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The Importance of Managerial Economics To Nation’s Development
Economic development of nation, generally speaking, is a process of change that is focused on the betterment of the nation. Defining economic development can be difficult. The first term in this phrase—"economic"—refers to an accepted paradigm for organizing the business and financial and even to some extent the governmental sectors of a nation. Economics is viewed as the foundation for building a prosperous society. However, it is the second term—"nation’s development"—over which there is considerable debate. People's perceptions of development vary. For some, development has the appearance of successful commercial enterprise; for others, the face of development is one of economic equality. Nevertheless, the concept of "economic development" has the attention of government, the business sector, and the citizenry. We pursue economic development as one of the goals of a successful country, state, or city. It captures the attention of the news media and impacts, as well as is impacted by, political objectives.
Economic development is the institutional changes made to promote economic betterment. It is the social organizational changes made to promote growth in an economy.
It is also the process of improving the quality of human life through increasing per capita income, reducing poverty, and enhancing individual economic opportunities.
In other words, the process of improving the quality of human life through increasing per capita income, reducing poverty, and enhancing individual economic opportunities is called economic development in the nation.
It must be stated that the economic development is an important determinant factor of the strength of a country. Mere possession of material or natural resources does not make a nation powerful. Much depends on the capacity of the state to exploit and utilize resources. For example Nigeria have coal, crude oil, iron ore, and other various natural...