NATIONAL DEVELOPMENT

progress

part of development, includes modern cars, state-of-the-art infrastructures, and technology

development

the result of progress, includes improvement of quality life, human dignity, and justice

theory of physiocrats

believed in the rule of nature, land had a big role in the development of the country

theory of adam smith

father of modern economics, believed in free competition and specialization

theory of david ricardo

law of diminishing marginal returns, its better to focus on products that they can make most efficiently while sacrificing the least amount of all the goods and let others do the same

you cant solve every problem just by adding more “people” or ”effort” if your tools (or what you have) stay the same

neoclassical school

they believed that there are underlying factors that contribute to the development and progress of the country (includes both businessmen and consumers in competition)

innovation theory

emphasized the significant role of an innovator in the economic development

fidel ramos administration

transforming the “sick man of asia” into a tiger club economy through two main levers: global competitiveness and people empowerment

TAKEAWAYS:
1. economic “democratization”
2. infrastructure and power
3. social reform

jospeh estrada administration (erap)

achieve sustainable development through “growth with social equity” and shifted “tiger economy” industrialism of Ramos to a pro-poor. agriculture-centered strategy

TAKEAWAYS:
1. erap para sa mahirap
2. rural development engine
3. modernizing the “new economy”

gloria macapagal arroyo administration

macroeconomics stability with equitable growth based on free enterprise. focuses on information and communication technology (ICT), tourism, and manufactoring. 10-point legacy (BEAT THE ODDS)

TAKEAWAYS:
1. fiscal reform and stability
2. the nautical highway
3. institutional social safety nets

benigno simeon aquino administration

defined by the slogan “daang matuwid” (the straight path) and the cone philosophy: “kung walang corrupt, walang mahirap” (if no one is corrupt, no one will be poor"). inclusive growth

TAKEAWAYS:
1. governance as economic policy
2. aquino treated anti-corruption as an economic tool
3. cleaning up the department of publlic works and highwasy (DPWH) and streamlining the budget process
4. the philippines earned its first investment-grade credit rating, signaling to the world that it was no longer a high-risk economy

rodrigo duterte administration

the first of four medium-term plans anchored on AmBisyon Natin 2040, the country’s long-term vision for a “strongly rooted, comfortable, and secure life. used 3 strategic pillars: malasakit, pagbabago, patuloy na pag-unlad

TAKEAWAYS:
1. build build build (BBB)
2. fiscal reform (TRAIN Law)
3. Human Capital & Universal Healthcare