Successful economic development of countries.

1. Identify 5 conditions that are associated with successful economic development of countries. Briefly explain why each is important. What is the “advantage of backwardness” and how is that related?
2. What is the difference between economic growth and economic development, and why is it important? What is the main measure of economic growth? What is HDI? What is it used for and why? Who calculates it and what are some key praises and criticisms of its use?
3. How do “factor accumulation” and increased “productivity” play roles in economic development? How does INVESTMENT play a key role here? What’s SAVINGS got to do with it? Briefly explain the dilemma faced by poor countries trying to achieve economic growth and development?