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Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether ...
Daphne Greenwood and Richard Holt distinguish economic development from economic growth on the basis that economic development is a "broadly based and sustainable increase in the overall standard of living for individuals within a community", and measures of growth such as per capita income do not necessarily correlate with improvements in ...
Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run ...
The economic growth rate is typically calculated as real Gross domestic product (GDP) growth rate, real GDP per capita growth rate or GNI per capita growth. The "rate" of economic growth refers to the geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents ...
The Harrod–Domar model is a Keynesian model of economic growth. It is used in development economics to explain an economy's growth rate in terms of the level of saving and of capital . It suggests that there is no natural reason for an economy to have balanced growth.
The Solow–Swan model or exogenous growth model is an economic model of long-run economic growth.It attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity largely driven by technological progress.
It is widely accepted that inclusive growth is practically challenging to be achieved in real world. [8] On the one hand, there is a lack of a comprehensive and worldly recognised set of standards to systematically measure the inclusiveness of growth, which makes data collection and policy evaluation difficult. [9]
Economic Development and Cultural Change (EDCC) is a peer-reviewed journal that publishes studies that use modern theoretical and empirical approaches to examine both the determinants and the effects of various dimensions of economic development and cultural change.
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