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Economic Development
The word development is from the Latin root ‘Voloper’ which meant wrap up, envelop. The English used this word along with ‘des’ meaning ‘undo’. The word used was ‘disvelop’. The French replaced this word in 1656 with ‘develop’ which meant unfold or unwrap. The act of unwrapping may also be interpreted to mean expanding, diversifying, redistributing the contents. The popularity of the term development began with decolonialisation.
Going through several conceptual metamorphosis through the decades, currently development is taken to mean economic growth that is contributed by a large cross-section of the population which in turn would also mean large scale employment, increasing incomes and a resultant appreciation in the quality of life of the people. The distributional effects of growth [i.e. ‘growth with and through justice’ policy or the ‘equality in growth’ dimension] are incorporated in the current conception of development.
Economists view depreciation as capital consumption for them, there are two distinct ways of charging for depreciation (1) the depreciation of equipment must equal its opportunity
Gross Domestic Product and Growth Rates: The rate of growth of the secondary and tertiary sectors has been more than double that of the primary sector, with the secondary sect
Adding the economic activities of government to the circular flow model shows that: 1. Government spending creates inflation 2. Government purchases of goods and services,
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