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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 ...
The economic side of Sen's work can best be categorized under welfare economics, which evaluates the effects of economic policies on the well-being of peoples. Sen wrote the influential book Development as Freedom which added an important ethical side to development economics .
The Big Push Model is a concept in development economics or welfare economics that emphasizes the fact that a firm's decision whether to industrialize or not depends on the expectation of what other firms will do.
Johnson defined the developmental state as a state that is focused on economic development and takes necessary policy measures to accomplish that objective. He argued that Japan's economic development had much to do with far-sighted intervention by bureaucrats, particularly those in the Ministry of International Trade and Industry (MITI).
The O-ring theory of economic development is a model of economic development put forward by Michael Kremer in 1993, [1] which proposes that tasks of production must be executed proficiently together in order for any of them to be of high value. The key feature of this model is positive assortative matching, whereby people with similar skill ...
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 growth rate of an economy depends on policy measures.
David Korten claims that people-centered development is the only way to develop sustainable communities. [6] He criticized the common development practice of increased economic output through natural resource depletion. [6] Korten also advocates sustainability in the financing of development projects and the relationships of external assistance.
Economic methodology is the study of methods, especially the scientific method, in relation to economics, including principles underlying economic reasoning. [1] In contemporary English, 'methodology' may reference theoretical or systematic aspects of a method (or several methods).