Question

Why is it important to consider the different scholarly and cultural contributions in the development of economic understanding and expression?

Answer 1

Cultural contributions in the development economic understanding and expression because the branch of economics that studies the relation of cultural to economic outcomes . Here we can define culture is defined by shared beliefs and preferences of respective groups . As a growing field in field in behavioral economics ,the role of culture in economic behavior is increasingly being demonstrate to cause significant differentials in decision making and the management and valuation of assets.Programmatics issues include whether and how much culture matters as to economic outcomes and what its relation is to institution.

Development economics focuses on the scholarly forces that raise per capita income .A key factors in this process is the growth generation reallocation of labor and capital among sectors ,an aspect missed completely by all version of neoclassic growth theory. The relevance of our discipline to development policy remains undiminished by greater recognition of market forces and freer international trade to maximize social welfare . Development economics , however ,needs to be guided by consequentialist ethical philosophy to emphasize a fairer distribution of the fruits of economic progress both nationally and internationally and more generally to promote human development.