Economic Development Objectives Essay Example | Topics and Well Written Essays - 500 words

Economic Development Objectives - Essay Example Structural transformations include â€Å"diversion of economic production away from agriculture, increase in the scale of productive units, shifts in organization and in the status of labor, and shifts in the structure of consumption† (Lundberg 445). Advanced technology increases the potential of an economy recording high economic growth rates. This therefore means that technological improvements are necessary conditions and not sufficient conditions since economic development is much wider than just economic growth (Kuznets, 419). There is therefore need to factor in the structural changes associated with improved technology since the net change might be negative or zero after including the costs of structural changes to quantifying economic development. Structural shifts and developing countries As much as everyone in developing countries wants economic developments, they should be aware of Kuznets and that with structural shifts long-term end results could be detrimental to the welfare of their less developed economies.