Economic Development Term Paper

Pages: 4 (1212 words)  ·  Bibliography Sources: ≈ 4  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics

Economic Development

The objective of this work is to define precisely what economic 'development' is through making an examination of the relationship that exists between economic development, economic growth and income. The question that will be answered are those of: "How would one characterize the importance of UNDP's Human Development Index (HDI) and the UN Millennium Goals (MDGS) This work will also discuss and analyzes some of the characteristics that are inherent in rapidly growing economies.

ECONOMIC 'DEVELOPMENT' DEFINED

Economic development is the term used to refer to the "development of the economic wealth of countries or regions for the well-being of their inhabitants." Economic development is evidenced when an increase in living stands is sustainable which "implies increased per capita income, better education and health as well as environmental protection." (Wikipedia, 2006)

Economic development is defined by the 'Economic Developers Association' as: "The process of developing and maintaining suitable economic, social and political environments, in which balanced growth may be realized, increasing the wealth of the community." (Economic Developers Association, 2003) Economic development is not static but is a "process." (Ibid) Within this process of economic development are "series of steps that build on each other to crate a desired product or outcome."

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Economic growth is determined by the community or region and experiences impacts upon its' successful implementation by the factors of: (1) available resources; and (2) desires of the community or region. Because economic development is a 'process' then the requirement of evaluation of the process exists. Periodic evaluation allows the adjustments that are necessary at each different stage to be made which allows for better use of resources and goal achievement.

Term Paper on Economic Development the Objective of This Work Assignment

In the work entitled; "Meeting the Demand for Skilled Workers in a Rapidly Growing Economy - Malaysia" published by the International Labor Office one of the characteristics of a rapidly growing economy is the lessening of unemployment and the addition of opportunities for workers. Furthermore, wages generally experience a rise. In rapidly expanding economies. Wages in Malaysia have risen by 10% annually for skilled and semi-skilled workers while wages for managers, technical workers and professionals rise by 7.5% and unskilled worker wages rose by 5%. In Malaysia the unemployment rates have fallen to below 3% during the last decade" while Stated within the report is that: "Malaysia's economy has experienced a sharp turnaround since the recession of 1985-1986." (2003) While the rise in wages and fall in unemployment rates is very positive the problem that exists in the economy of Malaysia in relation to wages is that There are many reasons for these wage patterns, not all of which have implications for vocational education and training. But studies show that the main reason for widening wage differentials is that the supply of skilled workers has not kept pace: managerial and technical workers have the lowest supply elasticity, followed by skilled, semi-skilled and unskilled workers. " (Ibid)

II. IMPORTANCE of the GOALS of UNDP and the UN MILLIENIUM

The traditional approach to economic development ahs was one that is one-dimensional in nature according to the Centre for Community Enterprise. Today's worked make sit a requirement that: "we can and must undertake something much bigger and more powerful; community economic development." (2006) CED is stated to be a process wherein the individuals on a local basis collaborate and partner in economic and business pursuits that are interactive directing the community toward growth through a process of wealth accumulation through business.

CED is characteristic by the following:

multi-functional, comprehensive strategy of on-going activities, in contrast to individual economic development projects or other isolated attempts at community betterment;

an integration or merging of economic and… [END OF PREVIEW] . . . READ MORE

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Economic Development.  (2006, September 22).  Retrieved May 28, 2020, from https://www.essaytown.com/subjects/paper/economic-development-objective-work/718265

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"Economic Development."  Essaytown.com.  September 22, 2006.  Accessed May 28, 2020.
https://www.essaytown.com/subjects/paper/economic-development-objective-work/718265.