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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.
In critical theory, power-knowledge is a term introduced by the French philosopher Michel Foucault (French: le savoir-pouvoir).According to Foucault's understanding, power is based on knowledge and makes use of knowledge; on the other hand, power reproduces knowledge by shaping it in accordance with its anonymous intentions. [1]
Where there is an imbalance between economic growth and social progress, political instability and unrest often arise. Lagging social progress also holds back economic growth in these and other countries that fail to address human needs, build social capital, and create opportunity for their citizens. [11]
Structuralism is a development theory which focuses on structural aspects which impede the economic growth of developing countries. The unit of analysis is the transformation of a country's economy from, mainly, a subsistence agriculture to a modern, urbanized manufacturing and service economy .
The concept of human development expands upon the notion of economic development to include social, political and even ethical dimensions.Since the mid-twentieth century, international organisations such as the United Nations and the World Bank have adopted human development as a holistic approach to evaluating a country’s progress that considers living conditions, social relations ...
Development in all these sectors is governed by the same principles and laws, and therefore the term applies uniformly. Economic development and human development need not mean the same thing. Strategies and policies aimed at greater growth may produce greater income in a country without improving the average living standard.
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 ...
standard of living measured as a logarithmic function of GDP, adjusted to purchasing power parity. The NHI focuses on the spiritual and material development of human beings by focussing on the four pillars of sustainable development, preservation of cultural values, conservation of natural resources and establishment of good governance.