Discuss about the Export Instability and Economic Development.
The report will discuss in detail about the economic development which is based on the elaboration of the financial wealth which are associated with the countries or communities for the welfare of the people. It can be done from the policy perspectives or an economic development point of view (Blakely and Leigh, 2013). It can also be defined as some reasonable efforts that can help in improving the economic welfare and also improve the necessary quality of life for the society. This is done by developing or retaining work of people and also supporting incomes and the central base for tax (Coale and Hoover, 2015).
There are significant differences that exist between economic development and growth. The term growth in the economy is related to the rising of particular measures such as real kind of national income or gross domestic product. National income can be expressed regarding calculation of value added results which can be aggregated based on the local economic known as GDP. So when GDP of any country increases economists calls it economic growth (Blakely and Leigh, 2013). Also, the term economic development is something else and much more than economic growth (Blakely and Leigh, 2013). It means improvement in a various kind of indicators like literacy rates or life expectancy. In fact, it is considered as a measure based on economic welfare that does not base on significant aspects like leisure time, freedom, and social justice. On the other hand, economic growth of any particular measure is not enough for economic development.
The term economic development is often utilized in the local sense as well since it aims at recruitment of various operations in business to a particular region and it is based on the retention of business functions within a region or assisting in many new companies (Coale and Hoover, 2015).
Moreover, there are also the needs of many groups in a constituency that consistently guide economic developer and their action. For instance, when a local developer is functioning in the office of mayor then he can act towards diminishing the level of unemployment by gaining the attention of business which has the huge need for labor. The Economic Developer also works in the chamber of commerce which is mainly dominated by banks, utilities that will select producer with significant capital-based investments (Duflo, 2012). At the same time, an economic developer who is functioning for many state manufacturers will also lobby for increased workforce and training money. He will also focus on many new businesses particularly those who are based on intellectual property which is developed by the colleges. There are three vital areas in the concept of economic development discussed in detail as below:
These are the policies that any government takes to meet many broad economic based goals like stability in prices, high rate employment, increased tax base and growth related to sustainability. These kinds of efforts also consist of monetary as well as many fiscal policies; then there is regulation of many financial institutions and tax policies (Lockwood, 2015).
Programs and policies also provide a significant infrastructure and various kinds of services like parks, highways, housing and many education-based projects.
It is also directed towards the creation of job as well as retaining through some extraordinary efforts in finances, small new businesses, development in neighborhood and development in general. It also consists of retention of business and its overall expansion, transfer in technology, workforce training, and development in real estate. The third part is the primary attention of economic development working people (Lockwood, 2015).
The concept of economic development which is, therefore, is imperative for the economics on a society level, have also evolved in last few years into a full-fledged industry of high expertise and practitioners. There are two important roles for the professionals where one aims at providing leadership in the formulation of policies, and in other, there are administer program and projects. The professionals in this concept work in a public office or local level office or semi government company (MacBean, 2011). Such companies operate as single entities and in few cases as a department of a local body. The primary role is to seek out new kind opportunities and at the same time also retain the wealth in existing business.
There are more twenty thousand professional who work worldwide in the current highly specialized industry. The competition is intense between the states and communities. Primary attention is given too many functions which are undertaken by an organization that helps them compete and at the same time also sustain in the vibrant societies.
Also, the usage of community that is profiling for tools and database also calculate the assets of the community versus another kind of communities which also happens to a major factor of the concept of economic development. Creation of job, various economic output, and rise in taxable kind are many common types of tools that can be measured (MacBean, 2011). While focusing on the measurement, too much attention is also placed on the professional involved in economic development for not creating any jobs. But in reality, the economic developers do not participate in the creation of employment, but it facilitates the process for many existing businesses and new businesses. This is why it is important that economic developers must ensure there are enough economic and community-based development programs which help in assisting the business to accomplish the objectives. Such kinds of programs are commonly related to policies and can be domestic, statewide and also national in nature (Dobb, 2012).
Why have some countries have improved their living standard considerably over the last two decades while others continue to remain impoverished?
The main result of the world economy is expanding at a very fast rate in past many years; the advantages of development and growth have just reached the developing countries to a very limited rate. This is not because of any failure in developing countries since the group shares the concept of general economic expansion. The income per capita is also rising but at a low rate per year, but it can be faster than the past (Dobb, 2012). The overall failure lies in many distribution based patterns of previous development which left the poor groups primarily external to the sphere of expansion and improvement of material. There are two kinds of aspects in this concept. First is related to important kind of development which is recorded of the third world and it conceals the fact that many poor or developing countries contains and it is also based on the maximum concentration of the world, and this further leads to experience which will not increase much. Secondly, there is so many examples that the process of growth comes under way in many developing economies are such that overall incomes of poor group rise at a slower rate than the average (Sumner, 2012). The overall debate is also discussed around the design of different policies to offset different trends. Some proponents can be considered with the main aim to be the driver of development in some developing countries along with a particular kind of concession for the poor. Then there is other who provides a larger weight on different policies to improve the distribution internally which is based on income. There are certain differences in the growth and development of the economy. For this, one needs to take care of the regional sense as well the recruitment of the business operations, assisting in the expansions or the business retention. The economic models are set for act which leads to the decrease in the unemployment by attracting the needs of the labor. The work is also for the commercial chambers that is dominated by the banks, utilities or the other real estate agents. The economic developer tends to work on the state manufacturing association with lobbying for increase in the workforce training money. The economic development for any university is set through the policies that the government tends to undertake to meet the economic objectives like the stability of price, higher employment and the expansion of the tax based services. It also includes direct measurement which is done to satisfy the needs of disadvantaged groups (Sumner, 2012). The challenge has been discussed with many so far which qualitative in terms while trying to translate the international targets for removing the poverty rate into more particular strategy and where feasibility can be tested. The current situation also suggests a framework which is quantitative for analysis, and it also derives some most important conclusion from it (Bixler and Porse, 2011). However, it is not right for a statistical basis for an analysis which is formal of central relationships involved. Also, there has been a lot of progress in the past sometimes in many areas as well like:
The measurement and overall definition of many incidences of poverty are based on using the physical and monetary based indexes.
Internationally securing the comparable data on many income based level which is also based on comparisons associated with the purchasing power (Bixler and Porse, 2011).
Calculation of the distribution of consumption and revenue within some developing countries.
It can be concluded from some researchers that the comparison of many different approaches to reduction of poverty and rise in development also the implication for global and national actions (Bixler and Porse, 2011). The experimental nature is also considered, and it is based on the nature of some underlying assumptions which shows that it builds on the combination of many approaches. It is also related to national and international kind of actions which is more likely to gain success by decreasing the rate of poverty than just the exclusive dependence on any one of all. The process discussed helps in estimating the level of poverty in every country which utilizes an income level that shows some comparable levels related to purchasing power. It was found that use of any purchasing power ratios decreases the primary difference that exists between the cases based on poverty in developing countries compared to developing countries (Giddens, 2013).
The level of poverty in any country entirely based on two points- some incomes and the standard of inequality in the overall distribution. However, the estimated of growth in income are gaining popularity. There is a regular kind of time series where there are some reliable sources, and it also utilizes different comparable theories which are not present sometimes. There are some countries that can be observed for some time and when time series data is not available for single countries any assessment of transition in the distribution of income will help in the development, and it should be based on what is known as cross country information (Giddens, 2013). The underlying theme in the debate builds on the trends present in income distribution, and it is also based on the development of past which is accompanied by the rising in inequality where poor can gain advantages is low from current overall growth.
The concept of difference in income is there since ages, and the idea of globalization has gained a lot of force in the current world economy. There are some views which work as a process which is advantageous and is considered a key to coming economic development in the world. The concept is both inevitable and also irreversible. There is other who regards it with some amount of hostility; in fact, there is fear in some cases as well which is based on the increase in the level of inequality in nations, the threat to employment and standard of living and slow progress in society. It is important to understand some concept and aspects of globalization which focus on recognizing different methods in which different countries can tap the advantaged of the overall process while also remaining more realistic about the overall potential and risks associated with it (Chambers, 2014).
The concept of globalization also offers so many opportunities for world development in the real sense but is not evenly progressive. There are some countries which are becoming more and more integrated into the global economy quickly than other. Those countries that could integrate are the one that is on the path of faster growth and also reduced overall poverty. There are some outward based policies which are brought a lot of prosperity and dynamism. At the same time, when the living standard rises, it is possible to grow and develop from the democratic point of view, and economic issues like work standards and environment may reduce (Chambers, 2014).
The overall crisis in the market which are emerging during the time of the 1990s have made it evident that there is a considerable amount of risk in globalization and one can expect the high level or risk in it. Risk comes from changing capital movement and the overall risk of environmental issues or degradation in social and economic level which is caused because of poverty (Castles et al., 2013). In developed countries, there are many investors to embrace the transformations in policies to (or “intending to”) building a strong economy and a financial system which is stronger that can manufacture a rapid amount of growth and make sure that level of poverty can be decreased (Castles et al., 2013).
Conclusion
There is unparallel economic growth with global per capita GDP is rising at a very fast rate. However, the overall increase is not very steady and the strongest expansion and the time of quick expansion in trade were accompanied by a different kind of business and later considered as financial or liberalization. In the wartime, the world turned the back number of internationalism or concept of globalization and number of counties went into closed kind of economies where an idea of protectionism and pervasiveness in capital control was familiar (Castles et al., 2013). Significant factors were existing in devastation where the growth in per-capita income fell to very low percentage during the time of 1950 and before. For rest of the time, when the population grew at unparalleled speed, per capita income development was above two percent and fastest was the speed at the date of the boom in a post-world war in many industrial based countries (Castles et al., 2013).
Reference
Blakely, E.J. and Leigh, N.G., 2013. Planning local economic development. Sage.
Coale, A.J. and Hoover, E.M., 2015. Population growth and economic development. Princeton University Press.
Duflo, E., 2012. Women empowerment and economic development. Journal of Economic Literature, 50(4), pp.1051-1079.
Lockwood, W.W., 2015. Economic development of Japan. Princeton University Press.
MacBean, A., 2011. Export instability and economic development (Vol. 45). Routledge.
Dobb, M., 2012. Soviet economic development since 1917. Routledge.
Sumner, A., 2012. Where do the poor live?. World Development, 40(5), pp.865-877.
Bixler, H.J. and Porse, H., 2011. A decade of change in the seaweed hydrocolloids industry. Journal of Applied Phycology, 23(3), pp.321-335.
Giddens, A., 2013. The third way: The renewal of social democracy. John Wiley & Sons.
Chambers, R., 2014. Rural development: Putting the last first. Routledge.
Castles, S., De Haas, H. and Miller, M.J., 2013. The age of migration: International population movements in the modern world. Palgrave Macmillan.
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