Why Investing in Development is Important

In the recent economic study of the global public sector, social and economic development is the process through which a country, community, region, national community, or even an individual is bettered based on targeted objectives and aims. The scope of development depends on its ultimate goal: the betterment of people in their everyday lives. With smartphones in every pocket, development is sure to reach new heights.

Development can either be qualitative or quantitative. Qualitative aspects include those changes brought by technology, which is a basic component of development. On the other hand, quantitative aspects include economic growth rates and prices of raw materials needed for developing countries. Because of globalization, developing countries now rely more on imported software, hardware, infrastructure, and technology rather than locally developed gadgets and equipment.

While the term development refers to attaining goals regarding economic growth, sustainable development seeks to improve the quality of life even after development has taken place. Achieving sustainable development aims to prevent a worsening in the natural resources and environmental conditions because resources and environmental considerations become prime concerns in the development process. This is because resources are natural resources whose scarcity makes them unreliable or unusable. Sustainability therefore means not only preventing degradation of the natural resources but also preventing or reducing adverse effects caused by resource exploitation or misuse.

Another approach to development that involves addressing issues of poverty is called the poverty barrier. The principle of poverty barrier states that poor individuals have the ability to attain higher levels of development while at the same time improving the conditions of the remaining majority. It thus tries to ensure that poor people have access to enough economic growth while wealthy ones continue to enjoy the benefits of economic growth. It also aims to eliminate the disparity in wealth without compromising environmental sustainability. By making access to natural resources easier and affordable for the poor it allows for the continuation of human development as well as economic development.

Development strategies such as GDP that focus on the principles of sustainable development to try to address problems of economic growth while preserving natural resources and environmental quality. For example, ‘green growth’ deals with issues related to deforestation, pollution and pesticides that may harm human development and environmental sustainability. Developing nations therefore promote economic growth through improved utilization of agricultural land and through the use of chemicals that do less harm than their counterparts. By promoting development that creates employment and facilitates the creation of new jobs it attempts to create a better standard of living for the people who will derive benefits from these endeavors.

Economic growth and development do not only come from economic growth and development. There is a need to ensure basic needs are met before moving onto more advanced concepts such as technology and knowledge creation. This is done through projects that support natural resources development. Examples of these include scientific research and development, Earth resource management and creation of food networks that allow local producers to benefit economically.

Natural disasters are also a reason that nations must work together in order to combat them. By creating international frameworks that foster cooperation on natural resources, it provides for a cheaper and safer storage and retrieval of natural resources that would otherwise be lost. Through the sharing of information about natural disasters it allows for greater accountability between a country and its neighbors as well as among countries themselves and promotes support for disaster preparedness.

As mentioned earlier, life expectancy has been a significant factor affecting development. The fact that income does not always continue to increase or decrease along with basic needs demonstrates the importance of investing in the lives of people who will derive benefits from economic development. Economic growth and development must be coupled with poverty reduction. By investing in development programs that promote sustainable development and better life expectancy it shows to the world that a nation is able to adapt to changes and cope with challenges.

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