-How do you distinguish between the concept of development economics and that of
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Question
-How do you distinguish between the concept of development economics and that of traditional economic growth? Do you agree with the notion of many economists who contend that the development economics is greater in scope than traditional economics? Why or why not? Give example (s) of specific country case studies as part of your answer.
-What do you consider to be the most important of 8 millennium development goals and why? Did the MDGs achieve its goals so far? Why or why not? Give example (s) of specific country case studies as part of your answer.
-What are the most important characteristics that might have considered cause and effect relations in explaining slow pace of economic development of low-income countries? Give relevant data in supporting your logics for specific country study.
-How do you measure poverty, poverty gap and income inequality? Provide some numerical data of your country case study as part of your explanations.
Explanation / Answer
Development economics is a new branch of economics that deals with economic aspects of economics feild of study tfor the development of low income economies.
Not only the economic strength and growth is focussed by increasing GDP or other indidcators rather focus is to have base changes like structural changes such as improving health, education etc i norder to have development from deep roots in the economies.
The traditional economics deals with efficiency. It suggests how scarce resources can be employed in best possible manners and with such allocation producing an expanding range of goods and services to suffice economoc growth. This branch does not deal with other social aspects of development like that of education, health etc.
So the basic differnce is that the development economics extends over the traditional economics in terms that the development econmics not only focuses on efficeinct allocation and sustained grwoth of resources (as what traditional econmics does) but alo have concerns for social, institutional, political and economic improvemnet to improve living of standards of mass poor of low income economies.
As we see that development economies not focus on growing and sustaining resources but also incolves social, institutional, political and economics mechanism to nring improvement thus it is broader in concept than the traditional.
For example, traditional economics will tell countries like US and UK that how to sustain the current resources like in which industries to invest how to allocate resources etc to bring growth. But development economics has made contribbution in development of countries like India where structural changes were bought. Economists like Amartya Sen proposed such modifications like changes in education and other sectors to bring change in economic performace.
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