Economic Growth and Development, What it consists? 

Mr. Marcus Asay earned his Bachelor of Science in Business and Public Administration. Marcus Asay

went on to matriculate at Thunderbird, The American Graduate School of International

Management, where he earned his Master of Business Administration in 1982.

Mr. Marcus Asay began his impressive professional career as a dedicated undergrad student attending California State University, Sacramento.

Having come a long way since his academic career, Marcus Asay today serves as a Principal of Planning and Development for IE/Cal Design & Development Center. With over 20 years of professional business experience under his belt, Marcus Asay has developed a solid reputation as an efficient leader with savvy business skills. As Principal of Planning and Development, Marcus Asay is responsible for the management of projects, such as the firm’s newest design proposal for a National Museum of African American History and Culture in Washington, D.C. Under Marcus Asay’s keen management, IE/Cal Design & Development Center has completed a number of projects, including Kira Japanese Restaurant, the Fresno Falcons’ Ice Hockey Arena, and Trump National, Golf & Gardens.

A social science that instructs us to make optimal usage of bare and scarce resources is known as Economics. The economic system embraced and acquired by several countries can be socialism, mixed economy and capitalism. Basically, each and every economic system has to aim and take 3 main economic considerations i.e. what to develop, how to develop and for whom to develop? Let’s start with socialism. In a socialist economy system, these three important economic decisions are brought up by state government, channelized by communities, public and social welfares. In a capitalist economy system, such essential economic decisions are conducted by private enterprisers, led by profit motives. Along with this, the mixed economy system i.e. the combo of capitalism as well as socialism has the determined and focused goal to draw profits for both the economic systems and annihilate their failings. The success and growth of a capitalist economy system entirely depends on competition and contention between varied economic entities. In fact, in the absence of challenges and a spirit of competition, capitalist economy can turn non-competitive and head towards victimization of consumers.

Currently, we are experiencing and living in such a world economy system that is qualified by globalization, privatization and liberalization. There are few international economic establishments which are intended to make international trade clear and transparent, along with removing and carrying off tariff and non tariff obstacles in the international trade. In addition, certain international economical formations are aiding developed as well as less developed economies to enforce economic development and social welfare curriculums. The ultimate aim of such programmes is to wipe out poverty, hunger and illiteracy, encourage environmental friendly prolong and sustainable development, improvise standards of living, raise production and international trade, and addition in employment opportunities.

Though, after attempting extremely for such noble goals, it has been seen that developed economies are facing big problems due to inadequate distribution of wealth and income. The rise in price of basic commodities like goods, food items etc. have impacted their savings and decrease their living standards. So, try to raise the production of food grains, adopt advanced farming techniques and irrigation facilities, cut down black marketing, speculation, hoarding and adulteration. In short, it is extremely important for economic development to get equal importance as of economic growth.

Thank You for reading my presentation!

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