Essays on economic development

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Every political agenda of political bodies includes economic and human development. Sustained economic growth provides opportunities and sufficient incomes for the labor force on the one hand, and profitable business prospects for employers.

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Private sector investment plays the most significant role for providing those opportunities and support economic growth; it can be the only machine for economic enhancement with other initiatives to boost investments so that to make people feel they are the most needed. So this takes part of the action plan of every representative body. In Morocco, the economy tends to be more and more of a private aspect, and it started in This development made the government less involved in a lot of sectors that privatization integrated.

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However, it is still a normal economy directed by the demand and supply. During the early period, Morocco did not know plenty of important events. The agriculture sector was the first and most important one that the Moroccan economy was hoping to develop. Moreover, some importance was given to the tourist sector.

This was the period between the which explains different mistakes that made Moroccan development go a little bit slower. The economic growth stabilized the Moroccan economy and made the 21st century the best period of all. The only sector to survive and keep having a success was the agriculture and that had a great impact on the economic development.

Some of the issues that Morocco used to work on and that affected its development were the economic growth; the high rate of unemployment was strongly related to the fact of having a low economic growth. Some other sectors kept integrating the Moroccan economy for a better development such as telecommunication and gas exploration. With all this development in the beginning of the 21st century poverty was still there. The most recent developments in the Moroccan economy appeared to some of the best since it is one of the countries that best dealt with the general economic crisis.

Morocco is no more focusing on the secondary problems but more on social problems such as the lack of drinkable water, poverty, and making more important investments to link rural cities to markets.

Essay on the Economic Development of a Country

In , the expectation of the growth was 5. It is also known that Morocco has a Human Development Index of 0. And this HDI is in fact a ranking tool used among countries so that they know about life expectancy, education and GNI of each individual. Some solutions for a higher economic development would vary in Morocco because of the diversification in the sectors that becomes a frequent fact. And some of them would be the government intervening by creating some expansion of the economy and this by imposing new rules to respect. The government would have to be responsible of all big industries and no privatization would be effective in this case. Finally, modernization of the economy was an important thing to do by Morocco to have a better preparation to a better development. The growth rate was supposed to reach 6. The model describes the impact of education in micro and also in macro. In micro education making impact to the externalities and other indirect effects related to education, health and population growth, such as; higher education attainment and achievement of children, better health and lower mortality of children, better own health, and lower number of birth.

Education also increased earnings with higher productivity , increase earnings of neighbours, participation in the labor force.

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The three impact on micro sector also make an impact on the macro sector, increase participation in the labor force make an increase on labor force, increase earnings of neighbours and increased earnings make an impact on higher growth, and the externalities and other indirect effects related to education, health and population growth make an impact to lower population growth and better health population and labor force. The forth theory is the Nelson and Phelps , where the stock of human capital increase a country ability to adopt or imitate new technology.

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The theory postulates a production function which states how maximum current output depends upon the current services of tangible capital goods, the current number of men performing each of these jobs, the current educational attainments of each of these job holders, and time. In the concluding remarks from nelson and Phelps journal, according to the models that they used the rate of return to education is greater the more technologically progressive is the economy.

Which suggest that the progressiveness of the technology has implications for the optimal capital structure in the broad sense. Their view also suggests that the usual, straightforward insertion of some index of educational attainment in the production function may constitute a gross misspecification of the relation between education and the dynamics of production.

The fifth theory is Robert Lucas , Lucas-Uzawa model, which explain the relationship between the stock of human capital and positive externalities to the economy. Which being elaborate by Lucas model, Lucas presents a growth model in which output is generated via a production function of the form. Capital accumulation proceeds via the usual differential equation,. This theory is based on three premises. First, economic growth is driven by technological progress as well as capital accumulation.

Second, technological progress results from deliberate actions taken by private agents who respond to market incentives. And the third, technological knowledge is a non-rivalrous input modelled as positive knowledge spill-overs. It said that growth is endoge- nous in two senses: First, the growth rate results from the optimizing decisions of private agents households and entrepreneurs.

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The second implication is the above displayed growth rate applies to the market solution. Next, the third implication, the long run growth rate implies a scale effect. The larger the economy measured by L , the faster it grows. The last implication is the growth condition is. The fact that a measure of the size of the economy enters the growth condition implies that the economy must be sufficiently large in order to exhibit sustained growth there is a threshold effect.

Notice that in the original Romer formulation the relevant scale variable is human capital H rather than labour L.

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From the last part we already discuss all six theory that backup the hypothesis, that human capital being correlate with economic growth. Now, we will discuss the other question, is education in Indonesia have an impact in the economic growth in Indonesia? To answer that question we have to determine what are the indicators that can give us the big picture on Indonesia education and Indonesia economic growth, but before we go on we should remember that population of the 33 provinces in Indonesia is ,, in according to the Indonesian Ministry of Health.

First we will discuss Indonesia condition on education, the writer use two indicators on education. And for age 15 until 44 productive age in 2. We can see from the data that being produced by the ministry of health of Indonesia, that the literacy rate in Indonesia keep diminishing from time to time. The School Participation Rate SPR in Indonesia being divided into three stage; elementary and other equal, junior high school and other equal, and high school and other equal.

For the elementary and other equal level of education in For the junior high school and other equal level of education in For the high school and other equal level of education in And for the total education attained population 15 years and above are, in Now, what we need is to find out is there any correlation between the two educations indicator with the Indonesia economic growth. For the economic growth, the indicator that the writer used to see Indonesia economic growth is the GDP and GNI in Indonesia it self, where the GDP it self is the sum of gross value added by all resident producers in the Indonesian economy plus any product taxes and minus any subsidies not included in the value of the products.

It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. GNI is the sum of value added by all resident producers plus any product taxes less subsidies not included in the valuation of output plus net receipts of primary income compensation of employees and property income from abroad. GNI, calculated in national currency, is usually converted to U. In 3,,

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