Economic Development

explained

Get this book and nothing else to understand how our World works and how low-income nations can develop rapidly

Understand how wealth is created

Rapid economic development of a developing nation means endless opportunities for business and growth.

Seize yours and don't get left behind others. 

Master the know-how

Explained in vivid terms, learn how power plants and internal combustion engines work and the science behind them,. Whether electric motor, or AC, or a Lathe, understand the vital machinery and the processes critical to our modern world. 

Learn how money works

No economist has cracked how money & the modern banking system works & what kind of role they play in economic development. 

Get this book and ace the topic beyond anyone's learning.

Grow beyond your familiar zone

Master multiple subjects such as Business, economics, economic history, international trade, science and engineering and learn how they interlink with each other. Expand your domain knowledge with ease.

Push yourself into new knowledge territory you never knew existed

Get this book today to understand economic development and deepen your knowledge across many subject domains. Read this book and build the proper frame of mind to think creatively and envision new business ideas to pursue.

Indicators of economic development

Economic development is the expansion of national capital stock primarily by modernizing all economic activities using technology.

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difference between economic growth and economic development

Whereas economic growth means change in GDP over a time period, economic development is the expansion of national capital stock primarily by modernizing all economic activities using technology.

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nature of indian economy

Economic development is when a low-income per capita nation undergoes a process of gradual accumulation and growth of national capital over a time-span, primarily by modernizing all economic activities using technology

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what is economic development

Economic development is when a low-income per capita nation undergoes a process of gradual accumulation and growth of national capital over a time-span, primarily by modernizing all economic activities using technology

Read more >

Author_pic.jpg

Meet the Author

Shivaji Lokam

Director at Blackridge Research & Consulting

Shivaji Lokam is a twenty-nine-year-old Indian Engineer, Entrepreneur, and Author. He obtained Bachelors in Electrical Engineering from National Institute of Technology Karnataka in 2013 and an MBA from Sydney Business School in 2014.

Mr. Shivaji co-founded Blackridge Research & Consulting, a research and business-consulting firm. His previous book was The Fall of Western Civilization, published in 2018. He lives in Hyderabad, India. 

©2022 by ENTROPY WORKS LLP |  All Rights Reserved

How Economic Development really works | Book promo
01:01

How Economic Development really works | Book promo

The is a video introducing the book, The General Theory of Rapid Economic Development. Visit https://www.generaltheorybook.com/ to learn more about the content in this video. The book deals with the greatest issue facing the Global South. That is, the economic development of low-income nations. With access to technology from advanced countries and access to raw materials from the hinterland or from abroad, why those low-income countries continue to remain behind is a question economists struggled for decades and failed to come up with an answer. How South Korea, Taiwan, and China managed to succeed when every other country failed is another question to which nobody has a clue. But author Shivaji Lokam in the General Theory of Rapid Economic Development finally cracks the answers to those grand, elusive questions revealing that the reason low-income countries never developed because they did not overcome the limitations imposed by nature unknown until now. The General Theory is a breakthrough in the understanding of the Miracle of North East Asia paving way for many developing countries like India to chart the most appropriate course going forward and a once-in-a-hundred year rarity that shall transform the subject discipline of economics for the better. With a great degree of reliance on historical national accounts data, capital stock data, and trade data, the title—comprising ninety-seven graphs, four tables, and six flowcharts and spanning 460 pages—accomplishes the rare feat of successfully decoding the Asian Miracle and building a theory for other developing nations to replicate. Book website: https://www.generaltheorybook.com/ Like this video if you are looking forward to its release. Subscribe to this channel to watch quality content on economic development. Music: https://www.epidemicsound.com/track/8Sp6kpcZW9/
What is economic development? Meaning and Definition | Types of Capital | Role of Heavy Industry
04:49

What is economic development? Meaning and Definition | Types of Capital | Role of Heavy Industry

Economic development is when a low-income country grows its national wealth to high levels by adding more and more new capital such as modern housing, public infrastructure, office buildings, manufacturing plants, machinery and equipment to its existing capital stock. New houses, buildings, industrial plants and machines grow the national wealth. In order to understand economic development, we need to first look into national wealth or national capital, which are one and the same. Specifically, we need to understand what makes up the national capital stock of a country. Capital stock is anything that we build using nature's resources. Capital has a useful function, and a country can create a lot of capital through economic activity. Capital stock is anything that we design, make or build that does not perish quickly and can be put to use repeatedly such as a house, for example, which can provide shelter for a long time without perishing, or, a tractor, which can be used repeatedly and usefully in farming. Capital cannot be consumed. It derives its economic value based on what it can offer us when we try to accomplish other useful things such as manufacturing consumer goods, transportation, entertainment, housing. Now, based on those same lines, Capital can be classified into these four types: 1) Housing capital 2) Public infrastructure capital 3) non-Industrial business capital 4) Heavy Industry business capital. Economic Development is simply the process of building up all the above four types of capital stock over a period from a small or nil stock to a large stock. A country accumulating a lot of Heavy Industry business capital represents industrialisation. Whereas, a country accumulating the first three types of capital represents modernisation. However, modernisation can only happen with industrialisation. That's because industrialisation produces heavy industry. And it is heavy industry that manufactures all the material, machines and equipment used across all other economic activities like farming, construction, mining, light manufacturing, utilities, entertainment, transportation. Modernisation is simply performing traditional economic activities in the modern form using technology. And heavy industry supplies that technology. We now understand economic development. Economic development means industrialisation plus modernisation. But industrialisation is hard. And not all developing countries have to build heavy industry to develop. Nations with small population can skip industrialisation. They can import heavy industry goods from the industrialised nations. As an example, the UAE and Chile, both small nations, have little to no heavy industry but both nations are modern and boast high income. The UAE exports oil and tourism, and Chile, exports Copper ore. Their small population allows them to import machinery and equipment from the industrialised nations using the export dollars. On the other hand, South Korea, Taiwan, and China have industrialised and developed rapidly in our modern times. In fact, they are the only three major countries that have industrialised in our modern times. That's it for today folks If you like this video, hit the thumbs up button below. And if you want to learn much more about economic development, subscribe to this channel. I'll see you next week with a brand new video.
Why is Economic Development Important?
03:07

Why is Economic Development Important?

For humanity, the prospect of a good and long life had remained more or less the same throughout history. The way of life had changed for the better since the dawn of the Industrial Revolution. That is why, the Industrial Revolution remains man’s greatest feet in the history of humanity. Man had furiously invented a series of technologies from 1870 to 1913. • Internal combustion engine by Karl Benz • Water turbine by James Francis • Jet engine by Sir Frank Whittle • AC Electric motor by Nikola Tesla • Electric transformer by William Stanley • Air conditioner by Willis Carrier Since the dawn of the Industrial Revolution, Europe, America and Japan became developed, industrialised, and rich. Their living standards have improved dramatically. Looking at the Global wealth distribution, these regions together own 75% of all the Global Wealth today. However, they only make up only 10% of the Global population. Given this great disparity in living standards, what will be man’s second greatest feet? Obviously, bringing the technology to the developing nations in the Global South and closing the gap with the Western world Since the end of the Second World War, a few nations have succeeded in closing the gap, especially Taiwan, South Korea, and China in North East Asia. Some have succeeded only partially, like Indonesia, Malaysia, Philippines, and Thailand in South East Asia. And a few others like India, Bangladesh, Vietnam in South Asia are slowly catching up just in the last two decades. But there are two big questions that remain in order to transform the Global South and realize man’s second greatest achievement. How to bring investment—the macroeconomics side, and technology—the microeconomics side, into a seamless play so that nations industrialise and develop rapidly in a few decades. Economists, the ones responsible to discover and devise theories and solutions to the above problems, have failed disastrously over many decades. The mainstream economic thinking recommends If the right policies are put in place to encourage investment, growth and development will follow. However, more important questions still remain to be solved. Such as how does the savings required to make new investment come from How does technology flow into the country to enable industrialisation The upcoming work The General Theory of Rapid Economic Development book Uncovers answers to these hard questions and explains economic development like never before. Visit https://www.generaltheorybook.com/ to learn more about the content in this video
Why the West is Still the Richest (by far)
04:59

Why the West is Still the Richest (by far)

This video has two sections. The first section gives a snapshot of the Global Wealth distribution and the disparity that exists in the global living standards. This first section does a deep dive into how the west has transformed since the industrial revolution, gaining a large share of the global wealth in the process. The European nations and the United States became vastly richer and wealthier during the twentieth century while the rest of the World remained under-developed. That is because many regions in the Global South have gained independence from the European powers only after the end of the Second World War. Their national income remained very low as the Industrial Revolution was largely confined to the Western Civilization. The newly independent nations, most of them located in the Global South, such as Africa and South Asia like India, Pakistan, Bangladesh, Myanmar and many other nations had remained poor and under-developed. These nations had a very large share of the population living under extreme poverty. Section two dives into how a few nations, mostly the North East Asian nations such as Taiwan, South Korea and China, the so-called East Asian Miracle, transformed their nations from dirt poor to incredibly wealthy within a few decades. Beginning in the early 1960s, both South Korea and Taiwan, and from the early 1980s, China, have rapidly developed within a span of 35 years—much faster and in a more compact timeline compared to the Western nations. Together these three Asian nations command up to 15% of the global wealth. This second section also offers an analysis of the abysmal failure of economists. Economists couldn’t explain why only few nations succeeded and others failed at economic development. They had failed to uncover the reason behind the greatest improvement in human life standards across the board in the shortest time anywhere in the World. They had failed to crack economic growth and economic development, and the incredible transformation of North East Asia. The ending part gives a preview into the New thinking that has emerged. It tells how "Breakthrough discoveries in the realms of how under-developed nations can acquire technology and grow their economies faster means the story is going to take a dramatic turn soon." Watch the full video to get a clear understanding of the economic status of the world. The video also gives a brief introducing to the book, The General Theory of Rapid Economic Development. Visit https://www.generaltheorybook.com/ to learn more about the content in this video. The book deals with the greatest issue facing the Global South. That is, the economic development of low-income nations. The General Theory is a breakthrough in the understanding of the Miracle of North East Asia paving way for many developing countries like India to chart the most appropriate course going forward and a once-in-a-hundred year rarity that shall transform the subject discipline of economics for the better. With a great degree of reliance on historical national accounts data, capital stock data, and trade data, the title—comprising ninety-seven graphs, four tables, and six flowcharts and spanning 460 pages—accomplishes the rare feat of successfully decoding the Asian Miracle and building a theory for other developing nations to replicate. Book website: https://www.generaltheorybook.com/ Like this video if you are looking forward to its release. Subscribe to this channel to watch quality content on economic development.
How Japan, Taiwan and South Korea became Very Rich? The Greatest Economic Development Success Story
05:40

How Japan, Taiwan and South Korea became Very Rich? The Greatest Economic Development Success Story

This video has two sections. The first section gives a snapshot of the East Asian Miracle. The second section offers an analysis of the miracle and details how the most important questions related to how the miracle was achieved remain answered to this day. In the history of mankind, there has been no other region, neither in Asia nor in the West, that has rapidly transformed from dirt poor to incredibly wealthy within a single generation. Their transformation story has no parallels in history nor in the modern world. Such was their rapid rise that the region was dubbed a “Miracle”. Thus the East Asian Miracle. Or specifically, the North East Asian Miracle! That’s because not all nations in East Asia succeeded. The nations in the South East Asia fared well only for a few decades before their growth fettered out. Unlike the South, the Northern nations, Japan, Taiwan, South Korea, and China grew rapidly without a hiccup for no less than four decades. The region became rapidly wealthy all the while never facing any economic downturns. Their development policy differed starkly from the mainstream economic theory or the ones implemented by the Global South or South East Asia. So, what did Japan, Taiwan, South Korea, and China do that led to the successful transformation of their economies? Watch the full video to get a clear understanding of the miracle. The video also gives a brief introducing to the book, The General Theory of Rapid Economic Development. Visit https://www.generaltheorybook.com/ to learn more about the content in this video. The book deals with the greatest issue facing the Global South. That is, the economic development of low-income nations. The General Theory is a breakthrough in the understanding of the Miracle of North East Asia paving way for many developing countries like India to chart the most appropriate course going forward and a once-in-a-hundred year rarity that shall transform the subject discipline of economics for the better. With a great degree of reliance on historical national accounts data, capital stock data, and trade data, the title—comprising ninety-seven graphs, four tables, and six flowcharts and spanning 460 pages—accomplishes the rare feat of successfully decoding the Asian Miracle and building a theory for other developing nations to replicate. Book website: https://www.generaltheorybook.com/ Like this video if you are looking forward to its release. Subscribe to this channel to watch quality content on economic development.