Econ Assignment

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Kim 6Assignment 11. Chapter 1 (page 34)1) Why is economics central to an understanding of the problems of development?It is because that the development of a country depends on economic factors. Economics helps you to interpret how a country is developing, economic policies of a country that determine whether or not it develops and how fast it develops if it performs. In addition, economics helps you to understand how wealth and finance are distributed, and the causes and effects of borrowing and lending. Problems of development are like not having enough money, economics teaches us about problems in development and so we can better interpret these problems primarily by looking at the economic components that define the troubles. Furthermore, economics is a social science and is concerned with people and economic development problems also stemming from people so these fields are related and understanding the one helps you better understand the other because you can build up a bigger picture.5) Why is an understanding of development crucial to policy formulation in developing nations? Do you think it is possible for a nation to agree on a rough definition of development and orient its strategies accordingly?It is important because, like I answered on question number one, development of a country rely on the economic policies of a country which decide the country is developing or not, and how fast it develops. Depends on what policy formulation the country select, it may result different ending. In my opinion, currently nations cannot agree on a rough definition of development because most of them have different approaches, measurements and standards. However, I believe in the future there might be a working definition that the nations can agree on and orient its strategies. Like the textbook mentions there are three basic components that help understand the meaning of development which are sustenance, self-esteem and freedom.6. Why is a strictly economic definition of development inadequate? What do you understand economic development to mean? Can you give hypothetical or real examples of situations in which a country may be developing economically but still be underdeveloped?The Strictly economic definition of development was inadequate due to not taking into account the factors other the financial or economical. I considered that economic development meant financial growth or the increment in yield of goods. An example of a country that is developed economically, but still underdeveloped would have to be India, which I selected for the group presentations, because it is producing a lot of goods and services, but many of its citizens are living in poverty and there's still a high inequality between genders.7. How does the concept of "capabilities to function" help us gain insight into development goals and achievements? Is money enough?...

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