Economic Development Essay PDF

Preview

Summary

How would you explain the persistence of high wages in the modern urban sector? As we know urban places are linked with the engines of growth. Many workers from rural places have decided to immigrate to these areas because of the highly improved and advanced these cities are. The persistence of high...

Description

1. How would you explain the persistence of high wages in the modern urban sector? As we know urban places are linked with the engines of growth. Many workers from rural places have decided to immigrate to these areas because of the highly improved and advanced these cities are. The persistence of high wages in the modern urban sector is due to the high population, high output/labor of production, and the industrial sector that resulted in high standards of living among people. The increase in wages of each worker is a must because they have expensive means of living compared to rural places. 2. What is the impact of rural-urban immigration on the growing population? The main reason why there is a surprising immigration rate from rural to urban places is that people seek job opportunities to improve their living standards. The impact of this is overpopulation in cities. When people have already immigrated to these cities, they hope for a better quality of life and more opportunities are ahead. Unfortunately, opportunities in cities are not for all. There are these what we call inequality and discrimination that are really evident nowadays and we always witness on social media and other media platforms. People are stuck in cities because they think they will get what they aimed for but got otherwise. 3. What are the adequate policies to stem the flood of migrants to urban areas? I believe that the government should focus more on enhancing and supporting our agriculture sector. As we’ve discussed in this course subject, agriculture is a crucial sector for the economy since it provides our necessary means. In the Philippines, many have decided to leave farming and engage themselves in the industrial community because they are hoping for high wages. If the government will impose policies that address the neglected problems and concerns in our agriculture, this will result in massive growth. And both people in rural places and those who decided to immigrate will be attracted again to stay in their original place because of the saying, “...Hindi naman aalis ang isang tao kung nasusustentuhan niya ang kanyang pangangailangan.” 4. How does the food shortfall affect the economy leading to its economic failure? As I’ve stated above, agriculture is a significant matter to economics. It provides our food and the necessary means to live. Without it, we cannot meet our basic needs. And if there is an unexpected shortfall in food production, that will lead to an unfavorable increase of prices where both consumers and providers will suffer. Eventually, production will also decrease due to sudden price increase. Some people will be opportunists and let others be eager to buy products to sustain their needs at a high-level price, like what happened in 2020. It can also result in high crime rates that will also cause economic failure for we are no longer in unison.

5. How would you characterize the impact of product linkage in economic efficiency, agricultural output, and peasant well-being? Industrial labor and agricultural output have a direct linkage. These are the providers to bring products to their final condition. Economic efficiency would be impossible without industrial labor and agricultural output because these are the driving force to the development. And development is also impossible if people are far from meeting their well-being. It’s like the economy is a company, people who are in line with the agriculture and the industrial sector are the company’s employees. If a company (economy) cannot provide the needs or cannot address the problems that hinder their people from achieving their well-being, sooner or later, the company will fail as a whole. 6. Discuss the different ways on how capital extraction can be manifested in the agricultural sector. Capital extraction can be manifested in the agricultural sector through increasing agricultural production to the point that it will result in a decline in agricultural prices. Increase in profits for the non-agricultural sector. This calls for huge savings and investment. Agriculture may directly invest in a financial institution that will help them to achieve development. It may also form its own capital by minimizing capital demands from other sectors. The government will play a major role in this, by intervening in taxes. 7. Give a good and a bad insight on the growing population despite its control measures. A growing population is not bad as long as it is properly managed and control measures are followed accordingly. If the population has a high rate of birth-dependency ratio, the government should invest in them. They should give proper education that will shape minors to be productive at an early age. An efficient worker will lead to increased production efficiency. This will undeniably be a huge leap to development. However, the bad side of it is that we are prone to pollution and diseases if policies are poorly executed; and even so if properly executed, we cannot escape from the adverse effects of environmental problems. We depend on agriculture to sustain our food and our raw materials are from our nature. Too many crops can cause getting nutrients from our soil when farmers are harvesting outrageously because of huge demand. High birth rates and high death rates may occur which lead to a stagnant economy. Poverty and hunger will arise, the threat of crime will spread. Resources will decline and it will become unsustainable for battling against our daily lives....