The Importance Of Economic Development

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that it takes more than economic growth to achieve economic development and for economic growth to advance to economic development, there must be an element of good governance orchestrated by functioning and functional institutions. Thus, this explains why some Sub-Sharan African nations and other third world economies that achieved robust economic growth during the “oil boom” failed to join the league of economically developed nations like the western nations. These countries lacked political systems that enjoys effective and efficient institutions that produce good governance, hence, the gains of economic growth was mismanaged and lost to corruption. When the gains of economic growth are properly managed, it leads to the reduction of poverty,…show more content…
Jobs are a main concern of policy: for growth what matters is the number of jobs while for economic development the focus is wages, career advancement opportunities, and working conditions. Economic development depends on education so that workers can more fully participate in the economy, social and cultural patterns of behavior that encourage initiative and engagement, and cooperation rather than adversarial relationship between government and…show more content…
Fitzgerald and Leigh (2002:33) propose that, "…economic development preserves and raises the community's standard of living through a process of human and physical infrastructure development based on principles of equity and sustainability." This adds to the concept of community and expands the objectives of economic development to explicitly embrace equity and also highlights

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