Development Economics

Developing countries – usually classified by the World Bank

as to having “low” and “middle” income; making up for 5
billion of the world’s population.

Development economics - a subject that studies the

economics of the developing world, has made excellent use of
economic theory, econometric methods, sociology,
anthropology, political science, biology and demography and
has burgeoned into one of the liveliest areas of research in all
the social sciences
- an amalgam of several social sciences aimed at trying to
answer the idea as to why underdeveloped countries are
underdeveloped
There are several more reasons other than the given factors
that talks of underdevelopment but the question that most
people are trying to find explanations is why underdeveloped
countries underdeveloped?

Several causes may not be the reason as these could be

symptoms that can be addressed such as:

- it is unclear whether low fertility rates are intrinsically

a feature of economic welfare or development
- large holdings of physical capital may well have an
instrumental value to play in the development process.
Globalization is as old as humanity itself.

 This brief historical sketch identifies five distinct historical

periods that are separated from each other by significant
accelerations in the pace of social exchanges as well as a
widening of their geographical scope
- technological and social advances
- continuity with the novelty
- transcended human society and culture