In general words, economic development refers to the problems of underdeveloped countries and economic growth to those of developed countries. The raising of income levels is generally called economic growth in rich countries and in poor ones it is called economic development. But this view does not specify the underlying forces which raise the income levels in the two types of economies. The problems of underdeveloped countries are concerned with the development of unused resources, even though their uses are well known, while those of advanced countries are related to growth, most of their resources being already known and developed to a considerable extent.
In fact, the terms "development and growth" have nothing to do with the type of economy. The distinction between the two relates to the nature and causes of change. These two terms may also be explained as the development is a discontinues and spontaneous change in the stationary state which forever alters and displaces the equilibrium state previously existing; while growth is a gradual and steady change in the long run which comes about by a gradual increase in the rate of savings and population. This view has been widely accepted and elaborated by the majority of economists.
According to another school of thought, "economic growth means more output, while economic development employs both more output and changes in the technical and institutional arrangements by which it is produced and distributed. Growth may well involve not only more output derived from greater amounts of inputs but also greater efficiency, either, and increase in output per unit of input. Development goes beyond this two employ changes in the composition of output and in the allocation of inputs by sectors". According to some classical economists the growth is an expansion of the system in one or more dimensions without a change in its structure, and development is an innovative process leading the structural transformation of social system.
Thus economic growth is related to a quantitative sustained increase in the country's per capita output or income accompanied by expansion in its labor force, consumption, capital, and volume of trade. On the other hand, economic development is a wider term. It is related to qualitative change in economic wants, goods, incentives, and institutions. It describes the underlying determinants of growth such as technological and structural change. Development embraces both growth and decline. An economy can grow but it may not develop because poverty, unemployment and inequalities may continue to persist due to the absence of technological and structural changes. But it is difficult to imagine development without economic growth in the absence of an increase in output per capita, particularly when population is growing rapidly. Despite these apparent differences, some economists use these terms as synonyms.
By: Arfan Ulhaq
Monday, August 15, 2011
Saturday, April 16, 2011
Project Management - The new career choice for many?
Project Management is fast becoming a new career choice with many retraining in this field. There are approximately 16.5 million people worldwide practicing as Project Managers (PM’s) in one guise or another. Although only 400000 were PMP qualified.
Anyone and everyone manages a project a some stage in their lives whether they realise it or not, think about the last holiday you went on, I bet you went on a similar course to the following- ‘I need a holiday’ then ‘where can I go’ and then you did research and booked where you fancied. Then you will have ensured all the correct documentation in order, bought currency and then travelled. A logical process in which is very similar to project management principles of ‘Concept’- Your decision to go on holiday, ‘Definition’- You decided where to go’, ‘Implementation’- you booked your holiday and went away, ‘Handover & Close out’ – You came home and reviewed your holiday. See, you managed a project!
So what drives people to train to become PM’s? In the US the average salary in 2007 was $87000 per annum and in the UK the average is £42000 per annum. Not bad salary’s for full time work. Experienced PM’s can earn as much as £100’s of pounds an hour for freelance work. The work is often strenuous but the rewards to see your project complete is one of great satisfaction and financial pleasure. Bonuses can range from hundreds of pounds to tens of thousands of pounds. One PM I met earned a six-figure sum for completing a large 5 year complex construction project!
So what do you have to do to become a PM? Well, formally, not a lot, but be good with planning, estimating, controlling people, managing, accounting, H&S and the list goes on. Most companies however look for formal qualifications, such as PMP, Prince2 and APM. Training can be expensive and many companies now offer these courses for a pricely sum. The APM BoK 5th Edition alone is £47, PMP £43 and Prince2 manual £75! If you are going to book a course then do your research into the company offering it. If you are interested in the APM Book of Knowledge you can purchase it as an ebook/pdf here http://uploadnsell.com/buy/BaYiLE for only £20. (Guarantee you wont find it cheaper!)
Project Management is a very rewarding career, and one that I am enjoying. I hope you found this article interesting.
By: Shirley Heh
Anyone and everyone manages a project a some stage in their lives whether they realise it or not, think about the last holiday you went on, I bet you went on a similar course to the following- ‘I need a holiday’ then ‘where can I go’ and then you did research and booked where you fancied. Then you will have ensured all the correct documentation in order, bought currency and then travelled. A logical process in which is very similar to project management principles of ‘Concept’- Your decision to go on holiday, ‘Definition’- You decided where to go’, ‘Implementation’- you booked your holiday and went away, ‘Handover & Close out’ – You came home and reviewed your holiday. See, you managed a project!
So what drives people to train to become PM’s? In the US the average salary in 2007 was $87000 per annum and in the UK the average is £42000 per annum. Not bad salary’s for full time work. Experienced PM’s can earn as much as £100’s of pounds an hour for freelance work. The work is often strenuous but the rewards to see your project complete is one of great satisfaction and financial pleasure. Bonuses can range from hundreds of pounds to tens of thousands of pounds. One PM I met earned a six-figure sum for completing a large 5 year complex construction project!
So what do you have to do to become a PM? Well, formally, not a lot, but be good with planning, estimating, controlling people, managing, accounting, H&S and the list goes on. Most companies however look for formal qualifications, such as PMP, Prince2 and APM. Training can be expensive and many companies now offer these courses for a pricely sum. The APM BoK 5th Edition alone is £47, PMP £43 and Prince2 manual £75! If you are going to book a course then do your research into the company offering it. If you are interested in the APM Book of Knowledge you can purchase it as an ebook/pdf here http://uploadnsell.com/buy/BaYiLE for only £20. (Guarantee you wont find it cheaper!)
Project Management is a very rewarding career, and one that I am enjoying. I hope you found this article interesting.
By: Shirley Heh
Thursday, January 13, 2011
Why Business Continuity Planning is Important?
Continuing the business is immensely important for all business owners if any sort of hiatus or disturbance has been faced. This is quite possible as disturbance in the business can occur at any time and for a number of reasons.
As a matter of fact, almost all of the work done these days in offices, banks, educational institutes, clinics, hospitals and everywhere else is done on the computers, it is quite possible that the computer gets corrupted or begins to malfunction for some reason. Moreover, there could be natural disasters such as floods, earthquakes etc that could simply wipe away the computers. When such incidents occur, no business owners would want to discontinue their business and go bankrupted forever. Instead, clients would actually want their information and the business owners might want to find out past records and other such information. For such times, it is an excellent idea to maintain business continuity solutions.
These solutions not only help plan out the recovery of data in times of trouble but may also include ways of moving the business and retrieving older records so as to keep the customers at ease. There are businesses such as financial service providers and global markets that operate 24 hours and almost all throughout the week. They would especially suffer a very heavy loss in case of server failure or any such issue. Hence, business continuity solutions have to be given much importance so as to ensure continuity of the business and successfully avoid its downfall.
However, it ms be noted that all business owners have to sit down and discuss their own issues and possibilities in order to plan out a workable continuity plan because different types of businesses would have different types of operations, environments, clientele and hence, persona. Thus, one set of rules cannot be applied to all the businesses and it is quite possible that business continuity plan, workable for one business, might completely fail for the other. If chore issues are to be planned and there is no time for this, which is quite possible, it is advised that this task be outsourced.
Outsourcing companies handle these tasks with great expertise, care, proficiency and efficiency and the best part is that they charge considerably low as compared to the expenses that could sum up if a team is hired for such processes or departments are set within a business. Thus, it is an excellent option for business owners that they can consider if they find it unfeasible to create business continuity plans instead of dismissing them. It has been seen that most business owners keep this task at their last priority but it is highly emphasized that thus strategy be changed.
Troubles can come up at any time and they could be in the form of malfunctioning of computers or server failures if not natural disasters or financial breakdowns. And since no business owners would want to suffer a loss such as joblessness, they are better advised to plan out disaster recovery and continuity of the business in all cases.
By: Jenifer Orton
As a matter of fact, almost all of the work done these days in offices, banks, educational institutes, clinics, hospitals and everywhere else is done on the computers, it is quite possible that the computer gets corrupted or begins to malfunction for some reason. Moreover, there could be natural disasters such as floods, earthquakes etc that could simply wipe away the computers. When such incidents occur, no business owners would want to discontinue their business and go bankrupted forever. Instead, clients would actually want their information and the business owners might want to find out past records and other such information. For such times, it is an excellent idea to maintain business continuity solutions.
These solutions not only help plan out the recovery of data in times of trouble but may also include ways of moving the business and retrieving older records so as to keep the customers at ease. There are businesses such as financial service providers and global markets that operate 24 hours and almost all throughout the week. They would especially suffer a very heavy loss in case of server failure or any such issue. Hence, business continuity solutions have to be given much importance so as to ensure continuity of the business and successfully avoid its downfall.
However, it ms be noted that all business owners have to sit down and discuss their own issues and possibilities in order to plan out a workable continuity plan because different types of businesses would have different types of operations, environments, clientele and hence, persona. Thus, one set of rules cannot be applied to all the businesses and it is quite possible that business continuity plan, workable for one business, might completely fail for the other. If chore issues are to be planned and there is no time for this, which is quite possible, it is advised that this task be outsourced.
Outsourcing companies handle these tasks with great expertise, care, proficiency and efficiency and the best part is that they charge considerably low as compared to the expenses that could sum up if a team is hired for such processes or departments are set within a business. Thus, it is an excellent option for business owners that they can consider if they find it unfeasible to create business continuity plans instead of dismissing them. It has been seen that most business owners keep this task at their last priority but it is highly emphasized that thus strategy be changed.
Troubles can come up at any time and they could be in the form of malfunctioning of computers or server failures if not natural disasters or financial breakdowns. And since no business owners would want to suffer a loss such as joblessness, they are better advised to plan out disaster recovery and continuity of the business in all cases.
By: Jenifer Orton
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