Explain the Significance of Infrastructure in Economic Development

question 15

Essay

Explain the significance of infrastructure in economic development.

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Definitions:

Double-Edged Effect

A situation or strategy that has both positive and negative outcomes or implications.

Overconfidence

A cognitive bias where a person's subjective confidence in their judgments is greater than the objective accuracy of those judgments.

Fundamental Attribution Error

The fundamental attribution error is the tendency to overemphasize personal characteristics and underestimate situational influences when explaining someone else's behavior.

Irrational Escalation

The phenomenon where individuals continue or intensify an action or investment beyond a rational point, often due to emotional commitment or previous investments.