Infrastructure is necessary for growth from "summary" of Economic Development by Michael P. Todaro,Stephen C. Smith
Infrastructure plays a crucial role in the process of economic development. It is the backbone of a nation's economy, providing the basic physical and organizational structures needed for the functioning of a society. Without adequate infrastructure, a country cannot achieve sustainable growth and development.
Infrastructure encompasses a wide range of components, including transportation networks, communication systems, energy supply, water and sanitation facilities, and public services such as healthcare and education. These components are essential for enabling economic activities and improving the quality of life for the population.
Investment in infrastructure is necessary to stimulate economic growth by reducing transaction costs, increasing productivity, and attracting private sector investment. For example, a well-developed transportation network can facilitate the movement of goods and people, leading to increased trade and economic activity....
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