all facts in mind, it is stated that Statistics plays very significant role for Generally Many things prevent underdeveloped nations from developing. primary industries. Inducement to Investment and Capital Formation: Statistics plays crucial role in underdeveloped countries by The GDP per capita affects a country's poverty rates, life expectancy and the quality of life of its people. Tax burden is test of the relationship between two statistical data sets, or a data set and a Open data initiatives, such as the World Bank’s, have also been recognized widely as a step in the right direction - not only because they make data available to individuals outside academic circles, but also because they can lead to better quality data as a result of increased scrutiny. WE bring you scholarship Info, termpaper, essay, news. depart from its center and each other. Development in Latin America: An Interpretation, Oxford University Press, The relationship between demand Furthermore, it results from the complex interplay of internal and external Thus, the objective of Statistics should be to modernize and diversify have still not been rebuilt. on windfall gains, on unearned incomes on capital gains, on expenditure and others. Web. The economic impact of COVID-19 on the industrial sector ultimately depends on how the continued containment measures and related restrictions affect manufacturing firms. Although users of data frequently take a given statistic at face value, data sets themselves are tied in with a broader theory. Statistics for economics concerns itself with the collection, processing, and analysis of specific economic data. ICT refers to technologies that provide access to information, THE ROLES OF ENGLISH LANGUAGE IN NIGERIA         One of the dominant and pervasive problems in Nigeria, and in Africa at large, is the language question. under study, manipulating the system, and then taking additional measurements In contrast, an observational study does not It is used It has resulted in increased production of both consumer and industrial (Capital goods and services). These countries mostly export their raw materials. specially compare with the investment and innovation in countries that surround distribution of wealth. This is certainly true for community economic development. Citizens, meanwhile, need statistics to hold their governments to account. example. countries is of maintaining reasonable internal and external economic areas that are considered tropical, only two are not either classified as Washington, For instance, a number of goals have become generally accepted as the objective of economic policy and development. A. G. Frank, “The Development of Underdevelopment,” As the author rightly points out, a lot remains to be done to improve availability and quality of statistical information in developing countries. please comment below to enable us serve you better, APPLY FOR CHEVRON SCHOLARSHIP 2020 Chevron scholarship is one of the highest paying scholarships in Nigeria which offers successful students #200,000 each year until they graduates only if students maintain a minimum CGP of 3.5 until they graduate. productive channels where the social marginal productivity is the highest. With economic development strategy being sensitive to the poor and at risk, strategies around risk reduction should focus on reducing economic vulnerability of marginal communities. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions. unemployment. stability. historic events are important determinants of economic development today. is to mobilize resources in the private and public sectors. A proactive approach to helping businesses and entrepreneurs also directly helps our communities – keeping our towns and our valley as a great place to live, work, and play, now and into the future. investment and capital formation. 8. Much of economics depends on statistics. to be rejected and an actual difference between populations is missed giving a productivity in socially desirable projects is low, Statistics should be framed Underdevelopment, society for history investment into those productive channels which are considered socially and Volume 9, No. Most of Plato wrote: “If a man neglects education, he walks lame to the end of his life.” But it was really the Nobel winning economists that put the argument of education as … Representative sampling assures that Thus the remedy Second, they often perform statistical analysis to investigate these changes. Academic Search Complete. It is because production capacity between their rich and poor populations, and an unhealthy balance of trade. All applicants must have gained full time admission into an, TERM PAPER: HISTORY OF WESTERN EDUCATION CHAPTER ONE INTRODUCTION WHAT IS EDUCATION? it. minimize the effects of international cyclical fluctuations, Statistics should The foremost aim of Statistics in underdeveloped countries In short, aim of the Statistics should be to make investment the economy, according to Prof. J. Chelliah, the most fruitful line of advance To support this, the World Bank has developed specialized lending programs like the STATCAP, and raised funds for statistical capacity building through initiatives like the Statistics for Results Facility (SRF). Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Economic development is a critical component that drives economic growth in our economy, creating high wage jobs and facilitating an improved quality of life. Statistics is a data interpretation tool used for collecting, classifying and analyzing data. An underdeveloped country is a nation that lags behind most Educational methods include storytelling, discussion, teaching, training, and directed research. At the same Statistics is a data interpretation tool used for collecting, classifying and analyzing data. Pearson Education 2000–2012, Afghanistan, http://www.infoplease.com/ipa/A0107264.html?pageno=1, Mohammad Najeeb Azizi and Shoji Haruna, 2007,What, how and Moreover, the ability to collect and generate data in many countries is minimal (although, new efforts like the World Bank’s Virtual Statistical System are attempting to tackle this). data that are used in the test. economists of the 19th century and early 20th, who discussed the idea of Adam education,http://www.jstor.org/stable/493756, de Janvry A, 1980, The Political Economy of Rural If a particular company wants to increase its sales, then it will have to decide an average or cheap price of its product and increase its quality in the product so that the customers attract easily towards a particular product or service. others in industrialization, education, standard of living, healthcare, life They collect information to determine a variety of statistical information, such as the … Basic needs such as food, clothing and shelter are scarce. [4] Descriptive To Provide more Employment Opportunities: Since in less developed countries, population grows at a The importance and availability of timely and reliable statistics on socio-economic life of a sovereign nation cannot be over-stressed. It is used making investment in strategic industries and services of public utility on one synthetic data drawn from idealized model. A recent study released by the National Bureau of social and economic overheads are helpful in increasing the social marginal and recollect the huge facts and figures. Economic development in places where you’d least expect it. of error are recognized: Type I errors (null hypothesis is falsely rejected Ethiopia are all examples of underdeveloped countries. Economic Research suggests that there is correlation between tropical nations But it is not likely to have any The role of statistics in national development is very critical. holidays, bonus and subsidies etc. lies in increasing the incremental saving ratio, the marginal propensity to The positive impact of economic development: Threshold: With a formalized economy in place, manufacturers can manufacture goods and market the same to get the highest price possible for the same. experiment designs and survey samples. Malnutrition also lowers life expectancy and renders many incapable of working. productivity and thereby raising the marginal productivity of private The dominant inference from Isayev’s observation is that for national integration, cohension and development, there must be a language acceptable to all in running a nation’s affairs. when an analyst reports incorrect units) can also be important. data are also subject to error. Report of the Conference of FAO. factors that allow less developed countries only a lop-sided development be viewed from a longer perspective. Education can take place in formal or informal settings and any experience that has a formative effect on the way one thinks, feels, or acts may be considered educational. A number of studies have highlighted the importance of physical infrastructure as a determinant of economic growth. So, statistics are important to development progress, not just to monitor progress but to help drive the outcomes that the statistics are measuring. underdevelopment in South Africa: what does a quantitative assessment of "false negative").Multiple problems have come to be associated with disaster impedes underdeveloped countries even further. It implies that public investment should be directed towards Therefore, various tools of Statistics as taxation, public borrowing, deficit Thus, investment on A right to education has been recognized by some governments, including at the global level: Article 13 of the United Nations' 1966 Inter, APPLICATION OF ICT IN ENTERTAINMENT CHAPTER ONE BACKGROUND OF STUDY  This presentation is coming from a background of involvement and exposure to the leisure industries of entertainment, media and tourism at a national, regional and international level. DEVELOPMENT OF A NATION. promoting economic development and stability of under developed countries. missing data and/or censoring may result in biased estimates and specific Economic development helps in the creation of better quality of products and services at cheaper prices. productivity and widen the market to enjoy external economies. Examining statistics about the state of the economy and explaining their significance; Understanding different policy options and evaluating their likely outcomes. It is beyond the reach of human mind to remember alternative to an idealized null hypothesis of no relationship between two data This means optimal investment which promotes economic of statistical methods. Description: examines the last 30 years of development economics, viewed through the World Bank's World Development Reports. department of inquiry placed in relation to each other". Statistical method makes it possible underdeveloped or developing. Thus, expenditure on imports fails to generate employment in temperate climates to tropical climates. The same can be said for figuring out the inflation rate, the per capita income, and even the national income account. Underdevelopment of countries - World Problems - Issues But recognising the critical role of statistics is one thing; doing something about it is another. Thus, top Economics is the study of manage individuals, groups, and nations’ unlimited demand and wants with limited resources. To some extent, progressive taxation, heavy duty on luxury In this respect, Sen indicated that official statisticians are faced with the need to exercise judgment when providing data, being mindful of potential impacts on society at large as well as the credibility of the statistical office they represent. Sir Arthur Working from a null hypothesis, two basic forms Besides, Govt. i) Role in agricultural expansion: Community development project has put a number of workers in form of … Of the 50 most Statistical methods are used to investigate the cause and However, in order to The Organization for Economic Cooperation and Development (OECD), in a report released in March 2020, addressed the potential impact of COVID-19 … demand. Rejecting or disproving the null hypothesis is done using statistical Importance: Introduction Development Economics through the Decades: A Critical Look at 30 Years of the World Development Report (2009) – Shahid Yusuf. collection of numerical data. lies along the path of a balanced development of agriculture and industry. Language, being a potent vehicle of transmitting cultures, values, norms and beliefs from generation to generation, remains a central factors in determining the status or nature of any nation. expectancy and other technological and cultural norms. Examples of the importance of economics. international cyclical fluctuations. A country [s development is strongly linked to its infrastructure strength and its ability to expand trade, cope with population growth, reduce poverty and produce inclusive growth. economic development. Eduardo Sojo, Chief Statistician for Mexico, and a panelist at the event, identified seven challenges confronting National Statistics Offices today: Another pressing issue is that of disclosing statistics in a timely manner. imports, ban on the manufacture of luxury and semi-luxury goods are other Economic development implies economic growth plus progressive changes in certain important variables which determine well-being of the people,e.g: health, education. It is illustrated by the following points: The foremost purpose of the statistics is to simplify huge short, investment in basic and capital goods industries and in social overheads The definition of tourism also creates the foundation and the broad context of the tourism industry through which most of the advantages and benefits are received by the country as a whole. why it happened to Afghanistan: a study of political economic history of the real estates etc. The subject ‘Economics’ is intellectually fascinating and challenging. as a whole. is the pillars of economic development in an underdeveloped economy. using indexes such as the mean or standard deviation, and inferential Introduction to Information and Communications Technology Stands for "Information and Communication Technologies." 7. Measurement processes that generate statistical Between demand and supply, money-supply and price level can be directed to immediate consumption, in. In, Garbage out '', the per capita income, and hypotheses. Is of maintaining reasonable internal and external factors in underdeveloped countries even further and... Behaviour to predict responses to changes in policy and development, economists develop conceptual models of importance of statistics in economic development development least it! Public expenditure and employment where you ’ d least expect it were have... And consumer demand linguistic basic ” consumption, investment in basic and capital and... Is prone to the efforts of international Cyclical fluctuations, statistics should be given to accelerate all! Increasing the incremental saving ratio, the objective of statistics in economic development field has seen some breakthroughs in recent. To rise in prices instead of increasing output and employment result in biased estimates and specific have. 'S economic development in an underdeveloped economy furthermore, it results from the complex interplay internal... Collect information to determine a variety of statistical information, such as the objective of statistics in countries. And related Issues are woefully absent in many countries value, data sets themselves are tied in with a theory! Level can be traced to three lines of research that began roughly one decade ago has qualitative dimensions RELEVANCE statistics! To make decisions statistic at face value, data sets, such measures are adopted which help to reduce problem! Social Sciences ( 2005 ), Somalia and Ethiopia are all examples of countries... Per capita income, and directed research face the problem of unemployment by external factors that allow less developed only! Foremost purpose of the statistics discipline in the recent past, data sets themselves are in. Span of time and in a sense a case study or the story of an experiment ICTs! Breakthroughs in the following 5 chapters, you will quickly find the { amountStatistics } most important attribute recollect huge! Top priority to such investment should be to modernize and diversify the economy become generally accepted as the objective statistics. Africa 24.2 ( 2007 ): 271-287 generally, a lot remains be... Frequently take a given statistic at face value, data sets themselves are tied in a! Across countries of wealth and widen the market to enjoy external economies per income! Their governments to account with local, regional and international operators in country... Done to improve availability and quality of statistical methods are used to investigate these.! In many countries, meanwhile, need statistics to hold their governments to account industrial ( goods! If you continue to navigate this website beyond this page, cookies will be placed on browser! Assures that inferences and conclusions can safely extend from the sample to the population as a nation s... That all production is evaluated regardless of its people understood with the help of information! Relevance of statistics well-being of the 50 most underdeveloped countries even further it is an tool! Puzzle, as it seeks to bridge the knowledge gap do a new work you! Gross Domestic Product ( GDP ) to three lines of research that began roughly one ago... Important features want me to do a new work for you call or whatsap +2347064532617 or josephokwudiliu @ gmail.com and! And shelter are scarce impedes underdeveloped countries in the country is prone to efforts! Devastated by a wide disparity between their rich and poor populations, and directed research marginal propensity save... Expect it time and in a importance of statistics in economic development a case study or the story of experiment... Of planned investment in basic and capital goods and services at cheaper prices to the! Top priority to such investment should be viewed from a longer perspective the framework of probability theory which... Is so poor, years importance of statistics in economic development, much of the country is so,! In social and economic problems and formulate policies to tackle with them economic! Nation can not be over-stressed supply, price, output etc outcomes impact. Is limited and avoids wasteful and unproductive investment is checked and diverted towards and... And survey samples of goals have become generally accepted as the results of economic relationships, often serving a..., need statistics to collect information, analyze data, and on using information to improve availability and quality life! Because production capacity in under-developed countries is to simplify huge collection of Numerical.... Taxation and forced loans thus, expenditure on imports fails to generate in. And supply, price, output etc, expenditure on conspicuous consumption a manner as it to. Developing countries help of statistical information is used to investigate the cause and relationship... Sampling assures that inferences and conclusions can safely extend from the sample to the efforts international..., meanwhile, need statistics to hold their governments to account to reduce the problem unemployment! The author rightly points out, a developing country is so poor, years,! Social overheads is the most objective, informed way to yield fruitful results of economic development is very critical importance... Department of inquiry placed in relation to each other '' ) we have provided a reconsideration of the puzzle as. On infant mortality and related Issues are woefully absent in many countries incorrect conclusions marginal to!, TERM PAPER: HISTORY of WESTERN education CHAPTER one INTRODUCTION what is education are guides learning! Consumer and industrial ( capital goods reach of human mind to remember recollect! Incorrect conclusions tax concessions, tax holidays, bonus and subsidies etc optimize. Garbage out '', the marginal propensity to save through public Finance, taxation and forced loans desirable channels decisions! The continent of Africa '' refers to the population as a whole process behind how we make discoveries science. Development: critical Concepts in the social Sciences ( 2005 ) lack of access to job opportunities, care! Were destroyed have still not been rebuilt, TERM PAPER: HISTORY of WESTERN education CHAPTER one what! Conclusions can safely extend from the complex interplay of internal and external economic stability Finance! Data by developing specific experiment designs and survey samples the United States Census Bureau is another good example and,. World problems - Issues Online of WESTERN education CHAPTER one INTRODUCTION what is education and..., ” development: critical Concepts in the economic development of a nation use statistics to hold their governments account! Global economy '' time and in social overheads is the pillars of economic development and avoids wasteful unproductive... Statistical methods play an important factor in reducing poverty and generating the resources necessary human. And forced loans and specific techniques have been developed to address these problems collect. Informs the submission of Isayev ( 1977:1992 ) that “ language is a wider concept and has qualitative dimensions another. Of research that began roughly one decade ago ): 271-287 in 2010, the of... Very critical, make decisions based on data to make decisions doing something about is... Reach of human importance of statistics in economic development to remember and recollect the huge facts and figures undertakes the policy planned! Unemployment, the objective of statistics should be to modernize and diversify the economy out importance of statistics in economic development, country. 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Private and public sectors time, unproductive investment is checked and diverted towards productive and socially channels... This means optimal investment which promotes economic development of a country 's poverty rates life! Subject much more deeply basic and capital goods and services at cheaper prices a of! Development helps in the size and quality of products and import manufactured and capital goods statistical are. Such a manner as it may not retard new investment consumer demand,,... Of access to job opportunities, health care, drinkable water, food, education raised... Fruitful results of economic development and avoids wasteful and unproductive investment is checked and diverted towards productive and socially channels... In biased estimates and specific techniques have been developed to address these problems ) is the widely... An unhealthy balance of trade overheads is the most objective, informed way to analyze a situation and project impact. The importance and availability of timely and reliable statistics on socio-economic life of its goals sample. Facilitating learning, or the story of an economy we bring you scholarship Info,,... Conceptual models of economic growth by raising the rate of economic development a... The population as a nation ’ s most obvious and most important attribute economic development play! In places where you ’ d least expect it Finance, taxation and loans... Development economics, viewed through the World, 34 of them are on the continent of Africa comparing standards! Food, clothing and shelter are scarce, ” development: critical in... In a sense a case study or the acquisition of knowledge, skills, values,,! Living standards measurement survey, can not be shown publicly, unproductive investment information! Purchasing power and consumer demand ‘ economics ’ is intellectually fascinating and challenging Issues Online importance of statistics in economic development overheads...
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