Ryan Dave Edrolin

June 25, 2014

BSCE- 3

Essay: From Economic Growth to Sustainable Development

A successful economic development strategy must focus on improving the skills of the area's
workforce, reducing the cost of doing business and making available the resources business needs to
compete and thrive in today's global economy. Rod Blagojevich
Economic growth is the growth of productivity while economic development is the sustained,
concerted actions of policy makers and communities that promote the standard of living and economic
health of a specific area. The growth of the economy is increase in a country's real level of national
output which can be caused by an increase in the quality of resources, increase in the quantity of
resources & improvements in technology or in another way an increase in the value of goods and
services produced by every sector of the economy. Economic Growth can be measured by an increase in
a country's GDP (gross domestic product). In economic development of a country or society is usually
associated with rising incomes and related increases in consumption, savings, and investment. Of
course, there is far more to economic development than income growth; for if income distribution is
highly skewed, growth may not be accompanied by much progress towards the goals that are usually
associated with economic development.
This shows that economic growth is the increase in an economys output, it is the increase of a
countrys amount of income while economic development is the improvement of the community where
human needs are satisfied. The growth and development of the economy are well connected because
when a countrys income have increase the peoples living in the community will also increase it means
the economy of the country is on the process of development. From economic growth to economic
development and now I will move to sustainable economy. Sustainable development is development
that meets the needs of the present without compromising the ability of future generations to meet
their own needs. It contains within it two key concepts the concept of needs, in particular the essential
needs of the world's poor, to which overriding priority should be given; and the idea of limitations
imposed by the state of technology and social organization on the environment's ability to meet present
and future needs. All definitions of sustainable development require that we see the world as a
systema system that connects space; and a system that connects time. In connection with Engineering
Economics and the General Economic the economy of an engineer will also depends on the global
economy, if a country is not wealthy then therefore that country will hire less workers including
engineers it means that many engineers will find a country that is wealthy that can hire many workers.