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Development has been defined in many different ways because different sections of the society have different views on it. Most of them however agree that it is a rights-based, ecologically oriented, planned and comprehensive social, economic, political and cultural process implemented in a specific geographical area, and aimed at improving the well-being of individuals and the population as a whole. For a society to achieve true development for its people, it is essential that social and economic development go hand in hand.
Social development is an umbrella term the scope of which also includes economic development. The difference however is that while social development emphasizes on the overall social, economic, political and cultural development of the society; economic development only focuses on economic growth and opportunity. Social development encompasses programs for primary education and universal literacy; universal and preventive healthcare; control and measure of contagious diseases; universal housing; family planning; and environmental conservation. Apart from the general welfare services, the social perspective is relevant to many other areas of development including regional development; urbanization policy; location of and pollution caused by industries; land reform; income distribution policy; administrative policies; and citizens’ participation in the planning and implementation of development programs.
The inherent philosophy of social development is based on the assumption that economic development is essential to it because substantial investments are required to fund any development program and initiative. Therefore, social development is a very broad concept directly related to structural changes in the economic, political and cultural aspects of a society. Its ultimate goal is eradicate social evils such as poverty, hunger, illiteracy, and social injustice and inequality.
There are three stages of social development. However, they are not complete or clearly distinguished in themselves and thus, often overlap. The stages are:
The education system of a society is the most powerful and impactful tools of promoting and sustaining new developmental programs. Education has the power to transmit the collective knowledge of the society from one generation to the next. Information transmitted through education raises the expectations of the new generation for higher income and aspirations for a better life. It allows them to see the opportunities that lie ahead of them and at the same time prepares them with the capability to devise means and ways to enhance their standards of living. Education also allows organizational improvement of the society in various dimensions simultaneously:
Different people see economic development differently. Broadly speaking though, it is the amalgamation of the activities that people in a society undertake to create a healthy and sustainable economy. Also known as economic advancement and economic growth, it refers to the creation of wealth to be utilized in the development of the society. Modern day professionals engaged in economic development activities are striving to define their individual fields of work in more clear terms so that they become more meaningful to and attract the attention of policymakers, other professionals and the general public. It is not to say that economic development consists of isolated development projects being carried out in individual professional fields. It is in fact quite the opposite. It is the overall advancement achieved by the society with regard to factors such as resource availability, industrialization, education, economic equality, and standard of living of the people. The impact and importance of economic development can be measured in terms of the well-being of the population. Well-being here does not mean just improved standard of living but also includes improvements in the education system, public and safety infrastructure; and recreation facilities.
The main goals and objectives of economic development are:
In 1960, the renowned American economist and public servant W. W. Rostow used existing ideas of development that were built around the concept of modernization to model the five stages of economic development that a country goes through. The model proposed a linear spectrum of stages and asserted that every country stands somewhere on this spectrum. It also said that in the process of economic development, countries move forward by climbing each stage one by one. Rostow’s stages of economic development are:
Social and economic development is sometimes also referred to as socioeconomic development which is the process of transforming the social and economic dimensions of a society. It is also understood as the continuous reinforcement of the qualitative and quantitative aspects of a socioeconomic organization in order to achieve higher levels of efficiency, productivity, justice, well-being, and democracy. Socioeconomic development addresses the concerns of the public with regard to the development of social initiatives and economic policy. Therefore the end objective of socioeconomic development is to enable sustained improvement in the overall well-being of people, families, groups, communities and the larger society. It also involves improving the standard of living of the population which is normally done by increasing the country’s stock of human and physical capital and improving its technological capability.
According to the ILO (International Labour Organization), nearly half of the entire global population still lives on a meager income of $2 per day. There are many places in the world where having a job does not necessarily mean the person can escape poverty. The slow and unbalanced progress achieved so far has made it necessary for policymakers and international organizations to reassess and overhaul their social and economic policies aimed at significantly reducing global poverty in the near future.
There also is the global job crisis which has now become one of the biggest threats to socioeconomic threats of the century. The lack of decent job opportunities, under-consumption, and inadequate investments for a long period of time weaken the implicit social contract of democratic societies—every person shall have a share in progress. Continuing with the same policies and method would mean allowing the world to be increasingly protectionist, fragmented, and confrontational. This can’t be risked in the current scenario where socioeconomic crises are becoming more frequent, widespread and impactful. Equitable socioeconomic development is also needed to reduce the rapidly increasingly gap between the ultra-rich and the common working class in order to restore some balance in the society.
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You are not alone if you wished an economics problem solver would solve your socio-economic development homework problem online or just do my economics assignment. As an academic service provider, we write high-quality economics homework answers for college and university students who study in different countries and different universities. Some students approach us for help with economics problem calculators while others just tell us something simpler-'Do my economics Assignment'. Either way, we are happy to help. Our experts are well-qualified and experienced to write some of the best economics homework assignments, but what really makes them stand apart is their commitment and passion to write only the best homework papers so that our customers get high marks in their college or university assessments. There could be situations when you might need some help after you receive the completed assignment from us - in such cases, you are free to ask for any number of clarifications. We will only be happy to help.
In order to appreciate Managerial economics assignment help, we should first get our concept of managerial economics clear. What exactly is managerial economics? There are a number of definitions of managerial economics, lets look at a couple of them. According to Wikipedia, managerial economics bridges economics theory and practice, drawing heavily from qualtitative techniques like regression analysis, correlation and calculus. It further defines managerial economics as the application of economic concepts and analysis to help in rational managerial decisions.
There is one more definition of managerial economics which defines it as "is the science of directing scarce resources to manage cost-effectively. It consists of three branches: competitive markets, market power, and imperfect markets. A market consists of buyers and sellers that communicate with each other for voluntary exchange. Whether a market is local or global, the same managerial economics apply."
Now that we have the fundamentals clear, we can now dive into the more intricate components of managerial economics. All you need to do is to email us your economics homework details to firstname.lastname@example.org. We generally respond to all our emails in less than 10 minutes. If you need instance help with your managerial economics homework, chat with our customer success team on our website - we are available 24x7, including weekends and holidays.
Microeconomics deals with economics at an individual or company level whereas macro economics deals with economics at a national or global level. While microeconomics studies the decisions of individuals of people and organizations with respect to allocation of resources and prices of goods and services, it focuses on supply and demand, among other factors that influence price levels.
Macroeconomics, on the other hand, studies the entire economy of a country. It deals with entire economies and studies concepts like GDP (Gross Domestic Product) and the impact of national income, rate of growth, price levels and unemployment on GDP. John Maynard Keynes started the use of the term monetary aggregates and is credited with founding macroeconomics.
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