Scribd
Upload
56 views

Running Head: Economic Development 1

This document is a student paper on economic development. It discusses the debate around economic growth, noting that while it has benefits like job creation and infrastructure development, it also has disadvantages such as pollution. The thesis is that economic growth's benefits outweigh its disadvantages, making it worth pursuing. The paper then discusses theories of economic development and uses a comparative method analyzing economic growth in the US and UK to argue it is critical for country advancement.

Uploaded by

Isaac
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
56 views

Running Head: Economic Development 1

This document is a student paper on economic development. It discusses the debate around economic growth, noting that while it has benefits like job creation and infrastructure development, it also has disadvantages such as pollution. The thesis is that economic growth's benefits outweigh its disadvantages, making it worth pursuing. The paper then discusses theories of economic development and uses a comparative method analyzing economic growth in the US and UK to argue it is critical for country advancement.

Uploaded by

Isaac
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 5

Running head: ECONOMIC DEVELOPMENT 1

Economic Development

Student’s Name

Institutional Affiliation

Date
ECONOMIC DEVELOPMENT 2

Introduction

Development is a process that focuses on the progress, advancement, and growth of an

individual, community, or country. It is a concept that can affect the social, environmental, and

economic aspects of the community. While development is generally thought of as a good thing,

it also comes with adverse consequences. Tackling the topic ent gives one the ability to weigh

and understand both sides of the argument. It also allows one to understand the importance of

economic growth and the repercussions that the community has to deal with in their search for

progress. Therefore, as the human race continues to develop in every area of life, they must

understand the cost of their decisions in the long run.

The Debate

Economic growth is an essential part of a country’s development that comes with

multiple benefits. One significant role of economic growth is that it aids in creating jobs,

allowing people to take care of themselves and their families. Secondly, it enables the country's

leadership to improve citizens' quality of life by building infrastructure and improving housing

standards (Feldman et al., 2016). Thirdly, it leads to economic fortification, which protects the

local economy from a downturn, while also encouraging the key players and companies to invest

in the community. Lastly, it enables the government to increase its tax revenue. Increasing the

revenue empowers the leadership to perform more community projects, such as offering

scholarships to needy children in society.

While economic development is critical for the advancement o any country, it does have

several adverse consequences. First of all, the increase in factories translates to increased noise

and pollution, especially when the factories do not adhere to the set rules and regulations on the
ECONOMIC DEVELOPMENT 3

disposal of their waste (Lu et al., 2017). Another disadvantage is that it creates a society focused

on spending and making money rather than on social welfare. This is a consequence mostly

experienced in a large population and highly industrious cities that tend to have multiple

commercial areas filled with factories and companies.

Thesis Statement

Economic growth is an essential part of the progress of humankind. Therefore, while it

may have some disadvantages, the benefits greatly outweigh them, making it a goal worth

pursuing any community or government.

Theory

As the world and humanity continue to advance in profound ways, especially in the

aspect of technology, seeking economic development is a natural progression of things.

Economic development ensures that the people in any society survives and thrives despite the

difficulty they may be living in. In the past economic development was measured by the

availability of land and cattle. However, today the only way to measure this progress is by

observing how well people progress in their work. Additionally, the more economic growth that

a country experiences, the higher the chances that more people will have the opportunity to live a

better life and afford the more beautiful things in life. Additionally, as the companies continue to

open up, it gives people a chance to come up with better and long-lasting solutions to deal with

all the adverse effects that come with them. Therefore ensuring that as humanity progresses,

several strategies can help ensure the environment and other creatures do not suffer in its place.

The Comparative Method


ECONOMIC DEVELOPMENT 4

For the comparative method, the most appropriate technique to use is the Most Similar

Systems tactic, which will focus on analyzing how economic growth impacts various countries.

The first country under analysis is the United States, a country that concentrates immensely on

increasing its gross domestic product by expanding the size of its economy (Stone, 2017). As

economic development ensues, the higher the chances that the standard American citizen is in a

position to live out the well-known and continuously seek out "The American Dream." This is

achieved by encouraging ordinary citizens to build up companies that can help in employing

more people and hence build the country's revenue, which can be directed to development.

The other country under analysis is the United Kingdom. Economic growth translates

into better income, expenditure, and an increase in the national output value (Pettinger, 2019). As

the country increases its GDP and economic standing, the leadership is in a better position to

devote more resources to essential areas such as healthcare, education, and housing for the less

fortunate in society. It also ensures that more jobs are made available to the public, which in turn

helps decrease the amount of crime an area will experience.

Conclusion

Economic development is essential and critical to the advancement of any country or

region. From the research conducted, it is clear that economic development benefits greatly

outweigh the disadvantages associated with it. It is essential to lead a better life while also

experiencing the joys that come with advancement if the citizens of any government are to lead a

better life. The comparative case study conducted has helped prove that economic growth is

critical to the success and progress of any country, even those considered as first world countries.

References
ECONOMIC DEVELOPMENT 5

Feldman, M., Hadjimichael, T., Lanahan, L., & Kemeny, T. (2016). The logic of economic

development: A definition and model for investment. Environment and Planning C:

Government and Policy, 34(1), 5-21.

Lu, Z. N., Chen, H., Hao, Y., Wang, J., Song, X., & Mok, T. M. (2017). The dynamic

relationship between environmental pollution, economic development, and public health:

Evidence from China. Journal of Cleaner Production, 166, 134-147.

Pettinger, T. (2019, December 14). Benefits of economic growth. Economics

Help. https://www.economicshelp.org/macroeconomics/economic-growth/benefits-

growth/#

Stone, C. (2017, October 10). Economic growth: Causes, benefits, and current limits. Center on

Budget and Policy Priorities. https://www.cbpp.org/economy/economic-growth-causes-

benefits-and-current-limits#

You might also like