during the first None Aligned Movement conference held in Bandung (Indonesia) in 1955. At this conference, representatives of 29 newly decolonized or independent countries used it as a way of identifying with, or stating their desire to pursue neutral unaligned foreign policy vis-a vis the capitalist economy of Western Europe and North America (Euro-America), and the countries with centrally planned economies of Eastern Europe and the Soviet union (Porter and Sheppard, 1989). The term “third world” as used here was political not economic in application and is a product of the cold war between the capitalist countries of Western Europe and North America (Euro-American) and the centrally planned countries of Eastern Europe and the Soviet Union. These two ideological divides were later termed the First and second worlds. It should be noted that the leading participants in 1955 Bandung Conference called the Non aligned Movement included notable politicians like Kusno Sosrodiha Surkarno (Indonesia), Chou En-Lia (Peoples Republic of China), Gamal Abdul Nasser (Egypt), and Pandit Jawaharlal Nehru (India).The decolonized countries of South America were not invited to this conference, may be, because it was assumed that their economies were closely tied to that of United States for them to follow an unaligned foreign policy (Porter, et .al. ibid 1989). The non aligned conference later reconvened in 1961 in Belgrade under the chairmanship of Marshall Tito of Yugoslavia. This time, Latin American Countries were invited and participated very actively. This meeting was under the auspices of the United Nations and led to the creation of the United Nations Conference on Trade and Development (UNCTAD).
    It was after this meeting that the phrase “third world” assumed a life of its own and led to the countries within this group negotiating for such things as prices of commodities they produced; reduction in trade barriers and the provision for more capital investment. What started life as a political phrase assumed a very broad meaning and interpretation depending who is using it. Today, its application goes beyond its humble beginning as a political jargon and is differently used to refer to various stage of economic advancement by development theorist It must be noted here that any discussion on development must acknowledge that development as being applied by the development theory was largely based in economic language, institutions and rules. Development theories only recognize activities that command price, or generate cash, counts overwhelmingly, despite a range of other valued cultural practices that reproduce social and ecological relations, for which money is meaningless or less important (Philip 2008). In addition, the development paradigm favors monetary relations and measures which in most cases is at cross roads with cost of non-monetary resources and at the same time encourages the conversion of resources like water (in bottles), air (tradable pollution permits), survival networks of the poor (micro-credit informal institutions such as isusu), and even love into commodities (Davis, 2001).
    In addition, other terms such as “undeveloped,” “developing,” “less developed,” “nonindustrialized”, “have- nots” and “south” have been used as alternatives, based on Western economic models and the concentration of wealthier countries in the middle latitudes and the Northern Hemisphere.

  53. Avatar Ngwoke chidera Lillian says:

    2019/245394
    Economic
    Economic development
    Ngwoke chidera Lillian
    Answer
    1.producing more life sustaining necessities such as food shelter health care and breadingbreeding their distribution
    the 3 most important need of human in the world a country should do everything possible to provide the 3 necessities above which help to keep life save ,every county should determine to enhance and produce the necessities needed to develop the country and keep it in good condition as well as citizens
    b. Raising standard of living and individual self esteem, a country which have developed help citizens to live a good life .
    C.Expanding Economic and social choices and reducing far ,development help help to expand economy by giving room for other countries to come and partner with them and also give room for learlearning their techniques in developing their own country.

    2:life expectations is what a country is expected from the individual in a life time that help to develop the countreducational attainment …the level of educational qualifications of an individual matters aloalot because the more a country fund their educational system giving room to everyone to.be educated will help to reduce poverty
    Adjusted real income also no as real income wages is how much money an individual or entity make after adjusting for inflation
    Un human poverty index .it measure the difference ages and duties of each individual and expected t achieve during those periods of their life.

    3…AFter world war 2 s2me country experience some inflation due to the damage coursed by the war so some groups of individuals discovered it and came up with the idea of teaching how to develop the economy of once country.

    4:we study development economy for mormoral.and ethnical reason such as poverty unfairly, inequality is unfair, development of human rights
    we study development economy for our own welfare such as global interaction incase of war refugees seeking assistance from nearby countries
    .for our own private interests for our job

    5;The third world war is nothing and want to be something according to the tire mondeo the first and second are no as pPriest and noble it is no that country in this part are highly recognized while the commoner who are struggling to be like them are be exploited so the strive to be among the Nobel and Priest for them not to be exploited by others.

  54. Avatar Idajor John Ayuochieyi says:

    Answer to question one
    The three objectives of development by prof. Michael Todaro covers a wide range in the development of a nation. They are as Follows:
    To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health, and protection: Without the basic necessities of life, man can hardly survive. For the lives and welfare of a people of a nation to be ensured, there must be the provision of these basic necessities of life in the nation. Think about food as one of the basic necessities, no human being can be comfortable without eating for a day then talk less of a weak. What about clothing, without clothes our skin can be exposed to a lot of dangers such as cold, heat and others. Also, when you look at shelter, imagine having no house to stay in, you will be exposed to so many things that discomfort a man. Health is also another factor, when you are healthy you are the richest man on earth because you would be able to do so many things for more than the rich man who has money but is very sick.
    Todaro sees all these as necessary and as part of developing a nation. Now if there are abundance of food, good shelter, good health facilities in nation, and also good clothings for the people, this would enable people to be able to go about their other activities. When these basic necessities are not well supplied, it affects the standard of living of the people, that is why in countries like Nigeria, you see people drinking unclean water, eating bad food, living in an uncompleted buildings, etc. Thus, when this happens, there is lack of development in that nation.
    Now, the idea of To dark is that, those basic necessities should not just be there in a little quantity but there should be a continuous increase in those necessities, which upon increasing would give a good standard of living to the people and thus, along for the widening of other areas in the nation. This first objective is a primary and necessary objective of development.
    To raise levels of living: When the basic necessities are ensured, then the quest for a better living comes to play, why because people can not just eat to live, have shelter to live in, have clothes just to protect the skin, but the quest to improve in life comes in. Things such as education, having good jobs, greater attention to cultural andhuman values, all of which will serve not only to enhance material well being but also to generate greater individual and national self-esteem. This second objective cares for the intellectual need and social need of the people. When there is good education, the educated people would know how best to make plans and to development and manage what has been given to them. With education, the teaming youths would be able to exploy and discover many things which van lead to development. If the education of the people is being toiled with just as the case in Nigeria, there would be more illiterate people in the country and there would be no development. Being enlighten and educated, people can be able to create jobs and even the government can take good care of the citezens. With these activities and improvement, there will be increase or raising in the standard of living of the people.
    Expanding economic and social choice and reducing fear: Expanding economic and social choice comes when there is an increase in the standard of living of the people, both in academic, intellectual, and other aspects. This gives the opportunity to people to begin to specialize in different areas of works and develop their skills. At this level, individuals should be able to be engaged in one aspect of work or the other which makes them independent. In a nation where there is freedom and unity, and also when individuals are given incentives, there tend to be freedom, and when there is freedom people tend to exercise their freedom. Nations like China, America and others are developed due to the increase and specialization in different spheres of the economy. Here, nation states produce different products and export to countries in need due to their level of development.

    Answer to question two
    The UN set of indices for measuring development is made up of four stages. Though, The Human Development Index (HDI) being a statistic developed and compiled by the United Nations since 1990 to measure various countries’ levels of social and economic development has some set back, it is the best in measuring development. The four aspects of the development are
    : mean years of schooling,
    expected years of schooling,
    life expectancy at birth,
    and gross national income (GNI) per capita.
    The UN in measuring the mean years of schooling takes into cognizance the average total number of those who have completed their education in a country. As we know, education is the best gift you can offer to the young ones, it is vital, because in a country where the total number of the population that have completed their education is high, there is the likeliness of the foundation of development. Talking about this, in a country like Switzerland, the average number of completed education is at the age of 22. If in a country, those from 22 years are graduates and working, then there is development. The Human Development Index measures the year of schooling which is appropriate for individuals in a nation.
    The Human Development Index measures the expected years of schooling for individuals which is the age at which a child is to begin schooling until the child finishes. Human Development Index checks the appropriate age at which a child is to begin and end school. For instance, in Nigeria, a child who begins to school at the age of four is expected to complete his studies in 10.2 years, that is at his 18th birthday. The measurements of the expected years of schooling is the sum of the age-specific enrolment ratios for primary, secondary, post-secondary non-tertiary and tertiary education. With this, the level of development of a nation can also be measured.
    Life expectancy at birth shows the total mortality rate of the population and summarize the different mortality rate of the different levels of human life. It takes the average number of years a child is expected to live beginning from birth till his death. To know the level of development of any nation, the number of children given birth to and the number of those dying matters. This also checks the health facilities in a nation. If there is good health facilities a nation, the life expectancy of the people would increase, people would be able to live long and accomplish many things in life and this shows development, in a situation where there is poor health facilities in a nation, the life expectancy of the people would decrease, there would be high death rate and short life span. So the Human Development Index measures development in this aspect too.
    The Human Development Index measures the Gross National Product per capita. Gross National Income is the total amount of money earned by the total number of citizens in a country, while per capita income is national income divided by the total population in the country. If the number of workers in a country is high, there would also be high national income which would determine the level of development in the country try. In a nation where there is choice specialization and expansion in different area of jobs by a large number of individuals there is also development. The United Nations use the Human Development Index to also measure development in this aspect. When there economic growth of the country is high, citizens would not suffer poverty and all other vices in the country.
    With these four methods, the United Nations measures and determine a nation that is developed.
    Answer to question three
    The economy of the world were greatly affected (both positive and negatively) after the WW2, for this reason, there was a shift of focus from macro and micro economics leading to something more specific. This shift is due to the fact that macro and micro economics could not find a substantial explanation of the poor standard of living at against the constant growth in Per capital income, as well as the quick rise in inflation whence production increased. For the sake of knowledge incapacitation regarding the major divisions/types of economics micro and macro economics, a new branch of economics – developmental economics, came as a necessary offshoot to provide solution to the degrade in the standard of living and lack of the basic needs of men especially in Latin America, Africa and Asia because as at then they had most developing countries that lacked industrialization.
    Answer to question four
    There are so many reasons why people in general study development economics. Some are as follows:
    It analyzes ways to improve fiscal, economic, and social conditions allowing an emerging economy to become a developed economy. Due to lack of development in different countries of the world, the quest to studying development economics not just by economic students but by people in general arisen. Different scientific methods of analyzing and managing ones business, and even the nation as a whole is made up of it. Government uses economists who are specialist in this area to manage the country.
    International trade: Since it talks about how different aspects of the economy needs growth and development, it goes further to give room on how to partner with other countries in order to expand and increase development. This is done when a nation trades with other nation have exchange of the goods a country can produce more with the ones it cannot produce the more, with tho, it makes for the redistribution of goods needed in areas where there are not found. Now, for instance, Nigeria is an oil producing Country, but those not produce cars and other electronics, when Nigeria sells its oil to other countries and buys from them, those goods not found I. Nigeria would be made available. So the study of development economics predispose learners to international trade.
    The study of development economics raises the standard of living of a nation. This is seen in the different methods it apply to see that the people of a given nation have their basic necessities and also enjoy a good standard of living such as good health, better education, better jobs, etc.
    It develops industrial and social infrastructure. Development economics incorporates the industrial and social sectors of the economy and gives measures on how to go about them. For instance, Prof. Michael Todaro spoke about the objectives of development and one of which he said is the expansion and increase in different aspects such as increase in production, specialization and others. Here, one learns how to manage his industry and expand them. The study also brings development in social structures such as good roads, electricity and others.
    There are many others things that development economics incorporates that makes people of different fields to study it.
    Answer to question five
    The sayings of Alfred Sauvy that the third world is nothing and it wants to be something was just like a play until it finally emanated into a turning point for the third world. The assertion by Sauvy that the third world are nothing and wants to become something came from the line of the French revolution that turned the world into a peaceful political and Economic government. It was only this Third World which could replace “preparation for war” with “world hunger” as the number one global concern.
    Next to the obvious demand of independence, the Third World wanted peace and development, but also dignity, recognition and planetary democracy. The third world was derived from the third Estate of pre-revolutionary France. The first was the clergy, the second was the aristocracy and the third was the common people of the land. The third world was just in line with what Karl max called capitalism a situation whereby the rich exploit on the poor and opress them. According to Sauvy, he ends his essay claiming that “this Third World, ignored, exploited, despised like the Third Estate, also wants to be something.” This lead the the peaceful revolution where by the commoners jointly had a negotiation with the other two estate and an avenue was created for them which led to the coming together of 29 different nations (UN) with a common desire. Different conferences were held first at Bandung which came up with a project which was meant to bring to play the common goals of the organization, the project were not only political recognition, peace and liberation, they also included concrete socio-economic development. With the different struggle of the third world, the words of Alfred Sauvy came through and they who were nothing became something.

  55. Avatar Idajor John Ayuochieyi says:

    It is no doubt that research has different definitions in different fields, and the understanding differs according to the different fields and their applications. According to the American sociologist Earl Robert Babbie, “research is a systematic inquiry to describe, explain, predict, and control the observed phenomenon. It involves inductive and deductive methods.” Research can also be seen as the careful consideration of study regarding a particular concern or problem using scientific methods. Now considering the following “Research is the systematic application of a family of methods employed to provide trustworthy information about problems”. Looking at the following key points:
    Systematic application
    Family of methods
    Trustworthy information
    Systematic application: Systematic application can be seen as a means of management aimed at reducing the number and severity of mistakes, errors and failures due to either human or technological functions involved. In application to research, it involves a systematic method used in carrying out research in order to get if not appropriate result, at least a close percentage of the true result. It does not make use of intuition, prophecy or any other means, but uses a particular method known as the scientific method. The word science according to professor Mrs. Madueme Stella is “a systematic and organized body of knowledge in any area of inquiry that is acquired using “the scientific method”. Other research such as intuition, prophecy and other are non scientific and cannot be clearly studied, understand or proven, thus, it give room for argument.
    Family of methods: Have seen that a quality and reliable research has to do with a scientific method, these scientific methods are made up of different stages or aspects that at the end of the result, it can be proven, referred and even re conducted to prove the result. The following are the scientific methods used in studying at phenomenon before getting the result. They are:
    Logical: Scientific inferences must be based on logical principles of reasoning.
    Confirmable: Inferences derived must match with observed evidence. Repeatable: Other scientists should be able to independently replicate or repeat a scientific study and obtain similar, if not identical, results.
    Scrutinizable: The procedures used and the inferences derived must withstand critical scrutiny (peer review) by other scientists.
    Still the more, due to the context of research, there is a quantitative AMD qualitative method employed. When we say it is made up of a family of methods, it means that it make use of different methods that makes the result authentic.
    Trustworthy information: When we say an information is trustworthy, we mean it is a reliable piece of information that is current, free from biases, accurate, and also from a reputable authority (author or organization). When research is said to be a trustworthy research, it means the research has undergone the different levels of scientific methods which makes it trustworthy in solving problems. This means that, the result from the research can be logically analized, can be confirmed for clearance of doubt, can re conducted repeatedly for confirmation and can also be critically scrutinized. With this, it can be trusted that results from research can be made clear for people to understand unlike the use of intuition, sooth saying, etc that has no prove.
    Answer to question two
    For a research to be reliable, there must be a careful inquiry and examination of samples, context and other things. For more understanding, let’s analyze the query part by part. The key points are as follows:
    Careful inquiry or examination
    Discovery of new information or relationships
    Expansion and verification of existing knowledge
    Careful inquiry or examination: The word “careful” means close attention and the word “inquiry” means search for truth, information, or knowledge; examination of facts or principles. Then, the word “Examination” means to observe or inspect carefully or critically. With the use of scientific methods, the can able to carefully inquire or search for truth in the population. If a researcher wants to know the number of farmers in Ogoja local government, the researcher must sit down to plan his queries, how to contact farmers in Ogoja,etc. The researcher will meet both farmers and non farmers for effective information, after the inquiries, the researcher takes a critical analysis or examination of his research to ensure proper and referable information.
    Discovery of new information or relationships: When there is an argument or when there is need to carry out a new research over a particular one, most likely, there seem to be a new discovery or change from the previous research carried out. With the presence of a new carefully made research, it brings to mind the knowledge hidden before and also gives a clearer understanding of the new one. With the discovery of a new information, it makes null the old ones and brings to play the new one. Take for an instance, a researcher carried out a research and found out that, farmers get more yield from crops without applying fertilizer, and that has been the belief of farmers, as time goes on, a researcher argues this result and went on to re conduct his on research and found that the application of fertilizer to crops makes a high yeild and this becomes the new result from the old one. With this result, it brings to the minds of farmers that applying fertilizer to their crops gives a high yeild and makes the farmer understand that fertilizer is also important.
    Expansion and verification of existing knowledge: When we say research, the word is the combination of two words, “re” and “search”. Re means over and over again and search means an attempt to find something. This shows that research over a topic or an issue cannot just be done once, the continues attempt to find something (survey) leads to expansion and verification of existing knowledge. What do I mean by this? For instance, if a research shows that, cultivating supi ( a specie of rice) and harvesting twice a year is the best, this research shows that this is the fastest growing specie of rise for the moment. Now if another research is carried out and the result shows that another specie of rice known as iron rice can be cultivated and harvested in three months. With these researches made, we can deduce an expansion and verification of research.
    This shows also the benefit of research. With the help of research our world today has changed from the use of lamp to the use of electricity and not only light but so many other changes. Also, research brings development in different areas of studies.
    Answer to question three
    Creswell methods of research consist of:
    Pose a question,
    collect data to answer the question,
    and present an answer to the question
    Pose a question: The creation of questions by the researcher gives the bedrock of his research. If the researcher has no questions directed to towards his area of research, then he or she is not carrying out a research. For example, if a researcher is to research on the causes of infertility in women in Nsukka local government, he will direct his questions to those things that cause infertility in Nsukka local government, and not to reasons for poverty in Nsukka. Thus, he may ask questions like: What is the origin of fertility in Nsukka? How long has it lasted? Etc. To pose a question on what someone is to research on is as vital as using pen on a sheet of paper.
    There are many ways a researcher can pose questions on the masses, he may decide to print out questioners for people to fill so as to allow the express their views in writing, also, there can be face to face dialogue or interview to allow people explain in details their views over the research, this method is also good. In anywhere the researcher would use to pose a question, what matters is that questions directed to area of research is necessary.
    Collect data to answer the questions: In statistics, there is what is known as population and sample. Population is the total number of objects from which a sample is taken for survey, while sample is the number of objects taken from the population for survey. For a researcher to get answers to his questions, he must first locate the area of his survey and get some data ( number of persons) from the population to answer his questions. For example, if the researcher on infertility in women in Nsukka local government wants to get answers to his research, he must first go to Nsukka and ask some proportion of peoples in Nsukka the questions set by him on the topic of his research. It is possible that he cannot meet every member of Nsukka local government for answers. The number of persons he meet maybe 60% would be able to give him satisfying answers to the topic which would stand out for the whole population. With this step taken, he would be able to get answers to his queries.
    Present an answer to the question: The next thing a researcher does is to assemble all the different answers to his questions and analyze them, take out the best from the answers and formulate his result. How he does this is by comparing answers if like lines and of related views together, analyze them and come out with a result. This result may not be hundred percent correct, but may be close to the expected answer, that is why researchers carry out research over and over against a particular topic. So, in order for the researcher to get answers to questions, he assembles and analyzes the answers and come out with a result.
    Answer to question four
    For a given process to be called a research, the following must be adhered to, viz:
    Knowledge
    Conviction
    Significance
    Knowledge: knowledge can be seen as facts, information, and skills acquired through experience or education it is also the theoretical or practical understanding of a subject. For a given research to be successful and meaningful, there must be a knowledge and understanding of the topic or what the researcher needs to carry out research on. Imagine a researcher who is to research on the importance and efficacy of the holy mass ( the Eucharistic celebration) celebrated by the Catholic church, if such a researcher is not a Catholic but rather a Muslim, the research would be had for him because he has no basic knowledge of the Catholic church and the worst is that he is not a Christian. For him to be able to carry out this research very well, he has to seek for basic and wide knowledge of the Catholic church. In doing this he gains information, skills and experience in order to carry out his research well.
    Conviction: Conviction can be seen as a strong opinion or belief. It can also be seen as a firmly held belief. Gaining knowledge of something shows that you believe that such thing exist. For a researcher to have looked for facts, information and skillful experience and education towards what he is researching on, then, there is the likeliness that the researcher is convinced that all he has studied, inquired and learnt are true. Conviction has do with the full assurance and hope of the researcher over the information gathered. When a researcher gathers facts and information, he do not believe all the information at once and as such, he verifies the the information and do away with the fake ones. Thus, with full conviction, he affirms what he has taken. This shows the conviction of the researcher.
    Significance: This means the extent to which something matters, it can also be seen as the importance of something, especially when it has to do with something of the future. The importance of a research matters a lot and it varies according to how useful the research is. Some research may be as a result of confirmation, some may be as research to replace old ones, etc. Also, significance of a research varies in different fields. For instance, in economics, the research on the total number of men and women in the nation who are productive is very important to economists than a research in religion on the number of religion in a nation. Like in economics, the total number of men and women that determines the work force of the nation is important because if there is less workforce in the nation, the nation will suffer so many loss. As such, the researcher would take it very serious in order to determine the number of workforce in the country, this would show the weakness of the nation and with this proffer solutions to it. The significance of a research spells out the goals and the benefits to be received in the research.
    PRACTICAL EXAMPLE
    Musa is to carryout a research on the topic ” The importance of mass and the significance of the items used to say mass”. First, for Musa who is a Muslim to get a good knowledge of the topic, he makes plan on how and where to get it. This may be paying a visit to a priest and also living with the priest for some length of days in order to acquire, observe and also know the facts on this topic, by doing this he will gain a full knowledge and understanding of what mass is all about and also the importance of mass. He.would learn about the Holy Eucharist which is the center of the Catholic faith and also things used for the celebration of Mass, etc. With this experience, observation, and information gotten, at this point, he is fully convinced about the mass and things used. Now, for the significance, Musa would through the knowledge gotten know that the holy Mass is important for all Catholics because they derive a lot of graces from it. He may also be able to explain to his fellow Muslims the reason and importance of the holy mass. This is not a good example but tells about what the three criteria for a good research looks like. From the knowledge of the importance of the Holy mass for Catholicsthrough observation, learning and experience he was convinced about the data and knowledge gotten and hence, he knew the significance of the Holy Mass for Catholics, with all these, he will be able to give a good result from the research he carried out.
    Answer to question five
    There are many complicated issues in the research in different fields and disciplines in scientific research, this is due to the nature of the research to be carried out and some other factors. For instance, in social sciences like economics and sociology, it studies the nature of human behavior in relation to ends and scarce means which have alternative uses, sociology studies the behavior of human being and the society, ie human behavior in a group con text. Like other animals, human being is unpredictable, an analysis can be said of a human being in a moment to be extremely grieved while the next second, if that test is re conducted, there may be a different result or a little change from the former results gotten from the later. Thus, this is a complicated issue in one of the fields of science ( social science). Looking at another field in science like the natural science such as physics and chemistry which studies properties of matters and other bodies. These properties are not like humans that are not predictable, but still there are other matters that are complicating here other than prediction.
    Differences in the purpose of the research in different fields of studies in science is also another thing to look up to. In the social sciences, for instance like in economics, most of the researches carried out has to do with problems of human wants, consumption, scarcity, etc and a means of solving them. Researches here can be based on demand and supply of goods, price level in the economy, supply of money in the economy, etc. Another department of science in the social sciences like sociology looks at the science of building the society and it studies behavior that proffer unity and growth in the society. With the natural and social sciences, one can be able to depict the differences in scientific research and how the purpose of the research conducted in the subfields of science varies.
    Generally, some of the complicated issues in conducting scientific research are as follows:
    Financial crunch in academia.
    Poor study design in published papers.
    Lack of replication studies.
    Problems with peer review.
    Problem related to research accessibility.
    Lack of adequate and accurate science communication.
    Stressful nature of academic life.
    With the above mentioned problems, scientific research becomes complicated.
    Answer to question six
    The purposes of research can be generally categorized into the following:
    forming hypotheses,
    collecting data,
    analysing results,
    forming conclusions,
    implementing findings into real-life applications and
    forming new research questions.
    Forming Thesis: Thesis is a statement or theory that is put forward as a premise to be maintained or proved. In order to form a thesis, making use of the information gotten from preliminary research is necessary because with the idea gotten from the preliminary research on your topic, it will help you to understand the topic and have a clear idea of what the topic is all about. A thesis statement summarizes what your research paper would look like, usually, it is the first statement made in your paper which shows your introduction to the topic. With the thesis statement, you will be able to give answer to how you will start you research and this at time makes it easier for other researcher to know if your material can service as a solution to their research. A good thesis statement includes all the relevant points and information in the work in a summarized form. Sometimes, a thesis statement can come in form of a question and the answer to it shows how your research will go. There are four steps to write a thesis, there are:
    Ask a question about your topic.
    Write your initial answer.
    Develop your answer by including reasons.
    Refine your answer, adding more detail and nuance.
    Collecting Data: The collection of data for research can take different ways. Data collection can be seen as a process of methodological gathering of information on a particular subject. Data collection can be gotten from a primary and a secondary source. Data collection is a vital aspect of research which without there will be no research done. The collection of data can be done in different ways according to how the researcher has designed his research. There are so many methods of collecting data such as:
    Data from literature sources: TThese are already prepared data found in textbooks, journal, etc which can be sorted for use. This is a secondary method of data collection.
    Survey: This is another method of a of data collection which makes use of questionaire. This can be in a web-base form or a printed one. This will allow people to express their views in a written way to the researcher.
    Interview: This can be qualitative method of data collection whose results are based on intensive engagement with respondents about a particular study. Usually, interviews are used in order to collect in-depth responses from the professionals being interviewed.

    Interview can be structured (formal), semi-structured or unstructured (informal). In essence, an interview method of data collection can be conducted through face-to-face meeting with the interviewee or through telephone or using the mass media.
    Observation: This is another method of research, this has to do with observing a phenomenon or what you are researching on. Some of the observation is usually with natural things which can be controlled.
    Other methods of research are documents and records, and also experiments.
    Analyzing results: The process of data analysis or result analysis begins from your gathering of data and your preliminary understanding of your topic of research. This has to do with the different methods of data collection after which the data would be studied in order to know the ones that are not in relationship with others and to know those ones that are in line with others. Analyzing data gives more understanding and interpretation to the result gotten.
    forming conclusions: This is the summary of the result gotten after analysis. Here after studying and understanding the phenomenon the researcher can be able to tell clearly the true results of his research. Here a researcher can for instance say that, haven studied the whether condition of Nsukka, in November there is no rain or there would always be no rain fall in November due to the conditions found under the analysis level made. With this, a researcher states clearly in a summarized form the result from the research. Also, this where a theory can be made, like the law of motion, the law of thermodynamics and others.
    implementing findings into real-life applications and
    forming new research questions: This has to do with the application of the result you have gotten in real life situations. Example, when you theorize that in the month of November there will usually be no rain fall in Nsukka, if eventually there happen to be rainfall in that month, then there will be a problem in your research and this will give room for questions and also for a new research to be carried out.
    Answer to question seven
    The problems of conducting social science research in developing countries are complex. In the other pages above, we talked about social science research to be not easily predictable due to most of its research on humans who are quick to change unlike natural science research that has to do with laboratory. When a problem is multifaceted and multidimensional, what does it mean? The word multifaceted means having many different aspects or features while the word multidimensional means having so many dimensions, both words are synonymous. The problem in social science research are multidimensional thus leading from one problem to the other. Some of those problems are as follows:
    lack of planning: Lack of planning is one of the beaches of the multifaceted problems in carrying out research in a developing country. One of the main reasons for this is that the developing countries are not exposed to the modern ways of easy planning, thus the lack of organization and orderliness in the country can alter the social science researchers plans, also, on the part of the researchers, they being in a confined zone where there is no experience of a developed country, they also would wallow in the ocean of ignorance.
    lack of moral and financial incentives: This is also an iota of the trees of social science research problems in developing countries. In a developing country like Nigeria where there is no plan, there is degradation in morals and this leads to financial problem. Talking about the good morals, the government itself is corrupt because of bad leaders, if the citizens of the country lack good morals, it will also pose a problem in social science research since it has to do with people. In most developed countries, most citizens are given incentives which enables them forge ahead with their career and this allows them to learn more and develop. In a developing country, the reverse is the case because of instability in the government and ignorance, with all these, there is problem in research because researchers would be discouraged since there is no enlightenment in both morals and financial perspectives.
    shortage of time available for research: In a developing country, researchers face the problem of time in carryout research. A research that has to do with social science demands a lot of time and commitment, but due to the un steadiness of the developing countries and the lack of incentives and also the ignorance of the importance of social science research, there is always a problem in such aspect.
    underdeveloped health informatics structure: In a developing country, one of the multifaceted problems is lack of healthy information, When there is lack of healthy information in a country, researchers fail to find easily the solutions to their problems. An instance can be the case in Nigeria there is constantly false news and untrustworthy information in circulation. When there is poor information structure, researchers would find it hard to get a valid information to use in their research, it would seem to them that their research is untrustworthy, thus, crippling the agitated legs of the researchers.
    lack of available funding: One is a major issue in most developing countries. When there is no fund provided for researchers to be able to carryout their research, the researchers are discouraged from carryout their research. This can be seen in our country Nigeria where our leaders embezzle money for themselves rather than making good plans and assisting the researchers to do their research.
    We see that these problems connect from one source to the other, there can only be solutions to this if the researchers and the government make good plans and also learn good morals by copying and learning from developed countries. Also, the government should provide incentives for researchers to enable them learn and equip themselves more. Furthermore, good and healthy information structure should be set up in order for researchers to get quick information that would help them in their research.

  56. Avatar Eze Emmanuel C says:

    Name: Eze Emmanuel C
    Registration Number: 2019/244174
    Department: Economics
    Eco 361

    1) According to Prof. Michael Todaro, the three objectives of Development include,Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately. Todaro’s Three Objectives of Development 1. Raising peoples’ living levels, i.e. incomes and consumption, levels of food, medical services, education through relevant growth processes. 2. Creating conditions conducive to the growth of peoples’ self-esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect 3. Increasing peoples’ freedom to choose by enlarging the range of their choice variables, e.g. varieties of goods and services
    2) Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development. 1) UN’s Human Development Index (HDI) measures a country’s average achievements in three basic dimensions of human development – life expectancy, educational attainment and adjusted real income ($PPP per person). 2) UN’s Human Poverty Index (HPI) measures deprivation using percentage of people expected to die before age 40, percentage of illiterate adults, percentage of people without access to health services and safe water and the percentage of underweight children under five.
    3) Development economics emerged as a branch of economics because: Economists after World War II became concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss. 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. Only after the war did economists turn their concerns towards Asia, Africa and Latin America. That is to say that this early and simplistic theory failed to account for political, social and institutional obstacles to development. Furthermore, this theory was developed in the early years of the Cold War and was largely derived from the successes of the Marshall Plan. This has led to the major criticism that the theory assumes that the conditions found in developing countries are the same as those found in post-WWII Europe. This theory modifies Marx’s stages theory of development and focuses on the accelerated accumulation of capital, through the utilization of both domestic and international savings as a means of spurring investment, as the primary means of promoting economic growth and, thus, development. The linear-stages-of-growth model posits that there are a series of five consecutive stages of development that all countries must go through during the process of development. These stages are “the traditional society, the pre-conditions for take-off, the take-off, the drive to maturity, and the age of high mass-consumption” Simple versions of the Harrod–Domar model provide a mathematical illustration of the argument that improved capital investment leads to greater economic growth. Such theories have been criticized for not recognizing that, while necessary, capital accumulation is not a sufficient condition for development.
    4) Many folks study Development Economics for many reasons. Discuss. 1) Intellectual curiosity – what causes inequality and poverty and what can be done, why do some countries grow and others don’t? 2) Private interests – job prospects, perspectives on economics, common knowledge. 3) Our own welfare – global interactions (wars, environment, refugees), global coexistence, trade and investment. 4) Moral and ethical reasons – poverty is unfair, inequality is unfair, development is human right.
    5) The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyze this assertion in detail. The term ‘Third World’ was widely used in the second half of the twentieth century to identify common issues in the political, social, economic and cultural history of Africa, Asia and Latin America. The notion of a coherent and distinct Third World experience was rooted in analyses based on dependency theory and post-colonialism set in the Cold War context of nation states and nation-building. However, it is now rapidly passing out of academic use, because of changes in political and economic systems and in the interplay of culture and identity brought about by globalization. With these perspectives in mind, it is now time to reassess the way in which we approach the contemporary history of most of the world. The general definition of the Third World can be traced back to the history that nations positioned as neutral and independent during the Cold War were considered as Third World Countries, and normally these countries are defined by high poverty rates, lack of resources, and unstable financial standing. However, based on the rapid development of modernization and globalization, countries that were used to be considered as Third World countries achieve big economic growth, such as Brazil, India, and Indonesia, which can no longer be defined by poor economic status or low GNP today. The differences among nations of the Third World are continually growing throughout time, and it will be hard to use the Third World to define and organize groups of nations based on their common political arrangements since most countries live under diverse creeds in this era, such as Mexico, El Salvador, and Singapore, which they all have their own political system. The Third World categorization becomes anachronistic since its political classification and economic system are distinct to be applied in today’s society. Based on the Third World standards, any region of the world can be categorized into any of the four types of relationships among state and society, and will eventually end in four outcomes: praetorianism, multi-authority, quasi-democratic and viable democracy. However, political culture is never going to be limited by the rule and the concept of the Third World can be circumscribed.

  57. Avatar Nwadike Ruth Chidimma, 2019/246677, ( Edu/Economics) says:

    (1)According to Prof. Michael Todaro, the three main objectives of development are:
    (i)Producing more life-sustaining necessities: Development efforts often focus on increasing the production of necessary goods and services, such as food, shelter, and healthcare, and ensuring that these resources are distributed more equitably among the population. This is important for improving the overall standard of living and reducing poverty.
    (ii)Raising standards of living and individual self-esteem: Development also involves improving the quality of life for individuals and communities, including increasing access to education, employment, and other opportunities. It may also involve promoting individual self-esteem and self-worth, through efforts such as empowering women and other marginalized groups.
    (iii)Expanding economic and social choice and reducing fear: Development efforts may also focus on increasing economic and social choice for individuals and communities, by creating new opportunities for economic and social advancement. This may involve promoting entrepreneurship and supporting small businesses, or improving access to education and employment. At the same time, development efforts should aim to reduce fear and insecurity, by addressing issues such as conflict, violence, and environmental degradation.
    Overall, these three objectives of development – producing more life-sustaining necessities, raising standards of living and individual self-esteem, and expanding economic and social choice and reducing fear – are interrelated and interconnected, and are essential for promoting sustainable and equitable development.
    (2)There are several indices developed by the United Nations and other global agencies to measure development. Some of the most well-known indices include:
    (i)Human Development Index (HDI): This index, developed by the United Nations Development Programme (UNDP), measures a country’s average achievements in three basic dimensions of human development: health, education, and standard of living.
    (ii)Gender Development Index (GDI): This index, also developed by the UNDP, measures gender-based inequalities in the same three dimensions used to calculate HDI (health, education, and standard of living).
    (iii)Gender Empowerment Measure (GEM): This index, also developed by the UNDP, measures gender-based inequalities in economic and political participation and power.
    (iv)Multidimensional Poverty Index (MPI): This index, developed by the Oxford Poverty and Human Development Initiative (OPHI) and the UNDP, measures overlapping and mutually reinforcing deprivations in multiple dimensions of poverty, including health, education, and living standards.

    (v)World Happiness Report: This report, published by the Sustainable Development Solutions Network (SDSN), ranks countries based on factors such as GDP per capita, social support, life expectancy, freedom to make life choices, trust, and generosity, to determine overall happiness levels.
    (vi)World Press Freedom Index: This index, compiled by Reporters Without Borders, measures the level of freedom available to journalists in 180 countries.
    These indices are useful tools for measuring development and helping policymakers and development practitioners prioritize and target their efforts. However, it is important to note that no single index can capture all aspects of development, and it is often necessary to use a combination of indices to get a more complete picture of a country’s development status.
    (3)Yes, that is correct. After World War II, many economists became concerned about the low levels of economic development and poverty in many countries, particularly in Latin America, Africa, and Asia.This led to the emergence of development economics as a distinct field within economics, with a focus on understanding the economic and social issues faced by developing countries and on identifying policies and interventions that could promote economic development and reduce poverty.In the early years of development economics, the focus was mainly on economic growth and increasing per capita income as the main indicators of development. However, in the 1960s and 1970s, there was a shift towards a more holistic view of development that recognized the importance of other factors, such as health, education, and equality, in addition to economic growth. This led to the development of alternative development indicators, such as the Human Development Index (HDI) and the Multidimensional Poverty Index (MPI), which take into account a wider range of development outcomes.
    Today, development economics continues to be a vibrant and active field, with a focus on understanding the complex interplay of economic, social, and political factors that influence development outcomes and on identifying effective strategies for promoting sustainable and inclusive development.
    (4) There are many reasons why people study development economics. Some of the main reasons include:
    (i)To understand the economic challenges faced by developing countries and how to address them: Development economics is a field that focuses on understanding the economic challenges faced by developing countries, such as poverty, inequality, and slow economic growth. By studying development economics, students can learn about the various theories, models, and policies that have been proposed to address these challenges.
    (ii)To improve the lives of people in developing countries: Many students who study development economics are motivated by a desire to make a positive impact on the lives of people in developing countries. Through their studies, they learn about the root causes of poverty and inequality and how to design policies and programs to address these issues.
    (iii)To work in development organizations or policy-making positions: Many students who study development economics go on to work in development organizations, such as international aid agencies or NGOs, or in policy-making positions in governments or international organizations. They use the knowledge and skills they have gained through their studies to design and implement development programs and policies.
    (iv)To contribute to academic research in the field: Some students study development economics as a way to contribute to the academic research in the field. They may pursue graduate degrees in development economics and conduct research on topics such as economic growth, inequality, or the impact of aid on development.
    Overall, studying development economics is a way for people to learn about the economic challenges facing developing countries and to work towards finding solutions to these challenges.
    (5)Alfred Sauvy was a French demographer who coined the term “tiers monde” in French in 1952. This term was used to refer to the countries of the world that were not part of the First World (developed capitalist countries) or the Second World (communist countries).Sauvy used the analogy of the “third estate” from the French Revolution to describe the countries of the Third World. The third estate referred to the common people of France who were not part of the clergy or the nobility and were therefore considered the lowest social class.
    Sauvy’s assertion that the Third World is “nothing” and wants to be “something” reflects the view that these countries were poor and underdeveloped compared to the First World. They were seen as being dependent on the developed countries for economic and political support, and were often subject to exploitation and intervention by the First World.
    However, it is important to note that Sauvy’s use of the term “tiers monde” and his characterization of these countries as “nothing” and wanting to be “something” has been criticized for being Eurocentric and for ignoring the diversity and agency of the countries and peoples of the Third World. The term “Third World” is no longer widely used, and has been replaced by terms such as “developing countries” or “low-income countries.”

  58. Avatar Anyamadu Stephen Okechukwu 2019/249163 says:

    1. To raise the Standard if living is to raise the levels of living, including addition to higher incomes, the provision of more jobs, better education, and greater attention to human values, all of which will serve not only to enhance material well-being but also to generate greater individual self-esteem.When their distribution means is broadened,it increases the rate of their Productivity and helps to increase the standard of living of the people. Also,expanding economic and social choice and reducing fear is To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.

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

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

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

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

    3
    World economy were greatly affected (both positive and negatively) after the WW2, therefore there was a shift of focus from macro and micro economics towards something more specific. This shift is due to the fact that macro and micro economics could not find a substantial explanation of the poor standard of living at against the constant growth in Per capital income, as well as the constant rise in inflation whence production increased. For the sake of knowledge incapacitation regarding the major divisions/types of economics micro and macro economics, a new branch of economics – developmental economics, came as a necessary offshoot to provide solution to the degrade in the standard of living and lack of the basic needs of men especially in Latin America, Africa and Asia because as at then they had most developing countries that lacked industrialization.

    4.
    People study Development Economics because Development economics focuses on how people in a society can escape poverty and enjoy a better standard of living. Development economic studies can be divided into economic and social aspects. Development economic research can help policymakers to make better decisions and formulate the right plans.Also,people study development economics because the study of development economics allows one to gain the opportunity to apply economic analysis theories and practices to develop and implement policies aimed at putting a less-developed economy on the path of development. It focuses on economic variables such as GDP, supply and demand, and market rivalry.

    5.
    Alfred Sauvy coined the term”Third world”which was also referred to as TIERS MONDE in French by analogy with the third estate I.e he coined the word third world using the third estate as an analogy.The third estate were a group of people referred to as the commoners or common people.They were being exploited by those in the first estate and second estate .The third estate comprised of people who were politically invisible,unrepresented in and weilding ni influence at all.Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”.This implied that the Third world is being exploited as much as the third estate was exploited.This is because the third world comprised of the underdeveloped or under performing conditions in certain fields and Alfred sauvy coined the term third world to be distinguish countries that neither belonged to the industrialized capitalist world nor to the industrialized communist Bloc.

  59. Eco 361
    Ogili Edmond Onyedikachi
    2019/244358
    CSS (Economics/philosophy)

    1. As we all know sir, development in this context is the process of structural transformation involving certain key factors that signifies or validates a nation’s economic progress in improving the quality of all human life.
    Prof. Michael Todaro based the meaning of development on, one, producing more life sustaining necessities such as food shelter & health care and broadening their distribution. Now this is because when these are available the people can survive easily, progress and actualize their various ideas, goals and bring about innovations with their various talents and skills. For instance in Nigeria, the issue of unstable power supply have discouraged so many people from venturing into certain businesses. The lack of quality health care services has sent hundreds of people to their early graves and the rest may become less productive due to one illness or the other.
    The second one is praising standards of living and individual self esteem, through improved income, jobs, better education, etc. by ensuring growth with the establishment of social, political and economic
    systems and institutions which promote human dignity and
    respect. (Tahmina Rashid
    Associate Professor, International Studies)
    Lastly, expanding economic and social choice and reducing fear, which I think is just based on freedom of choice(e.g making available varieties of goods & services), of opportunity, to access credit and reducing inequality among individuals and nations. The equal provision security and access to social security is what eliminates fear.
    I was watching a video clip some time ago and there’s this Black American man who was saying “the reason why you can go to some Black American neighborhood and see that they have poor health care services and infrastructure, poor security etc and nothing has been done about it but yet will see them dieing to ride a Lamborghini or a Bugatti is because these things represent a symbol of freedom and status and not for the actual use of it”.
    This was all simply the reorganizations and reorientation of the whole economic and social system as opposed to the initial interpretation of development which solely based on output per capital income.

    2. There are some indicators used in measuring development in an economy, and by indicators I mean certain key aspect that show the presence of development. We have Human Development Index (HDI), Gender Development Index (GDI),
    Human Poverty Index (HPI), Genuine Process Indicator (GPI).
    For HDI it was developed by the United Nations, 1990, an index which
    reflects development in per-capita income as well as human capital.
    This focuses on four fundamental areas of interest: mean years of schooling, expected years of schooling, life expectancy at birth, and gross national income (GNI) per capita.
    The human poverty index (HPI) was also introduced by UN Development Programme (UNDP)
    To measure rates of economic development for low-income countries it examines education, life expectancy, rates of absolute poverty and access to health care and safe drinking water.

    3. Yes Economic development became a major concern after World War II. So when the era of European colonialism ended, many former colonies and other countries with low living standards came to be termed underdeveloped countries, to compare their economies with those of the developed countries, which were known to be Canada, the United States, those of western Europe, most eastern European countries, the then Soviet Union, Japan, South Africa, Australia, and New Zealand. Then as the standard of living in this poor countries started rising they were now tagged as developing countries and they where largely from Africa.

    4. There are various reasons for studying Development Economics, some of which are;
    * Job opportunity: an individual who is strongly equipped with the knowledge of development economics is seen as an asset in terms of human capital, and will be needed in various sectors of the economy, so in other to get a reasonable job people go into studying the course.

    *Intellectual development: some others study it to build and Increase their wealth of knowledge which enables them to give certain valid predictions and decisions on the economy (individual and at large).

    *Intellectual achievements: yes this course is also studied to add up to a person’s certificate quality, like as a degree holder, PhD, Doctorate degree, etc.

    *Economic fortification: some time a company can send their trusted workers to engage in seminars and course training to help improve their capacity to make important decision, policies to better fortify the company from unnecessary down fall.

    5. Well the assertion that “the third world is nothing, and it “wants to be something.” by Alfred Sauvy, simply refers to the third world which are the developing countries, and are being exploited by the developed countries in various ways and they seek to break from the shackles of those things inhibiting their progress. It will be a revolutionary cause.
    Just like in the scenario where we have the First estate; which are the Priests/religious, the second estate; which are the Noble, and then the third estate which are the working class/labour force. The order I presented them is who they are ranked and unfortunately the people in the third estate are those whose life are being controlled to some extent by the other estate’s decisions.
    For it is said “one is loyal to the person who pays his wages.” and as such is subject to exploitation given that he has limited or no freedom of choice,. but no, in this part to development they belong to no one and must begin a revolution.
    I think sauvy is trying to say that those countries still developing due to the adverse effect of colonialism and the second world war still have a chance of progressing in the input certain things in place.

  60. Avatar Ani Victor Emeka 2019/242774. ECONOMICS says:

    Answers:

    1. Producing more life-sustaining necessities such as food, shelter, and health care and broadening their distribution is one of the three objectives of development, the government, and the private sector should ensure there is sufficient food and make provision for Good hospitals and educational sector should establish good schools with a good high standard of learning.
    Development should also involve revising the standard of living of citizens, providing more jobs, better education, and greater attention to cultural and human values all of which enhances human well-being and productivity of individuals.
    When an economy is said to be developed, then several choices of its citizens should be achievable, citizens should be able to relax and do all social activities without fear of the unknown, and individuals nation should be free from servitude and dependence, not only about other people and nation-states but also to the forces of ignorance and human

    2. United Nations (UN) human development index measures a country’s average achievement in three faces of development.
    -Life Expectancy
    Life expectancy is the average number of years newborn babies will live if subject to the mortality risks prevailing for their cohorts at the time of their births.
    In Nigeria, as of 2020 life expectancy index, an average Nigerian is not expected to live beyond 55 years and that means when a citizen is about 60 years their productivity might not count for development.
    The life expectancy ratio is important to determine the productivity of citizens of an economy.
    -Educational Attachment
    The level of literacy (formal and informal) in terms of education can be used as an index to measure the level of development in an economy and it can be used in terms of percent of children between the age of 5-15 in school.
    Literacy is the fraction of adult males and females reported as estimated to have the basic ability to read and write; functional literacy is generally lower than the reported numbers.
    In practice, adjustments are made for differing relative prices across countries so -Adjusted Real Income
    Adjusted real income refers to the income obtained after the deduction of tax, it is what can be used to purchase goods and services, the higher the real income, the higher the purchasing power of the income, which means, more goods and services can be purchased and thus leading to economic development, one of the indexes used to measure economic development, purchasing power parity is defined as the number of units of a foreign country’s currency required to purchase the identical quantity of goods and services in the local developing country market as $1 would buy in the United States, that living standards may be measured more accurately, Generally, prices of non-traded services are much lower in developing countries because wages are so much lower. If domestic prices are lower, PPP measures of GNI per capita will be higher than estimates using foreign exchange rates as the conversion factor.

    3. Most countries of Latin America, Africa, and Asia were mostly affected by the effect of world war 2 after most industries were destroyed during the war and that affected the economy of European countries also affected the economies of Africa, Asia, and Latin America.
    Following the great depression of 1939-1945 and the effect of the war, the standard of living of citizens became low; thus food was barely available coupled with famine and death; most countries were affected since there was no importation or exportation of commodities.
    Hence, after world war 2, it became a thing of concern to restabilize the economy of many countries affected by the war; building back industries and factories in other to curb the low standard of living of these countries that were affected.
    4. Many reasons are compiled for the study of development economics:
    -Moral and Ethnic reason
    Poverty is not a good variable for the development of the economy; if citizens are poor, the economy cannot tend to develop plus if inequality is dormant; hence our study of development is our right.
    -Our Welfare

    -Private interest
    For job opportunities getting more development knowledge.
    -Intellectual Curiosity
    To help solve the questions about the economy.

    5. The term Third World has long served to describe countries of Africa, Asia, and Latin America that have been seen to share relatively low per-capita incomes, high rates of illiteracy, limited development of industry, agriculture-based economies, short life expectancies, low degrees of social mobility, and unstable political structures.
    The 120 countries of the Third World also share a history of unequal encounters with the West, mostly through colonialism and globalization.
    Alfred savvy (31 October 1898 – 31 october 1990) was a demographer, anthropologist, and historian of the French economy, savvy coined the term third world (“tiers monde ) about countries that unaligned with either the communist soviet bloc or the Capitalist NATO bloc during the cold war. During the Cold War (1945–1991), Third World referred to countries that were relatively minor players on the international stage, it conveys also idea that it is a revolutionary one,

    Reference:
    Economic Development_ ‘Todaro and_Smith’ pg: 74, 12th ed

  61. Avatar Ugwu kaosisochukwu immaculeta says:

    UGWU KAOSISOCHUKWU IMMACULETA
    2019/241226
    ECONOMICS DEPARTMENT

    Answers
    1) Prof. Michael Todaro stated that development is not purely an economic phenomenon but rather a multi-dimensional process involving reorganization and reorientation of the entire economic and social system. He went further to state 3 objectives of development;
    i) Producing more life sustaining necessities: These necessities include food, shelter, health care and even protection, the availability of these necessities should be increased and basic life sustaining goods as well as services should be distributed widely across the nation so as to effectively promote development.
    ii)Raising standards of living and individual self esteem: The levels of living should be increased by providing higher incomes, more job opportunities, better education quality as well as quantity and we should pay greater attention to raising the cultural and human values which helps to build self-esteem.
    iii)Expanding economic and social choice and reducing fear: There should be freedom to make choices both on the economic and social level as well as the availibility of such choice to individuals and the nation as a whole. Free the people from the forces that brings human misery, forced servitude and dependence so as to reduce national fear because development is so much more than advancing economic growth.

    2) There are many useful indicators for measuring development in a country, they are, GNP, GDP, GNP per Capita, Infant mortality rate, life expectancy, literacy rate, Birth and Death rates, Gender Inequality index, Human development index and many more. Among all these, there are major indicators used by the united nations to measure the level of development among countries;
    i) Human Development Index (HDI): This is a social indicator developed by the UN since 1990 to measure various countries level of social and economic development. There are 4 areas of interest, i.e mean years of schooling, expected years of schooling, life expectancy at birth and gross national Income per capita. In other words, this is a summary measure of whether an individual has a long and healthy life, whether he/she is knowledgeable, whether such person has a decent standard of living or a reasonable adjusted real Income ($PPP per person).
    ii) World Global Peace Index: This is another useful Indicator of development because conflict lowers development, for example, USA in terms of peace falls down in the world peace rankings because they spend so much money on increasing their military might so as to gain control through oppression and this reduces their peace index both home and abroad, while a country like Bhutan, though poor are one of the happiest and peaceful nations.
    iii) Human Poverty Index: This is a social indicator developed by the united nations to complement the HDI in 1997. It measures poverty and focuses on deprivation in Human lives by using the percentage of people without access to health services, without education at adulthood, who die before 40 and underweight children under 5 as well as the unemployment rate.
    iv) The Gender development Index: This was designed to measure gender equality it was introduced in 1995 in the human development Report. This indicator measures the inequalities between men and women as this inequality greatly affects the development of the country because the role of women is just as important as the role of men in developing a nation and if one of such role is exempted, it brings slow development in such nation.
    All these indicators wed developed to complement the Human development index and are used to measure the quality of life as economic growth alone is not a perfect measure of a country’s development so these indicators measure the social aspect of life and not the economic aspect of development.

    3) Development economics emerged after world war II due to its growing importance as the economy was very not stable, even following the market recovery from the war, also known as the post war recovery. There were a series of economic fluctuations which resulted in rising poverty most especially in countries whose independence has long predated world war II like Latin America. Fluctuations like the great depression, and most especially the world war II laid the groundwork for the birth of various organizations and cooperation whose aim was to increase economic growth, thus with the aid of these organizations, for example, the 1945 Bretton Woods System in the US which subsequently led to the creation of World Bank. Another example is the 1945 Free trade for economic development which created a stage for expansion and economic growth though it came to an end in 1973, while in 1979 the European Monetary System was created for Europeans and many others were also created. All these helped boost the economy as well as substantiate its recovery due to the efforts of development economists. Development economics emerged as a branch of economics to remedy the working conditions and economic conditions which worsened after world war II. Development economists focused on the gap between developed and developing countries in other words how the market in both countries worked and how to bridge the gap between them. Development economists also worked on the effectiveness of markets, prices and International trade so as to increase the quality of life of the citizen and also improve the economic situation because previous theories and models were unable to characterize the situation.

    4) Throughout the years , since the emergence of development economics as a course of study, It has helped solved many problems endangering the quality of human lives. Thus, it has become of utmost importance that resources be put in place for researchers in this area of study to improve and develop theories and practices in order to analyze the economic trend of the present and the future. Development economics presents analysis on how people in a society can escape poverty and enjoy a better standard of living, in other words, It helps a less developed country walk on the path of development. Development economics provide great assistance and vital information that works to help diversify the economy as a single Industry nation is vulnerable to instabilities leading to mass poverty, however diversification plays a very crucial role in creating jobs and the continual efforts of development economics helps industries expand their operations. The expansion and retention in these regions helps to protect the local economy and the increasing local industries also brings increased tax revenue, this revenue is subsequently used by the government to raise the standard of living of its residents.Thus, economic development works to support the citizen’s quality of life. Development economics also promotes the welfare of every country on an international scale as it helps create an avenue for trading and interacting peacefully, due to the nation’s welfare being at stake there has to be a groundwork for coexisting which reduces the inequality gap between less-developed and developing countries because no man is truly an island.

    5) The term “third world country” is widely used to refer to impoverished/under developed countries. It was first coined during the cold war era (1947-1991) to refer to neutral countries that neither aligned with the US nor the USSR and such neutral nations were the developing agriculturally inclined nations of Africa, Asia and South-America. Though the exact origin of the term is unclear, another meaning to it came about in 1952, when a french demographer, Alfred Sauvy wrote on article in a french magazine L’Observateur, which ended by comparing the third world with the third estate of pre-revolutionary france by remarking, “this ignored third world exploited, scorned like the third Estate”. This remark showed no similarity to the original definition of cold war alliances. Today’s concept of third world describe countries with low economic development, unstable governments little to no ability to utilize natural resources, impoverished millions and a very small elite upper class controlling the wealth and resources of the country. Most nations in this category are quite resistant towards this term as it’s implicit meaning is downgrading, thus the term “third world” is seen as an insult to some.

  62. Avatar NWAFOR EMMANUEL ONYEDIKACHI says:

    1]
    Professor michael Todaro who is an American economist and a pioneer in the field of development economics postulated that the three objectives of development includes, producing more life sustaining necessities such as food, shelter & health care and this makes complete sense seeing as economic development can be defined as the programs, policies or activities that seek to improve the economic well-being and quality of life for a community. We can clearly see that his postulates are well founded in the sense that the objectives he brought forward emphasised on improving the economic well-being as well as the quality of life of individuals in the economy.
    The most important part to me in his postulation is the fact that we dont just stop at producing more life sustaining necessities but that we also have to invest in broadening the distribution of these “necessities”, which would in turn raise the standard of living and also the self esteem of the individuals, and thus finally expand the economic and social choice and reducing fear in said economy.

    2]
    Measuring the level of development that a given economy has been able to achieve is a tedious process and development agencies have developed indicators to measure the development an economy has been able to achieve more accurately.
    The fact that the process of measuring the level of development is tedious, it is therefore only logical for global agencies to search out less tedious ways to measure the development any economy has been able to achieve.
    Let’s take a look at “The United Nations’ Human Development Index (HDI)” which basically seeks to quantify a country’s level of prosperity based on both economic and non-economic factors. Non-economic factors include life expectancy, and educational attainment etc. Economic factors are measured by gross national income (GNI) per-capita. Another Example is the Consumer Price Index(CPI) which measures pricing power and inflation within an economy, all these are some examples of economic indicators that global agencies have developed to make measuring development more accurate.

    3]
    After the second World War a number of developing countries gained independence, One of the common claims made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards. Thus economic development after independence became a major objective because of the humanitarian desire to raise living standards but also because political promises had been made, and failure to make progress toward development would be interpreted as a failure of the independence movement.
    At that early period, theorizing about development, and about policies to attain development became the order of the day and soon after they accepted the assumption that the policies of the industrial countries were to blame for the poverty of the developing countries also memories of the Great Depression, when developing countries’ terms of trade deteriorated, that produced sharp reductions in per capita incomes haunted many policymakers. Finally, even in the developed countries, the Keynesian legacy attached great importance to investment.
    Durring this period, it was thought that a “shortage of capital” was the cause of underdevelopment. This led to the creation of policies that accelerated rate of investment. Since most countries with low per capita incomes were also heavily agricultural, it was thought that accelerating investment in industrialization and the development of manufacturing industries was the path to development. Moreover, there was a fundamental distrust of markets, and a major role was therefore assigned to government in allocating investments. Distrust of markets extended especially to the international economy. It is important to note that there are significant elements of truth in some of the earlier ideas, and it is important to understand the thinking underlying them.

    4]
    The study of development economics helps us to apply economic development theories and practices to help do things like analyze the rate of population increase, and how it is affecting the economic development or to examine the structural transformation and implement fiscal policies accordingly we could also assess factors like education, healthcare, and employment conditions and Promote international trade (import and export) among world nations.
    The aim of the above is simply to develop our economies by helping put them on the path of development.

    5]
    “The third world is nothing, and it “wants to be something” This term implies that the third world is exploited, just like the third estate was exploited and that, like the third estate, and if you look at both of them some by side the destiny of the third world is a revolutionary one.

  63. Avatar OFORISHE VICTORIA IRUWOGHENE 2019/247251 says:

    1.
    Producing more Life Sustaining necessities is simply making available Life sustainable goods and services which includes the basic necessities of life,such as food,clothing,shelter and Health care services.Producing more life sustaining necessities is to Raise or better still to increase the availability of these resources to help human lives.Broadening their distribution means to widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.Secondly ,to raise the Standard if living is to raise the levels of living, including addition to higher incomes, the provision of more jobs, better education, and greater attention to human values, all of which will serve not only to enhance material well-being but also to generate greater individual self-esteem.When their distribution means is broadened,it increases the rate of their Productivity and helps to increase the standard of living of the people. Also,expanding economic and social choice and reducing fear is To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.

    2.
    Indices developed by the UN and other global agencies on how to measure development includes:
    HUMAN DEVELOPMENT INDEX (HDI):The Human Development Index (HDI) is a statistic or a tool that was developed and compiled by the United Nations to measure various countries’ levels of social and economic development. It is composed of four principal areas of interest: MEAN YEARS OF SCHOOLING, EXPECTED YEARS OF SCHOOLING, LIFE EXPECTANCY AT BIRTH, AND GROSS NATIONAL INCOME (GNI) PER CAPITA.This tool is used by the United Nations also to evaluate the level of individual human development in each country.The HDI is also a summary composite measure of a country’s average achievements in three basic aspects of human development: health, knowledge and standard of living. It is a measure of a country’s average achievements in three dimensions of human development:
    * a long and healthy life, as measured by life expectancy at birth;
    * knowledge, as measured by mean years of schooling and expected years of schooling; and
    * a decent standard of living, as measured by GNI per capita in PPP terms in US$.
    The HDI was created to emphasize that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone.
    THE HUMAN POVERTY INDEX (HPI) :The Human Poverty Index (HPI) was an indication of the poverty of community in a country, developed by the United Nations to complement the Human Development Index (HDI).The HPI concentrates on the deprivation in the three essential elements of human life already reflected in the HDI: longevity, knowledge and a decent standard of living.

    3.
    Development Economics emerged as a branch of Economics because it deals with the Economic aspects of the development process in Low and middle income countries.It focuses not only on the methods of promoting Economic development,Growth,and structural change but also on improving the potential for the mass Population.
    Economists after world war II became concerned about the low standard of living in so many countries of Latin America,African,and Asia.This is because the Less developed countries were so developed from developed countries such that Basic Economics could not explain the behavior of the Less developed Countries Economic.Some economists even predicted a new crisis of mass unemployment and inflation, arguing that private businesses couldn’t possibly generate the massive amounts of capital necessary to run the pumped-up wartime factories during peacetime.
    At this point Development Economics became a branch of Economics to help solve the problems faced by the less developed countries.Development Economics uses economic analysis,methods and tools to understand the problems,constraints and opportunities facing developing countries.

    4.
    People study Development Economics because Development economics focuses on how people in a society can escape poverty and enjoy a better standard of living. Development economic studies can be divided into economic and social aspects. Development economic research can help policymakers to make better decisions and formulate the right plans.Also,people study development economics because the study of development economics allows one to gain the opportunity to apply economic analysis theories and practices to develop and implement policies aimed at putting a less-developed economy on the path of development. It focuses on economic variables such as GDP, supply and demand, and market rivalry.

    5.
    Alfred Sauvy coined the term”Third world”which was also referred to as TIERS MONDE in French by analogy with the third estate I.e he coined the word third world using the third estate as an analogy.The third estate were a group of people referred to as the commoners or common people.They were being exploited by those in the first estate and second estate .The third estate comprised of people who were politically invisible,unrepresented in and weilding ni influence at all.Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”.This implied that the Third world is being exploited as much as the third estate was exploited.This is because the third world comprised of the underdeveloped or under performing conditions in certain fields and Alfred sauvy coined the term third world to be distinguish countries that neither belonged to the industrialized capitalist world nor to the industrialized communist Bloc.

  64. Avatar OZONWU CHUKWUEBUKA SILAS says:

    NAME: OZONWU CHUKWUEBUKA SILAS
    REG NO: 2019/244686
    DEPT: ECONOMICS
    EMAIL: ozonwuchukwuebuka@gmail.com

    1.According to Todaro, Development must, therefore, be conceived of as a multi- dimensional process involving major changes in social structures, popular attitudes and national institutions, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.
    The life-sustaining basic human needs include food, shelter, health and protection. When any one of these is absent or in critically short supply, a condition of absolute “underdevelopment” exists.Self-esteem: A second universal component of good life is self- esteem- a sense of worth and self- respect- of not being used as a tool by others for their own ends. Due to the significance attached to material values in developed nations, worthiness and esteem are now-a-days increasingly conferred only on countries that possess economic wealth and technological power- those that have developed.
    Now-a-days the Third World seeks development in order to gain the esteem which is denied to societies living in a state of disgraceful “underdevelopment.” … Development is legitimized as a goal because it is an important, perhaps even an indispensable, way of gaining esteem.6 Freedom from Servitude: Arthur Lewis stressed the relationship between economic growth and freedom from servitude when he concluded that “the advantage of economic growth is not that wealth increases happiness, but that it increases the range of human choice.” Wealth can enable a person to gain greater control over nature and his physical environment than they would have if they remained poor. It also gives them the freedom to choose greater leisure. The concept of human freedom should encompass various components of political freedom, freedom of expression, political participation and equality of opportunity.It is interesting to note that some of the most notable economic success stories of the 1970s and 1980s (Saudi Arabia, South Korea, Singapore, Malaysia, Thailand, Indonesia, Turkey and China among others) did not score highly on the 1991 Human Freedom Index compiled by the United Nations Development Programme.
    2.
    : The Human Development Index (HDI) is a statistical tool used to measure a country’s overall achievement in its social and economic dimensions. The social and economic dimensions of a country are based on the health of people, their level of education attainment and their standard of living. Description: Pakistani economist Mahbub ul Haq created HDI in 1990 which was further used to measure the country’s development by the United Nations Development Program (UNDP). Calculation of the index combines four major indicators: life expectancy for health, expected years of schooling, mean of years of schooling for education and Gross National Income per capita for standard of living. Every year UNDP ranks countries based on the HDI report released in their annual report. HDI is one of the best tools to keep track of the level of development of a country, as it combines all major social and economic indicators that are responsible for economic development.
    Asset Turnover Ratio: Asset turnover ratio is the ratio between the value of a company’s sales or revenues and the value o
    Austerity: economic growth of country is determined by factors such as Capital structure, Human resources, Nat
    Bailout: Bailout is a general term for extending financial support to a company or a country facing a potential
    Balance Of Payment: According to the RBI, balance of payment is a statistical statement that shows 1. The transaction i
    Bank Rate: Bank rate is the rate charged by the central bank for lending funds to commercial banks. Description
    Barter: the hard currency came into existence, the mostcommon form of trade was bartering. Barter Systemda
    Base Rate: Base rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to
    Basel Iii: The third Basel accord or Basel-III is the cornerstone of banking supervision in the world. Framed b
    Brexit It is an abbreviation for the term “British exit”, similar to “Grexit” that was used for many years
    3.
    The post-Second World War economic boom was an era of considerable prosperity that followed the recovery period and ended with the 1973-1975 Recession. These years are also referred to as the “Golden Age of Capitalism” in the West, although Eastern Europe andbparts of Asia also saw significant growth in these years.bThis economic boom began at different points per region depending on the length of the recovery period; for example, it started in the U.S. almost as soon as the war ended, as the U.S. was not as structurally devastated by the war as Europe or Asia. In contrast, growth in some Southern European economies did not take off until the late 1950s due to the legacy of the civil wars in the region. The cause of these developments, particularly in Europe, remains a topic of discussion among historians today, though the emergence of the welfare state and increased international cooperation tend to be the most cited causes of this prosperity in the West.
    4.
    Country development and development economics bothvinvolve a wide range of studies. Primarily, development economics can be divided into two categories – economic and social.
    Economic growth
    Development economics uses economic growth as an indicator of country development efficiency. Economic growth shows how well a country is running and potentially growing. It is the most obvious and quantitative indicator for the evaluation of country development. Structural change Structural change is the way a country’s economy is organized and how a market functions. It’s usually in between free-market operation and state control. Structural change is the most fundamental aspect of country development. Hence, development economics also study the structural changes in a country.
    Technological changes Technology can significantly change economic behavior, such as production and consumption. When a new technology appears, development economics will analyze its effect on country development.bSocial aspects of development economics analyze the economic consequences of social-related development. Institutions Institutions are essential for a country’s economy. Well- established institutions facilitate economic and country development. Education Educated human capital leads to better economic production and a higher standard of living. Many countries focus on investing in their human capital through education. Therefore, development economics considers the economic results of such education policies. It is primarily about finding the current human capital level, developing, and providing direction for education policy. Public health Better living standards include improvement in public health . Countries see public health as part of their development. Since public health advancement involves a substantial cost, development economics is crucial. Working conditionsvWorking conditions are closely associated with the advanced level of an economy. Working conditions include salaries and employee benefits, which represent the purchasing power in an economy. Development economics can assist in evaluating the impact of working vconditions on the future economy.
    5.
    The term Third World first appeared in a 1952 article entitled, ‘ Three Worlds, One Planet’ by Alfred Sauvy, in which he argued that reference is often made to two words in a state of confrontation, and that there is in fact a third world which is generally overlooked – and that this third world is the most significant, and in fact, in a chronological sense it is the first world. The term Third World is used as both a category and a concept – emerging first with Sauvy, as mentioned above, the “phrase used was tiers monde.” Within a decade of its inception, the term had gained widespread acceptance and was employed extensively. ] Since the early 1960s, the term has frequently been used as a “synonym for such phrases as ‘underdeveloped world’, ‘developing countries’, ‘less developed countries’, ‘former colonies’, ‘Afro-Asian and Latin American countries’, ‘the South’ (of the North-South division) and so on.” The concept emerged in the context of the Cold War, and as used initially, carried “specific political and power connotations,” and embraced notions “political powerlessness, economic poverty and social marginalization.” The concept was roughly understood and used as an expression analogous to that of the ‘Third Force’ that referred to and described the group of Nonaligned African and Asian countries, psychologically united in common opposition to imperialism and colonialism. Within the Cold War context of ideological bifurcation, the Third World referred to that group of states “that represented the third component in the operation and dynamics of a bipolar global balance.” This Nonaligned Group “necessarily occupied a political space between the First World capitalist states and the Second World socialist states,”and it was through this nonalignment that this group of states attempted to maintain independence and a distance between the two opposing superpower blocs, and if and when possible, to benefit from this division. The term Third World emerged as part of the three worldsvclassification scheme, which, while it retained currency, seemed compelling as it served a dual function, namely “a hegemonic conceptualization of the world, and of struggles against that hegemony.” [19] The three worlds idea itself emerged as an unintended consequence of “modernization discourse in Euro-American social science,” which was developed in the 1950s as a response to the “entanglement of colonialism and anti-colonial movements in an emergent Cold War that impelled the globe to division between two major power blocs.” In political terms, modernization discourse aimed to ensure and prolong Euro-American hegemony, as it was a representation of Euro-American cultural, political and social paradigms – “the paradigms of capitalist modernity – as the ultimate paradigms of progress.” However, it is ironic to note that once the idea of the Third World emerged, it was enthusiastically adopted by “radical advocates of liberation from Euro-American colonialism and hegemony” who perceived it as both a mobilizing idea to accomplish the missions of decolonization and as a mechanism by which vto reorganize global relationships.

  65. Avatar OZONWU CHUKWUEBUKA SILAS says:

    Name: OZONWU CHUKWUEBUKA SILAS
    reg no:2019/244686
    Dept:Economics
    Email: ozonwuchukwuebuka@gmail.com
    1.According to Todaro, Development must, therefore, be conceived of as a multi- dimensional process involving major changes in social structures, popular attitudes and national institutions, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.
    The life-sustaining basic human needs include food, shelter, health and protection. When any one of these is absent or in critically short supply, a condition of absolute “underdevelopment” exists.Self-esteem: A second universal component of good life is self- esteem- a sense of worth and self- respect- of not being used as a tool by others for their own ends. Due to the significance attached to material values in developed nations, worthiness and esteem are now-a-days increasingly conferred only on countries that possess economic wealth and technological power- those that have developed.
    Now-a-days the Third World seeks development in order to gain the esteem which is denied to societies living in a state of disgraceful “underdevelopment.” … Development is legitimized as a goal because it is an important, perhaps even an indispensable, way of gaining esteem.6 Freedom from Servitude: Arthur Lewis stressed the relationship between economic growth and freedom from servitude when he concluded that “the advantage of economic growth is not that wealth increases happiness, but that it increases the range of human choice.” Wealth can enable a person to gain greater control over nature and his physical environment than they would have if they remained poor. It also gives them the freedom to choose greater leisure. The concept of human freedom should encompass various components of political freedom, freedom of expression, political participation and equality of opportunity.It is interesting to note that some of the most notable economic success stories of the 1970s and 1980s (Saudi Arabia, South Korea, Singapore, Malaysia, Thailand, Indonesia, Turkey and China among others) did not score highly on the 1991 Human Freedom Index compiled by the United Nations Development Programme.
    2.
    : The Human Development Index (HDI) is a statistical tool used to measure a country’s overall achievement in its social and economic dimensions. The social and economic dimensions of a country are based on the health of people, their level of education attainment and their standard of living. Description: Pakistani economist Mahbub ul Haq created HDI in 1990 which was further used to measure the country’s development by the United Nations Development Program (UNDP). Calculation of the index combines four major indicators: life expectancy for health, expected years of schooling, mean of years of schooling for education and Gross National Income per capita for standard of living. Every year UNDP ranks countries based on the HDI report released in their annual report. HDI is one of the best tools to keep track of the level of development of a country, as it combines all major social and economic indicators that are responsible for economic development.
    Asset Turnover Ratio: Asset turnover ratio is the ratio between the value of a company’s sales or revenues and the value o
    Austerity: economic growth of country is determined by factors such as Capital structure, Human resources, Nat
    Bailout: Bailout is a general term for extending financial support to a company or a country facing a potential
    Balance Of Payment: According to the RBI, balance of payment is a statistical statement that shows 1. The transaction i
    Bank Rate: Bank rate is the rate charged by the central bank for lending funds to commercial banks. Description
    Barter: the hard currency came into existence, the mostcommon form of trade was bartering. Barter Systemda
    Base Rate: Base rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to
    Basel Iii: The third Basel accord or Basel-III is the cornerstone of banking supervision in the world. Framed b
    Brexit It is an abbreviation for the term “British exit”, similar to “Grexit” that was used for many years
    3.
    The post-Second World War economic boom was an era of considerable prosperity that followed the recovery period and ended with the 1973-1975 Recession. These years are also referred to as the “Golden Age of Capitalism” in the West, although Eastern Europe andbparts of Asia also saw significant growth in these years.bThis economic boom began at different points per region depending on the length of the recovery period; for example, it started in the U.S. almost as soon as the war ended, as the U.S. was not as structurally devastated by the war as Europe or Asia. In contrast, growth in some Southern European economies did not take off until the late 1950s due to the legacy of the civil wars in the region. The cause of these developments, particularly in Europe, remains a topic of discussion among historians today, though the emergence of the welfare state and increased international cooperation tend to be the most cited causes of this prosperity in the West.
    4.
    Country development and development economics bothvinvolve a wide range of studies. Primarily, development economics can be divided into two categories – economic and social.
    Economic growth
    Development economics uses economic growth as an indicator of country development efficiency. Economic growth shows how well a country is running and potentially growing. It is the most obvious and quantitative indicator for the evaluation of country development. Structural change Structural change is the way a country’s economy is organized and how a market functions. It’s usually in between free-market operation and state control. Structural change is the most fundamental aspect of country development. Hence, development economics also study the structural changes in a country.
    Technological changes Technology can significantly change economic behavior, such as production and consumption. When a new technology appears, development economics will analyze its effect on country development.bSocial aspects of development economics analyze the economic consequences of social-related development. Institutions Institutions are essential for a country’s economy. Well- established institutions facilitate economic and country development. Education Educated human capital leads to better economic production and a higher standard of living. Many countries focus on investing in their human capital through education. Therefore, development economics considers the economic results of such education policies. It is primarily about finding the current human capital level, developing, and providing direction for education policy. Public health Better living standards include improvement in public health . Countries see public health as part of their development. Since public health advancement involves a substantial cost, development economics is crucial. Working conditionsvWorking conditions are closely associated with the advanced level of an economy. Working conditions include salaries and employee benefits, which represent the purchasing power in an economy. Development economics can assist in evaluating the impact of working vconditions on the future economy.
    5.
    The term Third World first appeared in a 1952 article entitled, ‘ Three Worlds, One Planet’ by Alfred Sauvy, in which he argued that reference is often made to two words in a state of confrontation, and that there is in fact a third world which is generally overlooked – and that this third world is the most significant, and in fact, in a chronological sense it is the first world. The term Third World is used as both a category and a concept – emerging first with Sauvy, as mentioned above, the “phrase used was tiers monde.” Within a decade of its inception, the term had gained widespread acceptance and was employed extensively. ] Since the early 1960s, the term has frequently been used as a “synonym for such phrases as ‘underdeveloped world’, ‘developing countries’, ‘less developed countries’, ‘former colonies’, ‘Afro-Asian and Latin American countries’, ‘the South’ (of the North-South division) and so on.” The concept emerged in the context of the Cold War, and as used initially, carried “specific political and power connotations,” and embraced notions “political powerlessness, economic poverty and social marginalization.” The concept was roughly understood and used as an expression analogous to that of the ‘Third Force’ that referred to and described the group of Nonaligned African and Asian countries, psychologically united in common opposition to imperialism and colonialism. Within the Cold War context of ideological bifurcation, the Third World referred to that group of states “that represented the third component in the operation and dynamics of a bipolar global balance.” This Nonaligned Group “necessarily occupied a political space between the First World capitalist states and the Second World socialist states,”and it was through this nonalignment that this group of states attempted to maintain independence and a distance between the two opposing superpower blocs, and if and when possible, to benefit from this division. The term Third World emerged as part of the three worldsvclassification scheme, which, while it retained currency, seemed compelling as it served a dual function, namely “a hegemonic conceptualization of the world, and of struggles against that hegemony.” [19] The three worlds idea itself emerged as an unintended consequence of “modernization discourse in Euro-American social science,” which was developed in the 1950s as a response to the “entanglement of colonialism and anti-colonial movements in an emergent Cold War that impelled the globe to division between two major power blocs.” In political terms, modernization discourse aimed to ensure and prolong Euro-American hegemony, as it was a representation of Euro-American cultural, political and social paradigms – “the paradigms of capitalist modernity – as the ultimate paradigms of progress.” However, it is ironic to note that once the idea of the Third World emerged, it was enthusiastically adopted by “radical advocates of liberation from Euro-American colonialism and hegemony” who perceived it as both a mobilizing idea to accomplish the missions of decolonization and as a mechanism by which vto reorganize global relationships.

  66. Avatar OZONWU CHUKWUEBUKA SILAS says:

    Name: OZONWU CHUKWUEBUKA SILAS
    REG NO:2019/244686
    EMAIL ADD: ozonwuchukwuebuka@gmail.com
    1.According to Todaro, Development must, therefore, be conceived of as a multi- dimensional process involving major changes in social structures, popular attitudes and national institutions, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.
    The life-sustaining basic human needs include food, shelter, health and protection. When any one of these is absent or in critically short supply, a condition of absolute “underdevelopment” exists.Self-esteem: A second universal component of good life is self- esteem- a sense of worth and self- respect- of not being used as a tool by others for their own ends. Due to the significance attached to material values in developed nations, worthiness and esteem are now-a-days increasingly conferred only on countries that possess economic wealth and technological power- those that have developed.
    Now-a-days the Third World seeks development in order to gain the esteem which is denied to societies living in a state of disgraceful “underdevelopment.” … Development is legitimized as a goal because it is an important, perhaps even an indispensable, way of gaining esteem.6 Freedom from Servitude: Arthur Lewis stressed the relationship between economic growth and freedom from servitude when he concluded that “the advantage of economic growth is not that wealth increases happiness, but that it increases the range of human choice.” Wealth can enable a person to gain greater control over nature and his physical environment than they would have if they remained poor. It also gives them the freedom to choose greater leisure. The concept of human freedom should encompass various components of political freedom, freedom of expression, political participation and equality of opportunity.It is interesting to note that some of the most notable economic success stories of the 1970s and 1980s (Saudi Arabia, South Korea, Singapore, Malaysia, Thailand, Indonesia, Turkey and China among others) did not score highly on the 1991 Human Freedom Index compiled by the United Nations Development Programme.
    2.
    : The Human Development Index (HDI) is a statistical tool used to measure a country’s overall achievement in its social and economic dimensions. The social and economic dimensions of a country are based on the health of people, their level of education attainment and their standard of living. Description: Pakistani economist Mahbub ul Haq created HDI in 1990 which was further used to measure the country’s development by the United Nations Development Program (UNDP). Calculation of the index combines four major indicators: life expectancy for health, expected years of schooling, mean of years of schooling for education and Gross National Income per capita for standard of living. Every year UNDP ranks countries based on the HDI report released in their annual report. HDI is one of the best tools to keep track of the level of development of a country, as it combines all major social and economic indicators that are responsible for economic development.
    Asset Turnover Ratio: Asset turnover ratio is the ratio between the value of a company’s sales or revenues and the value o
    Austerity: economic growth of country is determined by factors such as Capital structure, Human resources, Nat
    Bailout: Bailout is a general term for extending financial support to a company or a country facing a potential
    Balance Of Payment: According to the RBI, balance of payment is a statistical statement that shows 1. The transaction i
    Bank Rate: Bank rate is the rate charged by the central bank for lending funds to commercial banks. Description
    Barter: the hard currency came into existence, the mostcommon form of trade was bartering. Barter Systemda
    Base Rate: Base rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to
    Basel Iii: The third Basel accord or Basel-III is the cornerstone of banking supervision in the world. Framed b
    Brexit It is an abbreviation for the term “British exit”, similar to “Grexit” that was used for many years
    3.
    The post-Second World War economic boom was an era of considerable prosperity that followed the recovery period and ended with the 1973-1975 Recession. These years are also referred to as the “Golden Age of Capitalism” in the West, although Eastern Europe andbparts of Asia also saw significant growth in these years.bThis economic boom began at different points per region depending on the length of the recovery period; for example, it started in the U.S. almost as soon as the war ended, as the U.S. was not as structurally devastated by the war as Europe or Asia. In contrast, growth in some Southern European economies did not take off until the late 1950s due to the legacy of the civil wars in the region. The cause of these developments, particularly in Europe, remains a topic of discussion among historians today, though the emergence of the welfare state and increased international cooperation tend to be the most cited causes of this prosperity in the West.
    4.
    Country development and development economics bothvinvolve a wide range of studies. Primarily, development economics can be divided into two categories – economic and social.
    Economic growth
    Development economics uses economic growth as an indicator of country development efficiency. Economic growth shows how well a country is running and potentially growing. It is the most obvious and quantitative indicator for the evaluation of country development. Structural change Structural change is the way a country’s economy is organized and how a market functions. It’s usually in between free-market operation and state control. Structural change is the most fundamental aspect of country development. Hence, development economics also study the structural changes in a country.
    Technological changes Technology can significantly change economic behavior, such as production and consumption. When a new technology appears, development economics will analyze its effect on country development.bSocial aspects of development economics analyze the economic consequences of social-related development. Institutions Institutions are essential for a country’s economy. Well- established institutions facilitate economic and country development. Education Educated human capital leads to better economic production and a higher standard of living. Many countries focus on investing in their human capital through education. Therefore, development economics considers the economic results of such education policies. It is primarily about finding the current human capital level, developing, and providing direction for education policy. Public health Better living standards include improvement in public health . Countries see public health as part of their development. Since public health advancement involves a substantial cost, development economics is crucial. Working conditionsvWorking conditions are closely associated with the advanced level of an economy. Working conditions include salaries and employee benefits, which represent the purchasing power in an economy. Development economics can assist in evaluating the impact of working vconditions on the future economy.
    5.
    The term Third World first appeared in a 1952 article entitled, ‘ Three Worlds, One Planet’ by Alfred Sauvy, in which he argued that reference is often made to two words in a state of confrontation, and that there is in fact a third world which is generally overlooked – and that this third world is the most significant, and in fact, in a chronological sense it is the first world. The term Third World is used as both a category and a concept – emerging first with Sauvy, as mentioned above, the “phrase used was tiers monde.” Within a decade of its inception, the term had gained widespread acceptance and was employed extensively. ] Since the early 1960s, the term has frequently been used as a “synonym for such phrases as ‘underdeveloped world’, ‘developing countries’, ‘less developed countries’, ‘former colonies’, ‘Afro-Asian and Latin American countries’, ‘the South’ (of the North-South division) and so on.” The concept emerged in the context of the Cold War, and as used initially, carried “specific political and power connotations,” and embraced notions “political powerlessness, economic poverty and social marginalization.” The concept was roughly understood and used as an expression analogous to that of the ‘Third Force’ that referred to and described the group of Nonaligned African and Asian countries, psychologically united in common opposition to imperialism and colonialism. Within the Cold War context of ideological bifurcation, the Third World referred to that group of states “that represented the third component in the operation and dynamics of a bipolar global balance.” This Nonaligned Group “necessarily occupied a political space between the First World capitalist states and the Second World socialist states,”and it was through this nonalignment that this group of states attempted to maintain independence and a distance between the two opposing superpower blocs, and if and when possible, to benefit from this division. The term Third World emerged as part of the three worldsvclassification scheme, which, while it retained currency, seemed compelling as it served a dual function, namely “a hegemonic conceptualization of the world, and of struggles against that hegemony.” [19] The three worlds idea itself emerged as an unintended consequence of “modernization discourse in Euro-American social science,” which was developed in the 1950s as a response to the “entanglement of colonialism and anti-colonial movements in an emergent Cold War that impelled the globe to division between two major power blocs.” In political terms, modernization discourse aimed to ensure and prolong Euro-American hegemony, as it was a representation of Euro-American cultural, political and social paradigms – “the paradigms of capitalist modernity – as the ultimate paradigms of progress.” However, it is ironic to note that once the idea of the Third World emerged, it was enthusiastically adopted by “radical advocates of liberation from Euro-American colonialism and hegemony” who perceived it as both a mobilizing idea to accomplish the missions of decolonization and as a mechanism by which vto reorganize global relationships.

  67. Avatar OZONWU CHUKWUEBUKA SILAS says:

    Name: Ozonwu chukwuebuka Silas
    Reg no:2019/244686
    Email add: ozonwuchukwuebuka@gmail.com

    1.According to Todaro, Development must, therefore, be conceived of as a multi- dimensional process involving major changes in social structures, popular attitudes and national institutions, as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.
    The life-sustaining basic human needs include food, shelter, health and protection. When any one of these is absent or in critically short supply, a condition of absolute “underdevelopment” exists.Self-esteem: A second universal component of good life is self- esteem- a sense of worth and self- respect- of not being used as a tool by others for their own ends. Due to the significance attached to material values in developed nations, worthiness and esteem are now-a-days increasingly conferred only on countries that possess economic wealth and technological power- those that have developed.
    Now-a-days the Third World seeks development in order to gain the esteem which is denied to societies living in a state of disgraceful “underdevelopment.” … Development is legitimized as a goal because it is an important, perhaps even an indispensable, way of gaining esteem.6 Freedom from Servitude: Arthur Lewis stressed the relationship between economic growth and freedom from servitude when he concluded that “the advantage of economic growth is not that wealth increases happiness, but that it increases the range of human choice.” Wealth can enable a person to gain greater control over nature and his physical environment than they would have if they remained poor. It also gives them the freedom to choose greater leisure. The concept of human freedom should encompass various components of political freedom, freedom of expression, political participation and equality of opportunity.It is interesting to note that some of the most notable economic success stories of the 1970s and 1980s (Saudi Arabia, South Korea, Singapore, Malaysia, Thailand, Indonesia, Turkey and China among others) did not score highly on the 1991 Human Freedom Index compiled by the United Nations Development Programme.
    2.
    : The Human Development Index (HDI) is a statistical tool used to measure a country’s overall achievement in its social and economic dimensions. The social and economic dimensions of a country are based on the health of people, their level of education attainment and their standard of living. Description: Pakistani economist Mahbub ul Haq created HDI in 1990 which was further used to measure the country’s development by the United Nations Development Program (UNDP). Calculation of the index combines four major indicators: life expectancy for health, expected years of schooling, mean of years of schooling for education and Gross National Income per capita for standard of living. Every year UNDP ranks countries based on the HDI report released in their annual report. HDI is one of the best tools to keep track of the level of development of a country, as it combines all major social and economic indicators that are responsible for economic development.
    Asset Turnover Ratio: Asset turnover ratio is the ratio between the value of a company’s sales or revenues and the value o
    Austerity: economic growth of country is determined by factors such as Capital structure, Human resources, Nat
    Bailout: Bailout is a general term for extending financial support to a company or a country facing a potential
    Balance Of Payment: According to the RBI, balance of payment is a statistical statement that shows 1. The transaction i
    Bank Rate: Bank rate is the rate charged by the central bank for lending funds to commercial banks. Description
    Barter: the hard currency came into existence, the mostcommon form of trade was bartering. Barter Systemda
    Base Rate: Base rate is the minimum rate set by the Reserve Bank of India below which banks are not allowed to
    Basel Iii: The third Basel accord or Basel-III is the cornerstone of banking supervision in the world. Framed b
    Brexit It is an abbreviation for the term “British exit”, similar to “Grexit” that was used for many years
    3.
    The post-Second World War economic boom was an era of considerable prosperity that followed the recovery period and ended with the 1973-1975 Recession. These years are also referred to as the “Golden Age of Capitalism” in the West, although Eastern Europe andbparts of Asia also saw significant growth in these years.bThis economic boom began at different points per region depending on the length of the recovery period; for example, it started in the U.S. almost as soon as the war ended, as the U.S. was not as structurally devastated by the war as Europe or Asia. In contrast, growth in some Southern European economies did not take off until the late 1950s due to the legacy of the civil wars in the region. The cause of these developments, particularly in Europe, remains a topic of discussion among historians today, though the emergence of the welfare state and increased international cooperation tend to be the most cited causes of this prosperity in the West.
    4.
    Country development and development economics bothvinvolve a wide range of studies. Primarily, development economics can be divided into two categories – economic and social.
    Economic growth
    Development economics uses economic growth as an indicator of country development efficiency. Economic growth shows how well a country is running and potentially growing. It is the most obvious and quantitative indicator for the evaluation of country development. Structural change Structural change is the way a country’s economy is organized and how a market functions. It’s usually in between free-market operation and state control. Structural change is the most fundamental aspect of country development. Hence, development economics also study the structural changes in a country.
    Technological changes Technology can significantly change economic behavior, such as production and consumption. When a new technology appears, development economics will analyze its effect on country development.bSocial aspects of development economics analyze the economic consequences of social-related development. Institutions Institutions are essential for a country’s economy. Well- established institutions facilitate economic and country development. Education Educated human capital leads to better economic production and a higher standard of living. Many countries focus on investing in their human capital through education. Therefore, development economics considers the economic results of such education policies. It is primarily about finding the current human capital level, developing, and providing direction for education policy. Public health Better living standards include improvement in public health . Countries see public health as part of their development. Since public health advancement involves a substantial cost, development economics is crucial. Working conditionsvWorking conditions are closely associated with the advanced level of an economy. Working conditions include salaries and employee benefits, which represent the purchasing power in an economy. Development economics can assist in evaluating the impact of working vconditions on the future economy.
    5.
    The term Third World first appeared in a 1952 article entitled, ‘ Three Worlds, One Planet’ by Alfred Sauvy, in which he argued that reference is often made to two words in a state of confrontation, and that there is in fact a third world which is generally overlooked – and that this third world is the most significant, and in fact, in a chronological sense it is the first world. The term Third World is used as both a category and a concept – emerging first with Sauvy, as mentioned above, the “phrase used was tiers monde.” Within a decade of its inception, the term had gained widespread acceptance and was employed extensively. ] Since the early 1960s, the term has frequently been used as a “synonym for such phrases as ‘underdeveloped world’, ‘developing countries’, ‘less developed countries’, ‘former colonies’, ‘Afro-Asian and Latin American countries’, ‘the South’ (of the North-South division) and so on.” The concept emerged in the context of the Cold War, and as used initially, carried “specific political and power connotations,” and embraced notions “political powerlessness, economic poverty and social marginalization.” The concept was roughly understood and used as an expression analogous to that of the ‘Third Force’ that referred to and described the group of Nonaligned African and Asian countries, psychologically united in common opposition to imperialism and colonialism. Within the Cold War context of ideological bifurcation, the Third World referred to that group of states “that represented the third component in the operation and dynamics of a bipolar global balance.” This Nonaligned Group “necessarily occupied a political space between the First World capitalist states and the Second World socialist states,”and it was through this nonalignment that this group of states attempted to maintain independence and a distance between the two opposing superpower blocs, and if and when possible, to benefit from this division. The term Third World emerged as part of the three worldsvclassification scheme, which, while it retained currency, seemed compelling as it served a dual function, namely “a hegemonic conceptualization of the world, and of struggles against that hegemony.” [19] The three worlds idea itself emerged as an unintended consequence of “modernization discourse in Euro-American social science,” which was developed in the 1950s as a response to the “entanglement of colonialism and anti-colonial movements in an emergent Cold War that impelled the globe to division between two major power blocs.” In political terms, modernization discourse aimed to ensure and prolong Euro-American hegemony, as it was a representation of Euro-American cultural, political and social paradigms – “the paradigms of capitalist modernity – as the ultimate paradigms of progress.” However, it is ironic to note that once the idea of the Third World emerged, it was enthusiastically adopted by “radical advocates of liberation from Euro-American colonialism and hegemony” who perceived it as both a mobilizing idea to accomplish the missions of decolonization and as a mechanism by which vto reorganize global relationships.

  68. Avatar Ugwu Chinaza Bridget (2019/241712). Social Science Education (economics education) says:

    1. According to Prof. Michael Todaro, the three objectives of Development include, Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately

    Michael Paul Todaro (Development Economist) – Development is not purely an economic phenomenon but rather a multi- dimensional process involving reorganization and reorientation of entire economic AND social system Development is process of improving the quality of all human lives with three equally important aspects. Todaro emphasized the “good life” that individuals and societies ought to pursue as based on three (3) core values : 1)life sustenance, 2) self esteem, and 3) freedom from servitude
    1. Raising peoples’ living levels, i.e. incomes and consumption, levels of food,
    medical services, education through relevant growth processes
    2. Creating conditions conducive to the growth of peoples’
    self-esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect
    3. Increasing peoples’ freedom to choose by enlarging the range of their choice
    variables, e.g. varieties of goods and services

    2. Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.

    Development measures how economically, socially, culturally or technologically advanced a country is.
    Studying development is about measuring how developed one country is compared to other countries in the present, or to the same country in the past.
    There is no single way to calculate the level of development because of the variety of economies, cultures and peoples.
    The two most important ways of measuring development is to use a range of social and economic indicators.
    Social indicators measure the access a population has to wealth, jobs, education, nutrition, health, leisure and safety – as well as political and cultural freedom.
    Material elements, such as wealth and nutrition, are described as the standard of living.
    Health and leisure are often referred to as quality of life.
    • Health: Do the population have access to medical care? What level of healthcare is available? Is it free? One of the most popular social indicators is Life Expectancy. This is the average lifespan for someone born in a particular country. The Life Expectancy can be impacted by a range of situations such as war, disease and natural disasters. If the Life Expectancy for an area is high – this indicates an MEDC and if the Life Expectancy is low this is more likely to be an LEDC.
    • Education: Do the population have access to education? Is it free? What level of education is available i.e. primary, secondary or further/higher education? Another popular social indicator is Adult Literacy Rate. This is a measure of the percentage of the adult population who are able to both read and write. MEDCs such as the UK will have a very high rate (99%), whereas countries such as Somalia will have a rate closer to 24%.
    Economic indicators are a measure of a country’s wealth and how it is generated. They give a very accessible measure of the amount of wealth in the economy of one country compared with another.
    • Gross National Income/Gross National Product: This is the main measure of wealth that is used to compare different countries around the world. It measures the total amount of all of the goods and services within a country each year, divided by the number of people who live there. The final figure is always given in US dollars so that an easy comparison can be made between different countries. The higher the GNI/GNP is, the more developed a country will be.
    • Industry: What type of industry dominates? LEDCs focus on primary industries, such as farming, fishing and mining. MEDCs focus on secondary industries, such as manufacturing. The most advanced countries tend to focus more on tertiary or service industries, such as banking and information technology.
    • Vehicles per 1,000 people: A final measure looks at the number of cars that people own. This can help to demonstrate the amount of money that is spread through a country. For example, Germany has 528 cars per 1,000 but China only has 8 per 1,000.

    3. Development economics emerged as a branch of economics because: Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss
    economic development, the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.
    Economic development first became a major concern after World War II. As the era of European colonialism ended, many former colonies and other countries with low living standards came to be termed underdeveloped countries, to contrast their economies with those of the developed countries, which were understood to be Canada, the United States, those of western Europe, most eastern European countries, the then Soviet Union, Japan, South Africa, Australia, and New Zealand. As living standards in most poor countries began to rise in subsequent decades, they were renamed the developing countries.
    There is no universally accepted definition of what a developing country is; neither is there one of what constitutes the process of economic development. Developing countries are usually categorized by a per capita income criterion, and economic development is usually thought to occur as per capita incomes rise. A country’s per capita income (which is almost synonymous with per capita output) is the best available measure of the value of the goods and services available, per person, to the society per year. Although there are a number of problems of measurement of both the level of per capita income and its rate of growth, these two indicators are the best available to provide estimates of the level of economic well-being within a country and of its economic growth.
    It is well to consider some of the statistical and conceptual difficulties of using the conventional criterion of underdevelopment before analyzing the causes of underdevelopment. The statistical difficulties are well known. To begin with, there are the awkward borderline cases. Even if analysis is confined to the underdeveloped and developing countries in Asia, Africa, and Latin America, there are rich oil countries that have per capita incomes well above the rest but that are otherwise underdeveloped in their general economic characteristics. Second, there are a number of technical difficulties that make the per capita incomes of many underdeveloped countries (expressed in terms of an international currency, such as the U.S. dollar) a very crude measure of their per capita real income. These difficulties include the defectiveness of the basic national income and population statistics, the inappropriateness of the official exchange rates at which the national incomes in terms of the respective domestic currencies are converted into the common denominator of the U.S. dollar, and the problems of estimating the value of the noncash components of real incomes in the underdeveloped countries. Finally, there are conceptual problems in interpreting the meaning of the international differences in the per capita income levels.
    Although the difficulties with income measures are well established, measures of per capita income correlate reasonably well with other measures of economic well-being, such as life expectancy, infant mortality rates, and literacy rates. Other indicators, such as nutritional status and the per capita availability of hospital beds, physicians, and teachers, are also closely related to per capita income levels. While a difference of, say, 10 percent in per capita incomes between two countries would not be regarded as necessarily indicative of a difference in living standards between them, actual observed differences are of a much larger magnitude. India’s per capita income, for example, was estimated at $270 in 1985. In contrast, Brazil’s was estimated to be $1,640, and Italy’s was $6,520. While economists have cited a number of reasons why the implication that Italy’s living standard was 24 times greater than India’s might be biased upward, no one would doubt that the Italian living standard was significantly higher than that of Brazil, which in turn was higher than India’s by a wide margin.
    The interpretation of a low per capita income level as an index of poverty in a material sense may be accepted with two qualifications. First, the level of material living depends not on per capita income as such but on per capita consumption. The two may differ considerably when a large proportion of the national income is diverted from consumption to other purposes; for example, through a policy of forced saving. Second, the poverty of a country is more faithfully reflected by the representative standard of living of the great mass of its people. This may be well below the simple arithmetic average of per capita income or consumption when national income is very unequally distributed and there is a wide gap in the standard of living between the rich and the poor.
    The usual definition of a developing country is that adopted by the World Bank: “low-income developing countries” in 1985 were defined as those with per capita incomes below $400; “middle-income developing countries” were defined as those with per capita incomes between $400 and $4,000. To be sure, countries with the same per capita income may not otherwise resemble one another: some countries may derive much of their incomes from capital-intensive enterprises, such as the extraction of oil, whereas other countries with similar per capita incomes may have more numerous and more productive uses of their labour force to compensate for the absence of wealth in resources. Kuwait, for example, was estimated to have a per capita income of $14,480 in 1985, but 50 percent of that income originated from oil. In most regards, Kuwait’s economic and social indicators fell well below what other countries with similar per capita incomes had achieved. Centrally planned economies are also generally regarded as a separate class, although China and North Korea are universally considered developing countries. A major difficulty is that prices serve less as indicators of relative scarcity in centrally planned economies and hence are less reliable as indicators of the per capita availability of goods and services than in market-oriented economies.
    Estimates of percentage increases in real per capita income are subject to a somewhat smaller margin of error than are estimates of income levels. While year-to-year changes in per capita income are heavily influenced by such factors as weather (which affects agricultural output, a large component of income in most developing countries), a country’s terms of trade, and other factors, growth rates of per capita income over periods of a decade or more are strongly indicative of the rate at which average economic well-being has increased in a country.

    4. Many folks study Development Economics for many reasons. Discuss
    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, globalization 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 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.
    5. The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.
    THE DEVELOPING WORLD – the economically underdeveloped countries of Asia. Africa. Oceania and Latin America – is considered as an entity with common characteristics, such as poverty, high birth rates, and economic dependence on the advanced countries. Until recently, the developing world was known as ‘the third world’. The French demographer Alfred Sauvy coined the expression (in French) in 1952 by analogy with the ‘third estate’ – the commoners of France before and during the French Revolution – as opposed to priests and nobles, comprising the First and second estates respectively. ‘Like the third estate’, wrote Sauvy, ‘the third world is nothing, and it wants to be something’. The term therefore implies that the third world is exploited, much as the third estate was exploited and that, like the third estate, its destiny is a revolutionary one. It conveys as well a second idea, also discussed by Sauvy – that of nonalignment, for the developing world belongs neither to the industrialized capitalist world nor to the industrialized former communist bloc. The expression ‘third world’ was used at the 1955 conference of Afro-Asian countries held in Bandung. Indonesia. In 1956 a group of social scientists associated with Sauvy’s National Institute of Demographic Studies, in Paris, published a book called ‘Le Tiers-Monde’. Three years later, the French economist Francois Perroux launched a new journal, on problems of underdevelopment, with the same title. By the end of the 1950s the term was frequently employed in the French media to refer to the underdeveloped countries of Asia. Africa, Oceania and Latin America. Present day politicians and social commentators, however, now use the term ‘developing world’ in a politically correct effort to dispel the negative connotations of ‘third world’.

    B. Countries in the developing world have a number of common traits: distorted and highly dependent economies devoted to producing primary products for the developed world; traditional, rural social structures; high population growth and widespread poverty. Nevertheless, the developing world is sharply differentiated, for it includes countries on various levels of economic development. And despite the poverty of the countryside and the urban shanty towns, the ruling elites of most third world countries are wealthy.

    C. This combination of conditions in Asia, Africa, Oceania and Latin America is linked to the absorption of the developing world into the international capitalist economy, by way of conquest or indirect domination. The main economic consequence of Western domination was the creation, for the first time in history, of a world market. By setting up sub-economies linked to the West throughout the developing world, and by introducing other modern institutions, industrial capitalism disrupted traditional economies and, indeed, societies. This disruption led to underdevelopment.

    D. Because the economies of underdeveloped countries have been geared to the needs of industrialised countries, they often comprise only a few modem economic activities, such as mining or the cultivation of plantation crops. Control over these activities has often remained in the hands of large foreign firms. The prices of developing world products are usually determined by large buyers in the economically dominant countries of the West, and trade with the West provides almost all the developing world’s income. Throughout the colonial period, outright exploitation severely limited the accumulation of capital within the foreign dominated countries. Even after decolonisation (in the 1950s, 1960s, and 1970s), the economies of the developing world grew slowly, or not at all, owing largely to the deterioration of the ‘terms of trade’ – the relationship between the cost of the goods a nation must import from abroad and its income from the exports it sends to foreign countries. Terms of trade are said to deteriorate when the cost of imports rises faster than income from exports. Since buyers in the industrialised countries determined the prices of most products involved in international trade, the worsening position of the developing world was scarcely surprising. Only the oil-producing countries – after 1973 – succeeded in escaping the effects of Western domination of the world economy.

    E. No study of the developing world could hope to assess its future prospects without taking into account population growth. While the mortality rate from poverty-related diseases continues to cause international concern, the birth rate continues to rise at unprecedented levels. This population explosion in the developing world will surely prevent any substantial improvements in living standards, as well as threaten people in stagnant economies with worsening poverty and starvation levels.

  69. Avatar IHEDURU CHIGOZIE OSITA says:

    IHEDURU CHIGOZIE OSITA
    2019/241534
    ECONOMICS

    1. According to Prof. Michael Todaro, the three objectives of Development include, Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately.

    i. Raising peoples’ living levels, i.e. incomes and consumption, levels of food,
    medical services, education through relevant growth processes
    ii. Creating conditions conducive to the growth of peoples’
    self-esteemthroughthe establishment of social, political and economic systems and institutions whichpromote human dignity and respect
    iii. Increasing peoples’ freedom to choose by enlarging the range of their choice
    variables, e.g. varieties of goods and services

    2. Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development. Discuss

    The measurement of economic development can be done through the human development index (the HDI).
    This is the most used index to measure economic development. It takes the following three factors into account:
    i. Health. The HDI measures the average life expectancy in a specific country and compares it to the global average.
    ii. Education. The HDI measures the mean years of schooling and expected years of schooling in a country.
    Standard of living. The HDI measures the gross national income (GNI) per head, using the principle of purchasing power parity, PPP.
    iii. Standard of living. The HDI measures the gross national income (GNI) per head, using the principle of purchasing power parity, PPP.

    Measurement of economic development: The Genuine Progress Indicator (GPI)
    The Genuine Progress Indicator builds off GDP as an economic indicator by including measures of the impact of economic growth on the environment as well as various social factors. The GPI takes GDP into consideration while also measuring the negative impacts of growth.

    Measurement of economic development: The Human Poverty Index (HPI)
    The Human Poverty Index complements the HDI as it is an indication of the standard of living in an economy. It considers the level of poverty and deprivation of a community in a country. The HPI uses two indices:
    The HPI-1 is used to measure developing countries.
    The HPI-2 is used for developed countries that are part of the Organization for Economic Co-operation and Development (OECD).

    The Gross Domestic Happiness Index
    Despite the number of factors that impact happiness and how subjective it is, there is an index that economists use to measure happiness: the Gross Domestic Happiness (GDH) index.
    From the neoclassical economic perspective, higher income levels correlate with higher levels of utility and economic welfare, as a person is more able to purchase the goods and services (food, shelter, healthcare, and education) that would improve their quality of life.

    3. Development economics emerged as a branch of economics because:Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss

    Development economics is a branch of economics which deals with economic aspects of the development process in low- and middle- 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 earliest Western theory of development economics was mercantilism, which developed in the 17th century, paralleling the rise of the nation state. Earlier theories had given little attention to development. For example, scholasticism, the dominant school of thought during medieval feudalism, emphasized reconciliation with Christian theology and ethics, rather than development. The 16th- and 17th-century School of Salamanca, credited as the earliest modern school of economics, likewise did not address development specifically.

    4. Many folks study Development Economics for many reasons. Discuss
    i. To understand the proximate reasons for poverty, underdevelopment, caste and gender discrimination and so on
    ii. To see the effectiveness of institutions and policies to address these social issues
    iii. To be concerned about the efficiency of expenditure programs
    iv. To understand the connection between political economy and development.

    5. The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.

    Countries in the developing world have a number of common traits: distorted and highly dependent economies devoted to producing primary products for the developed world; traditional, rural social structures; high population growth and widespread poverty. Nevertheless, the developing world is sharply differentiated, for it includes countries on various levels of economic development. And despite the poverty of the countryside and the urban shanty towns, the ruling elites of most third world countries are wealthy.

  70. Avatar UCHEOMA DANIELLA CHIMDINDU says:

    UCHEOMA DANIELLA CHIMDINDU
    2019/241763
    ECONOMICS DEPARTMENT
    danympompo123@gmail.com
    Answer 1:
    In his definition, he explains that development is multi-dimensional which involving changes in structure, attitude and institutions and can only take place with the occurrence of economic growth. With these, Todaro emphasizes the aim of attaining a “good life” as the outcome of any nation’s development thus he introduced the three objectives of development. These objectives are based on Denis Goulet ‘s Three core values of development: sustenance, self-esteem and freedom.
    Sustenance refers to the basic needs of a person to survive. They include food, shelter, security and good health. A nation valuing the sustenance of its people would work towards the reduction of the shortage of their needs. This will only happen when there is economic growth and a proper distribution of these resources to the people. This therefore is what Todaro explains as what development entails. Shortages of these resources lead to underdevelopment involving poverty, insecurity and other vices which may bring a nation down. By providing this life sustaining necessities and distributing them equally, there will be an increase in the standard of living of the people which is an indicator of development.
    The nature of an individual’s self-worth or self-respect changes with the economy of the nation he is in. This does not change the fact that every person has the right to dignity of life which influences their self-esteem. In fact, the self-esteem of every individual in a nation should be considered when making economic decisions. With that being stated, development can only occur when there is a rise in the people’s standard of living which in turn increases their self-esteem. Development must be spread across nations to achieve Todaro’s development objective.
    Finally, Denis Goulet referred to freedom as one of the core values influencing Todaro’s third objectives. Freedom here does not just refer to freedom from servitude but from oppressive believes and fear. When a nation is developed, there is freedom to make social and economic choices with fears of insecurity or scarcity. Pot differently, there are little to no limits when it comes to making individual and political decisions. There is also a wide range of choices to be made. This will in turn lead to more economic growth and development as there will be more participation in various aspects of the economy.
    These objectives are seen as the manifestation of the core values. They are what differentiate developed nations from the developing ones. They are even used as development indicators when measuring a nation’s economic progress. A developing or underdeveloped is characterized by a shortage in sustainable necessities, low standard of living with very little self-esteem and lack of freedom to make social and economic choices.
    ANSWER 2:
    The measurement of development involves comparing one nation (the one which development is to be measured) with another. Various human and economic indicators are used including development data and statistics to make this comparison. One of the reasons for the difficulty in measuring development is the world globalization. It is becoming increasingly difficult to trace who owns what and where the money and profit might actually belong.
    International agencies responsible for comparing the development of countries did not have any primary data relating to the development of these countries instead, they base their publication on data already gathered by national agencies which sometimes have so much disparity and cannot be compared. Also, the Gross National Income or Product were used for the measurement of development which contributed to the difficulty as the satisfaction of the people were not being reflected. The United Nations and some other agencies developed other indices to make the work easier though not entirely eradicating the tedious process that would still be encountered.
    THE HUMAN DEVELOPMENT INDEX
    This was developed by the United Nations Development Program (UNDP) as stated by many sources however, it is argued to be credited to a Pakistani economist Mahbub ul Haq.
    The UNDP argued the disparities are wider when measuring the income between developed and less developed nations that it is measuring the human development. They therefore constructed this index in their effort to measure human development which they define as “a process of enlarging people’s choices. The most critical ones are to lead a long healthy life, to be educated and enjoy a decent standard of living” (U.N. Development Program 1990:10). This definition encompasses the components of the human development index.
    The index comprises of life expectancy, education (mean years of schooling completed and expected years of schooling upon entering the education system), and per capita income indicators; these separates the countries of the world into four tiers of development. The countries with high HDI have higher lifespan, educational level and GNI (PPP) per capita.
    Calculating the HDI:
    The dimension indices are first calculated – life expectancy, education and GDP. The HDI becomes the sum of one third of each of them
    HDI = 1/3 life expectancy + 1/3 education index + 1/3 (GDP index).
    THE PHYSICAL QUALITY OF LIFE INDEX (PQLI)
    This is an alternative measure of the quality of life developed by The Overseas Development Council in the mid- 1970s. It combines three indicators which are the infant mortality rate, life expectancy, and adult literacy rate. They are weighted on a 1 to 100 scale. The first two variables are affected by the condition of the public health, nutrition and income. Also, the state of the environment affects them; there will be less infant mortality in a cleaner environment than an unhygienic one.
    CONSUMER PRICE INDEX:
    This index measures the aggregate price level in any economy. It measures the purchasing power of a country’s currency and how much can be consumed with a unit of the currency. This is a development indicator because it reflects the standard of living of the people and not just the gross income or production. It shows how much satisfaction the citizens gain. When the index is high, it means there is inflation, and the country is not developed. Developed countries strive to lower their CPI.
    The indicator is a percentage, and it is calculated as:
    (Cost of market basket in a given year / Cost of market basket in base year) * 100
    ANSWER 3:
    Development economics is as old as Economics itself. Many scholars have been studying why the standard of living of people vary with different countries. It was not until after the World War 2 that it was taken seriously and being considered as a possible branch of the disciple Economics.
    Apart from security and the physical welfare of the people, the world war also affected the economy of nations as many lives which would have been human resources and properties were lost. After the second world war, there was need to develop theories and policies that would help rebuild Europe and Japan that were torn by the war. The United States adopted the Marshall Plan to help them which became a success. Many western nations had recovered and some of them very rapidly. There was a reemergence of international trade and other economic activities and an invention of new ones to meet up with the need of the people who were devastated by the war. Among these nations were those in the Europe, Japan and the United State of America.
    With this success, the Marshall plan economists focused their attention in the 1940s and 1950s from Europe and Japan to that of Asia, Africa and Latin America. There was an observation that counties in these parts of the world were not growing as fast as Europe and Japan. These economists began to investigate the economic problems of these countries and it became clear that the lessons leant from the previous developed countries did not apply to them as there were other deep-rooted issues. These countries faced fundamentally different challenges. They did not have the technical knowledge and human capital like the developed countries which enabled them build facilities that aided in their growth and development.
    These early economists focused on income growth and saw no major differences between growth and development. In the poor countries, there were no major structural transformations that would have helped achieve economic growth. This differentiated them from developed countries. Scholars became aware of this disparity and curious that they decide to delve into whatever would have caused the differences. They began thinking seriously about the economic development of the underdeveloped countries and by comparing these countries’ growth experience including their past experiences with the developed countries these economists tried to explain the conditions that determined successful development and economic growth. By the last part of the decade, several courses on the economic development of underdeveloped countries were introduced into the United States universities. This then started the spread of the knowledge as a branch of economics as many other nations began to adopt it.
    Answer 4:
    The general idea behind the study of Development economics is to find out why some countries are rich and others poor and what the solutions to this inequality are. It focuses primarily on the poorest two-third of the world’s population. Studying development economics will give one the opportunity to apply the tools of economic analysis to the problems and challenges facing less-developed countries.
    One of the reasons for studying development economics are tied around answering critical macroeconomic questions because development is a macroeconomic goal. To put simply, the study of development economics gives answers to macroeconomic questions.
    i. How can less developed countries achieve sustainability?
    ii. What are the standards of living of the people in the developed and underdeveloped?
    iii. How can the inequality the inequality gap in less developed countries be bridged?
    iv. What are the effects of education and health care on an economy?
    And so, on
    Also, the study of development economics helps link the concept of growth with development.
    Answer 5:
    The term “Third World” coined by Alfred Sauvy is a powerful global concept. Those he referred to as the third world were the less developed countries. According to him they had worthless possessions and aspired to reach the top cadre. He said, “The third world is nothing, and it “wants to be something.””

    REFERENCES:
    i. Nafziger, W. E. (2006). Economic Development (4th ed.). Cambridge University Press.
    ii. Corporate Finance Institute. (2022, December 4). Consumer Price Index (CPI). https://corporatefinanceinstitute.com/resources/economics/consumer-price-index-cpi/
    iii. Development Economics – Studying Economics. (n.d.). https://www.studyingeconomics.ac.uk/module-options/development-economics/

  71. Avatar Chidiebere james says:

    NAME; CHIDIEBERE JAMES CHIWENDU
    DEP; COMBINED SOCIAL SCIENCE(ECONOMICS/SOCIOLOGY)
    REG NO: 2019/249120
    1). Economist Michael Todaro specified three objectives of development:

    (I) Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    (II) Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    (III) Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.
    Also, it is necessary to note the emphasis placed on ‘cultural and human values’, ‘self-esteem’ and freedom from ignorance; it is important to remember that development is about much more than advancing economic growth.

    2).Measuring Development Indices
    Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.

    There are several indices that have been developed by the United Nations and other global agencies to measure development. These indices include:

    1…The Human Development Index (HDI): This index measures a country’s progress in terms of three dimensions: health, education, and income. It is published by the United Nations Development Programme (UNDP).

    2…The Multidimensional Poverty Index (MPI): This index measures poverty in terms of multiple dimensions such as education, health, living standards, and access to basic services. It is published by the Oxford Poverty and Human Development Initiative (OPHI).

    3…The Gender Development Index (GDI): This index measures gender inequality in three dimensions: health, education, and income. It is published by the UNDP.

    4…The Gender Empowerment Measure (GEM): This index measures gender inequality in three dimensions: political participation and decision-making, economic participation and decision-making, and power over economic resources. It is published by the UNDP.

    5…The Corruption Perceptions Index (CPI): This index measures the perceived level of public sector corruption in countries around the world. It is published by Transparency International.

    6…The World Press Freedom Index: This index measures the level of freedom of the press in countries around the world. It is published by Reporters Without Borders.

    These indices are designed to help policymakers and development practitioners understand the challenges and progress being made in different countries and to identify areas where more work is needed.

    3). In response to the poverty of newly emerging nations, they fashioned a new branch of the dismal science called development economics and, in so doing, became grand strategists of the crusade. They sought to answer a set of basic questions: What drives economic growth? How can it be accelerated? In a way, these questions had been central to Adam Smith’s inquiry in The Wealth of Nations, for he had set out to explain “the natural progress of opulence.” But in the late 1940s and the 1950s and 1960s, “natural” was unacceptable. For the development economists, the urgent drive was to accelerate — not to wait on what was thought to be a 100-year cycle but rather to see what could be achieved in a decade. They asked how to get something going now. And their work was to prove yet again Keynes’s dictum about the impact of “academic scribblers,” for their ideas were to be enormously influential in shaping the economic systems of dozens and dozens of countries across two generations of world history. The power of their ideas arose from the fact that they were not only thinkers but also “doers,” drawn into the work of design and implementation.

    Their beliefs were at least in part an outgrowth of Keynesianism — in the focus on state-driven growth, in terms of the tools of macroeconomic analysis, and in the bedrock of Keynesian self-confidence. The Beveridge welfare agenda also influenced them greatly. But so did India. “Keynes and Beveridge were both proponents of active state intervention,” wrote Hans Singer, one of the most prominent of the original development economists. “This preconditioned me to take a direct interest in the problems of development planning, much in vogue in the immediate postwar year, with special focus on India. P.C. Mahalanobis became the prophet (or guru) of the development economists in this respect, and Calcutta became their Mecca.”

    Idealism, morality, justice, human sympathy, the shock of confronting poverty, the vision of a better world — all of these brought people into the crusade. Their outlook was summed up by Albert Hirschman, one of the most distinguished of the “pioneers of development.” As he put it, “These economists had taken up the cultivation of development economics in the wake of World War II not as narrow specialists, but impelled by the vision of a better world. As liberals, most of them presumed that ‘all good things go together’ and took it for granted that if only a good job could be done in raising the national income of the countries concerned, a number of beneficial effects would follow in the social, political, and cultural realms.” The overall objective was to “bring all-around emancipation from backwardness.”

    4). Many folks study Development Economics for the following reasons:

    I. Development economics tries to cover the political, social, economic and institutional mechanism with the aim to bring large improvements in the life standards of poor and mal nourished population of the underdeveloped countries like Pakistan, India and Singapore etc.
    II. Development economics mainly focuses on the structural changes in every area of the economy. It tries to bring improvements in institutions, technology being used in industries and many other areas. It identifies the economic problems,causes and their consequences in the developing countries and also tell how to overcome these problems.
    III. Development economics shows how people in a society can escape poverty and enjoy a better standard of living.
    IV. Development economic research can help policymakers to make better decisions and formulate the right plans.
    V. To understand the connection between political economy and development.

    5). Alfred Sauvy’s Third World
    The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.

    Alfred Sauvy’s use of the term “Third World” was intended to be a way of referring to countries that were not aligned with either the United States or the Soviet Union during the Cold War. These countries were considered to be economically underdeveloped and politically unstable, and they were often located in Africa, Asia, and Latin America. Sauvy’s analogy with the “Third Estate” of France was intended to emphasize the idea that these countries were marginalized and disadvantaged in the global political and economic order.

    Sauvy argued that the Third World was “nothing,” in the sense that it was not seen as being an important player in global politics or economics. These countries were often subject to exploitation and manipulation by the major powers, and they were not given the same level of respect or attention as the more developed countries.

    However, Sauvy also argued that the Third World “wants to be something,” meaning that these countries were striving to improve their economic and political circumstances and to gain more influence in the world. Many Third World countries were working to industrialize and modernize, and they were seeking greater autonomy and independence from the major powers.

    Overall, Sauvy’s assertion highlights the idea that the Third World was a marginalized and disadvantaged group of countries that were striving to improve their position in the global order. It is important to note that the use of the term “Third World” has become somewhat outdated and is no longer widely used, as it is seen as being too simplistic and not reflective of the complexity and diversity of the countries it encompasses.

  72. Avatar Ihechukwu+Chukwuebuka+Manasseh+2018/251195 says:

    1. As humans we all have basic needs necessary for survival. Prof. Todaro calls them “Life sustaining goods and services”. These live sustaining good and services includes; food, shelter, health, clothing and protection. On an individual aspect, lack of even one of these necessities indicates that a person’s life is not progressive. In the same way, when this misery is said to affect a more than 50% of a country’s population, the country is not progressive and consequently underdeveloped. However, in order for a country to witness economic development it must aim at ensuring that these basic needs are in sufficient supply for its citizens, i.e., there is growth of income, provision for housing, good healthcare facilities and ease in accessibility, updated security amenities to ensure that the people are safe and secure, and there is equality among members of society.
    Increasing the standard of living and personal self-esteem is the second goal of economic development that Prof. Michael Todaro highlights. When there is self-respect, self-trust, and value for oneself, life is good. Every person has needs, and respect, dignity, and a decent reputation in society are things that can help people meet those needs. Ownership of material possessions is not the only factor that determines someone’s value as an individual. However, in order to raise standards of living, more jobs must be created along with better educational opportunities and a greater focus on cultural and human values. These measures will not only improve people’s material well-being but will also boost their sense of self-worth and that of their country, which will open up opportunities for growth.
    Lastly, he highlighted – increasing economic and social choice and lowering fear as the third goal of economic development. This implies the complete expansion of the range of economic and social choices available to people and nations by releasing them from repressive social structures, abuse, poverty, and other hardships as well as from ignorance, slavery, and the lack of the freedom to follow one’s own culture or religion. As was already mentioned, a society’s diversity of choices reflects its level of freedom. In general, freedom wins out if people can live comfortably, exercise their right to vote and freely express themselves.

    2.
    Human Development Index
    The United Nations Development Program (UNDP), an organization of the UN, created this index of economic development. In 1990, for its first Human Development Report, the UNDP created the Human Development Index (HDI). Pakistani economist Mahbud UI Haq and Indian economist Amartya Sen were the first to create the idea of human progress.
    The fundamental tenet of this strategy is that several other characteristics of human development, such as life expectancy, literacy, political freedom, human rights, gender equality, etc., should also be taken into account when assessing a country’s level of development instead of only its national wealth.
    In light of this, the Human Development Report (1997) described human development as the process of enhancing people’s level of well-being while also broadening their variety of choices. In this context, the idea of human development encompasses all human economic decisions—social, cultural, and political—and extends well beyond wealth and wellbeing. This idea puts a strong emphasis on people and sees all aspects of economic development as ways to better people’s lives.
    In its construction, the human development index is a strategic element in the new approach to economic development. It is evaluated based on per capita income or living standard, literacy rate, and life expectancy at birth.
    The values range from 0 to 1. A value closer to 0 reflects low economic development, while a value closer to 1 reflects high economic growth and development.
    Its components include; a long and healthy life, Knowledge (mean year of schooling and expected year of schooling), and a decent living standard.
    However, despite being regarded as superior to other instructors of human development, the HDI has some limitations which are;
    It does not include gender discrimination
    It does not include income inequality
    It does not include aspect of human right and political freedom
    It doesn’t include environmental declaration due to the development and consumption activities of humans.
    Per Capita Income Index
    This is the oldest and most popular development index. It implies that an indicator of economic development is the steady rise in real per capita income over time. It serves as a gauge for a nation’s economic vitality and size. Additionally, it shows how many goods and services are now available per person.
    A change in per capita income, rather than a rise in the economy’s real national income, best captures development from the point of view of the development.
    The potential of a country to increase its output at a greater pace than the rate of population growth is taken into account while calculating the growth of real per capital GNP. In this sense, the rate of growth in real per capita GNP is used to measure the overall economic well-being of the entire population
    This index is however very useful for developing countries because it reveals the population growth. If the per capita income is very low and the population is rising rapidly, a rise in per capita income as a measure of removal of poverty can be used.
    Unfortunately, despite the lights of this measure of economic development it yet suffers some limitations. And It’s due to these limitations it can’t be totally considered as the perfect measure of economic being. At best, real per capita income is just a partial index of economic development. Some of its limitations include;
    It does not consider the composition of output.
    It doesn’t take into account the distribution if income that accompanies an increase in income.
    It doesn’t take into account the problem of poverty. Despite an increase in per capita income, the living standard of the masses may not increase due to possible increase in the number of people living below the poverty line.
    An increase in income is not a sufficient condition for an increase in welfare and development because an increase in income can involve cost such as more work, an increase in natural resources, Increased environmental pollution, etc. Per capita income index does not take into account any allowance for these cost elements.
    Per capita income index excludes many goods and services not passing through the market.
    There may be several problems while using the per capita income index in the international comparison.
    Human Poverty Index (HPI-1 and HPI-2)
    The Human Poverty Index (HPI) was created by the United Nations to complement the Human Development Index (HDI) and was first reported as part of the Human Development Report in 1997. It was a measure of community poverty in a nation. The UNDP, which also publishes indexes like the HDI, is responsible for its development. In comparison to the HDI, it was thought to more accurately reflect the severity of deprivation in poorer countries. It was replaced in 2010 by the UN’s Multidimensional Poverty Index. (Wikipedia.com)
    The HPI also focuses on the lack of three fundamental aspects of human life that are already reflected in the HDI: lifespan, knowledge, and a reasonable standard of living.
    HPI-1 and HPI-2 are the two separate calculations of the HPI. The HPI-1 means human poverty index for developing countries – it measures human deprivations in the same three aspects of human development as the HDI (longevity, knowledge and a decent standard of living). While the
    HPI-2 means human poverty index for selected high-income OECD countries includes, in addition to the three dimensions in HPI-1, social exclusion.
    According to planningtank.com, For HPI-1 (developing countries): deprivations in life span are measured by the probability at birth of not surviving due to age 40; deprivations in information are measured by the rate of grown-ups who are illiterate; deprivations in a respectable expectation for everyday comforts are measured by two variables: the rate of individuals not having maintainable access to an enhanced water source and the rate of youngsters underneath the age of five who are underweight. For HPI-2 (selected high-income OECD countries), deprivations in life expectancy are measured by the likelihood of not reaching age 60 at birth; deprivations in knowledge are measured by the proportion of mature people who need practical proficiency aptitudes; deprivations in the average expectation for everyday comforts are measured by the proportion of people who live below the income poverty line, which is set at half of the balanced average family disposable salary; and social rejection is measured by the proportion of people who are rejected by society.

  73. Avatar Okoro-peter Ogoegbu Nnenna says:

    NAME:. OKORO-PETER OGOEGBU NNENNA
    REG NO:. 2019/243013
    DEPT:. COMBINED SOCIAL SCIENCES (ECO/POL)
    COURSE:. ECO361( DEVELOPMENT ECONOMICS)
    1.
    Economist Michael Todaro specified three objectives of development:
    Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.
    Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem.
    Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.
    The emphasis placed on ‘cultural and human values’, ‘self-esteem’ and freedom from ignorance; it is important to remember that development is about much more than advancing economic growth.
    2.
    To get a full picture of how developed a country is, a range of economic and social indicators are used.
    There are hundreds of economic, political and social indicators of development, ranging from ‘Hard’ economic indicators such as Gross National Income (and all its variations), to various poverty and economic inequality indicators, to the Sustainable Development Goals, which focus much more on social indicators of development such as education and health, all the way down to much more subjective development indicators such as happiness.
    The most commonly used indicators collected by some of the major development institutions, both multilateral agencies such as the World Bank, as well as NGOS.
    The indicators you need to know for the ‘indicators of development topic – most obviously GNP, the HDI and the MDGs.
    Other indicators which are useful to know for different sub-topics within the global development course (health, education, gender, conflict, the environment etc…)
    Taken together these indicators should provide enough breadth of measurements to gain a very good (for A level standards) insight into the level of development of a country, without resulting in information overload and mental meltdown.

    Most of the above indicators listed have been developed and are monitored by either the World Bank or the United Nations.
    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. 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.
    After World War II a number of developing countries attained independence from their former colonial rulers. One of the common claims made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies. Thus economic development after independence became an objective of policy not only because of the humanitarian desire to raise living standards but also because political promises had been made, and failure to make progress toward development would, it was feared, be interpreted as a failure of the independence movement. Developing countries in Latin America and elsewhere that had not been, or recently been, colonies took up the analogous belief that economic domination by the industrial countries had thwarted their development, and they, too, joined the quest for rapid growth.
    At that early period, theorizing about development, and about policies to attain development, accepted the assumption that the policies of the industrial countries were to blame for the poverty of the developing countries. Memories of the Great Depression, when developing countries’ terms of trade had deteriorated markedly, producing sharp reductions in per capita incomes, haunted many policymakers. Finally, even in the developed countries, the Keynesian legacy attached great importance to investment.
    In this milieu, it was thought that a “shortage of capital” was the cause of underdevelopment. It followed that policy should aim at an accelerated rate of investment. Since most countries with low per capita incomes were also heavily agricultural (and imported most of the manufactured goods consumed domestically), it was thought that accelerated investment in industrialization and the development of manufacturing industries to supplant imports through “import substitution” was the path to development. Moreover, there was a fundamental distrust of markets, and a major role was therefore assigned to government in allocating investments. Distrust of markets extended especially to the international economy.
    Experience with development changed perceptions of the process and of the policies affecting it in important ways.
    4.
    Development economics is a branch of economics which deals with the economic development of the third world countries or the developing countries.
    Economic development tries to cover the political, social, economic and institutional mechanism with the aim to bring large improvements in the life standards of poor and mal nourished population of the underdeveloped countries like Pakistan, India and Singapore etc.
    Development economics mainly focuses on the structural changes in every area of the economy. It tries to bring improvements in institutions, technology being used in industries and many other areas. It identifies the economic problems,causes and their consequences in the developing countries and also tell how to overcome these problems. For instance, Pakistan is facing multiple economic problems like poverty, unemployment, unequal distribution of wealth, limited resources, corruption and many other other social issues. Therefore, economic development is concerned with these issues and develops strategies that will enable people to break the vicious circle of poverty and backwardness. So that every individual of the developing country will enjoy a quality life.
    Development economics refers to the analysis of challenges and opportunities in transforming an emerging economy into a developed one. Its purpose is to help developing nations identify and overcome hurdles in economic growth, such as poverty, inequality, and market failure. The economic analysis of a low-income country seeks to improve its fiscal, economic, and social situations. It explores several strategies and theories to develop and implement policies to put the economy on the path of development.
    5.
    Until recently, the developing world was known as ‘the third world’. The French demographer Alfred Sauvy coined the expression (in French) in 1952 by analogy with the ‘third estate’ – the commoners of France before and during the French Revolution – as opposed to priests and nobles, comprising the First and second estates respectively. ‘Like the third estate’, wrote Sauvy, ‘the third world is nothing, and it wants to be something’. The term, therefore, implies that the third world is exploited, much as the third estate was exploited and that, like the third estate, its destiny is a revolutionary one. It conveys as well a second idea, also discussed by Sauvy – that of nonalignment, for the developing world belongs neither to the industrialised capitalist world nor to the industrialised former communist bloc. The expression ‘third world’ was used at the 1955 conference of Afro-Asian countries held in Bandung. Indonesia. In 1956 a group of social scientists associated with Sauvy’s National Institute of Demographic Studies, in Paris, published a book called ‘Le Tiers-Monde’. Three years later, the French economist Francois Perroux launched a new journal, on problems of underdevelopment, with the same title. By the end of the 1950s, the term was frequently employed in the French media to refer to the underdeveloped countries of Asia. Africa, Oceania and Latin America.

  74. Avatar Eze Queen Amarachi says:

    Name:Eze Queen Amarachi
    Department:Social Science Education (Education Economic)
    Reg: 2019/249427

    According to Prof. Michael Todaro, the three objectives of Development include, Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately

    Michael Paul Todaro (Development Economist) – Development is not purely an economic phenomenon but rather a multi- dimensional process involving reorganization and reorientation of entire economic AND social system Development is process of improving the quality of all human lives with three equally important aspects. Todaro emphasized the “good life” that individuals and societies ought to pursue as based on three (3) core values : 1)life sustenance, 2) self esteem, and 3) freedom from servitude.
    1. Raising peoples’ living levels, i.e. incomes and consumption, levels of food,
    medical services, education through relevant growth processes
    2. Creating conditions conducive to the growth of peoples’
    self-esteem through the establishment of social, political and economic systems and institutions which promote human dignity and respect
    3. Increasing peoples’ freedom to choose by enlarging the range of their choice
    variables, e.g. varieties of goods and services

    2. Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.

    Development measures how economically, socially, culturally or technologically advanced a country is.
    Studying development is about measuring how developed one country is compared to other countries in the present, or to the same country in the past.
    There is no single way to calculate the level of development because of the variety of economies, cultures and peoples.
    The two most important ways of measuring development is to use a range of social and economic indicators.
    Social indicators measure the access a population has to wealth, jobs, education, nutrition, health, leisure and safety – as well as political and cultural freedom.
    Material elements, such as wealth and nutrition, are described as the standard of living.
    Health and leisure are often referred to as quality of life.
    Health: Do the population have access to medical care? What level of healthcare is available? Is it free? One of the most popular social indicators is Life Expectancy. This is the average lifespan for someone born in a particular country. The Life Expectancy can be impacted by a range of situations such as war, disease and natural disasters. If the Life Expectancy for an area is high – this indicates an MEDC and if the Life Expectancy is low this is more likely to be an LEDC.
    Education: Do the population have access to education? Is it free? What level of education is available i.e. primary, secondary or further/higher education? Another popular social indicator is Adult Literacy Rate. This is a measure of the percentage of the adult population who are able to both read and write. MEDCs such as the UK will have a very high rate (99%), whereas countries such as Somalia will have a rate closer to 24%.
    Economic indicators are a measure of a country’s wealth and how it is generated. They give a very accessible measure of the amount of wealth in the economy of one country compared with another.
    Gross National Income/Gross National Product: This is the main measure of wealth that is used to compare different countries around the world. It measures the total amount of all of the goods and services within a country each year, divided by the number of people who live there. The final figure is always given in US dollars so that an easy comparison can be made between different countries. The higher the GNI/GNP is, the more developed a country will be.
    Industry: What type of industry dominates? LEDCs focus on primary industries, such as farming, fishing and mining. MEDCs focus on secondary industries, such as manufacturing. The most advanced countries tend to focus more on tertiary or service industries, such as banking and information technology.
    Vehicles per 1,000 people: A final measure looks at the number of cars that people own. This can help to demonstrate the amount of money that is spread through a country. For example, Germany has 528 cars per 1,000 but China only has 8 per 1,000.

    3. Development economics emerged as a branch of economics because: Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss
    economic development, the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.
    Economic development first became a major concern after World War II. As the era of European colonialism ended, many former colonies and other countries with low living standards came to be termed underdeveloped countries, to contrast their economies with those of the developed countries, which were understood to be Canada, the United States, those of western Europe, most eastern European countries, the then Soviet Union, Japan, South Africa, Australia, and New Zealand. As living standards in most poor countries began to rise in subsequent decades, they were renamed the developing countries.
    There is no universally accepted definition of what a developing country is; neither is there one of what constitutes the process of economic development. Developing countries are usually categorized by a per capita income criterion, and economic development is usually thought to occur as per capita incomes rise. A country’s per capita income (which is almost synonymous with per capita output) is the best available measure of the value of the goods and services available, per person, to the society per year. Although there are a number of problems of measurement of both the level of per capita income and its rate of growth, these two indicators are the best available to provide estimates of the level of economic well-being within a country and of its economic growth.
    It is well to consider some of the statistical and conceptual difficulties of using the conventional criterion of underdevelopment before analyzing the causes of underdevelopment. The statistical difficulties are well known. To begin with, there are the awkward borderline cases. Even if analysis is confined to the underdeveloped and developing countries in Asia, Africa, and Latin America, there are rich oil countries that have per capita incomes well above the rest but that are otherwise underdeveloped in their general economic characteristics. Second, there are a number of technical difficulties that make the per capita incomes of many underdeveloped countries (expressed in terms of an international currency, such as the U.S. dollar) a very crude measure of their per capita real income. These difficulties include the defectiveness of the basic national income and population statistics, the inappropriateness of the official exchange rates at which the national incomes in terms of the respective domestic currencies are converted into the common denominator of the U.S. dollar, and the problems of estimating the value of the noncash components of real incomes in the underdeveloped countries. Finally, there are conceptual problems in interpreting the meaning of the international differences in the per capita income levels.
    Although the difficulties with income measures are well established, measures of per capita income correlate reasonably well with other measures of economic well-being, such as life expectancy, infant mortality rates, and literacy rates. Other indicators, such as nutritional status and the per capita availability of hospital beds, physicians, and teachers, are also closely related to per capita income levels. While a difference of, say, 10 percent in per capita incomes between two countries would not be regarded as necessarily indicative of a difference in living standards between them, actual observed differences are of a much larger magnitude. India’s per capita income, for example, was estimated at $270 in 1985. In contrast, Brazil’s was estimated to be $1,640, and Italy’s was $6,520. While economists have cited a number of reasons why the implication that Italy’s living standard was 24 times greater than India’s might be biased upward, no one would doubt that the Italian living standard was significantly higher than that of Brazil, which in turn was higher than India’s by a wide margin.
    The interpretation of a low per capita income level as an index of poverty in a material sense may be accepted with two qualifications. First, the level of material living depends not on per capita income as such but on per capita consumption. The two may differ considerably when a large proportion of the national income is diverted from consumption to other purposes; for example, through a policy of forced saving. Second, the poverty of a country is more faithfully reflected by the representative standard of living of the great mass of its people. This may be well below the simple arithmetic average of per capita income or consumption when national income is very unequally distributed and there is a wide gap in the standard of living between the rich and the poor.
    The usual definition of a developing country is that adopted by the World Bank: “low-income developing countries” in 1985 were defined as those with per capita incomes below $400; “middle-income developing countries” were defined as those with per capita incomes between $400 and $4,000. To be sure, countries with the same per capita income may not otherwise resemble one another: some countries may derive much of their incomes from capital-intensive enterprises, such as the extraction of oil, whereas other countries with similar per capita incomes may have more numerous and more productive uses of their labour force to compensate for the absence of wealth in resources. Kuwait, for example, was estimated to have a per capita income of $14,480 in 1985, but 50 percent of that income originated from oil. In most regards, Kuwait’s economic and social indicators fell well below what other countries with similar per capita incomes had achieved. Centrally planned economies are also generally regarded as a separate class, although China and North Korea are universally considered developing countries. A major difficulty is that prices serve less as indicators of relative scarcity in centrally planned economies and hence are less reliable as indicators of the per capita availability of goods and services than in market-oriented economies.
    Estimates of percentage increases in real per capita income are subject to a somewhat smaller margin of error than are estimates of income levels. While year-to-year changes in per capita income are heavily influenced by such factors as weather (which affects agricultural output, a large component of income in most developing countries), a country’s terms of trade, and other factors, growth rates of per capita income over periods of a decade or more are strongly indicative of the rate at which average economic well-being has increased in a country.

    4. Many folks study Development Economics for many reasons. Discuss
    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, globalization 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 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.
    5. The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.
    THE DEVELOPING WORLD – the economically underdeveloped countries of Asia. Africa. Oceania and Latin America – is considered as an entity with common characteristics, such as poverty, high birth rates, and economic dependence on the advanced countries. Until recently, the developing world was known as ‘the third world’. The French demographer Alfred Sauvy coined the expression (in French) in 1952 by analogy with the ‘third estate’ – the commoners of France before and during the French Revolution – as opposed to priests and nobles, comprising the First and second estates respectively. ‘Like the third estate’, wrote Sauvy, ‘the third world is nothing, and it wants to be something’. The term therefore implies that the third world is exploited, much as the third estate was exploited and that, like the third estate, its destiny is a revolutionary one. It conveys as well a second idea, also discussed by Sauvy – that of nonalignment, for the developing world belongs neither to the industrialized capitalist world nor to the industrialized former communist bloc. The expression ‘third world’ was used at the 1955 conference of Afro-Asian countries held in Bandung. Indonesia. In 1956 a group of social scientists associated with Sauvy’s National Institute of Demographic Studies, in Paris, published a book called ‘Le Tiers-Monde’. Three years later, the French economist Francois Perroux launched a new journal, on problems of underdevelopment, with the same title. By the end of the 1950s the term was frequently employed in the French media to refer to the underdeveloped countries of Asia. Africa, Oceania and Latin America. Present day politicians and social commentators, however, now use the term ‘developing world’ in a politically correct effort to dispel the negative connotations of ‘third world’. B. Countries in the developing world have a number of common traits: distorted and highly dependent economies devoted to producing primary products for the developed world; traditional, rural social structures; high population growth and widespread poverty. Nevertheless, the developing world is sharply differentiated, for it includes countries on various levels of economic development. And despite the poverty of the countryside and the urban shanty towns, the ruling elites of most third world countries are wealthy. C. This combination of conditions in Asia, Africa, Oceania and Latin America is linked to the absorption of the developing world into the international capitalist economy, by way of conquest or indirect domination. The main economic consequence of Western domination was the creation, for the first time in history, of a world market. By setting up sub-economies linked to the West throughout the developing world, and by introducing other modern institutions, industrial capitalism disrupted traditional economies and, indeed, societies. This disruption led to underdevelopment. D. Because the economies of underdeveloped countries have been geared to the needs of industrialised countries, they often comprise only a few modem economic activities, such as mining or the cultivation of plantation crops. Control over these activities has often remained in the hands of large foreign firms. The prices of developing world products are usually determined by large buyers in the economically dominant countries of the West, and trade with the West provides almost all the developing world’s income. Throughout the colonial period, outright exploitation severely limited the accumulation of capital within the foreign dominated countries. Even after decolonisation (in the 1950s, 1960s, and 1970s), the economies of the developing world grew slowly, or not at all, owing largely to the deterioration of the ‘terms of trade’ – the relationship between the cost of the goods a nation must import from abroad and its income from the exports it sends to foreign countries. Terms of trade are said to deteriorate when the cost of imports rises faster than income from exports. Since buyers in the industrialised countries determined the prices of most products involved in international trade, the worsening position of the developing world was scarcely surprising. Only the oil-producing countries – after 1973 – succeeded in escaping the effects of Western domination of the world economy. E. No study of the developing world could hope to assess its future prospects without taking into account population growth. While the mortality rate from poverty-related diseases continues to cause international concern, the birth rate continues to rise at unprecedented levels. This population explosion in the developing world will surely prevent any substantial improvements in living standards, as well as threaten people in stagnant economies with worsening poverty and starvation levels.

  75. Avatar Okoro-peter Ogoegbu Nnenna says:

    NAME:. OKORO-PETER OGOEGBU NNENNA
    REG NO:. 2019/243013
    DEPT:. COMBINED SOCIAL SCIENCES (ECO/POL)
    COURSE:. ECO361( DEVELOPMENT ECONOMICS) 1

    Professor Dudley Seers argues that development is about outcomes, that is development occurs with the reduction of poverty, unemployment and inequality with in a growing economy. It is true of course that both poverty and unemployment are associated in various ways with per capita income. If per capita incomes are falling, in absolute poverty can hardly be reduced much, not can unemployment. But certainly increases in per capita income are far from enough, as the experiences of petroleum economies shown, to achieve either of these objectives. The questions to ask about a coutry’s development are therefore: What has been happening to poverty? What has been happening to unemployment? What has been happening to inequality? If all these have declined from high levels then beyond doubt this has been a period of development for the country concerned.
    2
    Inequality and poverty might interrelate, having a negative impact on economic growth. As Bui and Nguyen (2017) concluded, an inequality can destabilize institutional efficiency that spreads economic security. Economic growth estimation, including control for inequality and incomes but not poverty, might not successfully capture drawback that reduces the growth. The impact of poverty can be distinct along with the effects of inequality. Furthermore, Ravallion (2002) argued that poverty negatively impacted consumption growth, and consequently, less poverty decreases with economic growth.
    3
    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”.
    Moreover, freedom deficits still exist in so-called developed countries, and the situation may be moving backwards. Political freedoms are compromised by vested interest politics in the US, and oligarchic powers in Japan and much of Europe. Protectionism of large enterprises, especially in Europe and Japan, limit the economic freedom of small and medium size enterprises. Social opportunities are constrained in most countries as the rich have much better access than the poor to health and education services. Sen does us all a good service in raising the issue of cultural freedoms. The more these issues are discussed the better. But progress will require massive changes in attitudes.
    More fundamentally, Sen does not address the issue of how individual freedoms should be nested into society, where we all have to forego some freedom in order to live together peace.
    4
    Globally, women contribute immensely to agricultural development, comprising about 43% of the world’s agricultural labor force. In some countries, the number of women involved in the agricultural labor force increases to over 70%. Available records indicate that in Africa alone, 80% of agricultural production comes from small farmers, most of whom are rural women. It is noteworthy that agriculture is the bedrock of national development as the best approach to food security, poverty reduction, job creation, and economic stability.

    At home, women, notably mothers, play the role in decision-making about family meal planning and diet. Women also initiate and preserve the nutritional and healthcare programs of children at home. In addition, women are not only caring for their children at home but are also the primary caretakers of both children and elders in every country of the world. International studies indicate that women lead in finding solutions to the problems occasioned by a change of political and economic organizations in countries, thereby helping the family adjust to new realities and challenges. Indeed, women are the initiators who play important role in facilitating changes in family life. The UN Women Watch organization asserts that ” rural women play a key role in supporting their households and communities in achieving food and nutritional security, generating income, and improving rural livelihoods and overall wellbeing.
    As educators, the role or contribution of women to society’s transition from pre-literate to the literate period is highly significant. Basic education is key to a nation’s ability to develop and achieve sustainable policies and programs. It is evident that education helps to improve agricultural productivity, enhances the status of girls and women, stabilizes population growth rates, enhances environmental protection and, increases the standard of living. It is the mother at home who most often urges children of both genders to attend and stay in school. The role of women is at the front end of the chain of improvement, leading to the family and the community’s long term capacity.
    Although women are still lagging behind men worldwide, the historic and current role of women is indisputable. Michelle Bachelet, the Under-Secretary-General and Executive Director of UN Women notes that “when women are empowered and can claim their rights and have access to land, leadership, opportunities and choices, economic growth, food security are enhanced and developmental prospects are improved for current and future generations.
    The role of women as volunteers in local and international organizations for development has global collective recognition. The global Volunteers Community Development work in host countries worldwide strengthens women’s and children’s capacity and supports their sustained health and development. Under the development and direction of local leaders, women volunteers help ensure academic accessibility, foster parental involvement, offer psycho-social support, provide nutrition and health education, fund girls’ scholarships, construct schools and educate children and women through programmed extension works.
    5
    i Being healthy
    Health capability is the ability to be healthy; it integrates health functioning and health agency. Health capability helps us understand the conditions that facilitate and barriers that impede health and the ability to make healthy choices. Health capability has the effect of creating a virtuous circle; developing people’s health capability enables them to create and support the conditions for their own and other’s.
    ii.Being literate
    Wellbeing literacy is defined as a capability to comprehend and compose wellbeing language, across contexts, with the intention of using such language to maintain or improve the wellbeing of oneself, others or the world. Wellbeing literacy is underpinned by a capability model (i.e., what someone is able to be and do), and is based on constructivist (i.e., language shapes reality) and contextualist (i.e., words have different meanings in different contexts) epistemologies.
    6
    Sustenance:
    The life-sustaining basic human needs include food, shelter, health and protection. When any one of these is absent or in critically short supply, a condition of absolute “underdevelopment” exists.
    Self-esteem:
    A second universal component of good life is self- esteem- a sense of worth and self-respect- of not being used as a tool by others for their own ends. Due to the significance attached to material values in developed nations, worthiness and esteem are now-a-days increasingly conferred only on countries that possess economic wealth and technological power- those that have developed.
    Now-a-days the Third World seeks development in order to gain the esteem which is denied to societies living in a state of disgraceful “underdevelopment.” … Development is legitimized as a goal because it is an important, perhaps even an indispensable, way of gaining esteem.6

    Freedom from Servitude:
    Arthur Lewis stressed the relationship between economic growth and freedom from servitude when he concluded that “the advantage of economic growth is not that wealth increases happiness, but that it increases the range of human choice.” Wealth can enable a person to gain greater control over nature and his physical environment than they would have if they remained poor.
    It also gives them the freedom to choose greater leisure. The concept of human freedom should encompass various components of political freedom, freedom of expression, political participation and equality of opportunity.
    7
    Social scientists often recommend that measures of subjective well-being should augment the usual measures of economic prosperity, such as GDP per capita. But how can happiness be measured? Here is a preview of what the data reveals.
    Surveys asking people about life satisfaction and happiness do measure subjective well-being with reasonable accuracy.
    Life satisfaction and happiness vary widely both within and among countries. It only takes a glimpse at the data to see that people are distributed along a wide spectrum of happiness levels.
    Richer people tend to say they are happier than poorer people; richer countries tend to have higher average happiness levels; and across time, most countries that have experienced sustained economic growth have seen increasing happiness levels. So the evidence suggests that income and life satisfaction tend to go together (which still doesn’t mean they are one and the same).
    One of the earliest theories on the relationship between money and happiness was outlined by Richard Easterlin. He’s an economics professor at the University of Southern California (USA).
    Professor Easterlin found that countries with higher median incomes are generally happier than countries with lower levels. In fact, he discovered that, as long as citizens have enough income to meet their basic needs, they tend to be happy.
    Easterlin argued that life satisfaction rises with average income, but only up to a point. Beyond that, the marginal gain in happiness decreases. In a nutshell, the happiness-income paradox is as follows: At one point, both between and within nations, happiness varies directly with income but, over time, happiness doesn’t increase when a country’s income increases.Having more money buys satisfaction with life, but not happiness. However, low income is linked to both low emotional well-being and low evaluation of life.When people make a lot of money they feel more satisfied with the outcome of their life and less irritable, but that doesn’t mean they feel happy.
    As a matter of fact, the peace of mind that comes with having one’s basic needs covered has more to do with human rights than with the scope of the feeling of happiness. Obviously, if you don’t have basic needs such as shelter or food, it’ll be extremely difficult to experience peace of mind and, thus a feeling of general happiness.
    A study conducted by Elizabeth W. Dunn, Lara B. Aknin, and Michael I. Norton and published in 2008 in Science, concluded that money buys happiness, but only if it’s spent on someone else. In fact, the study discovered a direct correlation between the amount people spent on gifts for others and an increase in their feelings of accomplishment.
    For a second study, the team surveyed employees at a company who’d just received profit-sharing bonuses. The amount of this bonus that workers spent on others predicted their happiness six to eight weeks later. On the other hand, the part of the bonus they spent on themselves had no effect on their happiness.
    In a third study, the team gave research participants between five and 20 dollars and instructed them to spend the money on themselves or others. Then, their happiness was determined. The study found that those who spent their money on others were happier than those who didn’t.
    It’s not how much you earn, but how you spend it
    While researchers may have looked at this age-old question from various angles, they generally agree that happiness doesn’t depend so much on how much we earn, but on how we choose to spend it.
    Therefore, can it be said that money buys happiness? Maybe, depending on how we spend it.
    For instance, in your own life, you may have noticed that getting a raise or bonus didn’t make you happier in the long run. The initial euphoria quickly dissipated as you got used to the new pay.
    Or, perhaps you found that buying the new smartphone or the latest gadget didn’t do much for your happiness. That doesn’t mean that it didn’t give you enjoyment, but that has nothing to do with your happiness in the medium-long term.
    Keys to spending money as an investment in our well-being
    Science claims that there are a few ways money can be spent that are guaranteed to give longer-lasting pleasure:
    Buying more time
    A UCLA study of 4,400 Americans showed that people who value time more than money are generally happier than those who don’t believe that having more time is better than having more money.
    People mistakenly believe that buying things that last longer and even appreciate in value will keep them happy much longer than experiences. Nevertheless, in reality, you quickly get used to the new designer winter boots you once obsessed over. Although you might still enjoy wearing them, that initial rush of happiness you experienced in the first few weeks quickly fades.
    However, a great experience like a vacation on an exotic island will remain in your memory for life. You’ll always remember those moments as a wave of pleasure. Indeed, experiences may be fleeting, but the joy they bring will last a long time. They’re the kinds of sensations and memories that can cheer you up when you’re feeling down and encourage you to organize similar experiences.
    Spending on friends and family
    You’ll feel greater satisfaction when you spend time and money on the people who really matter to you. After all, we’re all social animals and having healthy relationships with others is essential for our physical and mental health.
    Spending money on experiences is more rewarding because you often share those good times with a spouse, friend, or family. Even going shopping together is more fun than doing it alone.
    Why does it make us happy to spend money on others? Psychologists say it’s because it makes us feel good about ourselves. Giving to others enhances a loving and generous image of ourselves that makes us happy. It helps us connect more with them, and people with strong social ties are generally happier than people without.
    To a certain extent, money contributes considerably to feelings of well-being. However, beyond that point, more money doesn’t necessarily translate into a happier person. Nonetheless, with conscious and correct spending, money can, indeed, buy a certain amount of happiness.
    Money And Happiness Don’t Always Go Together
    8
    Economic Development refers to an overall development of the quality of life in a nation, which includes economic growth. Increase in the volume of goods and services produced and consumed along with improved living circumstances, with equitable distribution, improved healthcare service outcomes, by making education accessible to all, by enhancing the overall quality of personal, social and professional conditions and most importantly without environmental degradation.. Economic Development refers also to a process of gradual transformation and improvement in the level of functioning of an economy.

    Economic Growth refers to an increase in the monetary (income) or output growth of a nation. It is an increase in size evident through physical change.
    However, since the country has failed to manage its resources properly, there has been a slow rate of growth and development for over 60 years of independence.
    Following the pandemic induced recession in 2020, Nigeria’s economic growth recovered but macroeconomic stability weakened. Amidst global commodity shocks, a depreciating currency, trade restrictions, and monetization of the deficit, inflation is surging and pushing millions of Nigerians into poverty. Since 2021, Nigeria is also unable to benefit from the surging global oil prices, as oil production has fallen to historic lows and petrol subsidy continues to consume a larger share of the gross oil revenues.
    In 2018, 40% of Nigerians (83 million people) lived below the poverty line, while another 25% (53 million) were vulnerable. With Nigeria’s population growth continuing to outpace poverty reduction, the number of Nigerians living in extreme poverty is set to rise by 7.7 million between 2019 and 2024.
    While the economy is projected to grow at an average of 3.2% in 2022-2024, the growth outlook is subject to downside risks including further declines in oil production and heightened insecurity. Meanwhile, continued scarcity of foreign exchange and tighter liquidity could affect the economic activity in the non-oil sector and undermine the overall macroeconomic stability. The uncertainty is also expected to be accompanied by high inflation and continued fiscal and debt pressures.
    While Nigeria has made some progress in socio-economic terms in recent years, its human capital development ranked 150 of 157 countries in the World Bank’s 2020 Human Capital Index. The country continues to face massive developmental challenges, including the need to reduce the dependency on oil and diversify the economy, address insufficient infrastructure, build strong and effective institutions, as well as address governance issues and public financial management systems.
    Inequality, in terms of income and opportunities, remains high and has adversely affected poverty reduction. The lack of job opportunities is at the core of the high poverty levels, regional inequality, and social and political unrest. High inflation has also taken a toll on household’s welfare and high prices in 2020-2022 are likely to have pushed an additional 8 million Nigerians into poverty.

  76. Ihediohamma Gloria Chiamaka
    Economics
    2019/246443
    1. Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.

    Note the emphasis placed on ‘cultural and human values’, ‘self-esteem’ and freedom from ignorance; it is important to remember that development is about much more than advancing economic growth.

    2. The Human Development Index (HDI) is a summary measure of average achievement in key dimensions of human development: a long and healthy life, being knowledgeable and have a decent standard of living. The HDI is the geometric mean of normalized indices for each of the three dimensions.

    The health dimension is assessed by life expectancy at birth, the education dimension is measured by mean of years of schooling for adults aged 25 years and more and expected years of schooling for children of school entering age. The standard of living dimension is measured by gross national income per capita. The HDI uses the logarithm of income, to reflect the diminishing importance of income with increasing GNI. The scores for the three HDI dimension indices are then aggregated into a composite index using geometric mean. Refer to Technical notes for more details.

    The HDI can be used to question national policy choices, asking how two countries with the same level of GNI per capita can end up with different human development outcomes. These contrasts can stimulate debate about government policy priorities.

    The HDI simplifies and captures only part of what human development entails. It does not reflect on inequalities, poverty, human security, empowerment, etc. The HDRO provides other composite indices as broader proxy on some of the key issues of human development, inequality, gender disparity and poverty.

    A fuller picture of a country’s level of human development requires analysis of other indicators and information presented in the HDR statistical annex.

    3. The six decades after the end of World War II, until the crisis of 2008, were a golden age in terms of the narrow measure of economic development, real per capita income (or gross domestic product, GDP). This multiplied by a factor of four for the world as a whole between 1950 and 2008. For comparison, before this period it took a thousand years for world per capita GDP to multiply by a factor of fifteen. Between the year 1000 and 1978, China’s income per capita GDP increased by a factor of two; but it multiplied six-fold in the next thirty years. India’s per capita income increased five-fold since independence in 1947, having increased a mere twenty percent in the previous millennium. Of course, the crisis of 2008 caused a major dent in the long-term trend, but it was just that. Even allowing for the sharp decreases in output as the result of the crisis, postwar economic growth is spectacular compared to what was achieved in the previous thousand years.

    The six decades after the end of World War II, until the crisis of 2008, were a golden age in terms of the narrow measure of economic development, real per capita income. This multiplied by a factor of four for the world as a whole between 1950 and 2008
    But what about the distribution of this income, and in particular the incomes of the poorest? Did they share in the average increase at all? Here the data do not stretch back as far as for average income. In fact, we only have reasonably credible information going back three decades. But, World Bank calculations, using their global poverty line of $1.90 (in purchasing power parity) per person per day, the fraction of world population in poverty in 2013 was almost a quarter of what it was in 1981—forty-two percent compared to eleven percent. The large countries of the world—China, India, but also Vietnam, Bangladesh, and so on—have contributed to this unprecedented global poverty decline. Indeed, China’s performance in reducing poverty, with hundreds of millions being lifted above the poverty line in three decades, has been called the most spectacular poverty reduction in all of human history.
    But the story of the postwar period is not simply one of rising incomes and falling income poverty. Global averages of social indicators have improved dramatically as well. Primary school completion rates have risen from just over seventy percent in 1970 to ninety percent now as we approach the end of the second decade of the 2000s. Maternal mortality has halved, from 400 to 200 per 100,000 live births over the last quarter century. Infant mortality is now a quarter of what it was half a century ago (30 compared to 120, per 1,000 live births). These improvements in mortality have contributed to improving life expectancy, up from fifty years in 1960 to seventy years in 2010.

    By 2013, the percentage of the world´s population living in poverty had dropped to one fourth the percentage of 1981: eleven percent compared to the previous forty-two percent
    Focus on just income, health, and education hides another major global trend since the war. This has truly been an age of decolonization. Membership of the UN ratcheted up as more and more colonies gained political independence from their colonial masters, rising from around fifty in 1945 to more than 150 three decades later. There has also been a matching steady increase in the number of democracies with decolonization, but there was an added spurt after the fall of the Berlin Wall in 1989, when almost twenty new countries were added to the democratic fold. To these general and well quantified trends we could add others, less easily documented, for example on women’s political participation.

    With this background of spectacular achievements at the global level, what is to stop us from declaring a victorious past on human progress? The answer is that we cannot, because good global average trends, although they are to be welcomed, can hide alarming counter tendencies. Countries in Africa which are mired in conflict do not have any growth data to speak of, and indeed any economic growth at all. Again in Africa, for countries for which we have data, although the fraction of people in poverty has been falling, the absolute number in poverty has been rising, by almost 100 million in the last quarter century, because of population growth.

    A similar tale with two sides confronts us when we look at inequality of income in the world. Inequality as between all individuals in the world can be seen as made up of two components. The first is inequality between average incomes across countries—the gap between rich and poor countries. The second is inequality within each country around its average. Given the fast growth of large poorer countries like India and China relative to the growth of richer countries like the US, Japan, and those in Europe, inequality between countries has declined. Inequality within countries displays a more complex picture, but sharp rises in inequality in the US, Europe, and in China and India means that overall within-country inequality has increased. Combining the two, world inequality has in fact declined overall (Lakner and Milanovic, 2016). The importance of between-nation inequality has fallen from a contribution of four fifths of global inequality a quarter century ago. But its contribution is still not lower than three quarters of total world inequality. These two features, rising within nation inequality in large developing countries, and the still enormous role of between-nation inequality in global inequality, are the other side of the coin from the good news of developing country growth on average in the last three decades.

    Inequality among Earth’s inhabitants comprises two elements: the first, which is expressed by each country’s average income, reflects the gap between rich and poor countries; the second reflects inequalities within each country in terms of average incomes
    But income growth, if it comes at the expense of the environment, mis-measures improvement in human well-being. Particulate pollution has increased by ten percent over the last quarter century, with all of its related health implications. The global population under water stress has almost doubled in the last half century, and there has been a steady decline in global forest area over the same period. Global greenhouse gas emissions have increased from under 40 gigatons equivalent to close to 50 gigatons in the last quarter century. On present trends global warming is projected to be around 4°C by 2100, well above the safe level of 1.5°C warming. The consequences of global warming have already begun to appear in terms of an increase in severe weather outcomes.

    Thus, the past seven decades have indeed been golden ones for economic development on some measures, and even development more broadly measured. But all is not golden. The trends hide very worrying tendencies which have begun to surface in terms of their consequences, and are shaping the landscape of development we have with us. The next section takes up the story with a focus on the present of economic development.

    4. a. 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 needed to expand, such as industry partners like CareerSource Central Florida and the Florida High Tech Corridor, utilities, and local government partners.

    b. 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 advanced manufacturing, aerospace and defense, aviation, autonomous vehicles, biotechnology and pharmaceuticals, business services, gaming, entertainment technology, financial technology, life sciences and healthcare, logistics and distribution, medical technology, and innovative technology.

    c. Business retention and expansion
    A large percentage of jobs in the Orlando economy are created by existing companies that are expanding their operations. The Partnership’s economic development team executes numerous business retention and expansion visits to local companies just last year to assist with their operational needs.

    d. Economy fortification
    Economic development helps to protect the local economy from economic downturns by attracting and expanding the region’s major employers. For example, when the COVID-19 pandemic heavily impacted the global leisure and hospitality industry, many technology companies transitioned focus to clients in the region’s modeling, simulation and training sector.

    e. Increased tax revenue
    The increased presence of companies in the region translates to increased tax revenue for community projects and local infrastructure. Economic development can also support major job creation initiatives such as the semiconductor research and development campus NeoCity, positioning the 500-acre development opportunity for critical funding for domestic semiconductor research and manufacturing through advocacy for the CHIPS and FABS Acts.

    F. Improved quality of life
    Better infrastructure and more jobs improves the economy of the region and raises the standard of living for its residents. Quality of place is more important than ever to attract a large talent pool in the era of increased remote workers.

    In addition, inclusive economic development works to support the community’s quality of life through initiatives such as supporting the regional transportation network, affordable housing, innovation and entrepreneurship as well as upskilling opportunities for the local workforce. These initiatives help to provide access and capabilities for existing workforce to take advantage of the new high-wage job opportunities created by economic development efforts.

    • Ihediohamma Gloria Chiamaka
      Economics
      2019/246443
      5. The origin of the term “Third World” has been variously debated by Wolf-Philips (1979), with critical responses from Worsley (1979); Mini (1979); Love (1980) and McCall (1980). While these debates and others that followed did not take away the authorship from Alfred Sauvy (1952), a French economic historian and demographer, his original use and application of the term “third world” has completely changed or been eroded in the later part of the twentieth century and now the twenty-first century. According to Worsley (1979), the existence of the neutralist “Third Force” mostly the independent French left in 1949 inevitably led to the coining of the “Third World”. Although Worsely (1979) initially contested this origin, in his later articles, he did not broach the subject again especially when Wolf-Philips (1967) pointed out that it seemed Claude Bourdet had used the term as early as April 1949 while referring to the writing of Marcus (1958), but did not pointedly say that Bourdet originated the term. Even Muni (1979) did not contest the attribution of the origin of the “Third World” to Sauvy (1952) in his contribution to the debate. Hence, the source of the origin was traced to a three volume writings of Sauvy and his colleagues at the Institut National des Etudes Demorgraphiques in 1956 – Le Tiers Monde: Sous- developpment et developpment that firmly credits Sauvy with the introduction of the “Third World”.
      It should, however, be noted that Sauvys’ (1952 ) usage of Tiers Etat alluded to the 1789 oratory of the Abbe Sieyes- ‘What is the Third Estate? Everything. What has it been till now in the political order? Nothing. What does it want to be? Something. (Wolf-Phillips (1987). According to Love (1980) the use of Tiers Monde in this context was more of an expression of neglect, exploitation and revolutionary potential. Safire (1972), further argued that tiers monde, was originally popularized in France between 1947 and 1949 and was used to describe parties that pitched their political tent between the Gaullist Rassemblement du people Francais and the regime of the Fourth French Republic (1946 – 5). According to Safire (1972) President Charles de Gaulle, had also used the phrase tiers monde to describe the role of France, independent of United States foreign policy alliances. Safire (ibid, 1972) further offered a working definition of tiers monde or third force as a weight added at the fulcrum of the balance of power; a group of nations or an ideology that lies between the communist world and the western capitalist camps Wolf-Phillips (1987). In this instance, the term third force or precisely third world was used in a political not economic sense. It is critical to note that today the so called second world or the communist Eastern Europe and the Soviet Union are aggressively pursuing a free market economy. Therefore any numerical first, second and third worlds is obsolete and should be confined to the heaps of ancient history, since you can not have a first and a third in a numerical or arithmetical numbering, without having a second.
      Furthermore, Love (1980) referred to a possible earlier version he assumed was ignored by Worsley (1979) as Juan Peron’s “third Position”. Love (ibid, 1980) argued that Worsley (1979) should have credited Peron’s Argentina along with India, Yugoslavia and Egypt as one of the early champions of neutralism. According to Love (1980), Peron was possibly the first to use the term; faute de mieux that could be interpreted to mean “thirdness”. Love (ibid, 1980) emphasized that Peron’s connection with the Axis made him a political pariah with the United States State Department between 1945 and 1946, hence, he was advocating the “third Position” no later than 1949. Although Love (ibid 1980) asserted that “thirdness” was closely related to some notion of neutrality in the emerging cold war, he did acknowledge that “third force” and “third position” were still not the “third World”.
      The third world, meanwhile, became popularized during the first None Aligned Movement conference held in Bandung (Indonesia) in 1955. At this conference, representatives of 29 newly decolonized or independent countries used it as a way of identifying with, or stating their desire to pursue neutral unaligned foreign policy vis-a vis the capitalist economy of Western Europe and North America (Euro-America), and the countries with centrally planned economies of Eastern Europe and the Soviet union (Porter and Sheppard, 1989). The term “third world” as used here was political not economic in application and is a product of the cold war between the capitalist countries of Western Europe and North America (Euro-American) and the centrally planned countries of Eastern Europe and the Soviet Union. These two ideological divides were later termed the First and second worlds. It should be noted that the leading participants in 1955 Bandung Conference called the Non aligned Movement included notable politicians like Kusno Sosrodiha Surkarno (Indonesia), Chou En-Lia (Peoples Republic of China), Gamal Abdul Nasser (Egypt), and Pandit Jawaharlal Nehru (India).The decolonized countries of South America were not invited to this conference, may be, because it was assumed that their economies were closely tied to that of United States for them to follow an unaligned foreign policy (Porter, et .al. ibid 1989). The non aligned conference later reconvened in 1961 in Belgrade under the chairmanship of Marshall Tito of Yugoslavia. This time, Latin American Countries were invited and participated very actively. This meeting was under the auspices of the United Nations and led to the creation of the United Nations Conference on Trade and Development (UNCTAD).
      It was after this meeting that the phrase “third world” assumed a life of its own and led to the countries within this group negotiating for such things as prices of commodities they produced; reduction in trade barriers and the provision for more capital investment. What started life as a political phrase assumed a very broad meaning and interpretation depending who is using it. Today, its application goes beyond its humble beginning as a political jargon and is differently used to refer to various stage of economic advancement by development theorist It must be noted here that any discussion on development must acknowledge that development as being applied by the development theory was largely based in economic language, institutions and rules. Development theories only recognize activities that command price, or generate cash, counts overwhelmingly, despite a range of other valued cultural practices that reproduce social and ecological relations, for which money is meaningless or less important (Philip 2008). In addition, the development paradigm favors monetary relations and measures which in most cases is at cross roads with cost of non-monetary resources and at the same time encourages the conversion of resources like water (in bottles), air (tradable pollution permits), survival networks of the poor (micro-credit informal institutions such as isusu), and even love into commodities (Davis, 2001).
      In addition, other terms such as “undeveloped,” “developing,” “less developed,” “nonindustrialized”, “have- nots” and “south” have been used as alternatives, based on Western economic models and the concentration of wealthier countries in the middle latitudes and the Northern Hemisphere.

  77. Avatar Alozie Uche Daniel. says:

    NAME:ALOZIE UCHE DANUEL
    COURSE CODE: ECO 361
    DEPARTMENT: ECO MAJOR

    1.
    Economist Michael Todaro specified three objectives of development:

    Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection.

    Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteem

    Freedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery

    2.
    A well known example of a social indicator of development is the Human Development Index, which combines one economic indicator (Gross National Income) with two social indicators: life expectancy and years of schooling into one score and ranks countries accordingly.
    You can also find many specific social indicators of development within the United Nations Sustainable Development Goals.
    Social Indicators of development give a much broader picture of how developed a country is compared to purely economic indicators such as GDP which merely focus on economic productivity. Social indicators are more useful in showing us the extent to which income generated in a country actually benefits ordinary people.

    The Human Development Index (HDI) is a statistic developed and compiled by the United Nations since 1990 to measure various countries’ levels of social and economic development. It is composed of four principal areas of interest: mean years of schooling, expected years of schooling, life expectancy at birth, and gross national income (GNI) per capita.

    This index is a tool used to follow changes in development levels over time and compare the development levels of different countries.

    The Sustainable Development Goals (SDGs) aim to transform our world. They are a call to action to end poverty and inequality, protect the planet, and ensure that all people enjoy health, justice and prosperity. It is critical that no one is left behind.

    3.
    After World War II a number of developing countries attained independence from their former colonial rulers. One of the common claims made by leaders of independence movements was that colonialism had been responsible for perpetuating low living standards in the colonies. Thus economic development after independence became an objective of policy not only because of the humanitarian desire to raise living standards but also because political promises had been made, and failure to make progress toward development would, it was feared, be interpreted as a failure of the independence movement. Developing countries in Latin America and elsewhere that had not been, or recently been, colonies took up the analogous belief that economic domination by the industrial countries had thwarted their development, and they, too, joined the quest for rapid growth.
    In this milieu, it was thought that a “shortage of capital” was the cause of underdevelopment. It followed that policy should aim at an accelerated rate of investment. Since most countries with low per capita incomes were also heavily agricultural (and imported most of the manufactured goods consumed domestically), it was thought that accelerated investment in industrialization and the development of manufacturing industries to supplant imports through “import substitution” was the path to development. Moreover, there was a fundamental distrust of markets, and a major role was therefore assigned to government in allocating resources.

    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.

    Development economics focuses on how people in a society can escape poverty and enjoy a better standard of living

    Development economic research can help policymakers to make better decisions and formulate the right plans.

    Define problems in future country development.

    5.
    Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.” The term therefore implies that the third world is exploited, much as the third estate was exploited, and that, like the third estate its destiny is a revolutionary one. It conveys as well a second idea, also discussed by Sauvy, that of non-alignment, for the third world belongs neither to the industrialized capitalist world nor to the industrialized Communist bloc.

  78. Avatar AUDU JACINTHA OCHANYA REG NO: 2019/246511 Department: Economics/ Philosophy says:

    1. Three objectives of development
    -Producing more life sustaining necessities such as food, shelter and health care and broadening their distribution: Increase in food production is largely dependent on the number of people involved in farming, the modern tools used in making farming activities more efficient, the supplements used on natural soul to aid it in yielding more and the quality of roads which makes transportation of farm produce easier. People should be enlightened on the effects of processed foods on the health and subsistence farming for families should be encouraged.
    The quality of health care can be improved by training more personnel’s involved in administering health care services to patients, renovation of health facilities and purchase of medical equipments which aids the smooth operation of hospitals and the government should also fund researches based on developing more effective medical methods used in treating patients.
    -Raising the standard of living: Provision of employment opportunities helps increase the income of individuals. The government can also initiate skill aquisition programmes and encourage people to partake because skilled people can offer services to get money in return.
    The cost of goods and services can be reduced when the raw materials used in their production is readily available and accessible. Increased production of goods which is made possible with machines will also help reduce it’s cost.
    Improvement of individual’s self esteem can also help increase productivity because people with high self esteem are confident,possess positive working attitude and are always eager to take up challenges in their work place. They also keep healthy relationships which in turn affects the productivity and activities in a working environment.
    -Expanding economic and social choices: A country can decide to produce every thing needed by individuals in the society instead of importing goods thereby providing more openings for people in manufacturing industries. This will help provide a variety of economic choices leading to income generation. They can also decide to practice different styles of leadership to pick out the most effective and efficient styles then continue with it.

    2. Measures of Development:
    -Gross Domestic Product (GDP)
    GDP is how much money a country makes from it’s product over the course of the year,usually converted to US Dollars:
    The sum of gross value added by all resident producers in the economy + product taxes – any subsidies not included in the value of the products.
    -Gross National Product(GNP)
    GNP is the GDP of a Nation together with any money that has been earned by investment abroad minus the income earned by non-nationals within the nation.
    GNP per capita
    GNP per cqpita is calculated as GNP divided by population;it is usually expressed in US Dollars.
    It’s a common indicator used for measuring development, but is imperfect as the calculation doesn’t take into account certain forms of production, such as subsistence production.
    -Birth and death rates
    Crude birth and death rates (per 1000)can be used as an overall measure of the state of healthcare and education in a country, though these numbers do not give a full picture of a nation’s situation.
    -The Human Development Index (HDI)
    The HDI is a composite statistic calculated from the:
    Life expectancy index
    Education index
    Mean years of schooling index
    Expected years of schooling index
    Income index.
    Countries are ranked based on their score and split into categories that suggest how well developed they are.
    -Literacy rate within a country:High female literacy rates generally correspond with an increase in the knowledge of contraception and a falling bie rate or percentage of people who are able to read is a useful indicator of the state of education rth rate.
    4. Reasons for studying development economics:
    To understand and shape macro and microeconomic policies inorder to lift poor countries out of poverty.
    To gain the opportunity to apply economic analysis theories and practices to develop and implement polices Aimedb at putting a less developed economy on the path of development.
    To understand the actions and interventions that bring about the kinds of social changes that lead to higher levels of well being amongst people.
    To improve the material standards of living by raising the absolute level of per capita incomes.
    5.The third world estates was a term used by a French economist, Alfred Sauvy in 1952 to refer to underdeveloped countries, developing countries, less developed countries and former colonies. These third world estates didn’t give into the idea of imperialism and colonialism. They were non aligned to the modern culture and socio-economic practices of the first and second world nobles who thought of themselves as well developed and knowledgeable.
    These countries were powerless politically, poor economically and marginalized socially. They are seen as victims rather than agents of history because of their commonly shared problems and experiences. These non aligned states were caught between the ideological bifurcations of the cold war which made them resolute in resisting Western European and North American hegemony and complete the project of decolonisation. Though they strived to matter but the difference in their beliefs and mode of operation which was shaped by their experiences made it impossible to fit in.

  79. Avatar Udeogwu precious kosarachi says:

    Udeogwu precious kosarachi
    Economics/philosophy
    2019/244167
    Precious.udeogwu.244167@unn.edu.ng

    1.According to Prof. Michael Todaro, the three objectives of Development include,Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately.

    Economist Michael Todaro specified three objectives of development:

    SUSTENANCE
    Life sustainance is one if the major theme for a country which is developed possesses, a country without it, is taged an under developed country,
    Citizens should be granted a good standard of living in order to cater for their basic needs for survival which are, food, shelter and clothing then education.

    STANDARD OF LIVING AND INDIVIDUAL
    The government should concentrate on improving the standard of living of the people, by providing amenities .
    Creating job opportunities by embarking on projects useful to the society, the citizen self esteem should be maintained and protected by taken care of their needs thereby promoting human rights and fulfilling people’s aspiration in life.

    EXPANDING ECONOMIC AND SECURITY

    People’s freedom and safety matters a lot, making choices to participate in economic, social and political activities. The government should grant them such opportunity to express their opinions and ensure that are comfortable, dreams are achieved and basic needs provided.

    2.Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.

    Multi-dimensional preparedness These is the readiness and preparation of countries to withstand and raise against any future uncertainties or doom which may swallow them, example environmental degradation and natural disasters.

    Sustainable Development: The country’s ability to sustain the country, thereby reducing poverty, insecurity and any insurgents which might plague the country’s economy. A country should be aware of impending danger and avoid it at all cost for its future.

    Sufficient Resources: countries should be sufficient in all ramifications, it should be resilience of the unprecedented crisis.

    Human Right: Government of a country should acknowledge human rights and protect it, it should know what her subjects wants, their inspiration and what they aspire to be in life.

    3.Development economics emerged as a branch of economics because:Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss

    World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world’s countries—including all of the great powers—forming two opposing military alliances: the Allies and the Axis powers. World War II was a total war that directly involved more than 100 million personnel from more than 30 countries.
    It ended with the 1973–1975 recession or 1970s recession, was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall post–World War II economic expansion. It differed from many previous recessions by involving stagflation, in which high unemployment and high inflation existed simultaneously.
    Development economic emerged as a branch of economic which entails economic expansion and which became active after the world war2 and recession.
    The United States, the Soviet Union and Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment.
    Contrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Japan (Japanese economic miracle), West Germany and Austria (Wirtschaftswunder), South Korea (Miracle on the Han River), Belgium (Belgian economic miracle), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle). Even countries that were relatively unaffected by the war such as Sweden (Record years) experienced considerable economic growth.

    3.Many folks study Development Economics for many reasons. Discuss

    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:

    It helps economists to be conscious about uncertain crisis which can plague the economy.
    It helps the Government to know what the citizens really want and to be able to fulfil their aspiration in life
    Risk Management is one of the reasons why it’s important to include or why economic development is studied in schools. It brings the minds on what risk is all about and how to manage it.
    Development Economic will enhance a nation on the importance of Multilateral ability.
    Sustainable Development can be obtained with the study of development Economic.

    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.

    5.The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.

    Alfred Sauvy (31 October 1898 – 30 October 1990)[1] was a demographer, anthropologist and historian of the French economy. Sauvy coined the term Third World (“Tiers Monde”) in reference to countries that were unaligned with either the Communist Soviet bloc or the Capitalist NATO bloc during the Cold War.
    The term “Third World” arose during the Cold War to define countries that remained non-aligned with either NATO or the Warsaw Pact. The United States, Canada, Japan, South Korea, Western European nations and their allies represented the “First World”, while the Soviet Union, China, Cuba, North Korea, Vietnam and their allies represented the “Second World”. This terminology provided a way of broadly categorizing the nations of the Earth into three groups based on political divisions. Strictly speaking, “Third World” was a political, rather than an economic, grouping.[1] Since the dissolution of the Soviet Union and the end of the Cold War, the term Third World has decreased in use. It is being replaced with terms such as developing countries, least developed countries or the Global South. The concept itself has become outdated as it no longer represents the current political or economic state of the world and as historically poor countries have transited different income stages.
    The Third World was normally seen to include many countries with colonial pasts in Africa, Latin America, Oceania, and Asia.

  80. Avatar Anibodi Chiamaka Teska says:

    Name: Anibodi Chiamaka Teska
    Reg No: 2019/243747
    Department: Education Economics

    NO 1
    According to Prof. Michael Todaro, the three objectives of Development include,Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately.
    A nation’s economic development objectives should include producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear according to Todaro. This implies that when a Nation provides these necessities, the citizens standard of living will be raised and it is one of the measures of economic development.
    NO 2
    Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.
    These indices are as follows:
    – UN’s human development index (HDI): measures country’s average achievements in three basic dimensions of human development which are:
    1. Life expectancy
    2. Educational attainment
    3. Adjusted real income ($ PPP per person).
    – UN’s human poverty index (HPI) measures deprivation using % of people expected to die before age 40, % of illiterate adults, % of people without access to health services and safe water and the % of under weight children under five.
    NO 3
    Development economics emerged as a branch of economics because:Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss
    This is as a result of the world war II which caused so much damage in the country and due to these damages development economics has to be invented inorder to increase the standard of living of so many countries of Latin America, Africa and Asia respectively.
    NO 4
    Many folks study Development Economics for many reasons. Discuss
    These reasons are as follows
    – Economists after world war II became concerned about the low standard of living in so many countries of Latin America, Africa and Asia.
    – The Economices of the less developed countries ( LDC’s) were so different from the developed countries that basic economics could not explain the behavior of LDC’s economices
    – Traditional approaches produced some interesting and even elegant economic models but these models failed to explain the patterns of the growth, weak/slow growth or growth retrogression found in the LDC’s.
    NO 5
    The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.
    The third world here implies the commoners. The term therefore implies that the third world is exploited much as the third estate was exploited and that like the third estate it’s destiny is revolutionary one. It coveys as well as second idea also discussed by sauvry that of
    non-alignment for the third world belongs neither to the industrialized capitalists world nor to the industrialized commonist bloc.

  81. Avatar OKORO OLUCHI RUTH (2019/241597) says:

    Okoro Oluchi Ruth. (2019/241597)
    Department of Economics.

    No1. According to Prof. Michael Todaro, the three objectives of Development include,Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately

    Answer:
    Professor Michael Todaro’s three objectives of development are all focused on improving the lives of individuals and communities. These objectives are interrelated and often overlap, as addressing one can often have positive impacts on the others.
    i. Producing more life sustaining necessities such as food, shelter, and health care, and broadening their distribution: This objective aims to ensure that all people have access to the basic necessities of life, including enough food to eat, a place to live, and access to healthcare. This can involve increasing food production, building housing, and improving access to medical facilities and services. It also involves ensuring that these necessities are distributed fairly, so that everyone has an equal chance to meet their basic needs.
    ii. Raising standards of living and individual self-esteem: This objective is concerned with improving the overall quality of life for individuals and communities. This can involve increasing incomes and access to education, as well as improving living conditions, such as access to clean water, sanitation, and electricity. It also involves promoting self-esteem and personal dignity by valuing and respecting the contributions of all members of a community.
    iii. Expanding economic and social choice and reducing fear: This objective is focused on increasing opportunities and options for individuals and communities. This can involve creating jobs, improving access to education and training, and promoting entrepreneurship and innovation. It also involves reducing fear by promoting stability and security, both within communities and at the national level.
    Overall, Todaro’s three objectives of development are focused on creating a better, more equitable world for all people, by addressing the basic needs and challenges faced by communities and individuals. This is because, development is focused on improving the overall well-being of the economy.

    No 2. Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.

    Answer:
    There are various indices that have been developed by international organizations, such as the United Nations (UN) and other global agencies, to measure development and assess the progress of countries towards meeting development goals. These indices often use a combination of economic, social, and environmental indicators to provide a comprehensive picture of a country’s development status.
    Some examples of indices that have been developed by the UN and other global agencies include:
    -The Human Development Index (HDI): The HDI is a composite measure developed by the United Nations Development Programme (UNDP) to rank countries based on their level of human development. It measures three dimensions of human development: health (measured by life expectancy at birth), education (measured by years of schooling), and standard of living (measured by gross national income per capita).

    -The Multidimensional Poverty Index (MPI): The MPI is a measure of poverty developed by the UNDP that takes into account multiple dimensions of poverty, including education, health, and living standards. It provides a more comprehensive picture of poverty than traditional measures that rely solely on income.

    -The Gender Development Index (GDI): The GDI is a measure developed by the UNDP to assess gender-based inequalities in human development. It measures three dimensions of gender inequality: reproductive health, education, and labor market participation.

    -The Human Poverty Index (HPI): The HPI is a measure of poverty developed by the UNDP that focuses on the most severe and persistent forms of poverty, including income poverty, illiteracy, and lack of access to basic services.

    -The Environmental Performance Index (EPI): The EPI is a measure developed by Yale and Columbia Universities in partnership with the World Economic Forum that ranks countries based on their environmental performance. It measures environmental health and ecosystem vitality across ten categories, including air quality, water resources, and biodiversity.

    These are just a few examples of the many indices that have been developed to measure development and assess the progress of countries towards meeting development goals. These indices provide valuable information and insights into the challenges and opportunities facing countries and can help inform development policies and programs.

    No 3. Development economics emerged as a branch of economics because:Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss

    Answer:
    Development economics emerged as a branch of economics in the post-World War II period as economists became concerned about the low standard of living in many countries in Latin America, Africa, and Asia. These countries, often referred to as “developing countries,” were characterized by low levels of income, limited access to education and healthcare, and high levels of poverty and inequality.
    Economists sought to understand the reasons behind these persistent development challenges and to identify ways to address them. They also sought to learn from the experience of more developed countries, which had undergone rapid economic growth and improvements in living standards.
    The field of development economics has since evolved to focus on a wide range of issues related to economic development, including economic growth, poverty reduction, inequality, and the role of institutions and policy in promoting development. It also encompasses a wide range of topics, such as agriculture, trade, education, health, and the environment.
    Today, development economics continues to be a vital field of study, as many developing countries continue to face significant development challenges and economists seek to identify effective strategies for addressing them.

    No 4. Many folks study Development Economics for many reasons. Discuss.

    Answer:
    There are many reasons for studying development economics. Some of them.are: for moral and ethical reasons, for our own welfare, private interest and intellectual curiosity.
    1. Moral and ethical reasons: Poverty and inequality are unfair and development is a human right. The discipline of Economic Development starts with the problem of backwardness and international poverty. Development economics studies the increasing development gap between countries of the world.Thus a moral and ethical justification exists to study development economics as a separate body. Studying development economics helps us identifying the distinction between developed and developing countries. We will understand the policies these countries put in place that helped them combat inequality and poverty.
    2. For our own welfare: The study of Development economics helps in achieving global coexistence, global interaction and free trade and investment. Development economic research can help policymakers to make better decisions and formulate the right plans that will promote peace interaction between countries.
    3. For private interest: Some scholars study development economics because they want to be employed in that field. Job prospects is one of the factors that lead people to study this course.
    4. For intellectual curiosity: The main questions asked when studying development economics are – what causes poverty and inequality and what can be done? -why do some countries grow and others do not? Many scholars have tried answering these questions and as a result, study development economics to help them find answers to these questions. For a long period of time GNP & PERCAPITA GNP are considered as the development indacators . But later on, a lot of criticism was made against these measures of development. Then the economists developed other measures of economic development like social and economic indicator approach, the basic needs approach and the construction of human development index approach. Having knowledge of these can help some scholars of this course to determine the answers to the above questions.

    No 5. The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.

    Answer:
    Alfred Sauvy’s use of the term “third world” was meant to describe countries that were not aligned with either the Western powers or the Soviet Union during the Cold War. These countries were often characterized by their economic and political instability, and were seen as being outside the sphere of influence of the two major world powers.
    Prior to the French Revolution of 1789, the population of France was categorized into three estates. The First Estate consisted of members of the Catholic Church (the clergy). The Second Estate consisted of members of the aristocracy (the nobility). The Third Estate comprised all other members of french society (the commoners). The vast majority of the population belonged to the Third Estate (roughly 98% of 27 million people). Despite its size, the Third Estate was largely excluded from political power until the creation of the National Assembly in June 1789.
    Sauvy’s analogy to the “third estate” of France referred to the common people who were historically underrepresented and disadvantaged in comparison to the clergy and nobility, who made up the first and second estates, respectively. Similarly, Sauvy saw the third world as a group of countries that were disadvantaged and marginalized in the international system, and that were struggling to assert their own identity and agency.

    Sauvy’s assertion that the third world “wants to be something” suggests that these countries were striving for a greater level of influence and recognition on the global stage. Many third world countries were seeking to break free from the economic and political domination of the major powers and to chart their own course in the international system. In this sense, Sauvy’s remark can be seen as reflecting the aspirations of these countries to play a more significant role in shaping their own destinies.

    Overall, Sauvy’s use of the term “third world” and his analogy to the third estate of France captured the sense of marginalization and aspiration that characterized many of these countries during the Cold War era.

    References:
    https://greyhistory.com/french-revolution-articles/explained_the_three_estates_of_the_french_revolution/
    https://www.ozy.com/true-and-stories/how-the-french-revolution-gave-birth-to-the-third-world/31320/#:~:text=Sauvy's%20French%20audience%20would%20know,%E2%80%94%20aka%2C%20everyone%20else).

  82. Avatar EZE SYLVIA ONYINYECHI says:

    1.Producing more life sustaining necessities such as food shelter & health care.& health care and broadening their distribution in which without this our life will be endangered.

    Praising standards of living and individual self esteem:Standard of living refers to the level of goods and services available to a socioeconomic class, while quality of life is subjective and measures happiness

    Expanding economic and social choice and reducing fear:acute stress reduces sensitivity to rewards.

    2.with significant human development gains in all regions and major progress among least developed countries. Since 1990, the global Human Development Index (HDI) value has increased by 22.4 percent, equivalent to an average annual growth of 0.72 percent. Globally, the steepest growth happened between 2000 and 2010 (at an average of 0.84 percent annually), but it slowed down considerably after 2010 to an average 0.6 percent annually.

    3. Because after world war ll economy focused on improving fiscal, economic, and social conditions in developing countries.

    4.The programme offers students the opportunity to apply economic and political economy analysis to solving real world problem.

    5.

  83. Avatar Clement Ann Amaka says:

    Clement Ann Amaka
    2019/245757
    annamaka201x@gmail.com

    1.According to Prof. Michael Todaro, the three objectives of Development include,Producing more life sustaining necessities such as food shelter & health care and broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear. Discuss elaborately.

    Economist Michael Todaro specified three objectives of development:

    LIFE SUSTENANCE
    Life sustainance is one if the major theme for a country which is developed possesses, a country without it, is taged an under developed country,
    Citizens should be granted a good standard of living in order to cater for their basic needs for survival which are, food, shelter and clothing then education.

    STANDARD OF LIVING AND INDIVIDUAL
    The government should concentrate on improving the standard of living of the people, by providing amenities .
    Creating job opportunities by embarking on projects useful to the society, the citizen self esteem should be maintained and protected by taken care of their needs thereby promoting human rights and fulfilling people’s aspiration in life.

    EXPANDING ECONOMIC AND SECURITY

    People’s freedom and safety matters a lot, making choices to participate in economic, social and political activities. The government should grant them such opportunity to express their opinions and ensure that are comfortable, dreams are achieved and basic needs provided.

    2.Measuring Development is a tedious process and many development agencies have tried to develop indicators to measure development accurately. Against, this background, clearly discuss the set of indices developed by the UN and other global agencies on how to measure development.

    Multi-dimensional preparedness These is the readiness and preparation of countries to withstand and raise against any future uncertainties or doom which may swallow them, example environmental degradation and natural disasters.

    Sustainable Development: The country’s ability to sustain the country, thereby reducing poverty, insecurity and any insurgents which might plague the country’s economy. A country should be aware of impending danger and avoid it at all cost for its future.

    Sufficient Resources: countries should be sufficient in all ramifications, it should be resilience of the unprecedented crisis.

    Human Right: Government of a country should acknowledge human rights and protect it, it should know what her subjects wants, their inspiration and what they aspire to be in life.

    3.Development economics emerged as a branch of economics because:Economists after World War II become concerned about the low standard of living in so many countries of Latin America, Africa, and Asia. Discuss

    World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world’s countries—including all of the great powers—forming two opposing military alliances: the Allies and the Axis powers. World War II was a total war that directly involved more than 100 million personnel from more than 30 countries.
    It ended with the 1973–1975 recession or 1970s recession, was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall post–World War II economic expansion. It differed from many previous recessions by involving stagflation, in which high unemployment and high inflation existed simultaneously.
    Development economic emerged as a branch of economic which entails economic expansion and which became active after the world war2 and recession.
    The United States, the Soviet Union and Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment.
    Contrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Japan (Japanese economic miracle), West Germany and Austria (Wirtschaftswunder), South Korea (Miracle on the Han River), Belgium (Belgian economic miracle), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle). Even countries that were relatively unaffected by the war such as Sweden (Record years) experienced considerable economic growth.

    3.Many folks study Development Economics for many reasons. Discuss

    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:

    It helps economists to be conscious about uncertain crisis which can plague the economy.
    It helps the Government to know what the citizens really want and to be able to fulfil their aspiration in life
    Risk Management is one of the reasons why it’s important to include or why economic development is studied in schools. It brings the minds on what risk is all about and how to manage it.
    Development Economic will enhance a nation on the importance of Multilateral ability.
    Sustainable Development can be obtained with the study of development Economic.

    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.

    5.The French demographer Alfred Sauvy coined the expression (“tiers monde” in French) in 1952 by analogy with the “third estate,” (the commoners of France before and during the French Revolution)-as opposed to priests and nobles, comprising the first and second estates respectively. Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. Clearly discuss and analyse this assertion in details.

    Alfred Sauvy (31 October 1898 – 30 October 1990)[1] was a demographer, anthropologist and historian of the French economy. Sauvy coined the term Third World (“Tiers Monde”) in reference to countries that were unaligned with either the Communist Soviet bloc or the Capitalist NATO bloc during the Cold War.
    The term “Third World” arose during the Cold War to define countries that remained non-aligned with either NATO or the Warsaw Pact. The United States, Canada, Japan, South Korea, Western European nations and their allies represented the “First World”, while the Soviet Union, China, Cuba, North Korea, Vietnam and their allies represented the “Second World”. This terminology provided a way of broadly categorizing the nations of the Earth into three groups based on political divisions. Strictly speaking, “Third World” was a political, rather than an economic, grouping.[1] Since the dissolution of the Soviet Union and the end of the Cold War, the term Third World has decreased in use. It is being replaced with terms such as developing countries, least developed countries or the Global South. The concept itself has become outdated as it no longer represents the current political or economic state of the world and as historically poor countries have transited different income stages.
    The Third World was normally seen to include many countries with colonial pasts in Africa, Latin America, Oceania, and Asia.

  84. Name: Ugwuala Faith Oluchi no: 2019/251298 Dept:Economics
    1. What does economic development mean?
    Michael Todaro specified three objectives of development: Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection. Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteemFreedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.Note the emphasis placed on cultural and human values, self-esteem and freedom from ignorance; it is important to remember that development is about more than advancing economic growth. Many economists believe development should be less about growth, more about inclusive well-being and about building capacities and resilience in a fast-changing and unpredictable world.The most common measurement of development is the Human Development Index published each year by the United Nations Development Programme.

    Amartya Sen on India
    In An Uncertain Glory, Sen argues that India’s main problems lie in the lack of attention paid to the essential needs of the people, especially the poor
    Despite considerable economic growth and increasing self-confidence as a major global player, modern India is a disaster zone in which millions of lives are wrecked by hunger and by pitiable investment in health and education services. Economic growth without investment in human development is unsustainable and unethical.
    2. The HDI is a summary measurement of basic achievement levels in human development. The computed HDI of a country is an average of indexes of each of the life aspects that are examined: knowledge and understanding, a long and healthy life, and an acceptable standard of living. Each of the components is normalized to scale between 0 and 1, and then the geometric mean of the three components is calculated.
    The health aspect of the HDI is measured by the life expectancy, as calculated at the time of birth, in each country, and normalized so that this component is equal to 0 when life expectancy is 20 and equal to 1 when life expectancy is 85.
    Education is measured on two levels: the mean years of schooling for residents of a country, and the expected years of schooling that a child has at the average age for starting school. These are each separately normalized so that both 15 mean years of schooling and 18 years of expected schooling equal 1, and a simple mean of the two is calculated.
    The economic metric chosen to represent the standard of living is GNI per capita based on purchasing power parity (PPP), a common metric used to reflect average income. The standard of living is normalized so that it is equal to 1 when GNI per capita is $75,000 and equal to 0 when GNI per capita is $100.DI) …
    Infant mortality rate. …
    Literacy rate. …
    Life expectancy.
    3. What is the Third Estate? Everything. What has it been till now in the political order? Nothing. What does it want to be? Something. (Wolf-Phillips (1987). According to Love (1980) the use of Tiers Monde in this context was more of an expression of neglect, exploitation and revolutionary potential. Safire (1972), further argued that tiers monde, was originally popularized in France between 1947 and 1949 and was used to describe parties that pitched their political tent between the Gaullist Rassemblement du people Francais and the regime of the Fourth French Republic (1946 – 5).
    According to Safire (1972) President Charles de Gaulle, had also used the phrase tiers monde to describe the role of France, independent of United States foreign policy alliances. Safire (ibid, 1972) further offered a working definition of tiers monde or third force as a weight added at the fulcrum of the balance of power; a group of nations or an ideology that lies between the communist world and the western capitalist camps Wolf-Phillips (1987). In this instance, the term third force or precisely third world was used in a political not economic sense. It is critical to note that today the so called second world or the communist Eastern Europe and the Soviet Union are aggressively pursuing a free market economy. Therefore any numerical first, second and third worlds is obsolete and should be confined to the heaps of ancient history, since you can not have a first and a third in a numerical or arithmetical numbering, without having a second.

    4. Development economics is a branch of economics which deals with the economic development of the third world countries or the developing countries. Why do we study development economics?
    The answer is that economic development tries to cover the political, social, economic and institutional mechanism with the aim to bring large improvements in the life standards of poor and mal nourished population of the underdeveloped countries like Pakistan, India and Singapore etc.
    Development economics mainly focuses on the structural changes in every area of the economy. It tries to bring improvements in institutions, technology being used in industries and many other areas. It identifies the economic problems,causes and their consequences in the developing countries and also tell how to overcome these problems. For instance, Pakistan is facing multiple economic problems like poverty, unemployment, unequal distribution of wealth, limited resources, corruption and many other other social issues. Therefore, economic development is concerned with these issues and develops strategies that will enable people to break the vicious circle of poverty and backwardness. So that every individual of the developing country will enjoy a quality life.

    5. Third world was coined in French (le tiers monde) by the population expert Alfred Sauvy, to refer to those poor countries, especially in Latin America, Africa and Asia, which were aligned with neither the communist nor the capitalist blocs. It appeared in an article in L’Observateur on 14 August 1952. He created it with a nod to a famous pamphlet by the Abbé Sieyès in January 1789 about the Third Estate, le Tiers-État, one of the classes in the Estates-General, a pamphlet that was influential in the lead-up to the French Revolution later that year. The Third Estate was the commons or the ordinary people, the First Estate being the clergy and the Second Estate the nobility (the English term Fourth Estate, the press, came from this classification by analogy some decades later).

    Third world was taken up in translation by economists and politicians in Britain and the United States in the early 1960s. By analogy, first world and second world were later coined from it in English, being recorded respectively in 1967 and 1974. The former was a collective term for the developed countries that were based on a capitalist model of high income market economies, of which the USA is the principal example. This was contrasted with the second world, the relatively high income Communist countries or those with centrally planned economies in which the government owns the means of production; here the USSR was the prime case. Neither term was as widely used as third world; both have lost popularity since the fall of the Berlin Wall in 1989 except in historical contexts, though the phrase first world countries for the industrialized nations is still fairly common.

  85. Avatar Ugwuala Faith Oluchi (2019/251298)Economics says:

    Name: Ugwuala Faith Oluchi no: 2019/251298 Dept:Economics
    1. What does economic development mean?
    Michael Todaro specified three objectives of development: Life sustaining goods and services: To increase the availability and widen the distribution of basic life-sustaining goods such as food, shelter, health and protection. Higher incomes: To raise levels of living, including, in addition to higher incomes, the provision of more jobs, better education, and greater attention to cultural and human values, all of which will serve not only to enhance material well-being but also to generate greater individual and national self-esteemFreedom to make economic and social choices: To expand the range of economic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery.Note the emphasis placed on cultural and human values, self-esteem and freedom from ignorance; it is important to remember that development is about more than advancing economic growth. Many economists believe development should be less about growth, more about inclusive well-being and about building capacities and resilience in a fast-changing and unpredictable world.The most common measurement of development is the Human Development Index published each year by the United Nations Development Programme.
    Dudley Sears has defined development as “the reduction and elimination of poverty, inequality and unemployment within a growing economy”
    Nobel Economist Amartya Sen writing in “Development as Freedom”, sees development as being concerned with improving the freedoms and capabilities of the disadvantaged, thereby enhancing the overall quality of life – what really matters are the capabilities of people, that is, the extent of their opportunity set and of their freedom to choose among this set, the life they value
    Amartya Sen pursues the idea that development provides an opportunity to people to free themselves from deep suffering caused by
    Early mortality
    Persecution
    Starvation / malnutrition
    Illiteracy
    For many, economic development should be about increasing political freedom, cultural and social freedom and not just about raising incomes
    Measuring development progress can be difficult not least because of variations in the quality of data produced by different countries and also because of disagreements about which indicators might be given greater weighting when making an assessment. The Human Development Index (HDI) is one such approach.
    Amartya Sen on India
    In An Uncertain Glory, Sen argues that India’s main problems lie in the lack of attention paid to the essential needs of the people, especially the poor
    Despite considerable economic growth and increasing self-confidence as a major global player, modern India is a disaster zone in which millions of lives are wrecked by hunger and by pitiable investment in health and education services. Economic growth without investment in human development is unsustainable and unethical.
    2. The HDI is a summary measurement of basic achievement levels in human development. The computed HDI of a country is an average of indexes of each of the life aspects that are examined: knowledge and understanding, a long and healthy life, and an acceptable standard of living. Each of the components is normalized to scale between 0 and 1, and then the geometric mean of the three components is calculated.
    The health aspect of the HDI is measured by the life expectancy, as calculated at the time of birth, in each country, and normalized so that this component is equal to 0 when life expectancy is 20 and equal to 1 when life expectancy is 85.
    Education is measured on two levels: the mean years of schooling for residents of a country, and the expected years of schooling that a child has at the average age for starting school. These are each separately normalized so that both 15 mean years of schooling and 18 years of expected schooling equal 1, and a simple mean of the two is calculated.
    The economic metric chosen to represent the standard of living is GNI per capita based on purchasing power parity (PPP), a common metric used to reflect average income. The standard of living is normalized so that it is equal to 1 when GNI per capita is $75,000 and equal to 0 when GNI per capita is $100.
    The final HDI score for each country is calculated as a geometric mean of the three components by taking the cube root of the product of the normalized component scores
    indicators of development used in geography.
    Gross Domestic Product (GDP) …
    Gross National Product (GNP) …
    GNP per capita. …
    Birth and death rates. …
    The Human Development Index (HDI) …
    Infant mortality rate. …
    Literacy rate. …
    Life expectancy.
    3. What is the Third Estate? Everything. What has it been till now in the political order? Nothing. What does it want to be? Something. (Wolf-Phillips (1987). According to Love (1980) the use of Tiers Monde in this context was more of an expression of neglect, exploitation and revolutionary potential. Safire (1972), further argued that tiers monde, was originally popularized in France between 1947 and 1949 and was used to describe parties that pitched their political tent between the Gaullist Rassemblement du people Francais and the regime of the Fourth French Republic (1946 – 5).
    According to Safire (1972) President Charles de Gaulle, had also used the phrase tiers monde to describe the role of France, independent of United States foreign policy alliances. Safire (ibid, 1972) further offered a working definition of tiers monde or third force as a weight added at the fulcrum of the balance of power; a group of nations or an ideology that lies between the communist world and the western capitalist camps Wolf-Phillips (1987). In this instance, the term third force or precisely third world was used in a political not economic sense. It is critical to note that today the so called second world or the communist Eastern Europe and the Soviet Union are aggressively pursuing a free market economy. Therefore any numerical first, second and third worlds is obsolete and should be confined to the heaps of ancient history, since you can not have a first and a third in a numerical or arithmetical numbering, without having a second.

    4. Development economics is a branch of economics which deals with the economic development of the third world countries or the developing countries. Why do we study development economics?
    The answer is that economic development tries to cover the political, social, economic and institutional mechanism with the aim to bring large improvements in the life standards of poor and mal nourished population of the underdeveloped countries like Pakistan, India and Singapore etc.
    Development economics mainly focuses on the structural changes in every area of the economy. It tries to bring improvements in institutions, technology being used in industries and many other areas. It identifies the economic problems,causes and their consequences in the developing countries and also tell how to overcome these problems. For instance, Pakistan is facing multiple economic problems like poverty, unemployment, unequal distribution of wealth, limited resources, corruption and many other other social issues. Therefore, economic development is concerned with these issues and develops strategies that will enable people to break the vicious circle of poverty and backwardness. So that every individual of the developing country will enjoy a quality life.

    5. Third world was coined in French (le tiers monde) by the population expert Alfred Sauvy, to refer to those poor countries, especially in Latin America, Africa and Asia, which were aligned with neither the communist nor the capitalist blocs. It appeared in an article in L’Observateur on 14 August 1952. He created it with a nod to a famous pamphlet by the Abbé Sieyès in January 1789 about the Third Estate, le Tiers-État, one of the classes in the Estates-General, a pamphlet that was influential in the lead-up to the French Revolution later that year. The Third Estate was the commons or the ordinary people, the First Estate being the clergy and the Second Estate the nobility (the English term Fourth Estate, the press, came from this classification by analogy some decades later).

    Third world was taken up in translation by economists and politicians in Britain and the United States in the early 1960s. By analogy, first world and second world were later coined from it in English, being recorded respectively in 1967 and 1974. The former was a collective term for the developed countries that were based on a capitalist model of high income market economies, of which the USA is the principal example. This was contrasted with the second world, the relatively high income Communist countries or those with centrally planned economies in which the government owns the means of production; here the USSR was the prime case. Neither term was as widely used as third world; both have lost popularity since the fall of the Berlin Wall in 1989 except in historical contexts, though the phrase first world countries for the industrialized nations is still fairly common.

  86. Avatar UGOCHUKWU GOODNESS ANULIKA says:

    Name: UGOCHUKWU GOODNESS ANULIKA
    Reg No: 2019/244160
    DEP: Economics Major
    1)According to Prof. Michael Todaro the three objectives of development include:
    Producing more life sustaining necessities such as food shelter and health care and also broadening their distribution. This means that those important things that are very essential to life shouldn’t be overlooked,rather they should be given more attention and resources should be allocated in order to make sure that everyone gets these essentials of life. These essentials include shelter which is a place to live,food, normally as the saying goes,” food is life”, man needs energy from food in order to go about his/her economic activities . Health care is very important to development,”health is wealth”, which is a popular but hones