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The Role Of Business Economics In National Development

2924 words - 12 pages

INTRODUCTION
Following this introduction on Nigeria’s economic development challenge, this paper reviews business economics, outlining the relationship with innovation and social entrepreneurship. It also presents a holistic framework for economic development covering the individual, firm and macro levels, and outlines the roles of stakeholders at each level, in fostering national development. It concludes by calling on all stakeholders to play their part in leveraging entrepreneurship and all aspects of business economics to unleash the wealth of human capital that Nigeria is endowed with so that more people can participate in the transformation of Nigeria.
Nigeria as the most populous ...view middle of the document...

In recognition of this progress, the United Nations Development Program (UNDP) indicated that recent improvements in development policy and performance mean that the country now benefits from a positive medium-term economic outlook.
However Nigeria, still falls far short of the economic and social progress required to impact the well being of the average Nigerian given that over half of Nigeria‟s population live on less than one dollar a day. Nigeria is also one of the top three countries in the world that have the largest population of poor people. In addition, Nigeria remains off track on achieving the Millennium Development Goals

THE ROLE OF BUSINESS ECONOMICS IN NATIONAL DEVELOPMENT
Following this introduction on Nigeria‟s economic development challenge, this paper reviews business economics, outlining the relationship with innovation and social entrepreneurship. It also presents a holistic framework for economic development covering the individual, firm and macro levels, and outlines the roles of stakeholders at each level, in fostering national development. It concludes by calling on all stakeholders to play their part in leveraging entrepreneurship and all aspects of business economics to unleash the wealth of human capital that Nigeria is endowed with so that more people can participate in the transformation of Nigeria.

Business Economics, Entrepreneurship and Economic Development
For many developing countries, entrepreneurship has been a powerful engine of economic growth and wealth creation, and is crucial for improving the quality, number and variety of employment opportunities for the poor. It has several multiplier effects on the economy, spurs innovation, and fosters investment in people, which is a better source of competitive advantage than other natural resources, which can be depleted. Entrepreneurs create new enterprises, new commercial activities, and new economic sectors. They generate jobs for others; they produce goods and services for society; they introduce new technologies and improve or lower cost outputs; and they earn foreign exchange through export expansion or the substitution of imports.
The Global Entrepreneurship Monitor, a research program aimed at assessing the national level of entrepreneurial activity in selected countries, conducted an entrepreneurship and economic growth study on 48 countries in 2008.15 According to the study, the economic growth of a country is directly correlated to its level of entrepreneurial activity. In particular, there is a high correlation between economic growth and entrepreneurial activity in industrialized countries. For instance, the American economy is well known for its flexibility, adaptability, and grasping of opportunity partly because of a prevalence of entrepreneurial culture in the United States. According to the report, Countries that are able to replenish the stock of businesses and jobs and have the capacity to accommodate volatility and turbulence in the...

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