The three (3) core values of development in Economics

The three (3) core values of development in Economics

There are three main basic components or core values that serve as a conceptual basis and practical guidelines for understanding the inner meaning of development. These core values are;

  • Sustenance
  • Self-esteem and
  • Freedom

These core values relate to the fundamental human needs and also represents common goals sort by all individuals and societies.

Sustenance this means the ability to meet the basic necessities of life which is necessary to sustain an average human being. Such basic necessities are food, shelter, good health, protection, etc. Without these basic needs, living will be impossible. When any of these is absent or in short supply, absolute underdevelopment exists. Therefore, the basic function of any society is to provide a means of overcoming the helplessness and misery arising from lack of these basic needs. To this extent, we may say that economic development is a necessary condition for the improvement in the quality of life of the people.

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Without sustained and continuous economic progress, the realization of the human potential would not be possible because one has to have enough in order to have more. Rising per capita income and elimination of absolute poverty, greater employment opportunities, lessening income inequalities therefore constitutes the necessary but not the sufficient condition for measuring/ determining economic growth.

Self-esteem this means the sense of worth and self-respect of not being used as a tool by others for their own ends. All societies seek some basic form of self-esteem which may be called identity, dignity, respect, recognition, etc. It should be noted that the level of self-esteem varies from societies to societies and from cultures to cultures.

However, with proliferation of the modernizing values of developed nations, many developing countries suffer from serious cultural confusion when they come in contact with economically and technologically advanced societies.

Freedom from Servitude this means the ability to choose. Freedom here has to do with the sense of emancipation from undesirable conditions of life such as oppressive institutions, misery, dogmatic beliefs, etc.

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Somtochukwu

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