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economic development

Economic Development planning determines where a country is going over a period of time (for example the next five years or more), how it is going to get there and how it'll know if it got there or not. The focus of a national development plan is usually on the entire economy of a nation as a whole. There are a variety of perspectives, models and approaches used in strategic national development planning. The way that a national development plan is developed depends on the nature of the nation’s leadership, culture of the society, complexity of the nation's economic environment, size of the nation and expertise of planners. The Markovian model determines the economy’s future income distribution, the Leontief model estimates the impact of growth or dynamic change of one industry on the entire economy, the Kooros model determines the need for resources, allocation to each economic sector and overall economic development objective, the Harrod – Dammar explains an economy's growth rate in terms of the level of saving and productivity of capital while the Threshold 21 model is designed to cover the most common long-term issues countries encounter in the development process. Each model provides a unique solution to the problem on hand, and therefore they are complimentary, rather than conflicting or competitive.

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Preview of the essay: economic development

QUESTION Using practical examples of a country you are familiar with, critically discuss why developing countries construct development plans and what is the significance of planning models for the economic development of developing countries. Your essay should clearly show the link between planning models and economic development as well as their measurement. INTRODUCTION Many countries aspire to formulate economic development strategies to improve their quality of life for their people. Economic development, distinguished from economic growth, results from an assessment of the economic development objectives with the available resources, core competencies, and the infusion of greater productivity, technology and innovation, as well as improvement in human capital, resources, and access to large markets. Development in any developing country is achieved by means of developing plans that are constructed to guide policy formulators and decision makers to establish a blueprint for national development as well as a framework for performance measurement and management of national development plans. This paper describes some complementary approaches to economic development such as the Markovian, Kooros, Harrod – Dammar, Leontief and the Threshold 21(T21) Models to meet the needs of economists and developmental planners. DEVELOPMENT ...

... International Finance and Development states that: 'Economic development' is a term that economists, politicians, and others have used frequently in the 20th century. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used when discussing economic development. Although no one is sure when the concept originated, most people agree that development is closely bound up with the evolution of capitalism and the demise of feudalism.’
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Public Economy


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