Economic Development

Paper Summary:

This paper defines economic development by examining the relationship that exists between economic development, economic growth and income. It discusses how one would characterize the importance of the United Nations Development Program's (UNDP) human development index (HDI) and the UN Millennium Development Goals (MDGS). The paper also discusses and analyzes some of the characteristics that are inherent in rapidly growing economies.

Table of Contents:
Objective
Economic Development Defined
Importance of the Goals of UNDP and the UN Millennium
Characteristics in Rapidly Growing Economies Analyzed

From the Paper:

"In the work entitled; "Meeting the Demand for Skilled Workers in a Rapidly Growing Economy - Malaysia" published by the International Labor Office one of the characteristics of a rapidly growing economy is the lessening of unemployment and the addition of opportunities for workers. Furthermore, wages generally experience a rise. in rapidly expanding economies. Wages in Malaysia have risen by 10 percent annually for skilled and semi-skilled workers while wages for managers, technical workers and professionals rise by 7.5 percent and unskilled worker wages rose by 5 percent. In Malaysia the unemployment rates have fallen to below 3 percent during the last decade" while Stated within the report is that: "Malaysia's economy has experienced a sharp turnaround since the recession of 1985 - 1986." (2003) While the rise in wages and fall in unemployment rates is very positive the problem that exists in the economy of Malaysia in relation to wages is that There are many reasons for these wage patterns, not all of which have implications for vocational education and training. But studies show that the main reason for widening wage differentials is that the supply of skilled workers has not kept pace: managerial and technical workers have the lowest supply elasticity, followed by skilled, semi-skilled and unskilled workers. " (Ibid)"

Sample of Sources Used:

• Definition of Economic Development (2003) Economic Developers Association. Alberta.
• Community Economic Development (2006) Center for Community Enterprise. Community Development Initiative.
• Little, Daniel (2003) The Paradox of Wealth and Poverty: Mapping the Ethical Dilemmas of Global Development. Boulder, CO. Westview Press 2003.
• Mandle, Jay R. (2003) Globalization and the Poor. Cambridge: Cambridge University Press

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• Analytical Essay # 144062 : "The WTO and Economic Development in Mexico"

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