ECON390 Economics of Development Assessment Answer

Introduction

Poverty can arise due to inadequate access to educational resources, overpopulation, and insufficient salaries, factors that are contingent upon a nation's population size and its agricultural or employment capabilities. The occurrence of poverty can also be contingent upon the specific country under discussion. In developed nations characterized by elevated living standards and substantial expenses, the confluence of these factors has the potential to precipitate a scenario wherein a financially secure household is compelled to endure impoverishment. Despite receiving wages that adhere to the legally mandated minimum, many find themselves unable to afford basic necessities such as sustenance, apparel, and housing. Individuals who encounter difficulties in securing or maintaining gainful employment, coupled with insufficient financial resources to address unforeseen circumstances, rely on government welfare disbursements as a means of sustaining their livelihoods (Masron & Subramaniam, 2019).

Research Aim

The aim of the research is to evaluate the causes and effects of poverty on economic development in the developing world.

Literature Review

Economic growth is the best way for emerging countries to get out of poverty and improve their quality of life. Both cross-country research and country case studies show in a clear and convincing way that rapid and steady growth is essential for making faster progress toward all of the Millennium Development Goals, not just the first one, which is to cut in half the number of people around the world who live on less than $1 a day (Tabrizian, 2019). Growth can lead to positive cycles of wealth and opportunity. Strong growth and job chances give parents more reasons to send their kids to school and invest in their education. This could lead to a strong and growing group of entrepreneurs, which should put pressure on the government to improve how it runs. Because of this, strong economic growth helps human development, which in turn helps economic growth. But in different situations, the same growth rates can have very different effects on poverty, the chances of poor people getting jobs, and other measures of human progress. How much growth reduces poverty rests on how much the poor are a part of the growth process and how much they get from it. So, both the speed and direction of growth are important for getting rid of poverty (Masron & Subramaniam, 2019).

Research Plan

References

Masron, T. A., & Subramaniam, Y. (2019). Does poverty cause environmental degradation? Evidence from developing countries. Journal of poverty, 23(1), 44-64.

Tabrizian, S. (2019). Technological innovation to achieve sustainable development—Renewable energy technologies diffusion in developing countries. Sustainable Development, 27(3), 537-544.

Brady, D. (2019). Theories of the Causes of Poverty. Annual Review of Sociology, 45, 155-175.

Pawlak, K., & Kołodziejczak, M. (2020). The role of agriculture in ensuring food security in developing countries: Considerations in the context of the problem of sustainable food production. Sustainability, 12(13), 5488.

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