Question

'Development is the development of man, it is human being centered'. Economic development is economic growth plus positive changes in the factors or indicators of well being of the masses.

Explain economic growth and examine or discuss some of the factors or indicators of which positive changes will bring about economic growth and lead to economic development.

Hints- examples of the factors or indicators include: physical capital per worker, human capital per worker, natural resources per worker, technological knowledge, savings and investment, diminishing returns and catch-up-effect, free trade and investment from abroad, quality of education and teachers per student, access to education, access to health care and quality of health care, doctors/medical personnel per citizen, quality nutrition and child malnutrition, access to clean drinking water, leisure, access to electricity, available paved roads and other infrastructures, bureaucratic corruption and integrity of public official, property rights and political stability, enforcement of contracts, access to television, computers, telephones, internet, infant mortality rates, maternal mortality rates, population growth, research and development.

Answer 1

Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries. The concept, however, has been in existence in the West for centuries. "Modernization, "westernization", and especially "industrialization" are other terms often used while discussing economic development. Economic development has a direct relationship with the environment and environmental issues.[

Whereas economic development is a policy intervention endeavor with aims of improving the economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP.

The scope of economic development includes the process and policies by which a nation improves the economic, political, and social well-being of its people.

The University of Iowa's Center for International Finance and Development states that:

'Economic development' is a term that economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries. Modernization, Westernisation, and especially Industrialisation are other terms people have used while discussing economic development. Economic development has a direct relationship with the environment.

Although nobody is certain when the concept originated, some people agree that development is closely bound up with the evolution of capitalism and the demise of feudalism.

Mansell and When also state that economic development has been understood since the World War II to involve economic growth, namely the increases in per capita income, and (if currently absent) the attainment of a standard of living equivalent to that of industrialized countries.[3][4] Economic development can also be considered as a static theory that documents the state of an economy at a certain time. According to Schumpeter and Backhaus (2003), the changes in this equilibrium state to document in economic theory can only be caused by intervening factors coming from the outside.

Technological environment refers to the state of science and technology in the country and related aspects such as rate of technological progress, institutional arrangements for development and application of new technology, etc.

According to the well known economist J.K. Galbraith, technology means, “systematic application of scientific or other organised knowledge to practical tasks”.

Technology comprises of both machines (hard technology) and scientific thinking (soft technology) used to solve problems and promote progress. It consists of not only knowledge and methods required to carry on and improve production and distribution of goods and services but also entrepreneurial expertise and professional know how. Technology includes inventions and innovations.

The main features of technological environment are as follows :

Technological environment is a component of macro or indirect action environment.

Technological environment changes very fast.

Technological environment affects the manner in which the resources of the economy are converted into output.

Technological environment is self reinforcing. An invention in one place leads to a sequence of inventions in other places.

International agreements generally go through the following progression, with some exceptions for different types of agreements:

Exploratory discussions

Negotiations

Concluded negotiations

Signed

In force

Below you can read about what each stage means and learn what the exceptions are.

1) Exploratory discussions

For free trade agreements (FTA) and foreign investment promotion and protection agreements (FIPA), exploratory discussions are often the first step countries take to figure out what could be included in an agreement. Using economic modelling tools such as feasibility or joint studies, they determine if there would be enough interest or economic benefit in entering into an FTA or FIPA. They are not negotiations, and do not guarantee that the parties will decide to launch negotiations.

2) Negotiations

Negotiations are launched once a negotiating mandate is approved. The negotiating teams are led by a chief negotiator and include experts covering all topics under negotiation. The pace and duration of negotiations varies according to each initiative.

Some agreements generally begin directly with negotiations and do not have formal exploratory discussions. These include plurilateral agreements, World Trade Organization (WTO) agreements and mutual recognition agreements or arrangements (MRA).

3) Concluded negotiations

Negotiations conclude once the parties arrive at consensus on all elements of an agreement. The draft text of the agreement must then be reviewed by lawyers, translated and go through the domestic approval process of each party.

4) Signed

The agreement is signed by all parties after the domestic approval process is completed. Canada’s Minister of Foreign Affairs, or a person the minister designates, can sign the agreement after getting policy approval from Cabinet and legal authority through an order in council.

5) In force

Typically, an agreement will enter into force once parties to the agreement have completed their internal ratification processes and informed each other that they are ready for the agreement to enter into force.

In Canada, the ratification process begins with the agreement being tabled in the House of Commons for 21 days for consideration and debate. Implementing legislation is also normally required and will be reviewed and passed by Parliament in order to receive royal assent. Once the Government of Canada satisfies its legislative requirements and regulatory changes have been made, the agreement can enter into force. This is subject to an order in council which provides authority to the Government of Canada to complete steps to bring the treaty into force.

In the case of FTAs, the agreements can have provisions that are implemented in stages. For example, tariffs can be slowly phased out, quotas modified and regulations adjusted over time. “Full implementation” occurs when the longest tariff phase-outs or other transition measures in the agreement have been completed.

For plurilateral agreements or multilateral agreements, there are sometimes specific thresholds, such as requiring ratification by a certain number of countries, before the agreement can enter into force.

Finally, mutual recognition arrangements, which are not legally binding, are not subject to a ratification process. By contrast, mutual recognition agreements are legally binding and so have to be ratified.

Internet television (or online television) is the digital distribution of television content, such as TV shows, via the public Internet (which also carries other types of data), as opposed to dedicated terrestrial television via an over-the-air aerial system, cable television, and/or satellite television systems. It is sometimes called web television, though this phrase is also used to describe the genre of TV shows broadcast only online.

the sources of corruption: where does it come from, what are the factors that have nourished it and turned it into such a powerful impediment to sustainable economic development? Economists seem to agree that an important source of corruption stems from the distributional attributes of the state. For better or for worse, the role of the state in the economy has expanded in a major way over the past century. In 1913 the 13 largest economies in the world, accounting for the bulk of global economic output, had an average expenditure ratio in relation to GDP of around 12%. This ratio had risen to 43% by 1990, with many countries’ ratios well in excess of 50%. This rise was associated with the proliferation of benefits under state control and also in the various ways in which the state imposes costs on society. While a larger state need not necessarily be associated with higher levels of corruption—the Nordic countries illustrate this—it is the case that the larger the number of interactions between officials and private citizens, the larger the number of opportunities in which the latter may wish to illegally pay for benefits to which they are not entitled, or avoid responsibilities or costs for which they bear an obligation.

Governing often translates into the issuing of licenses and permits. From the cradle to the grave, the average citizen has to enter into transactions with some government office or bureaucrat to obtain a birth certificate, to get a passport, to pay taxes, to open up a new business, to drive a car, to register property, to engage in foreign trade, to sell a good or service to the government, to hire an employee, to be allowed to build a house, among countless others. The World Bank’s Doing Business Report has become a useful annual compendium of the burdens of business regulation in 189 countries. The picture that emerges from the report for a large number of countries is a sobering one. Go to the report’s website and see why in so many parts of the world businesses endure numbing levels of bureaucracy and red tape. In fact, the data in the report eloquently highlights the extent to which many governments discourage the development of entrepreneurship in their own private sectors. Not surprisingly, the prevalence of corruption is highly correlated with the incidence of red tape and excessive regulation. The figure below shows the country rankings for Transparency International’s latest Corruption Perceptions Index and the rankings for DB 2014 for a total of 175 countries. The figure speaks for itself: the greater the extent of bureaucracy and red tape, the greater the incidence of corruption—the correlation coefficient is close to 0.80.

enforcement

The ability to enforce contracts and resolve disputes is fundamental for markets to function properly. Good contract enforcement practices enhance the predictability of commercial relationships and reduce uncertainty by assuring firms and individuals that their contractual rights will be upheld efficiently by local courts. In some countries, even though there are comprehensive laws in place to govern the settlement of contractual disputes, courts are highly inefficient, costly to use, or plagued with corruption. Therefore, besides the existence of contract law, equally important are the legal institutions that support its effective implementation. These legal institutions comprise the organization of courts, an independent and competent judiciary, the legal profession, the enforcement services, and the process of law making itself.

When procedures for enforcing commercial transactions are bureaucratic and cumbersome or when contractual disputes cannot be resolved in a timely and cost effective manner, economies become less efficient. Weak contract enforcement systems slow down trade, investment and economic growth more generally. They also represent a strong obstacle for innovation and entrepreneurship. For instance, under these conditions, firms will rely more heavily on long-term, personalized relationships with their suppliers or consumers to avoid risks. This will reduce potentially the capacity of new innovative firms to enter the market. Banks will also be more conservative and reduce their financing for new investments. Weak enforcement systems are particularly negative for entrepreneurship, since new business ventures without a record in the market will find it harder to obtain finance from banks and to obtain credit from their suppliers, in addition to the uncertainty involved in securing their own revenues (Ardagna and Lusardi, 2008).

In recent years some countries created specialized commercial courts, while others overhauled the organization of their courts or their system of judicial case management for commercial dispute resolution. The use of ICT can also contribute significantly to improving the enforcement of contracts, allowing litigants to file complaints electronically in commercial cases. This can speed up the filing and service process while enhancing transparency and limiting opportunities for corruption in the judiciary. The use of computerized systems for case management has proved to be an effective tool for reducing procedural delays at court and for monitoring the performance of judges and court officers. Besides formal systems of contract enforcement through the judiciary system, alternative dispute resolution systems can contribute to a more timely enforcement of contract with lower costs. This includes arbitration, mediation and conciliation hearings by industry bodies, specialized agencies or third party evaluators, conducted at the national or international level.

Finally, measuring conditions for contract enforcement is equally important. The World Bank’s Doing Business rankings contain a ranking on contract enforcement that focuses on how public institutions function in the case of commercial disputes. This indicator measures the time, cost and procedural complexity of resolving a commercial lawsuit between two domestic businesses. The data are collected through a study of the codes of civil procedure and other court regulations as well as surveys completed by local litigation lawyers and by judges. The Doing Business report also monitors countries’ initiatives and best practices to improve the enforcement of contracts.

In biology or human geography, population growth is the increase in the number of individuals in a population.

Global human population growth amounts to around 83 million annually[1], or 1.1% per year. The global population has grown from 1 billion in 1800 to 7.6 billion[2] in 2017. It is expected to keep growing, and estimates have put the total population at 8.6 billion by mid-2030, 9.8 billion by mid-2050 and 11.2 billion by 2100[3]. Many nations with rapid population growth have low standards of living, whereas many nations with low rates of population growth have high standards of living.

Mortality rate, or death rate,[1] is a measure of the number of deaths (in general, or due to a specific cause) in a particular population, scaled to the size of that population, per unit of time. Mortality rate is typically expressed in units of deaths per 1,000 individuals per year; thus, a mortality rate of 9.5 (out of 1,000) in a population of 1,000 would mean 9.5 deaths per year in that entire population, or 0.95% out of the total. It is distinct from "morbidity", which is either the prevalence or incidence of a disease,[2] and also from the incidence rate (the number of newly appearing cases of the disease per unit of time).

In the generic form, mortality rates are calculated as:

{\displaystyle d/p*10^{n}} {\displaystyle d/p*10^{n}}

where d represents the deaths occurring within a given time period and s represents the size of the population in which the deaths occur.