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Economic Development Assignment Solution

   

Added on  2020-10-22

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Table of ContentsINTRODUCTION...........................................................................................................................1INDIVIDUAL DIARY ENTRIES..................................................................................................1CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7

INTRODUCTIONEconomic development may be defined as the process of through which a nationimproves the social wellbeing, economic status and political status of a people in a country. It isthe economic growth of the standard of living of a people in nation moving from low income tohigh income (Ottenberg and et.al., 2016). Economic development of nation can be measured bydifferent ways especially measuring standard of living of people per capita GDP which isnormally referred as per capita income which is also used as important indicator for monitoringeconomic growth of a nation. Also, the assignment will describe about Cuba oil stock economythat how they were able to maintain their economic growth despite of oil crises. At last it willdiscuss about post development in GDP that what the factors of measuring post GDP of nationare. INDIVIDUAL DIARY ENTRIES18 October 2018- Alex Arnall on Measuring DevelopmentAccording to Alex Arnall, poverty reduction is the main goal when it comes to economicdevelopment of the country. For the development of economy, it is very important to control thepoverty in the nation. Measurement for poverty closely reflects popular paradigms ofdevelopment which developed from simple economic indicators to more tough assessments. It istrue that if the poverty is less than it will leads to great development in the nations and if thereare nations have high rate of poverty than nations will be called as under-developed country. Thegrowth and development perspective are changing but still the procedure to measure theeconomic growth is still same as 1960 which are Gross Domestic Product (value of goods andservices manufactured within country), Gross national Product (value of goods and servicesclaimed by residents) and Gross national income. These are the effective measures to identifyeconomic growth of the country. Alex Arnall articulated that meaning of economic growth as it is the percent rate ofincrease in real GDO or real GDP per capita. Basically, growth is measured in real terms so thatthe distorting effects of inflation on the price of produced goods are eliminated. Per persongrowth is equals to per capita income. These measures are also used to divide nations intocategories of development which are high, low and medium. In 1980, human development index was developed in order to add three majordimensions of human development which are longevity, knowledge and living standard. It is the1

whole statistics that is used to rank countries by the level of development in humans. Health,income and education in the nation are measured by human development index. Another measure for economic development is level of inequalities in the nation orcountry. Inequality arises when people living in the country do not acquire same level of materialand entire living standard. Inequality directly impact on the sustainable development of thenations. It does not only erode collective efforts in order to control or reduce poverty, achieveeconomic growth as well as raise social mobility. Political tension is also raised by inequality.Thus, in order to identify economic development of any nations, inequality is also one of themeasures by which economic growth and development will be ascertain. Positivism and Constructivism are two approaches in in-equality and poverty. Positivistdenotes what is truth like Poverty and Inequality is very bad and hinders the economicdevelopment of the country. But constructivism approach denotes no single reality as everyoneviews is different. For example- some people say that individual is earning just because ofhis/her efforts, why should he donate but on the other hand, some people says that there shouldbe equal distribution of income in the country. So, the economic development of any nation ismeasured by the calculating level of poverty, inequalities prevailing in the nation. But as per my views Growth and structural change can be an effective tool for measuringthe economic growth of a nation. India being a developing country it has been growing and itsstructure has taken a dynamic change from last few decades. As the economy of the nation growsit brings change in the structure of a nation. Structural change is a basic way of measuring theeconomic growth of a nation when the economy of country grows it brings growth anddevelopment in nation. With growth and structural change of a nation it results in rise in theliving standards of people. For example, I have analysed the per capita income growth rate ofIndia I have analysed the importance of growth rate of GDP which is growing also there hasbeen change in the production structure of a nation with the growth in economy. India'sproduction structure has shifted from agricultural to manufacturing and service. So, based up onthis I can say that growth and structural change of a nation can be a tool for measuring theeconomic growth of a nation. It gives information related to how high or low social status ofpeople is, what capability they possess, etc. 6 December 2018- Nick Bardsley on Cuba’s oil stock economy2

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