1. Why is economics central to an understanding of the problems of development?
Economics is central to an understanding of the problems of development because it aids
in understanding how a country is evolving, including the economic policies that decide whether
a country develops or/and how quickly it performs. Economics teaches us about problems in
development and so we can better interpret these problems primarily by looking at the economic
components that define the trouble. Additionally, economics aids in our understanding of the
reasons and consequences of borrowing and lending (because we have so much debt) as well as
the distribution of wealth and financial resources. Economic theory informs us that obstacles in
development are similar to financial constraints, and by focusing on the economic factors that
define the issue, we may better understand these issues.
2. Explain economic growth without economic development. Do we have cases of growth
without development in the Philippines?
It is possible to have economic growth without economic development but not possible if
it is the other way around. Last time we discuss that growth is the product of development, but
development doesn’t only mean having tall buildings or big companies in the country. For
instance, there are big corporations in the country but those are owned by foreigners and don’t
really improve the welfare of the people. What I want to say is that of course because of those
corporations, our GNP can be higher, and I believe that is an example of economic growth. But
did we have economic development? No. Development is about increasing people’s freedom,
reducing poverty, improvement of health care, and guaranteeing civil liberties. If increasing GNP
didn’t result in these, then there is no economic development happened but only an economic
growth.
3. What are the obstacles to development? Do we have these in our country? Why is man the
greatest barrier to development?
The obstacles to development are deficient capital in poor nations, population explosion,
food shortages, third-world debt, and the man himself. Sadly, yes, we do have these obstacles in
our country. We are part of a developing country and we know that we are one of the poor
countries, funny because we also have food shortages sometimes even though we are an
agricultural country, and of course, everyone knows that we have so much debt, and yes, we also
have problems about ourselves. I think the man is the greatest barrier to development because we
are the game players. I mean, we have the ability to think, decide, and change the world. There’s
a hashtag that trended on Facebook and it says that “We failed as humans’’. Maybe it is somehow
true because we have given everything that we need but if our attitude is not right, how can we
achieve development? To make it simple, we, humans, are the greatest barriers to development
because we are not improving ourselves first to be better people.
4. What is the objective of the Philippine Economic Development Plan? Can we attain these?
Justify your answers.
The objectives of the Philippine Economic Development Plan are the attainment of
economic stability, the equitable distribution of the fruits of economic development, and the
achievement of total human development for every Filipino. I really hope and really want to
believe that we can attain the Philippine Economic Development Plan but as far as I can see, for
now, we are very far from these objectives. Even as of now, the currency rate of peso to dollar is
very high. The prices of commodities are also very high. In my own opinion, instead of stepping
forward to achieve the objectives, what happening right now is like we are stepping backward. We
are slowly going away from the plan. I don’t know what’s happening, but this is based on my own
experiences. However, I am not saying that we won’t achieve the goal. I am still believing (and
hoping) that sooner than later, the Philippines will reach what it wants to reach.