The Art of Economic Development

This article about Economic Development (Copy Paste from Wikipedia). Try to makes note after read from wikipedia.

Term in Economic Development (wikipedia)

The standard of living

Economic health

development of human capital

critical infrastructure

regional competitiveness

environmental sustainability

social inclusion

health

safety

literacy

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.

President Harry Truman

Economic development originated in the post war period of reconstruction initiated by the US. In 1949, during his inaugural speech, President Harry Truman identified the development of undeveloped areas as a priority for the west:

... What we envisage is a program of development based on the concepts of democratic fair dealing ... Greater production is the key to prosperity and peace. And the key to greater production is a wider and more vigorous application of modem scientific and technical knowledge.

There have been several major phases of development theory since 1945. From the 1940s to the 1960s the state played a large role in promoting industrialization in developing countries, following the idea of Modernization theory

Neo-liberalism emerged in the 1980s pushing an agenda of free trade and Import Substitution Industrialization.

Concisely, the relationship between human development and economic development can be explained in three ways.

First, increase in average income leads to improvement in health and nutrition (known as Capability Expansion through Economic Growth).

Second, it is believed that social outcomes can only be improved by reducing income poverty (known as Capability Expansion through Poverty Reduction).

Lastly, social outcomes can also be improved with essential services such as education, healthcare, and clean drinking water (known as Capability Expansion through Social Services).

Economic Development Organization

Figure

Amartya Sen

Joseph Schumpeter

Harry Truman

Albert O. Hirschman

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The Art of Economic Development.

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