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Economic Development

  • Economic development is a normative concept i.e. it applies in the context of people’s sense of morality (right and wrong, good and bad).
  • The definition of economic development (as given by Michael Todaro) is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice.
  • The most accurate method of measuring development is the Human Development Index which takes into account the literacy rates & life expectancy which affect productivity and could lead to Economic Growth.
  • It also leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment.
  • It implies an increase in the per capita income of every citizen.
  • Measures of economic development will look at:

  Real income per head – GDP per capita

  Levels of literacy and education standards

  Levels of health care e.g. number of doctors per 1000 population

  Quality and availability of housing

  Levels of environmental standards

  Life expectancy

 

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