School of Economics | Part 3
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Policies for Economic Development  Tejvan Pettinger  Economic development implies an improvement in economic welfare through higher real GDP, but also through an improvement in other economic indicators, such as improved literacy, better infrastructure, reduced poverty and improved healthcare standards. Policies for economic development could involve: Improved macroeconomic conditions...

 Tejvan Pettinger  The savings ratio a big determinant of economic activity. Consumer spending accounts for 63% of GDP – dwarfing other areas, such as government spending, investment and exports. A rise in the savings ratio can have a very significant impact on economic activity. A blogger, mentioned a minister,...

 Tejvan Pettinger  Different models of economic growth stress alternative causes of economic growth. The principal theories of economic growth include: Mercantilism – Wealth of a nation determined by accumulation of gold and running trade surplus Classical theory – Adam Smith placed emphasis on the role of...