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Essay / Research Paper Abstract
This 3-page paper investigates economic development models, including technology-led and information models. Examples are provided as to how these work. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTdeveecon.rtf
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economic exchange is beneficial to all concerned. To examine this question somewhat further, well take a look at the key models and sources of economic development.
Economic development is defined as progress along social, financial and technological lines (Economic Development, 2009). Economic development takes into account indicators such as gross domestic product
or gross national product per capita, as well as literacy rates, unemployment and so on (Economic Development, 2009). The International Economic
Development Council (IEDC) points out that economic development also concerns programs, policies and/or activity that is geared toward improving economic well-being and quality of life of a particular community (FAQ,
2009). This is done by creating/retaining jobs to facilitate growth as well as a stable tax base (FAQ, 2009). Beyond that, however,
there is the school of thought that believes that technology and infrastructure are the paths to economic development (as introduced by Robert Solow), while other schools of thought that point
to tweaking the GDP and savings (one inversely impacts the other), which was introduced by Roy Harrod and Evsey Domar. Then there is the school of thought pointing out that
information technology is the way in which economic development occurs. This has worked well for countries such as India, which pride themselves as being forerunners of information technology. India, for
example, has done well with a great deal of offshoring and call center work. As a result, operators are (somewhat) trained in fielding phone calls and helping users with everything
from computers to large appliances. In this regard, Indias GDP, per capita income and even quality of life have increased. But what
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