Most economists argues that it is not the physical capital or natural resources that determine the character and pace of its economic and social development, but its human resources. Developing countries must agree because they devote so much of their resources and capital into education. The late Professor Frederick Harbison of Princeton University argues that "Human resources constitute the ultimate basis for wealth of nations. Capital and natural resources are passive factors of production; human beings are the active agents who accumulate capital, exploit natural resources, build social, economic and political organizations, and carry forward a national development." Most third world nations believe that rapid quantitative expansion of educational opportunities is the key to national development. Most countries contribute most of their public revenues to education, and poor nations have invested huge sums of money to education. The basic premise these countries are following is that there is a direct correlation between level of education and income level. In areas where the average level of education is higher, the average income is also higher. These countries believe that to increase the wealth of their country they can put this premise to use by educating their people in order to increase the income level and all that comes with a higher level of income, such as higher quality of living, higher savings and higher investment levels. .
There is also a trend of developing countries to invest more in the development of women's education. In almost every developing country young females receive considerably less education than men. This gap in education gets even greater with greater poverty. The book Economic Development by Michael P. Todaro states that there is now ample empirical evidence that educational discrimination against women hinders economic development in addition to reinforcing social inequality.
In the following paper I will be examining the process of economic development in Japan. ... Then I will go through the different economic stages of economic development in postwar Japan. ... Education is also a factor in the economic development in Tokugawa period. ... Yet the 20's were important to economic development. ... Yet the zaibatsu were the center in economic development. ...
This essay aims to explain the economic, political, and social struggles of a Post-WWII Philippines. ... Promising a "return to free and private enterprise", his program placed economic development in the arms of the private sector with minimal government interference. ... A program, formally known as the Five-Year-Socio-Economic-Integrated Development Program, was launched under his administration. ... On his first term, he revealed his plans for economic development and government reform. Economic development was then to be achieved by constructing a number of infrastructures like...
Population growth affects world development. When talking about development, we usually refer to the economic development of a city, country, or even the whole world. ... After the rapid economic change, the population growth is described as an 'explosion'. ...
What is Economic Development? Economic development can be illustrated as the sustainable process of developing and preserving apposite economic, social and political environments, in which economic opportunity is created for all citizens, business investment is enthused for the private sector, and public revenue base is diversified (Allen and Thomas: p40). ... Whilst this definition of economic development emerges as being straightforward enough at first glance, an assessment of each of its component parts demonstrates the complexity and subtleties economic development actually enco...
With the advent of globalization, the construction of buildings like residential or commercial forms the basis of economic development. ... This is just the economic side of the development of residential complex (King). ... The conservation campaigners are of the view that the planning of the government to increase the supply of houses may seem to be economically sound but it also threatens destruction of the most precious landscapes of the country through the promise of economic development (Polasky). It is repeatedly mentioned by the environmental activists that the well maintained landsc...
Despite difficulties in categorising the development of economic geography, four epochs are laid out. ... During this period economic geography was concerned with industry and the spatial and regional aspects of industrial economic development (Bryson, et al., 1999). ... Harvey believed that, the capitalist world had produced areas of uneven development producing 'unfair' inequalities. Core to the political economic geography was the interest in linking the capitalist industries to the spaces where uneven development had occurred. ... This and the developments in the "social an...
Role of Banking in Economic Development Economic Development Economic development is conceived as a multidimensional process involving major changes in social structures, popular attitudes, and national institutions as well as acceleration in economic growth, the reduction of inequality and eradication of poverty. ... Development is a physical reality and a state of mind in which society has, through some combinations of social, economic and institutional process, secured means for obtaining better life. ... Pakistan's Economic Performance The economic and social outcomes in...
This is good because it improves economic performance and growth. ... Trade: Engine of Economic Growth Cross-border trade has been expanding at a pace roughly twice that of economic growth worldwide – in both developed and developing countries. ... International trade is inextricably linked with financing for development, and makes a strategic contribution to economic growth: • Export growth accounts for about 40 per cent of the increase in gross domestic product (GDP) of both developing and developed countries, except the United States. ... • But trade is vulnerable to econo...
With regard to "policy paralysis", the disruptions in Parliament and lack of consensus are said to result in delays which obstruct economic development. Comparisons with immediate decision making in China have been used to suggest that democracy has limitations in fostering economic development. ... Development has to be balanced with the need to protect the interests of sizeable minorities. ... The above two factors make democracy a necessity for India's task of economic development. ... The diversity and socio economic transformation necessitates democracy....
