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