Economic development - Wikipedia. Economic development is the process by which a nation improves the economic, political, and social well- being of its people. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used while discussing economic development. Economic development has a direct relationship with the environment and environmental issues. Whereas economic development is a policy intervention endeavor with aims of economic and social well- being of people, economic growth is a phenomenon of market productivity and rise in GDP. Consequently, as economist Amartya Sen points out, . The concept, however, has been in existence in the West for centuries. Modernization, Westernisation, and especially Industrialisation are other terms people have used while discussing economic development. Measurement and Evaluation in Counseling and Development. The articles in Measurement and Evaluation in Counseling and Development. Understanding and using Performance Measurement Tools in management practice. Change Approach; Change Mgt; Reengineer Reporting; Who We Are. About Us; Development. The Dashboard is often used in Business. Economic development has a direct relationship with the environment. Although nobody is certain when the concept originated, some people agree that development is closely bound up with the evolution of capitalism and the demise of feudalism. According to Schumpeter and Backhaus (2. In 1. 94. 9, during his inaugural speech, President Harry Truman identified the development of undeveloped areas as a priority for the west. Their food is inadequate, they are victims of disease. Their economic life is primitive and stagnant. Their poverty is a handicap and a threat both to them and to more prosperous areas. For the first time in history humanity possesses the knowledge and the skill to relieve the suffering of these people .. I believe that we should make available to peace- loving peoples the benefits of our store of technical knowledge in order to help them realize their aspirations for a better life. Greater production is the key to prosperity and peace. And the key to greater production is a wider and more vigorous application of modem scientific and technical knowledge. From the 1. 94. 0s to the 1. This period was followed by a brief period of basic needs development focusing on human capital development and redistribution in the 1. Neoliberalism emerged in the 1. Import Substitution Industrialization policies. In economics, the study of economic development was borne out of an extension to traditional economics that focused entirely on national product, or the aggregate output of goods and services. Economic development was concerned in the expansion of people.
Hirschman, a major contributor to development economics, asserted that economic development grew to concentrate on the poor regions of the world, primarily in Africa, Asia and Latin America yet on the outpouring of fundamental ideas and models. Therefore, economic development encompasses both growth and welfare values. Dependency theorists argue that poor countries have sometimes experienced economic growth with little or no economic development initiatives; for instance, in cases where they have functioned mainly as resource- providers to wealthy industrialized countries. There is an opposing argument, however, that growth causes development because some of the increase in income gets spent on human development such as education and health. According to Ranis et al., economic growth and development is a two- way relationship. According to them, the first chain consists of economic growth benefiting human development, since economic growth is likely to lead families and individuals to use their heightened incomes to increase expenditures, which in turn furthers human development. At the same time, with the increased consumption and spending, health, education, and infrastructure systems grow and contribute to economic growth. Effective management through measurement Managing software development is difficult for project managers with any. Typically, when project managers rely on team members. In addition, throughout the project, executives. In addition to increasing private incomes, economic growth also generate additional resources that can be used to improve social services (such as healthcare, safe drinking water, etc.). By generating additional resources for social services, unequal income distribution will be mitigated as such social services are distributed equally across each community, thereby benefiting each individual. Concisely, the relationship between human development and economic development can be explained in three ways. First, increase in average income leads to improvement in health and nutrition (known as Capability Expansion through Economic Growth). Second, it is believed that social outcomes can only be improved by reducing income poverty (known as Capability Expansion through Poverty Reduction). Lastly, social outcomes can also be improved with essential services such as education, healthcare, and clean drinking water (known as Capability Expansion through Social Services). John Joseph Puthenkalam's research aims at the process of economic growth theories that lead to economic development. After analyzing the existing capitalistic growth- development theoretical apparatus, he introduces the new model which integrates the variables of freedom, democracy and human rights into the existing models and argue that any future economic growth- development of any nation depends on this emerging model as we witness the third wave of unfolding demand for democracy in the Middle East. He develops the knowledge sector in growth theories with two new concepts of 'micro knowledge' and 'macro knowledge'. Micro knowledge is what an individual learns from school or from various existing knowledge and macro knowledge is the core philosophical thinking of a nation that all individuals inherently receive. How to combine both these knowledge would determine further growth that leads to economic development of developing nations. Yet others believe that a number of basic building blocks need to be in place for growth and development to take place. For instance, some economists believe that a fundamental first step toward development and growth is to address property rights issues, otherwise only a small part of the economic sector will be able to participate in growth. That is, without inclusive property rights in the equation, the informal sector will remain outside the mainstream economy, excluded and without the same opportunities for study. In the United States, Project Socrates outlined competitiveness as the driving factor for successful economic development in government and industry. By addressing technology directly, to meet customer needs, competitiveness was fostered in the surrounding environment and resulted in greater economic performance and sustained growth. Economic development typically involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. GDP does not take into account other aspects such as leisure time, environmental quality, freedom, or social justice; alternative measures of economic well- being have been proposed. Essentially, a country's economic development is related to its human development, which encompasses, among other things, health and education. These factors are, however, closely related to economic growth so that development and growth often go together. Due to globalization growth and development in those countries are interrelated to trends on international trade and participation in Global Value Chains (GVCs) and international financial markets. The last financial crisis had a huge effect on economies in developing countries. Economist Jayati Ghosh states that it is necessary to make financial markets in developing countries more resilient by providing a variety of financial institutions. This could also add to financial security for small- scale producers. Such efforts include monetary and fiscal policies, regulation of financial institutions, trade, and tax policies. Programs that provide infrastructure and services such as highways, parks, affordable housing, crime prevention, and K. This third category is a primary focus of economic development professionals. One growing understanding in economic development is the promotion of regional clusters and a thriving metropolitan economy. Currencies are often either under- valued or over- valued, resulting in trade surpluses or deficits. Organization. The practitioners have two key roles: one is to provide leadership in policy- making, and the other is to administer policy, programs, and projects. Economic development practitioners generally work in public offices on the state, regional, or municipal level, or in public. These economic development organizations function as individual entities and in some cases as departments of local governments. Their role is to seek out new economic opportunities and retain their existing business wealth. There are numerous other organizations whose primary function is not economic development that work in partnership with economic developers. They include the news media, foundations, utilities, schools, health care providers, faith- based organizations, and colleges, universities, and other education or research institutions. International Economic Development Council. With over 4,5. 00 members across the US and internationally, serving exclusively the economic development community, IEDC membership represents the entire range of the profession ranging from regional, state, local, rural, urban, and international economic development organizations, as well as chambers of commerce, technology development agencies, utility companies, educational institutions, consultants and redevelopment authorities. Many individual states also have associations comprising economic development professionals, who work closely with IEDC. Development indicators and indices. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidizes not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Income distribution. It is the average number of educated people as compared to other countries in the world. Common Performance Measurement Tools. Before we define Performance Measurement Tools, let's first understand what Performance Measurement is. Performance Measurement provides feedback to the manager on all aspects of the operation - resources, processes and consequences. It is the meeting point of strategy, decision making and organizational learning. Performance Measurement tools are means to that end. A Logic Model is a Performance Measurement tool used to map the relationship between organizational activities and impacts (i. Costing (ABC/ABB/ABM) provides the link between resources and processes. By mapping resources consumed to activities conducted (which have been mapped to results achieved by way of Logic Modeling) organizations are able to establish resources to results linkages. Quality Management Programs (e. TQM, Six Sigma, EFQM) are intended to improve the quality of manufacturing and service offerings. All these programs may be considered tools of Performance Measurement . For example, The Baldrige National Quality Program measures businesses in seven categories, and the EFQM in nine. The Balanced Scorecard, like the Logic Model, is a tool that provides a method of linking organizational strategies to activities and results. The Balanced Scorecard consists of a Strategy Map and linked measures and indicators. A Strategy Map is essentially a special kind of Logic Model depicting the organization from four distinct perspectives – the financial perspective, the customer perspective, the internal process perspective, and the growth perspective. The Performance Dashboard is a tool for organizing and providing ready access to performance information. The Dashboard is often used in Business Intelligence or Executive Information systems to allow easy monitoring of key performance indicators. A Data Collection Strategy is an framework that supports the collection and reporting of performance information. Typically, a Data Collection Strategy should identify and document data sources, data types, data collection frequency, data reporting frequency, and other information necessary to begin actual data collection. Note that it is critical to maintain this record; personnel change, and the person generating or collecting the data this year may not be there next year. Maintaining a record of the data collection process also helps ensure accuracy and consistency in performance reporting. This is especially important if the data is to be manipulated (i.
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