In general words, economic development refers to the problems of underdeveloped countries and economic growth to those of developed countries. The raising of income levels is generally called economic growth in rich countries and in poor ones it is called economic development. But this view does not specify the underlying forces which raise the income levels in the two types of economies. The problems of underdeveloped countries are concerned with the development of unused resources, even though their uses are well known, while those of advanced countries are related to growth, most of their resources being already known and developed to a considerable extent. (more…)
Economic Development Versus Economic Nourishment – A False Argument
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Many have argued that while economic development is important, economic nourishment is even more important, but I do not see it as one or the other. Why you ask? Well it’s simple really, because capitalism, which provides economic development also provides for the needs and desires of those who participate or are surrounding the participants. You see it is an either/or question, it is not a contest and you can have both.
Recently, a mindful college student type wrote: “This is a key essential in my mind for not only economic development but for economic nourishment.” (more…)