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

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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

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.

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.

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.

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.

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.

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.

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 honest saying. A sick individual isn’t of much help to the society.All these are essentials to economic growth and development.
Raising standard of living and individual esteem. The increase in standard of living is proportional to economic growth,this shows improvement in consumption of per capita goods and services therefore causing a positive ripple effect, which is economic growth. Raising of self esteem improves economic development because it helps an individual believe in him/her and make them aware of opportunities available to them,this leads to increase in economic activities therefore leading to economic growth and development.
Expanding economic and social choice and reducing fear. This is mostly the social aspect of economic development which involves freedom of thinking, freedom of choice and mobility. When fear is reduced, people are free to become their best self and ofcourse with the right motivation like expansion of social and economic choice,they can make rational decisions that will improve themselves and develop the economy.For example when economic and social choices are expanded citizens within and outside a country can take steps to increase the value the give in the social and economic space,this could be through taking up courses or attending workshops or learning institutions to foster self development and thereby positively impacting the society therefore leading to economic development.

2) Indices developed by the UN and other global agencies on how to measure development include :
Life Expectancy :Life expectancy at a certain age is the mean additional number of years that a person of that age can expect to live, if subjected throughout the rest of his or her life to the current mortality conditions (age-specific probabilities of dying, i.e. the death rates observed for the current period). Usually when the life expectancy of a country is high that means that country is more or less a developed country and vice versa.
Education Attainment : Educational attainment refers to the highest level of education that a person has successfully completed. Successful completion of a level of education refers to the achievement of the learning objectives of that level, typically validated through the assessment of acquired knowledge, skills and competencies.There is a direct link between education and income. Those with greater educational attainment earn more income over their life. Studies show that higher income provides increased access to healthcare, proper diet, quality housing, consistent employment, and a healthy lifestyle. In a country where educational attainment is high is an indicator of a developed country and vice versa.
Adjusted Real Income ($ PPP per person) : The meaning of real income is the inflation-adjusted earnings of an individual or a country. It is also known as real wage when denoting an individual’s income. It accounts for the number of goods and services bought with the income earned and thus, indicates the well-being of a consumer.GDP per capita based on purchasing power parity (PPP). PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. When both the adjusted real Income and the purchasing power parity of a nation has an increasing rate,we can say that a country is developing and vice versa.

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. This is as a result of a lot of input and resources that was put into the war and was lost after it. This led to low aggregate production,low employment and consequently low standard of living. It is at this point the Keynesian Economics Theory was birth.This theory indicated that increase in production and government spending should be used as a means of reducing unemployment and low standard of living. Development only thrive in an economy of growth and the above stated points are key indicators of economic development , consequently leading to the branch of economics to study which is known as Development Economics.

4) Many people study Development Economics for many reasons:
Moral and Ethical Reasons : this explains the unfair advantage of the rich over the poor. It looks at how inequality isn’t right (at least at current levels). It also explains development as an aspect of human right.
Our Own Welfare : this explains why economic development is important to a country at international level and relationships. It speaks about global interaction,global coexistence without feuds and trade and investment on the international level.
Private Interest : this emphasises on the importance of development economics on individuals and how it affects job prospects and perspective on economics,common around knowledge.
Intellectual Curiosity : this involves development economics with the rational thinking man. It helps man identify problems in the society,ask questions and try to find solutions to curb that problem. Such questions can include,”what causes inequality and poverty and what can be done”? “Why do some countries grow and others don’t”?.

5) Like the third estate, wrote Sauvy, the third world is nothing, and it “wants to be something.”. This was explained further laying emphases on how the third world being exploited just as how the third estate was exploited and the third estate’s destiny is a revolutionary one. Sauvy also spoke about non-alignment for the third World belongs neither to the industrialised capitalist world 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 with Sauvy’s National Institute of Demography Studies in Paris published a book called “Le Tiers-Monde”. Three years later ,the French economist Francois Perroux launched a new journal on problem of underdevelopment with the same title. By the end of the 1950’s the term “Third World”,was frequently employed in the French media to refer to the underdeveloped countries of Asia , Africa,Oceania and Latin America.

Eze Onyinye Juliet
2019/249310
Julietcatalina@gmail.com
Economics department

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
Producing more life sustaining necessities such as food, shelter, 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 the 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 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.

2ND ASSIGNMENT ON ECO 361
(DEVELOPMENT ECONOMICS )
NAME : ODO PHILOMINA CHINASA
REG NO : 2020/244344 (2/3)
1. The three objectives of Development according to Prof Michael Todaro
a. Producing more life sustaining necessities such as food ,shelter and healthcare : Food helps to sustain people’s lives because without food one cannot survive. Food gives people energy to do work, it helps to improve the immune system. People live under the shelter to be protected from wild animals, rain, cold and so on thereby producing more life sustaining necessities. Healthcare helps in sustaining people’s lives. People that have capability to function are those that are healthy. Sick people are not able to function. Therefore healthy country is a developed country.
b. Raising standard of living and individual self esteem : Raising standard of living creates a better quality of life for people. People in developing countries are more likely to live longer and happier lives. They are also generally more economically productive, hold better jobs, live in better quality housing and have access to better education and healthcare. All these factors contribute to a better standard of living for people in developed countries. Therefore, when the country’s standard of living is raised, the country become more developed and be able to meet the needs of the citizens.
c. Expanding economic and social choice and reducing fear : To do this, there will be improvement in infrastructure. This helps a country immensely. Improve roads, railway, airports, communications and utilities makes a country efficient. It allows people to move more widely. Better infrastructure improves a country’s economy, which in-turn allows countries to spend more money in infrastructure. With these,it reduces fear.
2. The set of indices developed by the UN and other global agencies on how to measure development include :
a. UN Human Deelopment Index (HDI ) measures the country’s average achievements in three basic dimensions of human development.
b. Life expectancy
c. Educational attainment
d. Adjusted real income (PPP per person )
PPP = Purchasing Power Parity .
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 underweight children under five.
3. Development economics emerged as a result of the low standard of living of the less developed countries of Africa, Asia and Latin America. After the world war, those of the third estate or the third world countries lived below poverty level. Like Alfred Sauvy observed in 1952 “then third estate ” was nothing and it wanted to be something. And for the third estate to be something, there is need for improvement economics. He observed that the “third estate” is exploited and the salvation demanded a revolutionary economic development. Because the third estate or” third world” economy belonged to neither the industrialised capitalist of West nor the industrialised communist of the East.
4. Moral and ethical reason : The study of economic development or development economics necesited by the fact that while some people have high standard of living, others live below poverty levels . Among the third world countries, the gap between the rich and the poor had continued to be wider than expected. For instance, in Nigeria, those civil servants in the state receive one fifth of the pay package of those at federal establishment. Those people buy from the same market, pay the same school fees, rentage, transport and power and so on . For this reason, those at the sta7te have continued to live in abject poverty . Moralist find it unjust to maintain the status quo.
5. The French demographer, Alfred Sauvy coined the expression “tier’s Monde ” in 1952 to denote the economic situation of the underdeveloped nations . The expression became popular as the “third world “in 1955 at the conference of Afro- Asian countries held in Bandong, Indonesia. To Sauvy, the third world countries are nothing but want to be something. The implication is that the third world countries live in abject poverty as a result of low economic development. But necessity demands that these third world countries suppose to undergo revolutionary economic development so that they can be at par with industrialized capitalist west (the first state)or the industrialized communist east (the second state) . His presumption is that the third world countries are exploited to their impoverishment and to the improvement of the capitalist west and the industrialized communist east . Hence , there is need for a revolutionary economic development and the third world countries of their living standards will improve.

Okoye Stella ogochukwu
2019/250026
stellaokoye050@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

Prof. Todaro stipulated Three Objective of development, which Are;

SUSTENANACE : Good standard of living , i.e incomes and consumption, levels of food, medical services, education through relevant growth processes

SELF ESTEEM: 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

FREEDOM FROM SERVITUDE: People’s freedom to choose by enlarging the range of their choice variables, e. 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.

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.

Freedom: Freedom should be granted to citizens of the country, because development itself is freedom, a county that has freedom, is developed.

Promoting 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.

Risk Management: These is the readiness and preparation of a country to withstand any future uncertainties which might struck them, example environmental degradation and natural disasters.

2.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 \

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

Why folks study development Economics is that, they want to put a stop to whatever that is making the economy slide or slow down, in all of its sector.
They initiated some indices use to measure the Development Economic.
These measures are what is used to know if a country’s economy is improving as regards to development same thing as Economic growth. They were able to clearly differentiate between Economic Growth and development, to avoid people misusing them.
The economists where able to create awareness on what Development Economic is, urging every country around the world to embrace it.
Today many countries had been freed from the shackles of poverty, economic degradation and so in the name of ignorance.
Folk study Development Economic to be able to preach in schools and seminars. They were able to fight against ignorance, avoided Economic hardship and saved the future.
Studying Development Economics by Economists has solved and saved countries of the world today, from feminine, environmental degradation, natural disasters, war and so on.

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 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.

Name: Abasilim Chisom Judith
Reg no: 2019/249128
Department: Economics

1 . Development means improving the standard of living and the quality of life of individuals in an economy and the objectives of development according to Michael torado means producing more life sustaining necessities such as food shelter & health care which are the basic necessities of man. A society can’t be termed developed if it’s citizens are suffering from hunger, poverty and poor health care. A developing society provides good health care facilities to improve its citizens health and to reduce sickness and diseases and helps to provide adequate employment opportunities to help its citizens provide for their basic necessities. Also broadening their distribution, praising standards of living and individual self esteem, and expanding economic and social choice and reducing fear which is usually brought by insecurity.
A developed country ensures that its citizens is properly protected by providing the necessary security measures, tools and equipment to combat insecurity and terrorism.

2 . The United Nations uses Human development index (HDI) to measure the standard of development in a country.

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.

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 .

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.

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.

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. Progress towards the Sustainable Development Goals (overlaps with many other aspects)
7. School enrollment ratios
8. PISA educational achievement rankings
9. Percentage of population in tertiary education.
10. The infant mortality rate.
11. Healthy life expectancy
12. The gender inequality index
13. The global peace index
14. Total military expenditure
15. Carbon Dioxide emissions
16. The corruption index
18. The Happiness Index.

3 .Economic development first became a major concern after world war 2As 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 AfricaAustralia, and New Zealand. As living standards in most poor countries began to rise in subsequent decades, they were renamed the developing countries.

After World War II 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 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 analogue 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 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.

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 helps to teach A development economist analyzes the elements that influence the economic development of a developing country. They examine the rate of population growth, structural transformations, education, healthcare, and job conditions and propose strategies for achieving sustainable development, among other things.

It provides the opportunity for individuals to apply the tools of economic analysis to the problems and challenges facing less developed countries, and begin to understand why some countries have been able to go through a process of economic and human development while others are in extreme poverty or suffering.

4 . People study development economics for different reasons and they include;
For moral and ethical reasons
To satisfy our private interest and gain more knowledge
To discover ways to improve or develop our society
To discover or root down causes of underdevelopment and profer a possible solution for its elimination

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 estat