Development Economics is a branch of political economy that focuses on economic aspects of developing countries. It is important to note that this does not mean that developing countries are solely concerned with economic issues. Development Economics seeks to understand the social, cultural and political factors that are related to development and these can include issues of employment and income, education and health, and property rights. Development Economics has its roots in development theory and has many applications in the field of economics and other social sciences.
Development is about change and it is important to note that change is always good for people, economies and societies. However, there is always going to be some degree of resistance to change and even more so when this change is caused by something outside the control of governments and institutions. This resistance is usually rooted in myths and lies that are told by well-meaning people and this leads to a lot of frustration and anger towards people who do not understand that this change cannot only affect people on a local level but also affects people on an international scale. Such frustrations can sometimes be so great that it results in violence and in some cases, such as in Kenya in 2007, it led to the loss of innocent lives.
In order to avoid such a situation in the future, countries must work together on all levels of development and must be committed to each other in the process. Development is always in partnership; the process is never complete unless it is shared and the benefits are shared amongst everyone involved. Development economists work to ensure that people's rights are being met by their governments and the institutions in place and they also look for ways of helping them overcome obstacles.
Development economics seeks to help the world's developing countries move forward with confidence. There are some areas that need special attention in the area of development economics and these areas include education, health and nutrition, and environmental protection. The problems that are faced by these areas are often unique and so they need to be tackled on their own.
Many of the challenges faced in development economics stem from the fact that the political systems that exist in most developing countries are very weak and are unable to keep track of the rapid pace of change within their economies. It is for this reason that it is important to have effective mechanisms in place to oversee these processes. The lack of a strong system means that there will be a lot of corruption within these institutions. In fact, corruption is often considered a key barrier to progress.
Development Economics seeks to provide information that will help people move forward in society and provide them with the tools to understand the various changes that are happening around them. Through these tools, individuals can learn how to organize themselves and the right themselves into a stronger position to move forward in the global economy.
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