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Economic Development 12th Edition by Michael Todaro
Edition 12ISBN: 978-1292002972Economic Development 12th Edition by Michael Todaro
Edition 12ISBN: 978-1292002972 Exercise 2
Is the concept of the developing world a useful one? Why or why not?
Explanation
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There are three concepts of development in terms of nations:
• Under developed nations or least developed nations (LDC)• Developing nations
• Developed nations
To measure the level of development amongst the nations, United Nations (UN) has developed Human Development Index (HDI) as a measure to monitor the level of development of nations.
This index takes into account factors like per capita income, GDP, literacy level, infant mortality rate, health and sanitation facilities etc. that are statistically useful for UN to make comparison amongst various countries of the world and draft policies to bring the least developed countries or developing countries to a level of a developed nation in due course of time.
According to UN,
• The under-developed nations are the ones that have least socio-economic development and have lowest rating in terms of Human Development Index (HDI) of all the countries of the world, for example, Angola, Myanmar, and Nepal etc.
• The developing nations are the ones that have weak industrial base and a low standard of living in comparison to developed nations as per the rating in HDI list of all the countries in the world, for example, India, Sri Lanka etc.
• The developed nations are the ones that can provide a healthy and safe environment to its population. For example, United States of America, Canada, and Europe etc.
The concepts of development are useful for all the countries of the world because of the following reasons:
• It enables the countries to monitor their progress rate, so that, efforts can be taken to raise their ranking in the HDI index.
• It enables the more developed nations to make investments in the less developed nations and be a part of the globalization process.
• Under developed nations or least developed nations (LDC)• Developing nations
• Developed nations
To measure the level of development amongst the nations, United Nations (UN) has developed Human Development Index (HDI) as a measure to monitor the level of development of nations.
This index takes into account factors like per capita income, GDP, literacy level, infant mortality rate, health and sanitation facilities etc. that are statistically useful for UN to make comparison amongst various countries of the world and draft policies to bring the least developed countries or developing countries to a level of a developed nation in due course of time.
According to UN,
• The under-developed nations are the ones that have least socio-economic development and have lowest rating in terms of Human Development Index (HDI) of all the countries of the world, for example, Angola, Myanmar, and Nepal etc.
• The developing nations are the ones that have weak industrial base and a low standard of living in comparison to developed nations as per the rating in HDI list of all the countries in the world, for example, India, Sri Lanka etc.
• The developed nations are the ones that can provide a healthy and safe environment to its population. For example, United States of America, Canada, and Europe etc.
The concepts of development are useful for all the countries of the world because of the following reasons:
• It enables the countries to monitor their progress rate, so that, efforts can be taken to raise their ranking in the HDI index.
• It enables the more developed nations to make investments in the less developed nations and be a part of the globalization process.
Economic Development 12th Edition by Michael Todaro
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