economic development
Economic Development
Readers and viewers must know the basic concepts and principles of economic development. After this, will be economic problems and development strategies that is applied in this article. The next part is development policies and programs that has something to do with monetary and fiscal policies in. It will be discovered as a process for an economic planning towards developmental model. Last but not the least, will be the major issues in economic development.
According to Fajardo in his book, “Economic Development defines as a progressive process of improving human conditions such as reduction or elimination of poverty, unemployment, illiteracy, inequality, disease and exploitations. To understand this meaning carefully, it is an interaction of different factors”. The example of this is investing a rice harvest per hectare in your designated ranch, there are various inputs that are combined like fertilizers, insecticides, irrigation, technology, and many other things related to this example.
This development is based on the classifications of countries or what categories do they belong? The categories will be either highly developed countries, intermediate countries, or they belong to less developed countries.
It has also a problem like humans. There is a saying, ” If there is a problem, there is a solution”
This development will also give information and at the same time enumerated some countries from different continents that gives economic status of how they performed in their gross national product and gross domestic product.
They must have feedbacks of World History because this will be based on their economic status of how does it developed in the past?
After I end this composition of this article, this is just only the beginning of my content in writing the economic development.
Literacy and Economic Development
An Educated country is a developed country. Literacy level plays a major role in the economic development of a nation. If people are literate, then there will be minimum violence in the country. Literacy leads to good employment opportunities. If literacy level is high in a nation, then there will be more number of entrepreneurs and the flow of money will be huge. If new enterprises come up, the economy of the country grows with the amount of tax collected. New enterprises lead to more employment generation and in turn reduce the unemployment rate. A Nation with a low unemployment rate will develop very rapidly. Let’s elaborate on the above.
Literacy level is directly related to economic development. The cycle goes like this Literacy leads to rise of entrepreneurs and new enterprises which in turn provide employment and there will be huge demand for employment. When there is demand for employment, there will be a huge rise in the number of schools and colleges. When there are more number of schools, public can get easy access to schools and colleges at affordable costs. In this manner all will get education and the literacy level will go up. The demand in the industry is directly relational to the demand in the education sector and in turn directly related to literacy level and vice versa. This is a circular flow of activities depicted in the diagram below. The literacy level will make the nation in demand. Recently, the economic growth of INDIA and CHINA are mainly due to the rapidly growing literacy level in these countries.
In the case of literacy level, both supply and demand are increasing rapidly in INDIA and CHINA. The Population of both the countries is increasing and the education sector is increasing and the literacy level is increasing and with it the economy of both these nations are booming. Still, the beautiful aspect of both these nations is although the supply is increasing, the demand keeps on increasing and so far no saturation point has reached and it is expected to continue for the next ten years. Both the nations have a strong literate teenage group and that is the power of these nations growing into knowledge packed zones.
2010 Trends in Economic Development
One of the biggest challenges of economic development is getting jobs into the area, and since we are in a jobless recovery, and the stimulus package whereas, it might have helped a little bit, it certainly is not providing very many jobs. Some economic development associations in some areas are trying to provide jobs in the alternative energy sector, or in green technologies, but none of that is moving very fast right now. Many believe things will not accelerate in that area until after 2015.
Most regions want to have clean industries. They do not want to have dirty manufacturing smokestack or polluting type industries. Most all of those major industries have moved to China anyway, where labor is cheaper and environmental controls are lax. All these trends right now in economic development should be expected to continue.
Before the big economic collapse in late 2008, many economic teams were trying to bring people back into the city and do downtown revitalization projects. However, with fewer people working, and the retail sector getting hammered, many of the restaurants, movie theaters, and downtown retail spaces now have “for lease” signs inside rather than any businesses that are providing jobs, or a significant tax base revenue for the local cities to continue.
Many enterprise zones or areas where the money taken in tax revenue was going back to the same area to promote economic development have failed. One of the biggest ones was on the North-side of the Las Vegas Strip, where things were going along good, and there was construction of new casinos, hotels, restaurants, entertainment facilities, and businesses. The entire project collapsed, and all the buildings stopped dead in its tracks; everyone was laid off.
One of the biggest problems now is local community banks are worried about their liquidity issues, and they don’t dare loan too much money for fear they might be closed or taken over. Until the commercial credit markets loosen up, and until we deal with the commercial real estate issues in our nation, economic development will be difficult, but not entirely impossible.
In 2010 you will see more attempt to unite the community and get the community involved, encouraging local citizens to participate and come out and support local businesses. You will also see more by local programs trying to make the situation better.
You will also see a lot more marketing and branding going on than usual. Because right now until commercial credit markets unfreeze, the only thing they can do that would be positive is to get the community involved supporting the local businesses and projects. I hope you will please consider this.