Issues in Caribbean Development
ISSUES IN CARIBBEAN DEVELOPMENT
Concepts and Indicators of Development
DEVELOPMENT: is a multi-dimensional process which brings about a continuous enhancement of the capabilities and welfare of all individuals in the society and the country as a whole.
Sustainable Development: a theory of development that views the process in a holistic light, encompassing social as well as economic development and emphasizing the importance of conserving the environment and natural resources.
Economic development: a process whereby the real per capita income of a country increases over a period of time (Martinussen).
Economic growth: the steady process by which the productive capacity of the economy is increased over time to bring about rising levels of national output and income (Todaro & Smith).]
Human development: a holistic portrayal of development obtained by putting human being at the center of the process (Mohammed 2007).
Economic Development Indicators:
Gross domestic product: a measure of the total good and services produced in an economy over a specified period of time, usually a year(Bannock, Baxter & Davis 2003)
Gross national product: this is the GDP of a country with adjustments made to include investments and other income from overseas generated by the country’s nationals, and deductions made for income earned in the country by persons abroad (Todaro & Smith 2004).
Per Capita income is the total income earned from goods and services produced by a country in one year divided by the total population for that country in that year.
Population growth rate: this is calculated by considering birth and death rates as well as migration statistics.
Age dependency ratio: the ratio of dependents i.e. individuals younger than 15 and older than 65 in comparison to those ages 16 to 64 who are active in the economy.
Merits of the economic development approach:
· It provides a standardized means of measuring development. It provides a starting
Concepts and Indicators of Development
DEVELOPMENT: is a multi-dimensional process which brings about a continuous enhancement of the capabilities and welfare of all individuals in the society and the country as a whole.
Sustainable Development: a theory of development that views the process in a holistic light, encompassing social as well as economic development and emphasizing the importance of conserving the environment and natural resources.
Economic development: a process whereby the real per capita income of a country increases over a period of time (Martinussen).
Economic growth: the steady process by which the productive capacity of the economy is increased over time to bring about rising levels of national output and income (Todaro & Smith).]
Human development: a holistic portrayal of development obtained by putting human being at the center of the process (Mohammed 2007).
Economic Development Indicators:
Gross domestic product: a measure of the total good and services produced in an economy over a specified period of time, usually a year(Bannock, Baxter & Davis 2003)
Gross national product: this is the GDP of a country with adjustments made to include investments and other income from overseas generated by the country’s nationals, and deductions made for income earned in the country by persons abroad (Todaro & Smith 2004).
Per Capita income is the total income earned from goods and services produced by a country in one year divided by the total population for that country in that year.
Population growth rate: this is calculated by considering birth and death rates as well as migration statistics.
Age dependency ratio: the ratio of dependents i.e. individuals younger than 15 and older than 65 in comparison to those ages 16 to 64 who are active in the economy.
Merits of the economic development approach:
· It provides a standardized means of measuring development. It provides a starting