What is the importance of the economy of development?

The traditional economy focuses on how economic growth is, but economists have noted that economic growth does not automatically bring economic development, although this may be a prerequisite for this development. The importance of the economy of development is that it examines factors that must be connected in order to cause economic development. The level of economic development in the country can be measured by considering the level of public well -being, education, health and freedom. The economy of development focuses on supporting the development of increased freedom of people, increasing participation in the system, authorization of women, eliminating hunger and poverty and promoting education and health. The importance of developing economics is partly in its recognition that there is no partuticular formula for achieving economic development and that the right development strategy depends not only on economic factors, but also on social and political strategies. UN Development Program (UNDP) cooperates with developing countries to create your own strategies to solve the problemMU economic development and creates an annual report on the development of human development, which uses a number of techniques to measure the level of economic development in developing countries.

Human development index brings together life expectancy, level of education and gross domestic product (GDP) to measure economic development level. UNDP also uses the gender -related index to measure the position of women and compile the human poverty index, which focuses on life expectancy, literacy rate, school enrollment and GDP on capital to measure poverty levels. One problem of economic development is that the pressure on growth often leads to a greater abyss between rich and poor and indices, such as the Lorenz curve and the Gini Index, are used to measure the extent of the country's inequality in the country. The introduction of these influential development measures shows the importance of developing economics.

The traditional economy focused on determining economic growth with LIPELIZE, privatization and industry deregulation. The importance of developing economics was rooted in the realization that although growth could benefit from some parts of industry and societies, it does not necessarily support the well -being of the whole population in the country. The introduction of social and political strategies, in addition to economic policies in achieving greater prosperity for the whole population, was provided to the creators of politicians in developing countries by a stronger set of tools that can be used to support their country's development.