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Human Development vs Economic Development Essay

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Below is an essay on "Human Development vs Economic Development" from Anti Essays, your source for research papers, essays, and term paper examples.

Economic Development

In nearly every newspaper or website we go on these days, the financial trouble within the Eurozone would almost always be the main agenda and recently, the European Central Bank (ECB) has reduced the forecasted growth of the Eurozone - a lower GDP increase and further doom and gloom for those living within the Euro. While it cannot be denied that the state of a country’s economy can affect the general mood within a country, there has to be a point where politicians, economists and other leaders of nations stop and think - does having a high GDP in a country define its capabilities and welfare of said nation? The answer to this is clearly no because there is more to economic development and life than the GDP of a nation and the GDP per capita. There are three core values that are taken into account when studying the development of a nation, besides GDP, which, according to economist Michael Todaro, are sustenance, self-esteem and freedom from servitude and the ability to choose. Only through developing these three core values can society strive towards a better state of life.

Clearly economic development does not only take into account the GDP of a country, but rather a wider range of issues and these factors are accounted for in the Human Development Index (HDI). The three main issues that are measured in the HDI are life expectancy, education and standard of living. All three are essential for a nation to work towards further economic growth. Higher life expectancy is a sign of greater medical development within a country and thus would enable the economy to operate nearer to the production possibility frontier as less people would be unable to work due to medically related issues. Education is also another important factor as having a higher percentage of your workforce educated can aid tremendously in the economic development of your country. However, the HDI also measures literacy rate within adults of a country, showing that...

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"Human Development vs Economic Development". Anti Essays. 21 May. 2018


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Human Development vs Economic Development. Anti Essays. Retrieved May 21, 2018, from the World Wide Web: https://www.antiessays.com/free-essays/Human-Development-Vs-Economic-Development-556200.html