Development economics is a field that is focused with the triggering factors of underdevelopment and also, policies that might boost the growth rate per capita income. While the two are highly relevant to each other, it’s feasible to create policies that are pushed to accelerate growth. For instance, this can be centered on analyzing what developing countries have gone through.
Studying the policies and actions as well as causes of underdevelopment that might speed up development is considered for several reasons. There are those who are more focused with developing countries on humanitarian grounds and that’s with the issue of assisting people of such countries to achieve minimum material standards of living.
The Standards of Living
These material standards of living are basically things similar to:
- Clothing and;
How a Solution is Perceived?
For them, having low per capita income is the true measure of poverty problem manifested in materially.
The main objective of economic development is how to improve these material standards of living by means of raising absolute level of per capita incomes, which is then brainstormed by economists and policymakers to make the economy great.
This is of course a shared effort by its countrymen, small and big businesses under its sovereign.