We are faced with numerous issues that are, or potentially, dangerous - climate
ID: 1108787 • Letter: W
Question
We are faced with numerous issues that are, or potentially, dangerous - climate change, increasing scarcity of natural resources, terrorism, economic collapse, income distribution and poverty. It is impossible for people to avoid the consequences of globalization. Economic developmentis, as we know much more complex than economic growth. Discuss the microfinance, sustainable development, and education, and examine the Solow Model and how to predict the economic development. We are faced with numerous issues that are, or potentially, dangerous - climate change, increasing scarcity of natural resources, terrorism, economic collapse, income distribution and poverty. It is impossible for people to avoid the consequences of globalization. Economic developmentis, as we know much more complex than economic growth. Discuss the microfinance, sustainable development, and education, and examine the Solow Model and how to predict the economic development.Explanation / Answer
Microfinance is loans given to small and poor enterpreneurns who didn't have ascess to financial services such as banking.
Sustainable Development advocates the mode of development such that the needs of future genrations are not compromised . It advocates wise and judicious use of resources.
Education is most vital for development of country. Good education will lead to the development of human capital and higher level of innovation of country.
Solow model is a neoclassical growth model which looks at how country will grow in long and short run given savings rate, population growth rate, technology growth rate etc. Solow model depicts how for a given savings rate and the depreciation and other fritictions to capital growth determine the shortrun and long run level of economic growth measured by GDP/Y. Microfinance is a one time thing where the investment function and the production function in the economy will result in a one time level effect in the economy thus increasing the economic growth.
Sustainable development and education have a growth effect on the economy thus increasing the economic growth.
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