Development economics focuses on improving economic, social and fiscal conditions in developing countries. It considers factors such as health, education, working conditions, domestic and international policies and market conditions. Development economics also examines macroeconomic and microeconomic factors relating to the structure of developing economies, as well as both domestic and international economic growth.
This subject essentially studies the transformation of smaller, poorer countries into more prosperous nations. Due to the fact social and political standings of each country vary greatly from one another, strategies for transformation tend to differ.
There are some aspects of development economics which are determined by rapid population growth. For example, developing areas such as education or health care might not be very straightforward if a country’s population is growing at an alarming rate, due to the high demand of the service looking to be developed.
An emerging economy or market is a country that is starting to become a developed nation due to the help of development economics. It is a nation’s economy that is improving and progressing toward becoming more advanced. However, these emerging economies do not have the level of ‘market efficiency’ and strict standards necessary to be on par with advanced economies, such as the U.S or Europe.
These emerging economies are typically characterised by having physical financial infrastructures, such as banks, a stock exchange and a unified currency.
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