Economic growth is closely related to economic development. We need economic growth to support economic development because it contributes to increased output and income in the economy, which in turn contributes to prosperity.Increased
Development Economics
Income Distribution: Understanding & Bridging the Gap (Measurement, Solutions)
What's it: Income distribution is about how the income or wealth of the economy is shared among its citizens. It is fair when income is evenly distributed to all people who really need it and are on target. Thus, there is no sharp disparity between
Economic Inequality: Understanding the Gap (Causes, Measures & Solutions)
What's it: Economic inequality is the unequal distribution of income and economic opportunities between various groups in society. Inequality is a universal problem. You can see, it happens in all countries.The acute unemployment rate and
Economic Development Explained: Stages, Goals & Impact
What's it? Economic development refers to an economy's progress in terms of quality. It's not just about economic growth. It also talks about a country's multidimensional aspects, such as increasing per capita income, improving education and health,
Human Development Index: Indicators, Ranking, Benefits, Limitations
The Human Development Index (HDI) is a powerful tool that goes beyond traditional economic metrics to measure a country's overall well-being. Developed in 1990, the HDI takes a multidimensional approach, considering not just a nation's economic
Gini Coefficient: Unveiling the Math Behind Income Inequality (Calculation, Pros, Cons)
The Gini coefficient, or the Gini ratio or Gini index, is a powerful tool for measuring income inequality within a society. It goes beyond simply looking at a country's average income and sheds light on how wealth is distributed among its citizens.
Welfare Programs: Understanding Government Assistance (Types, Pros & Cons)
Welfare programs are a cornerstone of social safety nets in many countries. They provide financial assistance and other forms of support to individuals and families facing economic hardship. These programs go beyond simply offering a handout; they
Absolute Poverty: Understanding Its Depth and Impact (Types, Causes)
Absolute poverty is a condition in which a person's income is lower than a decent standard of living, measured by a poverty line. They are considered unable to afford the necessary goods and services (such as shelter, food, and clothing).For