1. Summarise the important ideas of the chapter Development'.
2. What do you understand by the term 'aspirational goal'
Answers
Answer:
of which class the question is
Answer:
Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public or private channels.[1]
Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.[2] This may involve restructuring market incentives or using mathematical methods such as intertemporal optimization for project analysis, or it may involve a mixture of quantitative and qualitative methods.[3]
Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans.[4] Also unlike many other fields of economics, there is no consensus on what students should know.[5] Different approaches may consider the factors that contribute to economic convergence or non-convergence across households, regions, and countries.[6]
relating to or characterized by aspiration or a strong desire for something: their aspirational goals for the New Year. aimed at or appealing to people who want to attain a higher social position or standard of living: a magazine featuring aspirational products for the home.