Discuss some of the limitations of the model of development persued so far?
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Answer:
Economic development can be describe as the development of economic wealth of countries or regions for the well-being of their inhabitants such as the improvement and innovation on the political, economic, and social of its people. Economic development and growth are totally different in terms which are used in economics. Economic development refers to economic growth which accompanied by changes in economic structure and output distribution. So, economic growth may be necessary but not sufficient to attain economic development. Thus, peoples always said that economic development is the problems of underdeveloped countries and economic growth to those of developed countries. Underdeveloped countries always face some problems such as low income, weakness of human resource and also the economic vulnerability. These problems also made the countries hard to attain the development of economic. However, for those developed countries, they do not face the same problems as what underdeveloped countries do, therefore, they are more easily to attain the economic development and treat it as an economic growth.
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