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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 ...
e. Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. [1] Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP).
In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. The term has been used frequently in the 20th and 21st centuries, but the concept has ...
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 balanced growth theory is an economic theory pioneered by the economist Ragnar Nurkse (1907–1959). The theory hypothesises that the government of any underdeveloped country needs to make large investments in a number of industries simultaneously. [1] [2] This will enlarge the market size, increase productivity, and provide an incentive ...
Democracy and economic growth and development have had a strong correlative and interactive relationship throughout history. While evidence of this relationship's existence is irrefutable, [1] economists' and historians' opinions of its exact nature have been sharply split, hence the latter has been the subject of many debates and studies.
The environmental Kuznets curve (EKC) is a hypothesized relationship between environmental quality and economic development: various indicators of environmental degradation tend to get worse as modern economic growth occurs until average income reaches a certain point over the course of development.
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 ...
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