Development Economics Report: Challenges and Comparisons in Economics

This report delves into the multifaceted field of development economics, beginning with an introduction that highlights the core concepts of economic development, emphasizing income and inequality. The main body explores microeconomic and macroeconomic influences on income inequality and sustainability, including wages, healthcare, training, employment, globalization, and tax systems. It identifies key ways to measure development, such as per capita income, poverty rates, Gini coefficients, and human development indicators. The report then compares the roles of major actors in shaping international development policies, emphasizing the importance of leadership. It further identifies challenges in development praxis, including trade barriers and financial obstacles, as well as social/cultural impediments. Additionally, the report assesses the characteristics of economically developed countries compared to less developed ones, and it analyzes the current development statuses of the European Union, the U.S.A., and China. The report examines the main features of traditional and newer economic development models. It concludes by evaluating the connection between globalization and development, the efficacy of various institutions in promoting economic development, and the overall challenges and progress in sustainable development.

Development economics

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
K&U 1 Development economies in light of competing micro and macro economics
consideration...............................................................................................................................3
K&U 2 Identifying the ways in measuring development. ..........................................................4
K&U 3 Comparing the main actors in shaping and implementing international development
polices. .......................................................................................................................................6
K&U 4 Identifying the challenges of development praxis .........................................................6
A&A 1: Assessment of the characteristics of economically developed countries and
comparison with less economically developed countries...........................................................7
A&A 2: Main features of traditional theories of economic development with fewer newer
models.........................................................................................................................................9
A&A 3: Assessment of how trends, problems and challenges of development feed into
development praxis...................................................................................................................10
A&A 4: Assessment of progress and remaining gaps in the implementation of outcomes of
major summit for sustainable development..............................................................................11
S&E 1 Evaluating the connection between globalisation debate and th Identifying the
challenges of development praxis e development debate in the world ....................................12
S&E 2: Evaluation of efficacy of states, civil society and international institution for effective
economic development and reforms.........................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Development in economies reefer to developing the integrated part of county in respect
of increasing the economy of the country, bringing new technologies in the market and also
enhance the agriculture activities of the industry which bring more business to the country and
organisation. The major aspect is related to income and inequality in the Country. The causes
which affects the development of economy is random increase in demand and increase in supply
at an aggregated ratio. It depends upon the need of the customers and also the prices depends the
demand and supply which the organisation produces considering the needs of the customers.
Report will include the micro and macro economies influences on the level of inequality
and sustainability in the development economies. It also incudes various other factors and
measure through which it requires developing the economies. Further it identifies various
challenges in the developing economies. It also incudes various traditional theories as well as
some newer models in terms of development. In this report various progress and outcomes are
also discussed which identifies the sustainable growth in the company. Various connections
between the globalisation debate and the development debate and also the role of foreign aid is
evaluated. Lastly the report ends with evaluating various factors helps in achieving or
constraining effective economic development in the society.
MAIN BODY
K&U 1 Development economies in light of competing micro and macro economics consideration
The three micro economies factors which influence the factors related to inequality and
sustainability are (Micro and macro Influence on Income Inequality in Developing counties,
2018):
11 First one is related to wages, as micro economies is that economics which is affected to
the individual person and there impact in relation to inequality is majorly result of wages
provided in terms of labour (Coyle, 2016). As the rights of person are equal and if they
commit same type of work than the wages should be paid equally. As in the eyes of law
all person are equal and the work assigned to them equally through the judgement of their
skills and capabilities.

11 Second one is related to health care as the individual who are weak and cannot afford the
better treatment are avoided and they are neglect to get proper heath care. As the income
of that person is not sufficient to afford the better livelihood.11 Third one is related to training purpose. In this the individual are neglected if they had no
proper knowledge or had insufficient knowledge to accomplish some objective which
provides benefits to the company. As the most chances of inequality occurs in providing
training to the person which are from different background or came from different region
(Thaler and Ganser, 2015). They are discriminated on the bases of region and religion
and accordingly the training are provided. This method affects the liability of the person,
as all person are equal and have equal rights to gain knowledge.
The three macro economies factors which influence the level of inequality and sustainability are:
11 Firstly the factors which influence the inequality and sustainable is related to employment
factors. As due to changes in environment there are more demands of employed people in
the organisation to accomplish the work and beats the competitor the market (Miletzki
and Broten, 2017). As if the person are more employed they can maintain their livelihood
in the society and give their families the more supporting background.11 Second factors is related to globalisation, in this the person who had strong background
of their company can easily expand their business into large scale but with the person of
less goodwill had to face tough competition in the market. Person expanded their
business globally to earn more profits but the business runs only when they have
renowned brand name in the market.11 Third factors which is related to macro economics is in terms of tax systems as the
inequality occurs when the person who are earning less have to pay less tax and similar as
with the more earning person (Banister and Button, 2015). Thus, it distinguishes the
person equality and due to such cases more chances of tax evasion occurs which affects
the country integrity.
K&U 2 Identifying the ways in measuring development.
The four ways which helps in measuring the development in economist are as follows:

 Per capita income:- It indicated the average income earned by the person during the
whole year. It can be calculated the dividing the average income from the total population
of the county. There person earned the profits win any country, city or region is also
included in their per capita income. Its strength can be if the person is employed and he
can earn through their own sources than he can enhance their income from all alone but
its limitation is that per capita income rises due to rises in prices (Fankhauser and
McDermott, 2016). If there is more demand in market relating to any product than the
prices will be high their results in rise on per capita income as well.
 Percentage of population below poverty line:- The major ways in which development
is necessary is regarding to the employments and literate bases. As the reason behind
below the poverty line is linked with less educated person and through which no job is
there for them to satisfy their needs and wants in the country. It strength is that it provide
more opportunity to the companies to provide chances to the labour to provide job to
them. Its limitation is that it affects the county integrity and their working power. As due
to less work it results in less productivity which results in less economy and success rate
to the country.
 Measure of Inequality (Gini Coefficient):- Under this the income distribution can be
done on the bases of measuring income and wealth distribution among the total
population in the country (Song and Cullinane, 2017). Its strength is that the scale
represent to be at 0 its doesn't matter that the person is earning high or low as it doest not
considered to be on the sizes of the economy it measures on the inequality ratio of the
company. Its limitation is that it shows the lot of difference in terms of inequality in the
population which reflects the status of the country.
 Human development Indicators:- As it indicate the well behaviours or the people in the
country. As it is based on human development in terms of education, maintain their
lifestyle and standard of living in the society as the GDP rate. Its strength is it provides
more opportunity to grow in the emerging market and also globally to expand their
business into large scale (Bargawi, Cozzi and Himmelweit, 2016). Its limitation is that it
indicate the nation performance in term of their economy and it measures the well being
people in the society if they didn't behave well with any people.

K&U 3 Comparing the main actors in shaping and implementing international development
polices.
The main factors which sharpens and implement the international development policies
are related to leadership empowerment. As leaders plays an important role in power shift. They
came from various places and not only they trained people but also organise various campaigns
to enhance the society to fight against injustice. In this, various innovative and creative ideas are
required which helps them to bring differentiates to bring changes in the environment. As the
role of leader is to motivate the people to achieve the goal and fulfill their dreams in the
emerging and challenging environment (Thirlwall and Pacheco-López, 2017). That the reason to
demand new leader at every time so that they can share their experience and knowledgable to
previous leaders and also identify various facts which are not even raised by the old leaders who
are renowned the country. The major impact occurs in case of unemployed leaders, if the
unemployed leader renowned in county than the judgement also is not in fair which affect the
effective decision making.
K&U 4 Identifying the challenges of development praxis
The matter related to international trade barrier's means imposing restricting in trading or
delivering import and export of good and services to any other matter in the country. In case of
challenges related to development international financial obstacle are the important matter which
affects through organisational communication (Harding, 2019). As every person had their
different way of communication and also their background are different this causes various
impact on development of country. In relation to social / cultural obstacle it brings challenges In
terms of culture and their values in the country.
In order for china to fulfil its targets they use various traps for development such as
Tacitus traps, in order to overcome form such trap Chinese state introduces more transparency,
restructure their relation with the society and can renew their legitimacy in its county (Edwards,
2017). In case of thucydides trap, to overcome from this they build the first tier force for the
development of the nation. In case of kindleberger traps it should retain from their international
commitment and also to overcome from the gaps which exist in respect of small amount of
foreign aid.

A&A 1: Assessment of the characteristics of economically developed countries and comparison
with less economically developed countries.
a.) Compare and contrast current “Development status ” of European Union, U.S.A. and
China.
The key characteristics of economically developed countries like European Union,
U.S.A. and China is that they have high per capita real income which leads to higher savings
and investment. They also have higher contribution of service and industry sector to national
income, higher employment rate, low growth rate of population, effective export and import,
high standard of living and narrow income inequalities (McCormick and Unger, 2017). In
comparison with less economic developed countries, they have low per capita income, shortage
of capital and resources, higher unemployment rate, lower level of productivity, unproductive
investment, high dependency on primary sector, low standard of living, wider income
inequalities, use of ineffective and traditional methods for production, inadequate and ineffective
infrastructure and high population growth size (7 Main Characteristics of Less Developed
Countries (LDCs), 2019).
1. Natural factors: Economically developed countries like European Union, U.S.A. and
China focus on optimally utilizing the resources by moving towards human centred
economy. Economically less developed countries do not optimally utilize the natural
resources of the country which leads to lower investment, lower productivity and savings.
2. Social factors: This also pays a crucial role in economic growth and development of the
economy. Social factors like customs, tradition, values, attitude, knowledge, conventional
beliefs and standard of living largely influence the sustainable growth and development
of the economy.
3. Economic factors: Economically developed countries have strong gross domestic
product, lower inflation rate, strong capital formation, strong exchange currency and high
availability of natural resources leads to strong economic growth. On the contrary, less
economically developed countries do not optimally utilize their resources, with high
unemployment rate, lower gross domestic product and weak currency rate which
eventually leads to lower sustainable growth and development of economy (Economic
Growth of a Country: 4 Main Sources, 2019).

4. Technological factors: Technological factor is one of the most important factor which
helps in sustainable growth and development of the economy. Implementation of new
and advanced technology helps in increasing productivity as compared to the countries
who do not adapt to new innovative technology. On the contrary, inappropriate and
ineffective technology leads to higher cost of production and lower profitability
(Bettencourt and Lobo, 2016).
5. Political and institution factors: Strong leaders, power, government, legislation, laws,
standards and policies leads to sustainable growth and development of the economy.
Strong infrastructure, quality, political stability, effective education system are the key
factors associated with economically developed countries. European Union, and U.S.A.
Abide with various laws and regulations like vehicle fuel efficiency, effective taxation,
etc. On the contrary, less economically developed countries lacks good quality
infrastructure, unequal distribution of income, political instability, lack of proper laws
and guidelines and ineffective taxation and economic structure (Ghisellini, Cialani and
Ulgiati, 2016).
b.) Compare and contrast the “Dependency ratio” of European Union, U.S.A. and China.
The total dependency ratio of China as per 2015 is 37.%. On the contrary, the total
dependency ratio of U.S.A. Is 51.2 % as per 2015 report.
c.) “Lorenz curve” and “Gini coefficient” for European Union, U.S.A. and China.
Lorenz curve helps in effectively defining the distribution income of the economy. It is
an effective process as it shows actual distribution of income through Lorenz curve. The lower or
bowed down the Lorenz curve higher the inequality of income which leads to less economic
developed country. This helps in determining equal distribution of income.

Gini coefficient effectively measures the degree of income equality in the economy. Gini
coefficient varies from 0 to 1. 0 indicates perfect equality and 1 indicates perfect inequality.
Higher the number above 0 it indicates higher income inequality which eventually leads to less
economic developed country.
China is on the top in income inequality whereas on the other hand income of the U.S.A.
population increase every year with equal distribution of income across the world. U.S.A. Has
lower poverty rate and have better standard of living. On the contrary, European Union also have
large gap in income inequalities.
A&A 2: Main features of traditional theories of economic development with fewer newer
models. Linear stages of growth models: It is one the of the most traditional economic
development formulated in the year 1950 by Rostow. This theory has four stages which
includes traditional society, pre- conditions for take- off, take- off, drive to maturity and
mass consumption (Kirkby, 2018). Traditional society is characterized with limited
infrastructure, imperfect information and ineffective technology, labour and productivity.
Pre- conditions for take- off is a stage where there is growth in market interaction,
increase in technology and rise in savings. Take- off is an effective stage which shows
positive growth and systematic system of production. Mass consumption is a stage where
population enjoy high income consumption.

 Theories of patterns of structural change: This model focuses on transferring labour
from agricultural sector to industrial sector which helps in economic development of the
company. This model was adopted by economic developed countries like European
Union, U.S.A. and China who felt stagnant growth in growth. This lead to increase in
import and export and high investors which leads to higher economic development of the
economy (Liu and et.al., 2016). Dependency theory: this theory focus on effective understanding of the economic
underdeveloped and poor states to enrich the underdeveloped areas effectively. Factors
like social, economic and technological and political impose major dependency on the
richer states to improve underdeveloped countries.
 Neo- classical model: This is an economic model which is related with the demand and
supply which eventually helps in maximizing the profits and effective utility of resources.
European Union and U.S.A. Have good infrastructure, economic stability and optimum resources
,so this neo- classical economic model helps in further growth and development of economy.
This model is not beneficial for China as it has poor resources, lack of infrastructure and
corruption (Li, He and Li, 2016).
A&A 3: Assessment of how trends, problems and challenges of development feed into
development praxis.
Sustainable development goals helps in effectively encouraging the economic growth by
effectively achieving higher levels of productivity by implementing new, improved and
innovative infrastructure. The main goal is to achieve productive employment ad perfect equal
opportunities in the economy which leads to higher savings and investment (Will, 2016).
Sustainable development goals aim to cover issues like health, environmental factors, social
factors, terrorism, corruption, gender inequality, income instability, urbanization, global
warming, peace, social justice, hunger, poverty, etc. they focus on meeting global challenges and
achieve higher standard of living with improved nutrition and well being. They focus on
ensuring equitable quality education and empower women equality by sustainable management
and affordable availability of resources (Pomeranz, 2016).
Increase in corruption, poverty, imperfect income distribution, obsolete technology,
lower per capita income, lower gross domestic product, are few f the major challenges for the
less economic developed countries for sustainable growth and development of the economy. The

main goal for the sustainable development of the economy is to guide regional, global and
national efforts to contribute towards reducing poverty and take necessary measure to reduce
climate change (Noe and et.al., 2017). They also focus on building inclusive society to contribute
towards sustainable growth and development of the economy (How can the development goals
be achieved?, 2015). The main goal for the sustainable development of the economy is private
investment where further environmental, governance and social goals are highly profitable. The
main goal is to create real value for society which leads to further diversification and expansion
of the economy. Effective and optimum utilization of resources helps in effectively protecting
the natural resources and capital of the economy for strong economy growth.
A&A 4: Assessment of progress and remaining gaps in the implementation of outcomes of major
summit for sustainable development.
The main focus of UN sustainable development goal is to improve economic condition
by effectively implementing future goals which leads to high professional standards and
productivity of the economy. Implementation of goals helps in maintaining stable economic
condition which leads to higher operational standards, growth and productivity of the business
(Barbour and et.al., 2016). They key goal of UN sustainable development is to promote
sustainable growth and development of the economy and provide equal employment
opportunities and decent work condition for men, women, young people and disabled by 2030.
Implementation of various laws for encouragement of job creation, innovative start-ups,
entrepreneurship helps in effectively eradicating slavery, human trafficking and forced labour.
This goal leads to higher and productive employment opportunities through technological
innovation (Xie and et.al., 2016).
They also focus on reducing poverty and promote equal growth opportunities for all
workers with equal pay and employment opportunity. Protection of labour rights by effectively
promoting safe and secure work environment helps in higher productivity and performance of
employees which leads to economic growth and development. They also focus on ensuring
equitable quality education and empower women equality by sustainable management. They also
focus on protecting the resources for higher economic growth and development. UN sustainable
development goal is to focus on meeting global challenges and achieve higher standard of living
with improved nutrition and well being (Staníčková, Vahalík and Fojtíková, 2018).

S&E 1 Evaluating the connection between globalisation debate and th Identifying the challenges
of development praxis e development debate in the world
 The SDGs have recast development as a shared, universal enterprises: As SDGs had
mostly recast their development in national context in terms of new approaches which
results in framing “beyond aid”. As it is stated that even the poorest country which is less
in producing trade in countries need to expand their business at large scale. Beyond aid
reflect the situation in matters related to investment or collection of tax or revenue from
the fuel in addition to the aid which is given by the country (Biswas, 2015). As
fundraising approaches are in the effective manner it helps the county to grow at large
scale. If the county is stable to raise their funds in the national context or at the
international level that there major agenda in 2030 is to maintain the high stability of the
county to raise more funds to earn more profits.
 International development is seeking to incorporate environment concerns to a
greater extent: Its development in terms of national context in relation to reducing
poverty in the country. As to sustain the economic growth, its 2030 agenda is to reduce
the poverty and provide more employment opportunities to the people to growth their
business and maintain their lifestyle in the market. It approaches are resulting in
providing more health facilities to the people that they can get better situation and
improvement in their life.
 Poor countries are increasingly recognized as stewards of planetary resource for all
humanity: As if the causes for the matters related to poor counties, then they should
provide fairs prices of labour to them which helps them to enhance their capability to
work harder (Dickerson and Popli, 2016). This rewards recognition motivate the
employees and also grow there GDP rates in the 2030 the agenda can be In the
movements of the planet based approaches which grows the structure of the country and
also promoted their activities to enhance the labour at better scale.
 The 2030 Agenda has brought with it higher expectation around monitoring of
progress: To conduct follow up activity and proper review of the matters are the most
important debate which is conducted in 2030 agenda. As they follow the principles which
is relating to 'no one is left behind' which means the resource which is used to produce

the goods should be follow up at daily bases so that no items are left alone (Tori and
Onaran, 2018). As it also defines the economy of the county as if any resources are not in
used than it result in wastage of the products which reduces the country economy. So this
topic is considered to be the major debate for the development of country.
 Crowdsourcing of development solutions will become a more frequent and respected
complement to technical, expert – led approaches: The most famous tag line which is
used in 2030 agenda for crowdsourcing is that 'World We want' which indicates that no
one is compare from the other but in same manner no one is incapable to solve the
matters (Weaver and et.al., 2017). That's the matters to be at the 2030 agenda that no one
Is left behind, everyone should walk together to achieve the goals and work for the
nations. It indicates respecting and valuing the difference which occurs in the country.
S&E 2: Evaluation of efficacy of states, civil society and international institution for effective
economic development and reforms.
Increase in poverty leads to poor income inequality and lower income distribution. They
have inadequate access to education, job opportunity, health, standard of living. Higher the
poverty ratio, this indicates economic condition is poor and large number of population is
adversely suffering and do not have good economic condition of living (Schandl and et.al.,
2016). Growth of a countries economy gets affected with the level of poverty in that particular
country because it affects income level and demand & supply of products & services produced &
consumed with in a country. An economy with the lower rate of poverty grow faster. Number of
poor individual in china are declining day by day which results in lower rate of poverty. IN the
year 2018 China's poverty rate declines below 1% which is very good for the growth of countries
economy. With the decrease in poverty rate purchasing power of individuals is improved with
this consumption of products & services increased. Chine becomes worlds 2nd largest economy in
terms of GDP and its GDP gets raised up to 6.7%. Per Capita Income of individuals of company
also gets maximised to $9,608 with the reduction in rate of poverty.
On the other hand rate of poverty in Europe is also declining and with this countries
economy is growing there is a growth of 2.4% in 2018 and rate of poverty of country is declined
to 8.6%. Due to decrease in poverty Purchasing of power of individuals also increased and

Europe becomes 2nd strongest economy in terms of purchasing power after china. Thus, it is
concluded that with the reduction in rate of poverty economy of country is improving.
Further, economy of China & Europe is much stronger that they also help other countries
which are suffering from poverty by providing them products & services at a lower rate. These
countries economy are able to help other countries by providing them resources in adverse
situations (Ling and et.al., 2016).
CONCLUSION
From the above study it has been summarized that, economic development refers to
sustainable growth and development of the economy by bringing new technologies in the
market, reducing corruption, poverty and enhance agricultural activities and promoting
urbanization. It also includes micro economies factors which influence inequality and
sustainability are wages, health care and lower education and training programmes. Macro
economies factors which influence the level of inequality and sustainability are employment
factors, globalisation and tax system. This study further includes ways to measure the
development of economy are per capita income, inequality, population below poverty line and
human development indicators. This study further includes key factors in shaping and
implementing international development polices and also identify the challenges of development
praxis. This study has further concluded that, there are various factors like natural technological,
social, political, infrastructure and economic factors which affect the economic development.
Furthermore, this study has summarized economic development theory like Linear stages of
growth models, Theories of patterns of structural change, dependency theory, neo- classical
theory. It also concludes, challenges and opportunities in sustainable growth and development of
economy. UN sustainable development implement various goals for economic development.
Furthermore, this study concludes future impact of power shifts and better duty assistance to
poor.

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