ECONOMY OF THE PHILIPPINES

Economic Development (Growth and Downfalls)

Economic growth is defined in positive terms as the rate of change in gross national product--GNP (Gwartney, Stroup, & Studenmund, 1994, p. 793). Within this definition, a decline in GNP would be referred to as negative growth. There are two general types of economic growth. Extensive economic growth refers to an expansion of the total output of goods and services, regardless of the change in per capita output. Intensive economic growth refers to an increase in per capita output.

Development is a normative concept that encompasses economic growth, but which also includes structural and distributional changes which should lead to improvements in the living standard for a majority of an economy's population (Todaro, 1991, p. 87). Thus, if economic growth occurs but most of the benefits of such growth accrue to a relatively small economic elite,

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ndustry and State) The financial capital of a country is typically considered to be those goods which yield no immediate utility but which are capable of producing goods which may. In this context, financial capital includes both monetary goods and other capital goods that may be acquired with monetary goods. Thirlwall (1994, pp. 83-109) stated that the capital of a country increases through the process of net investment, which is the difference between a country's net income and how much it consumes out of that income. Capital accumulation enlarges a country's capacity to produce goods. Developing economies lay great emphasis on the importance of capital accumulation, and stress the need to raise the level of investment in relation to output. Development is associated with industrialization, and industrialization is associated with capital accumulation. Thirlwall (pp. 83-109) viewed the obstacles to economic growth and development in the developing countries as dualism, cumulative causation, and the problem of population. Thirlwall (pp. 83-109) defined dualism as economic and social division in an economy, such as differences in the level of technology between sectors or regions, differences in the degree of geographic d
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Approximate Word count = 2597
Approximate Pages = 10 (250 words per page)