Its important because in developing economies there are a lot of factors to consider when undertaking new policies. For example certain taxation strategies can actually make the country worse off. Accepting certain foreign aid can make certain sections in the economy 'lazy'. Understanding of developing economies helps you understand how and what policies best fits your country .
It has been said that ending extreme poverty and achieving genuine development are
possible but not inevitable and that this gives the study of economic development its moral and
intellectual urgency. What is meant by this? Comment and evaluate