The chapter stresses the role of normative values in development economics, which is a subject dealing with human misery and human potential, equity and efficiency, cultural change, and transfer and creation of wealth. With improved distribution of income and application of appropriate modern technology, developing countries, assisted by developed nations, must aim at eliminating absolute poverty.Ī major theme of Chapter 1 is the sustained increases in the level of per capita income must enhance human capabilities in achieving equality, freedom, and interdependence. The second major point of Chapter 1 is that development economics must encompass the study of social, political, and economic factors affecting the well-being of all people. The first main point of Chapter 1 is to drive this idea home, and consider that policy decisions made in the developed nations exert profound impacts, for better or worse, on the people of developing countries.
Many of us have a limited understanding of how greatly life in Africa, Asia, and Latin America differs from life in Western Europe and North America. Yet, the global community is divided between affluent developed nations and struggling developing countries.
Advancement in communications technology has brought people closer together.
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