Economic growth and economic development Essay Example for Free

Economic growth and economic development Essay Like the infrastructure development, improvement of legal mechanism Can now be regarded as the most important precondition for sustainable Growth, a stronger economy, and pro-people system of governance, Writes M S Siddiqui Economic development generally refers to sustained and concerted actions, taken by the policy-makers and communities, which promote the standard of living and economic health of a specific area. Economic development can also refer to as being quantitative and qualitative changes in the economy. Such actions might involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives. Economic development differs from economic growth. Whereas economic development is a policy intervention endeavour with aims of economic and social well-being of the people, economic growth is a phenomenon of market productivity and rise in GDP (gross domestic product). According to Amartya Sen, economic growth is one aspect of the process of economic development. Despite the good performance of Bangladesh in terms of many growth indices, it has been lagging behind in building a necessary infrastructure for achieving goals for the country to be treated as a middle-income one. Economic governance embraces all macroeconomic, microeconomic and fiscal policies, public economic agencies, regulatory bodies, company laws and legal institutions connected with economic matters. Good governance means an efficient, open, accountable and audited public service, which has the bureaucratic competence to help design and implement appropriate public policies and, at the same time, an independent judicial system to uphold the law. Good governance is a system of governance that is able to unambiguously identify the basic values of society, where values are economic, political and socio-cultural issues including human rights, and pursue these values through an accountable and honest administration. It is obvious that good governance is a must for the development and growth of a nation. Good governance generally implies a number of institutions, which regulate the behaviour of public bodies, stimulate citizens participation in government and control public-private relations. Governance is government plus the private and third (not for profit) sectors. In the 1992 report titled Governance and Development, the World Bank gave its definition of good governance. Good governance is defined as the manner in which power is exercised in the management of a countrys economic and social resources for development. In an October 1995 policy paper called Governance: Sound Development Management, the ADB outlined its policy on this topic. Further, in a separate opinion issued by the ADB General Council, it was explained that governance has at least two dimensions: (a) political (e.g., democracy, human rights); and (b) economic (e.g., efficient management of public resources). The United Nations Development Programmes (UNDP) definition of good governance is spelled out in a 1997 UNDP policy document titled Governance for Sustainable Human Development. The document states that governance can be seen as the exercise of economic, political and administrative authority to manage a countrys affairs at all levels. The key elements of good governance as defined by UNDP are listed below: Participation: Participation by both men and women is a key cornerstone of good governance. All men and women should have a voice in decision making either directly or through legitimate intermediate institutions that represent their interests. Rule of law: Legal frameworks should be fair and enforced impartially, particularly the laws on human rights. Transparency: Transparency is built on the free flow of information. Processes, institutions and information are directly accessible to those concerned through it, and enough information is provided to understand and monitor them. Responsiveness: Good governance requires that institutions and processes try to serve all stakeholders within a reasonable timeframe. Consensus orientation: There are several actors and as many viewpoints in a given society. Good governance requires mediation of different interests in society to reach a broad consensus on what is in the best interest of the whole community and how this can be achieved. Equity: All men and women have opportunities to improve or maintain their well-being. Effectiveness and efficiency: Good governance means that processes and institutions produce results that meet the needs of society, while making the best use of resources at their disposal. Strategic vision: Leaders and the public have a broad and long-term perspective on good governance and human development, along with a sense of what is needed for such development. There is also an understanding of the historical, cultural and social complexities, in which that perspective is grounded. The rule of law as gauged by the responses to efficient functioning of judiciary indicates that most low and middle-income countries rate it as a much higher obstacle than their high-income counterparts. The aggregate average of street crime, organised crime, and corruption are all higher in these countries than in the developed world. There are many problems that come up as barriers to good governance. To ensure sound local development, action should be taken to work towards achieving good governance. The legal policy regime of a country provides base to the potential Foreign Direct Investment (FDI). Unequivocal, neutral legal framework and better protection of property rights can lead to higher FDI. The legal and regulatory environment does matter for financial development. Countries with legal and regulatory systems that give a high priority to creditors receive the full value of their claims on cooperation, have better- functioning financial intermediaries than countries where the legal system provides much weaker support to creditors. Bangladesh is the seventh largest country in the world in terms of its population and now it is treated as N-11 after the BRICS countries. However, without progress in legal arenas, such as making suitable laws and their appropriate execution, speedy resolution of all corporate and financial disputes, and quick and transparent transfer of properties, some vital sectors of Bangladeshi economy may suffer irreparable loses. Like the infrastructural development, improvement of legal mechanism can now be regarded as the most important precondition for sustainable growth, a stronger economy, and pro-people system of governance. The writer is pursuing PhD at the Open University, Malaysia. [emailprotected]

Early Jewish Migration to Maryland Essay -- Judaism

The Early Waves of Jewish Migration to Maryland Introduction: The state of Maryland is current home to over 235,000 self-identified Jewish residents, making up over 4% of the total state population (JDB, 159). Today, Jewish Marylanders live in an open, welcoming environment, but this was not always the case. When the first Jewish settlers landed in St. Mary’s City, political equality was only a hope for the distant future. The first wave of Jewish migration to Maryland was marked by a trend of percolation rather then influx migration. Jews in the area practiced a quiet observance rather then an open profession of faith. After the Revolutionary War, urbanization increased and wave two of Jewish migration began. But it wasn’t until 1826, the year the â€Å"Jew Bill† was passed, and the begging of Wave 3 that Jews in Maryland could truly experience political equality. Migration Wave One: The first record of Jewish settlement in colonial Maryland appears as early as the 1630’s. The individual who is credited as being the first Jewish colonist, a Portuguese itinerant salesman named Mathias de Souse, is recorded to have moved to the area in 1633 (Schwartz-Kenvin, 130). De Souse’s arrival to the region marks the beginning of the first wave of Jewish migration. This wave begins in 1633 and ends a decade before the revolutionary war, in 1765. When comparing Jewish migration in the Chesapeake region to migration patterns in surrounding areas, the lack of movement to the area best defines this period. Large Jewish communities were forming in New York, Newport, Savannah, and Charleston, yet Maryland remained relatively free of Jewish settlement. On a local scale, Schaefersville and Lancaster, both prominent Jewish communi... ...y Jewish Life, University of Connecticut. 9 Feb. 2008 . *Cited in text as JDB* 3. Maryland. Archives of Maryland Online. Bacon's Law of Maryland. *Cited in text as AMO* 4. Rabinove, Samuel. "How -- and Why -- American Jews Have Contended for Religious Freedom: the Requirements and Limits of Civility." Journal of Law and Religion 8 (1990): 131-151. 1 Mar. 2008 5. Sarna, Jonathan D. "The Impact of the American Revolution on American Jews." Modern Judaism (1981): 149-160. 9 Feb. 2008. Oxford University Press 6. Schwartz-Kenvin, Helene. This Land of Liberty. New York: Behrman House, 1986. 112- 137 7. Stern, Horace. "The First Jewish Settlers in America: Their Struggle for Religious Freedom." The Jewish Quarterly Review (1996): 289-296. 2 Mar. 2008. Center for Advanced Judaic Studies, University of Pennsylvania

Belgium & European Union

When you want to talk about Belgium, you don't know where to begin. From the welcoming attitude of people there, trying to speak English with you, even it is the fourth unofficial language, or you may mention the marvelous countryside and fascinating towns. It will always be there something you want to visit Belgium for (Steinbicker, 2006, p. 148). Brussels is the Belgian capital city . With the headquarters to the EU (European Union) and NATO in there, it has a great rule in Europe . Brussels has many architectural styles and hosts over 80 museums.You can find whatever you want through the numerous tourist attractions. A remarkable place to be visited in Brussels is the Grand Place which was built as a merchant’s market in the 13th century (The Belgian Tourist Office (BTO) in the US). Other Cities Flanders It is the northern part of Belgium, people there speaks Dutch. (The Belgian Tourist Office (BTO) in the US) Like: Antwerp It's known by its diamonds and Bolleke beer served ice-cold(The Belgian Tourist Office (BTO) in the US). BrugesIt was called city of Romance, the City That Time Forgot, and Cultural Capital of Europe back in 2002(The Belgian Tourist Office (BTO) in the US). Ghent It is un-touristy city filled with university students. There is a festival called† the ten day Ghent Celebrations â€Å"held every year in July where the inhabitants go all out with theater performances, concerts, singing, dancing, and drinking(The Belgian Tourist Office (BTO) in the US). Leuven The home to one of Europe’s oldest universities with the 13th century stone beguinage selected as a world heritage site by UNESCO.It's also known as Belgium’s reining brew capital (The Belgian Tourist Office (BTO) in the US). There are many other towns in Flanders, such as: Mechelen, Alast, Damme, Hasselt, lier, Oudenaarde, Tongeren, Veurne (The Belgian Tourist Office (BTO) in the US). Wallonia A great historical city with many towns, like: Liege, Namur, Spa w hich gave its name to all spas, Tournai, bastoqne, Bouillon, Binche, Dinant and Durbuy (The Belgian Tourist Office (BTO) in the US). What borders it Belgium borders are the North Sea; its position is between France and the Netherlands. Map (see Figure 2). Figure 2.

What Is Bootstrapping in Regards to Statistics

Bootstrapping is a statistical technique that falls under the broader heading of resampling.  This technique involves a relatively simple procedure but repeated so many times that it is heavily dependent upon computer calculations.  Bootstrapping provides a method other than confidence intervals to estimate a population parameter. Bootstrapping very much seems to work like magic. Read on to see how it obtains its interesting name. An Explanation of Bootstrapping One goal of inferential statistics is to determine the value of a parameter of a population. It is typically too expensive or even impossible to measure this directly. So we use statistical sampling. We sample a population, measure a statistic of this sample, and then use this statistic to say something about the corresponding parameter of the population. For example, in a chocolate factory, we might want to guarantee that candy bars have a particular mean weight. It’s not feasible to weigh every candy bar that is produced, so we use sampling techniques to randomly choose 100 candy bars. We calculate the mean of these 100 candy bars and say that the population mean falls within a margin of error from what the mean of our sample is. Suppose that a few months later we want to know with greater accuracy -- or less of a margin of error  -- what the mean candy bar weight was on the day that we sampled the production line. We cannot use today’s candy bars, as too many variables have entered the picture (different batches of milk, sugar and cocoa beans, different atmospheric conditions, different employees on the line, etc.). All that we have from the day that we are curious about are the 100 weights. Without a time machine back to that day, it would seem that the initial margin of error is the best that we can hope for. Fortunately, we can use the technique of bootstrapping. In this situation, we randomly sample with replacement from the 100 known weights. We then call this a bootstrap sample. Since we allow for replacement, this bootstrap sample most likely not identical to our initial sample. Some data points may be duplicated, and others data points from the initial 100 may be omitted in a bootstrap sample. With the help of a computer, thousands of bootstrap samples can be constructed in a relatively short time. An Example As mentioned, to truly use bootstrap techniques we need to use a computer. The following numerical example will help to demonstrate how the process works. If we begin with the sample 2, 4, 5, 6, 6, then all of the following are possible bootstrap samples: 2 ,5, 5, 6, 64, 5, 6, 6, 62, 2, 4, 5, 52, 2, 2, 4, 62, 2, 2, 2, 24,6, 6, 6, 6 History of the Technique Bootstrap techniques are relatively new to the field of statistics. The first use was published in a 1979 paper by Bradley Efron. As computing power has increased and becomes less expensive, bootstrap techniques have become more widespread. Why the Name Bootstrapping? The name â€Å"bootstrapping† comes from the phrase, â€Å"To lift himself up by his bootstraps.† This refers to something that is preposterous and impossible. Try as hard as you can, you cannot lift yourself into the air by tugging at pieces of leather on your boots. There is some mathematical theory that justifies bootstrapping techniques. However, the use of bootstrapping does feel like you are doing the impossible. Although it does not seem like you would be able to improve upon the estimate of a population statistic by reusing the same sample over and over again, bootstrapping can, in fact, do this.