Since economic engagement represents a dominant influence in the life of people, the shift in the share of a specific sector, with its distinctive characteristics and even mode of life, affects the population group engaged in it. To the extent that this is true, and that the conditions of production in the developed countries differed greatly from those in the populous less developed countries today, the material technology evolved in the developed countries may not supply the needed innovations. The official measurement of national output—gross domestic product—shows that the average American’s annual income in 2000 was five times as high as the annual income of his counterpart in 1890, and twelve times as high as the average American’s income in the middle of the nineteenth century. We get a glimpse of what life was like for the middle class one hundred years ago, when real wages were lower, by looking at the middle class in poor countries today, where wages are substantially lower than in the rich countries. Modern economic development started in Great Britain, which in the 1780s accounted for a little over 1 percent of the total world population at that time. Most of the growth indexes that economists use calculate improvements by comparing the cost of standardized, comparable bundles of goods in different time periods. This simple and inexpensive product not only reduces headaches and fevers, but also lowers the likelihood of heart attacks and, perhaps, some cancers. Yet the last few centuries have seen us banish starvation and famine from a large part of the Earth. What are the prospects of the still-to-develop countries of Asia, Latin America, and Africa joining this circle of economic development? Two points are relevant here. Two important groups of effects of this rapid transformation of economic structure deserve explicit reference.

The spectacular economic growth of Japan since World War II may also exert a similar pull on neighbouring countries in East Asia.

But at least one implication is sufficiently intriguing, and seems to be illuminating of many recent events in the field, to warrant a brief note. The lag has been in the analysis of these data by economists and other social science scholars, because of the scarcity of such scholars who cannot be spared for research within the less developed countries themselves and because of the natural preoccupation of economists in the developed countries with the problems of their own countries. Mon. B. restrict women and minorities from holding certain economic and political positions. Mass application of technological innovations, which constitutes much of the distinctive substance of modern economic growth, is closely connected with the further progress of science, in its turn the basis for additional advance in technology.

1-16.
However, some of them are listed, because they contribute to our understanding of the distinctive problems of economic life in the world today.

According to…, Complicating the construction of stable, constitutional governments in the decades after independence were the economic circumstances that prevailed in the period. An economy with an average growth rate of 10 percent can expect to see its real GDP double in approximately 7 years. Countries that have experienced modern economic growth have also tended to A. have less leisure time for sport and artistic activities. Moreover, differences in preference may cause losses for those with unusual tastes.

industrialization, large scale of production, etc.

Even if one were to argue that progress in basic science may not be closely tied to the technological needs of the country of origin (and even that may be disputed), unquestionably the applied advances, the inventions and tools, are a response to the specific needs of the country within which they originate.

One final example: Before radio, television, or musical recordings, one could not hear Beethoven’s Fifth Symphony without attending a live concert. But there are also the stronger localized pulls, such as the pull of the United States economy on Mexico and the pull of western Europe on the developing countries of southern Europe. The high rate of growth is sustained by the interplay between mass applications of technological innovations based on additions to the stock of knowledge and further additions to that stock. This answer has been confirmed as correct and helpful. 18, no. In 1965, the last year for which we have worldwide comparable product estimates, the per capita GDP (at market prices) of 1.72 billion out of a world total of 3.27 billion, was less than $120, whereas 0.86 billion in economically developed countries had a per capita product of some $1900. “Cornucopia: Increasing Wealth in the Twentieth Century.” 2000. Obviously, this aspect of modern economic growth deserves our greatest attention, and the fact that the quantitative data and our knowledge of the institutional structures of the less developed countries are, at the moment, far more limited than our knowledge of the developed areas, is not reason enough for us to ignore it. 35 and 38).

.

Major aspects of structural change include the shift away from agriculture to non-agricultural pursuits and, recently, away from industry to services; a change in the scale of productive units, and a related shift from personal enterprise to impersonal organization of economic firms, with a corresponding change in the occupational status of labor.5 Shifts in several others aspects of economic structure could be added (in the structure of consumption, in the relative shares of domestic and foreign supplies, etc.).

Lecture to the memory of Alfred Nobel, December 11, 1971. D. has less leisure time for sport and artistic activities.

By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. Still, one may justifiably argue, in the light of the history of economic growth, in which a succession of such unexpected negative results has been overcome, that any specific problem so generated will be temporary – although we shall never be free of them, no matter what economic development is attained. A great deal has been learned about the types of economic policies that are conducive to rapid economic development. NobelPrize.org.

First, the changes in conditions of life suggested by “urbanization” clearly involved a variety of costs and returns that are not now included in economic measurement, and some of which may never be susceptible to measurement. Other things equal, the provision of a per unit subsidy for a product will A. increase its supply. Second, the present-day developing countries have large population bases and are handicapped by much faster rates of population growth.

As already noted, the stock of data and of economic analysis is far poorer for these countries than that for the developed countries – a parallel to the smaller relative supply of material capital. Such a framework is not easily or rapidly attained, as evidenced by the long struggles toward it even in some of the presently developed countries in the nineteenth and early twentieth centuries. But the rate of succession of such innovations was clearly more rapid in modern economic growth, and provided the base for a higher rate of aggregate growth.
But if such costs were omitted from measurement, as they still are in conventional accounts, so were some returns. These comments should not be interpreted as denying the value of many transferable parts of modern technology; they are merely intended to stress the possible shortage of material and social tools specifically fitted to the different needs of the less developed countries. These are primarily from United Nations publications, supplemented by some auxiliary sources (mostly for the Communist countries), and use conventional conversion rates to U.S. dollars in 1965.


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