The Standard Economic Development Metrics and The New Economic Development Perspective (Term Paper Sample)

ECO 370: International Economic Development
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a. What exactly do you mean by “economic development”? Describe the standard economic development metrics and the New Economic development perspective. In your own words, what are the Millennium Development Goals (MDG)?
“Economic development” typically means wealth creation. To equate economic progress with social improvement is a fatal miscalculation because unrelenting growth may stifle economic wealth creation. A solely resource-based economy would lead to unemployment, lack of education, and skill development (coal, wood, fisheries, etc.). Global economic shifts or technological developments may devalue a community’s only source of money. Economic growth based on exploiting workers with limited options is immoral and criminal (Sachs, 2012). Sustainable and equitable economic development is ideal for both traditional and modern economies.
A traditional economy is based on long-held beliefs and customs, and the distinction impacts distribution. Besides, traditional economies rely heavily on food sales since they trade instead of purchasing. Several established economies are also throughout Africa, Asia, and Latin America. Several emerging economies are traditional with average economic measures. It measures the typical person’s wealth because GPD only captures official (legal) activity and ignores many crucial factors (education, health, inequality, etc.) (Sachs, 2012).