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REGENERATING ECONOMIC GROWTH THROUGH MARINE SECTOR



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REGENERATING ECONOMIC GROWTH THROUGH MARINE SECTOR



Chapter Two
2.1 The Concept of Economy Development in Nigeria
The earliest concept of development was interpreted in terms of growth of output over time and later in terms of per capita output. The terms growth and development were used interchangeably. Economic development is thus a multivariate concept; hence there is no single satisfactory definition of it. Economic development is a process where low income national economies are transformed into modern industrial economies. It involves qualitative and quantitative improvements in a country‟s economy. Political and social transformations are also included in the concept of economic development in addition to economic changes. Literally, economic development can be defined as “passage from lower to higher stage which implies change”.
Charles and Bruce (1958) pointed out that: “Economic development is generally defined to include improvements in material welfare especially for persons with the lowest incomes, the eradication of mass poverty with its correlates of illiteracy, disease and early death, changes in the composition of inputs and output that generally include shifts in the underlying structure of production away from agricultural towards industrial activities, the organization of the economy in such a way that productive employment is general among working age population rather than the situation of a privileged minority, and the correspondingly greater participation of broad based groups in making decision about the direction, economic and otherwise, in which they should move their welfare”. Drewnewski (1966) defines development in terms of economic and social welfare, “In the standard of living of people economic development is supportive and it involves increased per capita income and creation of new opportunities in education, healthcare, employment sectors. Development is of limited significance if it does not lead to economic welfare. Economic development implies increased per capita income and reduced income inequalities and satisfaction of the people as a whole”.
In the United Nations Human Development Report (1994) the same idea was highlighted. The report asserts: “Human beings are born with certain potential capabilities. The purpose of development is to create an environment in which all people can expand their capabilities, and opportunities can be enlarged for both present and future generations. The real foundation of human development is universalism in acknowledging the life claims of everyone… Wealth is important for human life. But to concentrate on it exclusively is wrong for two reasons: First, accumulating wealth is not necessary for the fulfillment of some important human choices. Second, human choices extend far beyond economic well-being”.
Economic development is thus a broad concept which includes both economic and non-economic aspects. Referring to the issue of development Amartya Sen (2009) pointed out that “Development requires the removal of major sources of unfreedom, poverty as well tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or over activity of repressive states”. Presumably, when we speak of a developed society, we have in mind a world in which people are well fed and well clothed, have access to a variety of goods and services, possess the luxury of leisure and entertainment, and live in a healthy environment. We think of a society free of violent discrimination, with tolerable levels of equality, where the sick receive proper medical care and people do not have to sleep on the sidewalks. In short, most of us would insist that a minimal requirement for a “developed” nation is that its physical quality of life be high, uniformly so rather than restricted to an incongruously affluent minority.

Table of Contents
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Purpose of the Study
1.4 Significance of the Study
1.5 Research Questions
1.6 Delimitations of the Study
1.7 Limitation of the study
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Review of Related Literature
2.3 Empirical Studies
2.3 Theoretical Framework
CHAPTER THREE: RESEARCH METHOD
3.1 Introduction
3.2 Area of the Study
3.3 Research Design
3.4 Population of the Study
3.5 Sample and Sampling Technique
3.6 Research Instrument
3.7 Validation of the Instrument
3.8 Data Collection Technique
3.9 Data Analysis Technique
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS
AND DISCUSSION
4.1 Introduction
4.2 Data Presentation
4.3 Discussion of Findings
CHAPTER FIVE: SUMMARY, CONCLUSION AND
RECOMMENDATIONS
5.1 Introduction
5.1 Restatement of the Problem
5.2 Summary of Findings
5.3 Conclusion
5.4 Recommendations
5.5 Suggestions for Further Research
References
Appendix

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The earliest concept of development was interpreted in terms of growth of output over time and later in terms of per capita output. The terms growth and development were used interchangeably. Economic development is thus a multivariate concept; hence there is no single satisfactory definition of it. Economic development is a process where low income national economies are transformed into modern industrial economies. It involves qualitative and quantitative improvements in a country‟s economy. Political and social transformations are also included in the concept of economic development in addition to economic changes. Literally, economic development can be defined as “passage from lower to higher stage which implies change”... Click here for more

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