Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Reply to this. Dickovick & Eastwood (2018) elaborate that development is not only focused on economic growth but also covers wider topics. They point that

Reply to this. Dickovick & Eastwood (2018) elaborate that development is not only focused on economic growth but also covers wider topics. They point that development is comprised of many aspects of society, including economies, societies, cultures, religions, and the different political systems that encompass today's modern culture. In a broader sense, development is wealth that includes income equality, poverty reduction, building a good society, cultural growth, and political progress. Considering all these components, Rehman et al. (2022) recommend the significance of not considering monetary standards to fabricate an all-encompassing expansion of society but to gauge it on numerous scales. Dickovick & Eastwood (2018) propose a dual approach to measuring development, which combines economic indicators, like GDP, and social indicators, like income inequality, poverty rate, and standard of living. The authors also give credit to aspects as cultural development, environmental sustainability, and individuals' satisfaction and contribution within society. These indicators provide a comprehensive understanding of development beyond mere economic growth. To better measure the development, it is necessary to consider other indicators besides those traditionally used for gauging economic development. These indicators will take the form of assessments of the environmental impact, indices for the preservation of culture, or metrics of welfare (Van Niekerk, 2020). The wider perspect

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Economics

Authors: Luke M. Froeb, Brian T. McCann, Michael R. Ward

5th Edition

1337106666, 978-1337106665

More Books

Students also viewed these Economics questions

Question

Do not go, wait until I come

Answered: 1 week ago

Question

Pay him, do not wait until I sign

Answered: 1 week ago