Hiedelyn I.

Llano ECO 4112-5

BS Accountancy 1-5 Prof. Julia N. Peralta

ECONOMIC DEVELOPMENT: A GLOBAL PERSPECTIVE

( Group 1 Reflection paper )

The Group 1 report is about Economic Development, which is the process by which emerging
economies become advanced economies. In other words, the process by which low-income countries
advance to high-income countries. Economic development can also refer to the process of improving the
general population's overall health, well-being, and academic level. As a result, their report included
seven subtopics that they explored during the presentation.

So group one began their reporting by using an ice breaker to just awaken the students and to
introduce the economics and the New Zealand country as the island natio with two main landmasses
which are north and south island, and the new zealand has a diverse geography with a total of 4.5 million
of population their country's sport is rugby team and their culture is maori and when it comes to the
economy of the new zealand their economy is outstanding.

The Nature of Development is the discussed by group one, and they stated that the ultimate
purpose of development economics is to help us understand developing economics in order to help
improve the material lives of the majority of the global population. They also discussed that the nature of
development economics is that development is all about progress and it is not about money. It also
contains access to education and social improvement, which provided an enlightening introduction to
their major topic.

The first sub topic is Traditional Economic Measurements, which claim that we traditionally
estimate the capability of a national economy whose economic condition has been steady for a long
period. There are other several indicators to utilize, such as national capacity or gross national income,
which is an alternative to gross domestic product and assesses the value of what is generated in the
country. The Capacity of National Income is a statistic equivalent to the Gross National Product. The
second traditional measures  is per capita income, which assesses how much actual goods and services an
average member of the community has for consumption and investment, and thus the average standard of
living of a citizen or country. An average earned income per person in a specific country or region during
a certain year is also referred to as per capita income. They also highlighted how the underlying premise
behind this was progress is predicated on the degree of income of a country's population. which states that
the bigger the income, the higher the living standards and development. Although national income can be
used as a measure of economic growth, it has a number of limitations. It is calculated by dividing the
country's GDP by its population. The third and last traditional economic measures is the gross domestic
product, which is the market value of all finished goods and services produced within a country in a year,
and a finished product is one that will not be sold again as part of another good.
 The next sub topic is Industrialisation, which is the process of establishing diverse industries
around the country. It's also a method of increasing the output of industrial operations like manufacturing,
which entails the transformation of raw materials into finished goods, and the service sector, which
provides services to clients rather than creating goods.

The New Economy View of Development is the third sub topic in the group 1 report, and it
discusses how the average person's standard of living has remained unchanged. As a result, an increasing
number of economists have rejected the limited concept of economic development, calling for the
"dethronement of GNP" and advocating direct attacks on widespread absolute poverty, increasingly
unequal income distribution, and rising unemployment. As a result, in the 1970s, economic progress was
reinterpreted through the lens of a growing economy. "Growth redistribution" became a popular slogan.

The fourth sub topic is Sen's Capabilities, which explores how Amarty Sen proposes the concept
of capabilities. Capabilities as a good option, which individuals can choose from. This raises the bar for
what constitutes a successful outcome. When one conclusion provides better capabilities to the residents
of her region than the other, we can determine which is the best end. Sen's powers are absolute rather than
relative in nature. It isn't necessary to compare one person's possibilities to those of another. Human
variability is both forced and respected by the concept of capabilities. That is to say, merely handing them
resources will not improve their lives. This raises the bar for what constitutes a successful outcome. When
one conclusion provides better capabilities to the residents of her region than the other, we can determine
which is the best end. Instead of measuring growth and equality using GDP per capita and fundamental
needs fulfillment, he advocates utilizing capabilities, which he defines as people's positive possibilities.
This implies that people have both the freedom and the means to exercise that freedom.

The fifth sub topic is Michael Tadaro's three development objectives, which are life-sustaining
goods and services, which focuses on increasing the availability and widening the distribution of
fundamental life-sustaining items such as food, housing, health, and protection. Higher earnings will
elevate living standards, which will include, in addition to higher salaries, the creation of more jobs,
better education, and a stronger focus on cultural and human values, all of which will contribute to
increased individual and national self-esteem. Freedom to make economic and social choices entails
liberating individuals and nations from servitude and reliance, not just in regard to other people and
nation-states, but also in respect to forces of ignorance and human misery.

The the last sub topic is Millennium Development, which is divided into eight subtopics, one of
which is eradicating severe poverty and famine, which focuses on the destructive impacts of poverty and
hunger. Achieve universal primary education, which focuses on how New Zealand become outstanding,
and their secret is that they finance their citizens' education, particularly students.

In conclusion, this report is able to inform us about the need of studying and understanding each
country in order for it to attain growth and development.