Last Updated 26 Jan 2021

Introducing Economic Development: a Global Perspective

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There are two type of family in the world: the wealth family and the poor one. It is said that over 40% of the world’s population lives on less than $2 per day, as a part condition of absolute poverty. The term absolute poverty is a situation of being unable to meet the minimum levels of income, food, clothing, healthcare, shelter, and other essential.

On the other hand, the wealth family is the situation which has opportunity and necessary of education or training, employment (shelter, cloth, fee, health) and also save money for later life; however, they commonly meet the mental strain and physical pressures of trying to provide the family’s need. Because of the above condition, development has to be done to improve the quality of all human lives and capabilities by raising people’s levels of living, self esteem and freedom.

Thus, soon we will discover the process of developing countries cannot be analyzed realistically without also considering the role of economically developed nations in directly or indirectly promoting the development. The technology of modern transportation and communications in the modern world will increase the interdependency of each people around the world.

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Local situation will give impact to global condition, it means that what happen in one country will also influence other country that probably located in other continent. It is within this context of a common future for all mankind in the rapidly shrinking world of the 21st century that commerce our study of economic development.

Economic and Development Studies the study of economic development is one of the newest, most exciting and most challenging branches of the broader disciplines of economics and political economy.

Although development economics often draws relevant principles and concept, the economic development is a field of study that is rapidly evolving its own distinctive analytical and methodological identity. The nature of development economics Traditional economic is concerned primarily with the efficient, least-cost allocation of scare productive resources and with the optimal growth of these resources over time so as to produce an ever expanding range of goods and services.

Political economy is an attempt to emerge economic analysis with practical politics – to view economic activity in its political context; thus, this study concern with the relationship between politics and economics with a special emphasis on the role of power in economic decision making Development economics is concerned with the efficient allocation of existing scare productive resources and its sustainability; further, it is also deal with economic, social, political and institutional mechanism both public and private necessary to bring rapid and large-scale improvements in level of living for peoples.

The ultimate purpose of development economics is: to help us understand developing economies in order to help improve the material lives of the majority of the global population. It is also help to think systematically about economic problems and issues and formulate judgments and conclusions on the basis of relevant analytical principles reliable statistical information. The important role of values in development economics Economics is a social science which is concerned with humans being and the social system by which they organize their activities to satisfy basic material needs and nonmaterial wants.

Economics could not be value free in the same sense as physics or chemistry. Thus the validity of economy analysis and the correctness of economic prescriptions should always be evaluated in light of the underlying assumptions or value premises. Once these subjective values have been agreed on by a nation or national decision makers, specific goals and corresponding public policies based on “objective” theoretical and quantitative analyses can be pursued.

On the one hand, where serious value conflicts and disagreement exit among decision maker, the possibility of consensus about desirable goods and appropriate policies is considerably diminished. Economies as social system: the need to go beyond simple economics Economics and economic system must be analyzed within the context of the overall social system of a country and global context as well. The social system means interdependent relationships between economic and noneconomic factors.

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Introducing Economic Development: a Global Perspective. (2018, May 19). Retrieved from https://phdessay.com/introducing-economic-development-a-global-perspective/

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