Chapter 2: Economic Development: Overiew
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چکیده
Development economics, on the other hand, deals with the economic, social, political and institutional mechanisms necessary to bring about rapid and large-scale improvements in levels of living, in addition to being concerned with the efficient allocation of scarce or idle resources and with their sustained growth over time. In developing countries, unlike in developed countries, most markets are highly imperfect, consumers and producers have limited information, major structural changes are taking place and disequilibrium situations often prevail. There are concerns such as unifying the nation, replacing foreign advisors with local decision makers, resolving tribal or ethnic conflict or preserving religious and cultural traditions. At the individual level, family, clan, religious or tribal considerations may take precedence over utility or profit maximization calculations.
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