Global Economic Development Essay Example | Topics and Well Written Essays - 3000 words

Global Economic Development - Essay Example Countries that increase their Income but do not also raise life expectancy, reduce infant mortality, and increase literacy rates are missing out of some important aspects of development. The economic development of a country is defined as the development of the economic wealth of the country. Economic development is a maintainable boost in the standards of living of the people of a country. It implies an increase in the per capita income of every citizen. In the long run, economic development implies that there has been creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment. Economic development is aimed at the overall well-being of the citizens of a country, as they are the ultimate beneficiaries of the development of the economy of their country. Michael P. ... ic and social choices available to individuals and nations by freeing them from servitude and dependence not only in relation to other people and nation-states but also to the forces of ignorance and human misery† Economic growth, usually expressed in terms of the gross domestic product or GDP of the country, refers to a rise in national or per capita income and product. If a production of goods and services in a country rises, ultimately means an increase in the overall income and the overall consumption of goods and services in the economy (Wolf, 2005). Economic growth can be either positive or negative. Negative growth can be referred to by saying that the economy is shrinking. Negative growth is associated with economic recession and economic depression. Economic growth is a narrower concept than economic development. It is defined as the increase in the value of goods and services produced by every sector of the economy. Experts have analyzed economic growth in various way s but the main difference lies in the fact that economic growth is generally measured with the mean of percentage. For example, GDP of a country is an example of economic growth (Parkin, 2008). The example of economic development can be social and/or financial development of the country, which is difficult to measure quantitatively. This is why economic growth is part of economic development; it helps to measure some of the whole system. Another difference between these two concepts is the type of changes. In economic growth, it takes only quantitative changes under considerations to determine the growth of an economy. For example the annual income of a country is a quantitative change and can indicate an economic growth if it has increased over time. Economic development, however, takes both