Saif has written about inflation, deflation, laws of supply and demand, and other important economics-related topics for over eight years. Learn how human capital affects economic development worldwide. Modern economists are of the view that natural resources i. A country which has abundant natural resources is in a position to develop more rapidly than a country that is deficient in such resources. However, the presence of abundant resources is not a sufficient enough condition to explain all aspects of economic growth. Economies are created and managed by people.
Population Growth and Economic Development - Words | Bartleby
Population projections are attempts to show how the human population living today will change in the future. Because of population momentum the global population could continue to grow, although at a steadily slower rate, for the remainder of this century, but the main driver of long-term future population growth will be the evolution of the global average fertility rate. Walter Greiling projected in the s that world population would reach a peak of about nine billion, in the 21st century, and then stop growing after a readjustment of the Third World and a sanitation of the tropics. Estimates published in the s tended to predict that the population of Earth would stop increasing around After reaching this maximum, it would decline slightly and then resume a slow increase, reaching a level of 5. This prediction was revised in the s, to the effect that no maximum will likely be reached in the 21st century. A paper by demographers from several universities and the United Nations Population Division forecast that the world's population would reach about
In his book An Essay on the Principle of Population , Malthus observed that an increase in a nation's food production improved the well-being of the population, but the improvement was temporary because it led to population growth, which in turn restored the original per capita production level. In other words, humans had a propensity to utilize abundance for population growth rather than for maintaining a high standard of living, a view that has become known as the " Malthusian trap " or the "Malthusian spectre". Populations had a tendency to grow until the lower class suffered hardship, want and greater susceptibility to famine and disease , a view that is sometimes referred to as a Malthusian catastrophe. Malthus wrote in opposition to the popular view in 18th-century Europe that saw society as improving and in principle as perfectible.
According to neoliberalism big government and too much official development aid prevent economic and social development, while deregulation, privatisation and lowering taxation are required to achieve economic growth. This post outlines the neoliberal approach development and then briefly assesses the effectiveness of neoliberal policies. While the usage of the term neoliberalism varies considerably , for the purpose of this post i use the term to refer to that set of economic policies which have become popular in economic development over the last 30 years since the late s — namely increased privatisation, economic deregulation and lowering taxation. Neoliberalism replaced modernisation theory as the official approach to development in the s.