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    Economic Development in Pakistan
    Economic Development in Pakistan
    Economic Development in Pakistan
    Ebook120 pages1 hour

    Economic Development in Pakistan

    By Muhammad Anwar Farooq

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    About this ebook

    First of all, thank you for choosing this book. No single definition incorporates all of the different strands of economic development. Typically economic development can be described in terms of objectives. These are most commonly described as the creation of jobs and wealth, and the improvement of quality of life. Economic development can also be described as a process that influences the growth and restructuring of an economy to enhance the economic wellbeing of a community. The main goal of economic development is improving the economic wellbeing of a community through efforts that entail job creation, job retention, tax base enhancements and quality of life. As there is no single definition for economic development, there is no single strategy, policy, or program for achieving successful economic development. Communities differ in their geographic and political strengths and weaknesses. Each community, therefore, will have a unique set of challenges for economic development.
    It is an introductory book on economic development in Pakistan. I have taught the course in university classes. This book is basically a collection of lecture handouts which I prepared as course material to facilitate my students. I hope this collection would help the reader to understand the concepts and details involved in the paradigm of economic development in Pakistan.

    LanguageEnglish
    PublisherMuhammad Anwar Farooq
    Release dateFeb 26, 2020
    ISBN9780463588154
    Economic Development in Pakistan
    Author

    Muhammad Anwar Farooq

    Mr. Muhammad Anwar Farooq is a university lecturer having Sixteen years of teaching and research experience. He is a good researcher and column writer. He is a non-fiction writer. He has written good books on philosophy, logic, science, history and politics. He is good at writing introductory books on several disciplines. His books start at elementary stage and progress, in some places, to intermediate stage. His books are first-rate study guides. He writes in a way that makes the books interesting and easily understandable. This book is a collection of handouts which he prepared for his class. Hopefully this introductory work would help the reader to grab basic concepts in the field.

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      Book preview

      Economic Development in Pakistan - Muhammad Anwar Farooq

      Economic Development in Pakistan

      Copyright 2020 Muhammad Anwar Farooq

      Published by Muhammad Anwar Farooq at Smashwords

      Smashwords Edition License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your enjoyment only, then please return to Smashwords.com or your favorite retailer and purchase your own copy. Thank you for respecting the hard work of this author.

      ISBN: 9780463588154

      Table of Contents

      Acknowledgements and Dedications

      Foreword

      Chapter 01 – Introduction

      Chapter 02 – Economic Development and Economic Growth

      Chapter 03 – Basic Economic Systems (I)

      Chapter 04 – Basic Economic Systems (II)

      Chapter 05 – Basic Economic Systems (III)

      Chapter 06 – Basic Featurers of Pakistan’s Economy (I)

      Chapter 07 – Basic Features of Pakistan’s Economy (II)

      Chapter 08 – Obstacles in the Way of Economic Development in Pakistan

      Chapter 09 – Human Resource Development in Pakistan

      Chapter 10 – Agriculture Development in Paksitan

      Chapter 11 – Industrial Development in Pakistan

      Chapter 12 – Foreign Aid and Economic Assistance

      Chapter 13 – Economic Planning in Pakistan (I)

      Chapter 14 – Economic Planning in Pakistan(II)

      Acknowledgements & Dedications

      First and foremost I would like to thank God. In the process of putting this book together, I realized how true this gift of writing is for me. You gave me the power to believe in my passion and pursue my dreams. I could never have done this without the faith I have in you, the Almighty.

      No doubt, writing a book is harder than I thought and more rewarding than I could have ever imagined. None of this would have been possible without the support of my teacher Dr. Mazher Hussain, my family, and my friends.

      To my mother: for the first time in 39 years, I am speechless! I can barely find the words to express all the wisdom, love and support you've given me. You are my #1 fan and for that, I am eternally grateful.

      To my wife: what can I say? You are one of the main reasons for my successful life. I am so thankful that I have you in my corner pushing me when I am ready to give up. Thanks for not just believing, but knowing that I could do this! I Love You Always & Forever!

      To my friends, Mohsin Saeed and Khalid Munir: Thank you for encouraging me in every tough moment of my life. I am grateful for your moral support which made this possible.

      Foreword

      First of all, thank you for choosing this book. It is an introductory book on economic development in Pakistan. I have taught the course in university classes. This book is basically a collection of lecture handouts which I prepared as course material to facilitate my students. I hope this collection would help the reader to understand the concepts and details involved in the paradigm of economic development in Paksitan.

      Chapter 1

      Introduction

      What is Economic Development?

      No single definition incorporates all of the different strands of economic development. Typically economic development can be described in terms of objectives. These are most commonly described as the creation of jobs and wealth, and the improvement of quality of life. Economic development can also be described as a process that influences growth and restructuring of an economy to enhance the economic wellbeing of a community. In the broadest sense, economic development encompasses three major areas:

      1. Policies that government undertakes to meet broad economic objectives including inflation control, high employment, and sustainable growth.

      2. Policies and programs to provide services including building highways, managing parks, and providing medical access to the disadvantaged.

      3. Policies and programs explicitly directed at improving the business climate through specific efforts, business finance, marketing, neighborhood development, business retention and expansion, technology transfer, real estate development and others.

      The main goal of economic development is improving the economic wellbeing of a community through efforts that entail job creation, job retention, tax base enhancements and quality of life. As there is no single definition for economic development, there is no single strategy, policy, or program for achieving successful economic development. Communities differ in their geographic and political strengths and weaknesses. Each community, therefore, will have a unique set of challenges for economic development.

      Economic development is a process of economic transition involving structural transformation of an economy through industrialization, raising gross national product and per capita income. According, to Prof. Arthur Lewis, economic development means increase in the output per head. Professor Michael Todaro in his book Economic Development has said that Economic development must be conceived of as a multi-dimensional process involving major changes in social structures, popular attitudes, national institutions, and acceleration of economic growth and reduction of inequality. In short economic development means economic growth coupled with the structural changes in the economy for obtaining a better life. It is a process, which results in the change in supply of factors as well as in the nature of demand of goods & services.

      According to Prof. Kindleberger "Economic development means increase in output of goods and services in an economy. Economic development is more important than economic growth because economic development is wider and more comprehensive process than economic growth. Economic growth is a quantitative term because it represents quantitative increase in production of goods, services and the factors of production in an economy, whereas economic development is a qualitative terms because it indicates continuous increase in the real national income and structural changes in the economy of a country.

      Why Study Economic Development?

      On September 11, 2001, the Twin Towers of the World Trade Center in New York City collapsed after being struck by two commercial airliners commandeered by suicide terrorists. Another aircraft stuck the Pentagon in Washington, D.C., and a fourth crashed into an open field in Pennsylvania after the passengers overcame the hijackers, who may have had the White House, the home of the US President, as their target. All told, nearly 3,000 perished in the attacks. The world community responded to this aggression with outrage and support, both material and moral.

      On December 26, 2004, the second-most powerful earthquake ever recorded struck in the Indian Ocean, setting off a series of tsunamis that struck coastal areas of Indonesia, Thailand, Sri Lanka, India, Somalia, and other countries on the east coast of Africa. Some 187,000 died from these devastating walls of water and rising tides, with another 43,000 listed as missing. Again, the world’s nations and people reacted rapidly to this tragedy, seen over and over again on television and via the internet, with an outpouring of financial aid and direct assistance.

      What do these two events have to do with economic development? Wasn’t 9/11 a tragic political attack, while the tsunami was an unpredictable natural catastrophe? What does either have to do with economics? The answer is: a lot.

      Many of those killed by the tsunamis were the very

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