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New Perspectives On Economic Development

Author

Listed:
  • Tünde-Ilona KELE

    (Doctoral School of Economic Sciences, Faculty of Economic Sciences, University of Oradea, Oradea, Romania)

  • Florica ȘTEFĂNESCU

    (Doctoral School of Economic Sciences, Faculty of Economic Sciences, University of Oradea, Oradea, Romania)

Abstract

In the first decades of the 21st century, in a period characterized by turbulent, liberalized economic environment, in a world marked by a strong demographic growth, depletion of natural resources, climate change and destruction of ecosystems, we are more concerned than ever about the issues related to economic growth and development. In the first part of the paper, we presented the result of an overview study, based on which we synthesized the dynamics of the determinants of economic growth, after which we carried out a comparative study of economic growth and development. The second part of this paper presents a review of those economic indicators that are considered to be the most relevant in measuring economic development. The conclusions of the paper converge on the idea that, despite controversies regarding the importance of GDP as an indicator of economic development, it continues to remain the most present and important reference indicator in economic statistics. However, in order to obtain an accurate and more complex image of the economic and social performance, it is recommended to use several indicators in combination with GDP.

Suggested Citation

  • Tünde-Ilona KELE & Florica ȘTEFĂNESCU, 2024. "New Perspectives On Economic Development," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 33(1), pages 84-92, July.
    • Handle: RePEc:ora:journl:v:33:y:2024:i:1:p:84-92
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    References listed on IDEAS

    as
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    3. Philippe Aghion, 2004. "Growth and Development: A Schumpeterian Approach," Annals of Economics and Finance, Society for AEF, vol. 5(1), pages 1-25, May.
    4. Acemoglu, Daron, 2012. "Introduction to economic growth," Journal of Economic Theory, Elsevier, vol. 147(2), pages 545-550.
    5. Schumpeter, Joseph A., 1947. "Theoretical Problems of Economic Growth," The Journal of Economic History, Cambridge University Press, vol. 7(S1), pages 1-9, January.
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    Keywords

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    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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