Questions 2) Sustainable Economic Development is an important concept in the twenty-first century a) Explain exactly what does this concept

mean? b) Explain whether you believe that economic development and sustainable development are incompatible concepts and whether they can be compatible? c) What steps can a government take to ensure that sustainable is always considered in assessing which major economic projects or investment proposals to accept? d) Eco-Tourism is seen as a good example of this concept of sustainable economic development. Explain why this is so and give clear examples of how.

3) Dr. W. Arthur Lewis; George Beckford; Lloyd Best and Kari Levitt are three sets of economists that have contributed heavily to economic development in the Caribbean. a) Explain the major economic contribution in the life of ONE of these three sets of economists on the Caribbean. b) Why was their analysis of Caribbean economic state of affairs so important to Caribbean economic thought? c) Identify some major critiques of ONE of these set of economists named above? d) The twenty first century is on a state of flux as regards which strategy or which direction the Caribbean should follow, what are your own views on this given the antecedents of these major figures?

Sustainable Economic Development is an important concept in the twenty-first century. Explain exactly what does this concept mean?

The term Sustainable Economic Development in essence refers to the fact that meeting the future needs depends on how well we balance social, economic, and environmental needs and objectives when making decisions. So in essence we need to take into considerations those needs and objectives that we plan to undertake in the future when we make our current decisions. We basically create a delicate balance between economic development and environmental preservation. This concept may sometimes seem conflicting in the short term as growth in the industrial sector may prove damaging to the environment, but on the other hand in the long-term the responsible use of natural resources will help to ensure that there are always resources available for sustainable industrial growth in the future.

Explain whether you believe that economic development and sustainable development are incompatible concepts and whether they can be compatible?

Economic development refers to the qualitative progress of an economy. It speaks to the adoption of new technologies and usually transitions from an agricultural based system to a more industrialized system with hopes of improving the living standards of its population. Sustainable development is the development that meets the needs of today without compromising or jeopardizing the needs of tomorrow. Both speak to the development of a particular area/country and different aspects of achieving development. However I would not say

they are incompatible. Persons defending each side only dwell on the positives of that side and refrain from remotely identifying the positive on the other. While total industrialization is not good for any country because if its effects on the renewable and non renewable energy sources, it however serves its purpose. Not because sustainable development focuses mostly on environmental preservation doesnt mean they cannot work harmonious for the greater good. There are various conservation methods that can be taken into consideration to ensure that the environment is being properly cared for while industrialization is taking place, they can become compatible.

What steps can a government take to ensure that sustainable is always considered in assessing which major economic projects or investment proposals to accept?

The government needs to take into considerations the economic aspect of sustainable development most importantly as economics decides how to allocate limited resources that will be used to meet human needs at its simplest level, the assumption is that every state or society should try to construct an economic structure that contains elements of its own self continuation. Not only should the society have an economy that avoids downturns and recessions, it should also expand continuously to satisfy an ever increasing demand for modernity and its necessities. By any measure that is hard feat, especially for small nations. I believe that sustainability cannot be achieved overnight but by taking small steps to alleviate the problems we have. The government can take steps to Increase the amount of food grown and consumed on the island, we import far too much and as result high prices as associated with local products. Increase the services provided by Jamaicans to Jamaicans. Reduce the dependency on

foreign products. And as painful as it is, withdraw from the ostentatious and addictive consumer society. These measures will make us a better people and a better country. If we can live with that it would be tantamount to a form of sustainable development. There common sustainable development practices are that the government can employ to assist in this process. Solar and wind energy resources are limitless, meaning we have the ability to eliminate dependence on non-renewable power sources by harnessing power from renewable resources. Sustainable construction includes homes, offices and other structures that incorporate recycled and renewable resources and will prove to be more energy efficient and stand the test of time. Crop rotation can be used as many farmers and gardeners are using this method as a chemical free way to reduce diseases in the soil and increase growth potential of their crops. Water conservation is critical to sustainable development, and more and more products are available that use less water in the home, such as showers, toilets, dishwashers and laundry systems through the use of various Water fixtures.

Eco-Tourism is seen as a good example of this concept of sustainable economic development. Explain why this is so and give clear examples of how.

The International Ecotourism Society defines ecotourism as responsible travel to natural areas that conserves the environment and improves the welfare of local people. Within the tourism sector thee otherwise uninhabited areas would be damaged by the building and operation of hotels, trails, parks and any other infrastructure. It is a good idea and plays a very important role in sustainable economic development. It encourages this by reversing or minimizing the damaging effects of tourism. It does this by using recycled materials, renewable

sources of energy and promotes recycling and safe disposal of garbage and other wastes. As a way of to reduce damage done to the ecosystem the number of tourists and their behavior need to b regulated. Ecotourism builds environmental awareness. In this instance the tourists are educated about the environment as well as the natives of that particular area. This ensures that less damage is likely, especially when visiting sensitive environments. Individuals are skilled in natural and cultural history. It also helps to raise funds that specifically aid in environmental preservation, research and education through various mechanisms. It is also seen as an avenue to provide financial benefits and empowerment for local people as they receive income from the various projects and also tangible benefits such as roads, potable water, street lights and important establishments like health centres and so forth.

Dr. W. Arthur Lewis; George Beckford; Lloyd Best and Kari Levitt are three sets of economists that have contributed heavily to economic development in the Caribbean. Explain the major economic contribution in the life of ONE of these three sets of economists on the Caribbean.

Dual Economy in a poor country was one of Dr. W. Arthur Lewiss economic contributions in the Caribbean. Lewis theorized that any poor countrys economy can be characterized as one that contains two sectors, a small capitalist sector and a very large traditional (agricultural) sector. Employers in the capitalist sector hire people to make money while Employers in the traditional sector, are not profit maximizing and, therefore, hire too many people that results in their productivity being very low. Lewis argued on this basis that the way to spur development in poor countries is to shift labor into manufacturing, where it is more productive. The capitalists save out of their profits and use this saving to expand, which then adds to growth. Lewis assumed that workers in agriculture save nothing, so that the only source of saving is the capitalists in manufacturing. Lewis used his model to explain the pattern of growth in countries in general. This is how he explained the inverted-U-shaped growth according to a countrys per capita income. For very poor countries like Bangladesh, growth is slow because the manufacturing sector is small or nonexistent, and there is no large source of savings. For middle-income countries like Korea and Taiwan, growth is high because the manufacturing sector is growing and pulling labor out of agriculture, where it is underemployed. For high-income countries with a large manufacturing sector, like the United States, growth is slower because the gains from diverting labor out of agriculture are almost all exploited.

Why was their analysis of Caribbean economic state of affairs so important to Caribbean economic thought?

His analysis was important to the Caribbean because he came from a poor family. Although he wanted to become an engineer he realized that it was near impossible to do so as

Identify some major critiques of ONE of these set of economists named above?

The twenty first century is on a state of flux as regards which strategy or which direction the Caribbean should follow, what are your own views on this given the antecedents of these major figures?

References http://www.mona.uwi.edu/economics/notices/elliot.pdf