Economic Development China/India – Assignment Example

The paper "Economic Development China/India" is a wonderful example of an assignment on macro and microeconomics. The LDCs are characteristically poor and economically weaker countries in the world with formidable structural issues. Thus technological development alone is not sufficient to foster and sustain long-term economic growth, since in the absence of proper and adequate manufacturing capabilities, along with the implementation of state of the art technological know-how, no innovation can actually be expected. Moreover, there must be the existence of sufficient resources that facilitate such innovation, which in turn drives economic growth, such as exceptionally high quality of human capital, an adequate level of educational system and science and technology, as well as effective implementation of institutional reforms across the country. The institutional reforms must be accompanied by advances in science and technology as well as nationwide political, and legal reform policies. Also, these countries must make optimum utilization of their natural resource bases such as wind and solar energy, by taking into consideration the differences in its technological capacity and energy requirements. Furthermore, long-term sustainable development can be ensured through partnerships with industrialized nations which enable LDCs to share and implement valuable information regarding policies to ensure growth and development.