Chapter 1 Assignment: Mesagrande, Ferly Jane B. FIN 3255 (2-024) Ateneo de Davao University

Mesagrande, Ferly Jane B.
FIN 3255 (2-024)

Ateneo de Davao University
CHAPTER 1 ASSIGNMENT
1. Briefly describe the various definitions of the term development encountered in the text. What are
the strengths and weaknesses of each approach? Do you think that there are other dimensions of
development not mentioned in the text? If so, describe them. If not, explain why you believe that
the text description of development is adequate.
2. Why is an understanding of development crucial to policy formulation in developing nations? Do

you think it is possible for a nation to agree on a rough definition of development and orient its
strategies accordingly?
Generally speaking, policy formulation in developing nations is regarded as a way to solve current
and future problems and helps forecast the future needs of the people based on past and present
events. In short, any policy aims to bring about positive changes in developing nations. Thus, as we all
know, development is the process of boosting people's living standards, self-esteem, and independence
in order to improve the quality of all human lives and capabilities. Hence, for me, understanding the
word development is crucial because you get to know your country's goal and how you want your
country to grow. However, theories are not universally applicable, and there are other aspects to
consider while implementing new policies. A country must know which particular aspect needs to be
developed, and then accordingly, it should formulate its policies. It also necessitates the presence of a
strong local administration capable of communicating the community's concerns to the federal
government while staying on track. The federal government should concentrate on the big picture of
economic development, education, and healthcare provision. Nonetheless, local governments may
tweak this to guarantee that these projects benefit the community in terms of jobs, healthcare quality,
and education.
3. Why is a strictly economic definition of development inadequate? What do you understand

economic development to mean? Can you give hypothetical or real examples of situations in
which a country may be developing economically but may still be underdeveloped?
According to what I have learned, economic development is the generation of wealth that benefits
the community. It is more than a job-creation initiative; it's an investment in strengthening your
economy and improving everyone's prosperity and quality of life. In short, economic development
implies different things to different people. An example that qualifies as economic development is a
community that accomplishes everything it can just to promote and create a healthy and wealthy
economy. However, on the other side, the strictly economic definition of economic development
changes people's attitudes by offering more education and health care, as well as changing women's
standing. Hence, it is inadequate since it is limited and ignores other essential elements, focusing solely
on economic and financial characteristics. Development, as we all know, is a multi-step process. Even
though it is founded on its economy, the country's overall growth is influenced by a variety of other
elements. As a result, the concept of human growth is at the heart of economic development, not
merely from a financial standpoint but also from a moral standpoint.
Moreover, there are countries that show economic growth, yet its people aren't nearly evolved or a
country that may be developing economically but may still be underdeveloped. Nigeria is the best
example. Despite the fact that the economy has doubled in size and mobile phones have become
commonplace for most people, Nigeria remains impoverished, poorly managed, and underdeveloped.
Thus, among the hundreds of issues of the country, few are fundamental: a dysfunctional socio-political
structure, deep-seated corruption, and an unproductive economy.

Chapter 1 Assignment: Mesagrande, Ferly Jane B. FIN 3255 (2-024) Ateneo de Davao University

Uploaded by

Copyright:

Available Formats

Chapter 1 Assignment: Mesagrande, Ferly Jane B. FIN 3255 (2-024) Ateneo de Davao University

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Chapter 1 Assignment: Mesagrande, Ferly Jane B. FIN 3255 (2-024) Ateneo de Davao University

Uploaded by

Copyright:

Available Formats

Mesagrande, Ferly Jane B.

FIN 3255 (2-024)

2. Why is an understanding of development crucial to policy formulation in developing nations? Do

3. Why is a strictly economic definition of development inadequate? What do you understand

You might also like