Call us 24/7: + 1(925)399 0085

Get your paper done by an expert

No matter what kind of academic paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcer. Save more time for yourself.

WhatsApp + 1(925)399 0085
$ 10
free
  • bibliography
  • title page
  • revisions
per page
19 k happy customers
4.7 out of 5 satisfaction rate
27 writers active

Economic Growth and Development sample essay

During the beginning of the evolution of economics of development, no distinction was drawn between the economic growth and economic development. During the seventies, the economists thought of distinguishing the economic growth and economic development. When it comes to economic development, there are two different views. The traditional view has been to interpret it in terms of changes in the structure of national product and the occupational pattern of labor force and the institutional and technological changes that bring about such changes or accompany such changes.

In this view, the share of agriculture in both national product and employment of labor force declines and that of industries and services increases. Various strategies of development which were suggested until seventies generally focused on rapid industrialization so that the structural transformation could be achieved. For this purpose, the appropriate institutional and technological changes were recommended to bring about such structural changes. According to C. P. Kindleberger, economic growth means more output and economic development implies both more output and changes in the technical and institutional arrangements by which it is produced.

Thus according to this view, the economic development implies growth plus structural change. Structural changes refer to the changes in technology and institutional factors which cause shifts of labor from agriculture to modern manufacturing and services sectors and also general self sustaining growth of output.

An aspect of structural change which is of special mention is that during the process of economic development there occurs a shift of the working population from low productivity employment in agriculture to the modern industrial and services sectors having higher levels of productivity of labor. It is quite interesting to note that during the process of economic development the percentage share of the working population in agriculture sharply falls whereas the percentage shares of the working population employed in modern industrial and services sectors substantially increase.

Apart from the change in the sectoral distribution of the labor force, there occurs a change in sectoral composition of national income in which while percentage contribution of agriculture to national income declines, percentage contributions to national income of industrial and services sectors increase.

This is on account of the various changes taking place namely; a change in the pattern of consumption of national income of the people; economy growing steadily and moving upwards; income level of the people is found to be increasing and various changes that are taking place in the levels of productivity in the different sectors of the economy.

Our guarantees

Study Acers provides students with tutoring and help them save time, and excel in their courses. Students LOVE us!No matter what kind of essay paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcers. Save more time for yourself. Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Our Homework Writing Disciplines

With a highly diverse team in almost all academic fields including: