The characteristics of Economic Development A country or a society’s economic development is usually associated with rising incomes and related increases in consumption, savings, and investment. Surely, there is far more to economic development than income growth; for if income distribution is profoundly swerved, growth may not be conducted by much progress towards the aims that are usually connected with economic development. But what other characteristics are linked with economic development?
Low levels of poverty, hunger and malnutrition, severe infectious diseases, homelessness, crime, corruption. High levels of income, of consumption, saving and investment, of employment. Universal access to social safety gains for the unemployed and people on low incomes, to health care, to primary and secondary education, services, to good public services such as police, firemen, etc. Extensive access to good housing infrastructure, road and transport infrastructure, public utilities (electricity, water and sanitation, telephones).
Economic development is also related to economic growth, inflation, gross debt, unemployment and budget deficit. If we look at the table made during class, the USA in 2007, the appraisal 1. 8 of 2007, it is low because of the supreme mortgage crisis. Japan’s 2. 2 is given by technological investments. In 2009, Japan’s economic growth was low
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Japan’s budget deficit of the ass was caused by the high spending in order to help, people as that were the time of the notorious recession. And that is why Japan had such a soaring gross debt (the government was full of debts). Drawing concern to this aspects of economic development is very important, it shows how economic analysis can guide us to understand the main themes of this century – poverty and inequality, globalization and trade, and the deterrent experience to success and breakdown in the economies of different regions of the world. AY Shard All