Development economics facts for kids

Different countries have econmies that are in different states of development. Development economics is a branch of economics that looks at ways on how to improve economic development. Very often, it is used in developing countries. In these context, many factors that are outside pure microecomics hinder economic development: A developing country may have a low literacy, or a high infant mortality. Plans to improve economic development in such a country therefore also needs to provide a solution to these problems (which are not economic ones).

Economic development generally is measured by the human development index, life expectancy etc.These are the tools which institutions like IMF and world Bank use to classify a country as a developed, underdeveloped or newly industrialized emerging economies.

Images for kids

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  Alexander Hamilton, credited as Father of the National System

See also

In Spanish: Economía del desarrollo para niños