Role Of Business In Economic Development Essay

Role Of Business In Economic Development Essay-32
The study also shows that relying on domestic resources for finance is our best shot as external debt is also negatively related to growth.The study focuses on coming up with long run economic growth oriented policies in order to sustain economic growth.Much effort has been done with respect to education in many developing countries including Pakistan.

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One of the major factors in developing this resource i.e. Therefore education is one of the most important factors that lead a country to sustained economic growth.

Education has therefore become a very important part of every government policy.

The export demand also increases to meet the needs of growing imports due to various reasons.

Disclaimer: This work has been submitted by a student.

Many resources play a part in the growth of a country’s economy one of which and perhaps the most important is human capital, which means the workforce of the country.

A good and productive workforce by making use of other resources can lead an economy in to growth and prosperity.The results show that the real GDP growth and per capita income are in a positive relationship with the primary school enrollment-labor force ratio.Therefore it is concluded that primary education is a foundation stone for the development of Pakistan.Entrepreneurs generate employment both directly and indirectly.Directly, self employment as an entrepreneur and indirectly by starting many industrial units they offer jobs to millions.Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays.Education plays a major role in the economic development of any country, may it be developed or developing.Role of Entrepreneurship in Economic Development Entrepreneurship: Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk taking appropriate to the opportunity and through the communicative and management skills to mobilize human financial and material resources necessary to bring a project to fruition. It included not only the independent businessman but also company directors and managers who Entrepreneurship and Economic Development: Entrepreneurship helps in the process of economic development in the following ways: Promotes Capital Formation: Entrepreneurs promote capital formation by mobilizing the idle savings of public. Cole, "Entrepreneurship is activity of an individual, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods and services." According to Schumpeter, "Entrepreneurship is based on purposeful and systemic innovation.The following is a chronically review of some of the important work done in the past.In the year 1998 Zafar Iqbal and Ghulam Mustafa Zahid from the `Pakistan development review` worked on the “Macroeconomic determinants of economic growth in Pakistan”.

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