Friday, November 30, 2012

Concept of Development Economics


Development Economics deals with economics aspects of promoting growth specially in developing and low-income countries. It takes into account both Microeconomics and Macroeconomics factor.

Development Economics aims at promoting economic growth by improving factors of social welfare like -

(a) Health and Working Conditions

(b) Education

(c) Market Conditions

(d) Domestic Policies

(e) International Policies

It involves both public and private sector for achieving its objectives.

Some noted development economists are Joseph Stiglitz, Amartya Sen, Simon Kuznets, Jeffrey Sachs and Hernando de Soto Polar.