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    Nature of Development Economics: Is Concerned Primarily With The Efficient, Least-Cost

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    Rio Albarico
    Development economics aims to efficiently allocate scarce resources and sustain growth over time to improve living standards for the masses. It must deal with economic, social, political and institutional mechanisms needed for large-scale improvements. The three core values of development are sustenance of basic needs, self-esteem and freedom from servitude. The three major objectives are to increase availability and distribution of basic goods, raise living standards through higher incomes, jobs and education, and expand economic and social choices by freeing individuals from dependence.

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    Nature of Development Economics: Is Concerned Primarily With The Efficient, Least-Cost

    Uploaded by

    Rio Albarico
    334 views2 pages
    Development economics aims to efficiently allocate scarce resources and sustain growth over time to improve living standards for the masses. It must deal with economic, social, political and institutional mechanisms needed for large-scale improvements. The three core values of development are sustenance of basic needs, self-esteem and freedom from servitude. The three major objectives are to increase availability and distribution of basic goods, raise living standards through higher incomes, jobs and education, and expand economic and social choices by freeing individuals from dependence.

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    I-Nature-of-Development-Economics

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    Development economics aims to efficiently allocate scarce resources and sustain growth over time to improve living standards for the masses. It must deal with economic, social, political and institutional mechanisms needed for large-scale improvements. The three core values of development are sustenance of basic needs, self-esteem and freedom from servitude. The three major objectives are to increase availability and distribution of basic goods, raise living standards through higher incomes, jobs and education, and expand economic and social choices by freeing individuals from dependence.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    334 views2 pages

    Nature of Development Economics: Is Concerned Primarily With The Efficient, Least-Cost

    Uploaded by

    Rio Albarico
    Development economics aims to efficiently allocate scarce resources and sustain growth over time to improve living standards for the masses. It must deal with economic, social, political and institutional mechanisms needed for large-scale improvements. The three core values of development are sustenance of basic needs, self-esteem and freedom from servitude. The three major objectives are to increase availability and distribution of basic goods, raise living standards through higher incomes, jobs and education, and expand economic and social choices by freeing individuals from dependence.

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    Nature of Development Economics

    1. Traditional Economics- is concerned primarily with the efficient, least-cost


    allocation of scarce resources and with the optimal growth of these resources
    over time so as to produce an ever-expanding range of goods and services.
    2. Political Economy- is concerned with the relationship between politics and
    economics, with special emphasis on the role of power in economic decision
    making.
    3. Development Economics- is concerned with the efficient allocation of existing
    scarce resources and with their sustain growth over time, it must also deal with
    the economic, social, political, and institutional mechanisms, both public and
    private, necessary to bring about rapid and large-scale improvements in levels of
    living for the masses.

    Three Core Values of Development


    1.Sustenance: The ability to meet Basic Needs. All people have certain basic needs
    without which life would be impossible. These life sustaining basic human needs
    include foods , shelter, health and protection.

    2.Self-Esteem: To be a Person- The universal component of the good life is self-esteem-


    a sense of worth and self-respect, of not being used as a tool by others for their own
    ends. All peoples and societies seek some basic form of self-esteem , although they
    may call it authenticity, identity, dignity, respect, honor, or recognition. The nature and
    form of this self-esteem may vary from society to society and from culture to culture.

    3.Freedom from Servitude: To be able to Choose- Freedom here is to be understood in


    the sense of emancipation from alienating material conditions of life and from social
    servitude , to nature, ignorance, other people, misery, institutions and dogmatic beliefs.
    The concept of human freedom should also encompass various components of political
    freedom including , but not limited to, personal security, the rule of law, freedom of
    expression, political participation, and equality of opportunity.

    Three Major Objectives of Development


    1. Increase of the Availability and widen the distribution of basic life-
    sustaining goods such as food, shelter, health, and protection.
    2. Raise level of living, including, in addition to higher incomes, the provision
    of more jobs, better education, and greater attention to cultural and humanistic
    values, all of which will serve not only to enhance material wellbeing but also to
    generate greater individual and national self esteem.
    3. Expand the range of economic and social choices available to individuals
    and nations by freeing them from servitude and dependence not only in relation
    to other people and nation-states but also to forces of ignorance and human
    misery.

    Note:
    The very concept of economic development and modernization represent implicit and
    explicit value premises about desirable goals for achieving what Mahatma Gandhi once
    called the Realization of Human Potentials. Such as:

    1. Economic and Social Equality


    2. Elimination of Poverty
    3. Universal Education
    4. Rising Level of Living
    5. National Independence
    6. Modernization of Institution
    7. Political and Economic Participation
    8.Grassroots Democracy
    9. Self Reliance and personal fulfillment all drive from subjective value
    judgment about what is good and desirable and what is not.

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