Forward or onward movement toward a destination; movement toward a goal or to a further or higher stage
Development
Process in which someone/something grows or changes and becomes more advanced
Economic Progress
Can be easily measured; result of the process that show changes in the economy
Economic Development
Not only the idea of improvement of the economy but rather involves enhancement of human dignity, security, justice, and equality
Progress is always part of development
Development is a total process that involves the various aspects of society – economy, politics, social, and cultural dimensions
Francois Quesnay
Believed in the rule of nature
Agreed on the importance of laissez faire and the effects of nature in economic development
Underscored the significant role of agriculture in the development
Adam Smith (Father of Modern Economics)
Believed in the importance of laissez faire, together with Jean-Baptiste Say, David Ricardo, Thomas Malthus, and John Stuart Mill
Believed in free competition
His principle focuses on the development of products through specialization
David Ricardo
His theory centered on the advantages provided by the possession of natural resources, particularly land
Stated the Law of Comparative Advantage which stresses that a country should NOT produce products if said products can be supplied by other countries at lower prices
Neoclassical School
Believed in competition
Believed that government should provide aid and assistance to support the needs of the economy
Believed that there are underlying factors that contribute in the development and progress of the country
Joseph Schumpeter
Believed in the theory of innovation in the economic development
Believed that there is a need to increase the no. of entrepreneurs and economic leaders who will play the role of innovators to improve the economy
National Development
Capacity of the government to provide all the needs of the people for basic needs, social services like education, healthcare, peace and order, employment, transportation, infrastructures, increasing national income
Inclusive Growth
Sustained growth that creates jobs, lures the majority into the economic and social mainstream, and unceasingly reduces mass poverty
Massive Infrastructure Development
Investment from private sectors should be encouraged to be partners in infrastructure projects which prioritizes the creation of integrated and multimodal national transport and logistic system
Higher Governance Standards
1. Includes governance with objective decision making, professionalism, transparency, and accountability
2. Anti-corruption drive should be strengthened
Human Development and Human Capital Formation
Investment in our human resources means basic social services should be given to them (education, health, peace and order, transportation and communication)
Human Development and Human Capital Formation
Education for All, K to 12 Curriculum, Alternative Learning System, Abot-Kamay Program
Direct Poverty Relief
Through Pantawid Pamilyang Pilipino Program (4Ps), selected poor families are given financial support which is called Conditional Cash Transfer
Employment Creation
The government is investing in different infrastructure projects to generate employment for our workers
Philippine Development Plan in the Different Administrations