What is Developmental Economics?
Developmental economics is a branch of economics that deals with improving the economic, social and monetary conditions of people, regions and countries. It studies the transformation of poor countries into rich and prosperous ones. While studying and measuring this level of development it uses factors such as health, literacy, working conditions, domestic and international policies among other things.
How can you measure change?
The way we live today is influenced by the past. We can’t desire for change without being aware of this. It is therefore necessary to consider the historical context of the economy, society and political situations before we understand this change and how to bring this about to meet our needs and hopes.
What can we say about development?
Depending on availability of resources and differences in their social, environmental, political and economic conditions, their notion of development and growth changes.
Development Means Different Things for Different People
Development for a person in a rural area will be different from development for a person in urban areas. However these desires, needs may also be conflicting. That is in achieving the development objectives of one person - the desires of others may have to be compromised.
Development of a Dam may be useful for generation of electricity but it will be destructive for the tribals whose villages will get submerged.
WHAT MAY BE DEVELOPMENT FOR ONE, MAY NO