Abstract
The purpose of the paper is to examine how development of social entrepreneurship can redress the abnormalities associated with economic growth and development paradox. This is because rapid economic growth and various experiments with activist government have not been sufficient to lift a huge portion of the world population, particularly those of less developed countries (LDCs) out of poverty. EX-post facto research was adopted for the study involving review of economic growth and development plans of the country from independence to date, and a comparative analysis of select oil producing countries and Asian countries socio-economic indices. These select countries were decades back rated at par with Nigeria, but today have left the country behind. Data were presented on tables and simple percentage (%) used for simplified comparison and inferences. Results shows poor social-economic indices for the country over the past decades compared to other select countries. It was therefore concluded that articulation of policies that can impact on the well-being of the populace should integrate social-entrepreneurship programmes and policies to promote self-reliance and productive activities at individual and community-levels so that their attendant chain-effects can revamp the economy and restore human dignity. DOI: 10.5901/ajis.2014.v3n4p485
Highlights
For several years during the 20th century, governments in less developed countries (LDCs) witnessed considerable changes in their roles as assigned by economist from time to time
The main objective of this study is to examine how development of social entrepreneurship can be use to address the abnormality of economic growth without development in Nigeria
The indices clearly shows that a greater number of the population accounting for 69% live below poverty lines and unemployment rate of 23%-25% are wallowing in poverty
Summary
For several years during the 20th century, governments in less developed countries (LDCs) witnessed considerable changes in their roles as assigned by economist from time to time. Several countries attained the commanding height of the economy in the public sector. The government focus on frameworks for stabilization of the economy through diverse micro and macro economic polices. The frameworks could not achieve conducive macro economic environment, poverty reduction, economic growth, full employment, infrastructural development, research and development (R&D) among others. Like Nigeria, economic growth and development indices move at opposite direction giving the growth-development paradox. Economic growth and development plans of developing nations not been in tandem with realities to drive the economy to robustness and improve socio-economic indices
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