The Importance Of Economic Development

Based on my reading I believe it is wrong to think of economic development as a growth process only. Economic development is a process where we improve the over all life of people and try to overcome absolute poverty. Economic development is about increasing income and health care of the individuals. Economic growth is part of economic development it focus on the increase of economic products and service outputs. Economic development includes economic growth; but high economic growth does not mean that the economic development is high too. For example in the case study about Brazil they had high economic growth but the economic development of income per capita was not good. I was really surprised when I read in the textbook about Brazil poverty who believes that 15% of Brazilians live with under $1 per day!

Many countries as discussed in the textbook focus on the traditional economic growth and forget about the people’s developments and needs. Economic development looks at economics for exampling profits and allocating resources in addition to that economic development also looks at social and institutional mechanisms. The first priority for these economic development countries was gritting growth rate higher and sadly for them this was more important than other issued like unemployment, income distribution and

We as a world should be like that we should act, as a one so we can improve the world and people’s lives. As it is said in the textbook economic development is not a process that take year; it is a process that takes decades. As we can see Economic development is more than just increase of income per capita it is about increasing employment rates, increase education level, increase health status, increase freedom, decrees poverty and decrease