Economic and Human Development

Economic Development

Economic development can be defined as the ability of countries or regions to create wealth in order to promote and sustain prosperity and economic and social welfare of its inhabitants. It might be thought to economic development as the result of quantum leaps in a economic system rates facilitated by growth to have remained high over time and have helped maintain processes of capital accumulation. Obviously, the leaps are not given only if there are accumulations of a single quantitative variable, the jumps can be even external nature and not just rely on the internal conditions of a country. It is known the study of economic development as development economics (Sharps, p.89).

The policy points to the public generally constant and continuous economic growth and growth of the general economy so that 'developing countries' become 'developed countries'. The economic development procedure suppose that legal and institutional adjustment is made to provide incentive to support innovation and investment in order to create an competent system of production and allocation system for goods and services. To understand why now only 1/5 of the world is considered "developed" (mainly Japan, Europe, US, Canada , Australia, New Zealand , and a few others), you should be aware that the world, from the point of view of a developed country, is a world of poverty and scarcity , and therefore it is essential to recognize that it is not the other 4/5 of the world are delayed, it is rather that the first world has been the "miracle" development of the industry - capitalist that originated in Great Britain by the end of Eighteenth and the beginning of s. XIX and then spread to other countries in the First World (Galbraith, p.85).

Human Development Report

Human development means, everything that enables people to lead a ...