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5 Phases of Economic Development

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Karl Sorenio

on 18 July 2016

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Transcript of 5 Phases of Economic Development

Organization and Management
5 Phases of Economic Development
Government - LED
- an approach towards economic development which allows and encourages local people to work together to achieve sustainable economic growth and development.

A la Kuznets
-Proposed by Simon Kuznets.

Human Capital Based
-Is a measure of the economic value of an employee’s skill set.
- proposed by Thomas Robert Malthus (1766-1834)
Effects of Malthusian
Positive Effect
There is a positive effect on the standard of living to the growth rate of population.
Example: Urban communities are more commercialized compared to rural communities.
Negative Effect
the size of population negatively affects the standard of living of the people.

Kuznets Curve
Implies that as a nation undergoes industrialization – and especially the mechanization of agriculture – the center of the nation’s economy will shift to the cities.

Charls Lethner Anduque
Karl Sorenio
Hershey Kaye Borgonia
Gerald Sudayon
Jesgin Angelu Ticot
Roselle Planco
Economic Development
- is the development of economic wealth of countries, regions or communities for the well-being of their inhabitants
- is the progress in an economy or the qualitative measure of this. (Web Finance Inc., 2016).

Phases of economic development
Government – LED (Local Economic Development)
A la Kuznets
Human Capital Based
Post Demographic Transition
Importance of Economic Development
As business enthusiasts, it is important to know the economic status of our country so that we could further help it improve and develop.
Through giving examples that most of the students can relate to.
The phases create a systematic illustration of the stages in economic development that can relay the content efficiently and effectively.
- a theory about economic growth which depends on the rate of the population of a certain area
- the economic growth is inversely proportional to the population. The smaller the population, the higher the economic growth and vice versa.
(Local Economic Development)
- support the formation of partnership between local and national institutions towards strategic implementations.
-The existence of a pattern or behaviour, between economic growth and environmental degradation, consistent with the environmental Kuznets curve (EKC) hypothesis.
Government vs Environment
- Refers to the knowledge, skill sets and motivation that people have, which provide economic value.

-It could be invested in through education, training and enhanced benefits that lead to an improvement in the quality and level of production.

Post Demographic Transition
-proposed in 1929 by Warren Thompson
- is the transition from high birth and death rate to lower birth and death rate as the country develops from pre- industrial to an industrialized economic system
- fertility rate decreases when child mortality is low, and is weakly dependent in GDP.
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