...due to the inability to properly define "development," those concerned with the affairs and quality of life of people in far, distant lands have also encountered difficulties in proposing a solution that engenders some kind of successful outcome to the problem at hand. Is a country with a high Gross Domestic Product (GDP) a "developed" country? Or is development about relatively high levels of Gross National Product (GNP)? Maybe a more proper comparison to make amongst countries of varied economic development is Purchasing Power Parity (PPP). Perhaps development is not primarily a question of the static level of income a person within the country receives in a given year, but is more related to the annual rate of growth of a person's income, or of the economy as a whole. But there are still other considerations to take into account when examining the economic development of a country, such as the quality and quantity of health care (and health), education and political and religious freedoms. Several real-world examples show the difficulty of approaching the question of which countries are and aren't developed from one or more basic indicators. The Communist government of Cuba, for instance, guarantees education through to the university level, as well as universal health care for all citizens through tax receipts. Despite...
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...economists credited for the development of welfare theory in economics. He established various guidelines to act as a benchmark for the realization of better welfare in the society, which he termed as the main aim of development in the country. He believed that freedom rather than the functioning’s themselves, is the primary goal of development in any country. Through this, Sen is able to make the conclusion that the person’s standards of living should not only focus on the goods, its characteristics or the utility it provides but the capability of the person. In his case, the capability refers to the freedom the person has in terms of choice of functioning. He attaches a lot of weight on the range of choice the person rather than the choice of the best, which is the mainstay of welfare economics. According to Sen, there are four notions about goods, the notion of a good, characteristic of a good, functioning of a person and the utility of a good. For instance, Utilitarian’s view goods as having the value to the extent of satisfying human needs and wants. Enlightenment theorists view goods as only having value if they come from legitimate means. Egalitarians value goods to have an essential value; hence, distribution is paramount to them. The functioning of the person focuses mainly on the user and not the resources. In Sen’s view, the capabilities of the person are essentially to living. He views living as effective freedom of a person to achieve state of beings and doings. These...
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...Economic Freedom GB 540 Economics for Global Decision Makers Prof. Timothy Terrell Nhut (Andy) Diep 2010 GB540 Economic Freedom and Variations in Wealth Among Countries. 2 Introduction The Index for Economic Freedom published by the Heritage Foundation and the Wall Street Journal (http://www.heritage.org/Index/) shows a clear correlation between economic freedom and country’s economic wealth. From a long list of countries around the world, viewer should see an almost perfect correlation why countries like Cuba, North Korea, Venezuela, or China is at the bottom of the list. Did the fall of the Soviet Union teach anyone anything? Just imagine if China does not open to economic reform, how it can survive with over 1.3 billion people. In fact, throughout our long history, including the failure of the Soviet Union, there is no doubt the free economies will outshine the less free ones. The Index shows the overwhelming evidence that countries like the United States, Japan, Canada, or England that have the most economic freedom have better standards of living, while socialist or communist countries have the least economic freedom tend to have the lowest. In fact, country like the United States generated unparalleled ability to produce wealth, raise the general standard of living, and provide goods and services in a society. Careful study of the long list of countries, and analyze each government system, viewer should see a trend that when too much government intrusion hinders...
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...No:09 Introduction: Environment plays an complex medium of biotic and abiotic factor that are surrounded by all living being on the earth , among all the living being human being is in leading position that majorly associated with environment. Human life supportive system’s health is maintained by the biosphere with support of all other living creatures. The survival of all the species are highly inter connected and dependent on each other, like plants act as food for other living beings and supportive for to other species by releasing oxygen and many other benefits. Insects and all other tiny living...
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...poise that restricted him from accepting to surrender led to the destruction of infrastructure that he had already built. This paper aims to address the history of the Germans after World War II, the German economy and their living standards. The defeat of the Nazi Germany led to the split of Germany in a period known as the split of Germany after World War II. The country lost its war gains and territories in the East to the Soviet Union and Poland. The German population underwent much torture and suffering, about seven million of the German citizenry left Germany and died during their emigration because of starvation and hard labour. The most affected people were the prisoners serving their time in the prisons. Over ten million refugees who knew the German language well arrived in the country from other parts of the continent such as countries in Eastern and Central Europe[2]. Many of the German POWs were subjected to forced labour with industrial equipment...
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...When examining my own ideology, I consider myself to be a moderate centrist. In general, my opinions on the economic policy, as it pertains to conservatives. However, I share my views with the liberals when it comes to their social policy. After looking at the political platform of both liberalism and conservatism and comparing my views on the issues, which are: lower taxes, welfare reform, free market, abortion, same-sex marriage and euthanasia; I found out that I am a centrist. I share my views with Jean Jacques Rousseau on the idea that “man is born free, but everywhere he is in chains”. Humans are living in a state of innocence with nature before being corrupt by society. He philosophizes that a human begins feeling self-confident and is a mentally healthy being, but once subjected to the expectations, condemnations, and influences of society the person is no longer healthy and begins to experience a loss of confidence. Society causes a person to become prideful and forge ahead for unrealistic goals. Thereby, losing one's own self and as a result loses freedom. The person has been chained by social corruption. In addition, Rousseau states that man became more and more corrupt and degenerate as he became a “social animal”. However, as Aristotle said “Man is by nature a social animal”. Therefore, as nature is corrupted by society, our government is also corrupt. In today’s society, cheating, lying, and scandal is all part of everyday life, so it is no surprise that these...
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...Conflict among economic goals of business and government vs. The social goals of the citizens and government of American society September 28, 2015 By: Tevita Uasilaa ID#U0769666 There are many conflicting reasons among economic goals of business and government as to the social goals of citizens and government in the American society. In this assessment, I will go over a few points from both sides and how they would conflict with one another based on moral standards. Thoreau says, “understanding business is crucial to learning how to avoid being crushed by itthat and education in business allows for maximum utility.” ( Foundation of Business Thought. Pg. 5, Lines 2528n understanding business, you should know the ins and the outs, different ) I potential conflicts and how to resolve the issues. In the meanwhile,uring the first few d class discussions we often discussed motivation and what the real motivator was. When we were asked as a class, “what motivates people?” Many replied, “money.” Then when told, we came to the realization that the real motivator is what money buys. hether it W be a new car, house, new clothes, etc. Whatever it may be, that’s what drives many to the point of discussion. First, we will start off with economic goals of business and government. An economic goal for a business and government would be efficiency . How well the ...
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...“Our Economic World Order - an ongoing discrepancy between Power and Wisdom” Observing the course of history, in regards to Human Rights and Development, and considering various statements by personages such as Peter Uvin and Amartya Sen, it is evident that the power play of the developed nations has had a decisive impact on the recognition and realization of Human Rights in Development, and the efficacy of Development in their regard. Peter Uvin, in his work “Human Rights and Development”, drawing from the atrocities suffered by people in World War II, emphasized how, “economic development doesn’t automatically bring about peace and respect for human rights”. Thereafter, it seemed only natural that something needed to be undertaken in order to refrain from such cruelty to occur in the future. In fact in 1948, propelled by Eleanor Roosevelt ,the Universal Declaration of Human Rights (DHR) emerged, reflecting specific, inalienable rights all human beings possess by virtue of being human. However, the prevailing East-West conflict at the time, reflecting immensely distinctive approaches to rights and values, rendered the solidification of the DHR on a legal basis rather impossible. Without any obligation for implementation, it is no surprise then, that the influential nations, despite the wisdom they had acquired witnessing the effects of WWII, employed a purely economic growth based approach to development, entailing that an increase in Gross Domestic Product (GDP) would...
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...B CHAPTER FOUR THE ECONOMIC ENVIRONMENT OBJECTIVES • To appreciate the importance of the economic analysis of foreign markets • To identify the major dimensions of international economic analysis • To compare and contrast the economic indicators of countries • To profile the characteristics of the types of economic systems • To discuss the idea of economic freedom • To profile the idea, drivers, and constraints of economic transition CHAPTER OVERVIEW When companies source, manufacture, and/or market products in foreign countries, they encounter fascinating and often challenging economic environments. Chapter Four first explores the economic environments of countries in which an MNE might want to operate by discussing the importance of economic analysis and identifying the major dimensions of that process. It then compares and contrasts key macroeconomic indicators, such as economic growth, inflation, and the surpluses and deficits reflected in the balance of payments. Finally, it reviews the characteristics of the major types of economic systems, explores the principles of economic freedom, and concludes by examining the idea, the drivers, and the constraints associated with the transition from a centrally-planned to a market-based economy. CHAPTER OUTLINE OPENING CASE: MCDONALD’S AND RUSSIA’S ECONOMIC TRANSITION [See Map 4.1.] This case exemplifies the extraordinary challenges of operating in a transition economy. In fascinating...
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...According to Economics: Principles & Practices, one of the disadvantages is “that it does not provide for the basic needs of everyone in the society.” That is true, but with the assistance from some government services such as Social Security and Medicare, the people will be helped and still remain free to purchase and buy what they want. Another disadvantage that is stated is the possibility of economic failure. The economic could fail if there is not enough competition. In a mixed market economy, the government helps prevent monopolies and to ensure competition (Economics, pg 39). With the competition, motivation is created to strive to be successful. The goals that a mixed market economy is trying to accomplish are economic freedom, economic efficiency, economic equity and economic security. Theses are all advantages for economic success. (Economics pgs 41-43) The advantages are very numerous. The biggest advantage is the economic freedom the citizens have. Buyers and sellers have the freedom of voluntary exchange. Buyers and sellers freely decide whether to complete transaction of not. Another advantage is the competition from other business. The competition between companies creates a variety of advantages from consumers. The prices get lowered and there is more variety. The competition between businesses creates economic efficiency. Using resources efficiently produces more products and fewer wastes creating a larger profit. Another advantage is economic equity;...
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...Understanding the Economics Standards for teachers in grades 9–12 Economics studies how people, acting as individuals or in groups, decide to use scarce resources to satisfy wants. This fundamental economic concept of scarcity is at the core of the discipline. There are never enough natural resources, human resources, or capital resources (man-made goods such as tools, equipment, machinery, factories) to produce everything society wants. Therefore, choices must be made on what to produce, how to produce, and for whom to produce. Choices must also be made at a personal level. There never seems to be enough money or time to have or to do everything one wants. Economics is a way of thinking, a science of making choices. Economists examine the decision-making processes of individuals, businesses, markets, governments, and economies as a whole. An understanding of economic principles helps people to: • Consider not only the short-term effects of a decision, but also its long-term effects and possible unintended consequences; • See the connections between personal self-interest and societal goals in order to understand how individual and social choices are made in the context of an economy; • Analyze how social goals, such as freedom, efficiency, and equity, impact public policies. Because of increasing interdependence and globalization, everyone in the United States needs to be aware of the issues in the global economy, their role in that system, and be able...
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...from the word conservative. * It’s a Traditional form, emphasizes the values of order, and stability in the community. It’s a political or theological idea to benefit society. It is also a political morality. It aims at political arrangement that makes society acceptable. It is moral because it holds that a society is stabilized if people live up to their satisfactions, expectations and is beneficial for others. Conservatives is a group of people is who averse to change and holds traditional values and attitudes, typically in politics. Conservatism defends liberty, good character, the important of religion, economic growth, free market and national defense. They consider themselves as individuals and not in a group, a class meaning rich, middle or poor, or gender terms. They believe that the role of government should be to provide the necessary freedom to pursue their own goals. Their policies generally emphasize empowerment of the individual to solve own problems. Here are my reasons as to why Conservatism is a more realistic to human nature 1) Affirmative Action: Individuals should be admitted to schools and hired for jobs based on their ability. It is unfair to use race as a factor in the selection process. This is more realistic because you can’t base a person’s ability based on their race. Its sad that people still make policies that take race, ethnicity or sex into consideration to promote equal opportunities. Isn’t everyone equal...
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...One indicator of Human Development is freedom of choice or range of choices among the individuals 1. Introduction Freedom of choice[1] is right to exercise one's freedoms in any manner one may choose except where such act may obstruct or prevent others from exercising their freedoms, put oneself or others in danger, or exceeds a statutory limit. According to online Black’s law dictionary[2], Unfettered right to do what one wants when one wants as one wants, except where it infringes or prevents another from doing what that one wants, and do so on. Also excluded is doing something that would harm one’s self or another. Human development is a concept within the scope of the study of the human condition, specifically international development, relating to international and economic development. This concept of a broader human development was first laid out by Amartya Sen, a 1998 Nobel laureate, and expanded upon by Martha Nussbaum, Sabina Alkire, Ingrid Robeyns, and others (UNDP, 2012). Human development encompasses more than just the rise or fall of national incomes. Development is thus about expanding the choices people have, to lead lives that they value, and improving the human condition so that people have the chance to lead full lives (Streeten, 1994). Thus, human development is about much more than economic growth, which is only a means of enlarging people’s choices (UNDP, 2012). As a general definition, indicators are “tools for providing specific information...
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...Economic development is something which cannot be universal as people’s ideas are constantly different and always changing. Michael Todaro considered economic development to fall under three categories: life sustaining goods and services, higher incomes and freedom to make economics and social choices. These may be restricted from improving in countries which are trying to improve their GDP, grow as an economy- developing countries for the following factors. Firstly, in developing countries there is often a savings gap, where by domestic saving is very hard. For example, in low income regions such as Africa with high levels of absolute poverty, these people us most if not all of their income to provide and support their families with none left over to save. This makes it impossible for them to generate sufficient funds for unexpected expenses. This then can damage their living standards further if homes, livestock and possessions are lost. This restriction to make free economic and social choices, would, in Todaros view, indicate a lack of economic development. Furthermore, without saving it restricts developing economies from business and capital investment as with no one saving there is no money to loan out to fund investment and expansion for businesses to improve their capital and thus improving the standard of living in impoverished areas through increased wages and greater access to life sustaining goods such as food and water. Capital investment is important as is our...
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... Growth and Development 2 3. Human Development Index 3 3.1 Historical Background of Human Development Measurement 4 3.2 Definition of Human Development and HDI 5 3.3 HDI Calculation 6 3.4 HDI Interpretation and Application 7 3.5 Limitations 8 3.6 Criticism 9 4. Conclusion 10 Appendix-I (Acronyms and abbreviations) 10 References 11 1. Introduction Over the last two decades economic growth has got a lot more attention among policymakers, corporate, economists, and academics in India and across the world. Since 1991, when India implemented liberalization, privatization, and globalization policies, GDP growth rate has become a buzz word. It has got disproportionate amount of attention from policymakers and economists. It has been used excessively to measure the success or failure of any policy. But after two decades it has become clearly visible that GDP growth rate alone cannot measure the development of a nation. The difference between growth and development too has become clearer. In spite of fast paced economic growth for last 10-20 years, a large part of our population remains illiterate. A large part of our population does not have the access to safe drinking water and proper medical care. Highest number of malnourished children belongs to our nation. These are some of the bitter realities which GDP growth based measurement never reflects. All these facts suggest the need of a more holistic approach to measure the development...
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