Marcus Asay and Economic Development

The economic development next segment comprises varied development programs and policies, which plays a major role in the monetary as well as financial arenas. Basically, fiscal policies have been ascertained as the significant procedures needed to apply for economical planning towards development models. The overall development process entirely depends on the assortment of different countries and in which classes and segments, they belong? The categories are defined as either intermediate countries, highly developed countries, and less developed countries.

The different categories and development processes highly impacts the economical development of a country. According to Fajardo, he has stated that “Economic development is defined as a progressive and liberal process of improvising human conditions like unemployment, inequality, eradication or reduction of poverty, illiteracy, exploitations and diseases. To understand and acknowledge more about the economic development, it is a fundamental interaction of distinctive factors”. For example, to invest in a rich harvest per hectare in your targeted and designated cattle farm, it needs varied inputs to be combined together like insecticides, technology, fertilizers, irrigation, and several other things. Like wisely, economic development process combines various factors together. 

Similarly, the development has been based and categorized on the classification of different countries. And, as stated above, the categories are either highly developed less developed or intermediate ones. Quite similar to the problem of humans, there is a famous saying that if there is a problem, definitely there is a solution for it. This development process also gives loads of information and strategies recited by several countries belonging to different continents that how they have used and performed in gross domestic products and gross national commodities to raise their economical status. Along with having the feedbacks and reviews in the world history, the segmentation of countries and their individual strategies for economic development processes, they are based on their economic status development processes employed in the past.