Development Economics Essay Example | Topics and Well Written Essays - 2250 words

Development Economics - Essay Example Conversely, macroeconomics is a broader view of economy and its effect is identified in the entire nation and in the international market as a whole. Besides, it is the analysis of a country’s economic performance and structure along with the government policies affecting the economic condition (McConnell & et al., 2009). In many developing nations, economic issues faced by the inhabitants of a society and a business are in terms of distribution of scared resources. Inequity and development is the key issues in any economy in which inequity refers to differences in income or wealth, consumption and other variable that are related to the social welfare. In this context, inequity has emerged as the central problem for every economy that threatens the upward mobility of a nation (Chilosi, 2010). Correspondingly, the essay highlights the development issue in relation to the high level of inequity problem in an economy. The most possible effect of inequality in the development along with the possible remedial measure to eradicate the inequality will also be discussed. Furthermore, the analysis helps to have a better understanding about the economic issue of inequality and its possible impact on the economic development of the nations. The concept of inequality is based on a multidimensional approach that refers to the comparability of elements. This comparability is done between specific characteristics, which are measure with adequate indices and indexes. Difficulty arises when the concept are been framed in the societal context, which ultimately creates economic problem. As stated above, the concept of inequality is related to the differences in income, consumption and other components of social welfares. In some of the nations, top earners enjoy larger part of overall distribution of wealth and gains, whereas the others are having little shares. Growing level of