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ECONOMIC DEVELOPMENT
SIMILARITIES AND DISSIMILARITIES
EFFICIENCY
SOCIAL
DEV.
SUSTAINABLE DEV.
HUMAN DEV.
H.R.D.
ECONOMIC DEV.
ECONOMIC GROWTH
EQUITY
ECONOMISTS VIEWS ON
ECONOMIC DEVELOPMENT
Meir and Baldwin Economic
H.R.D &H.D.
on expanding the choices human beings have to have the life they
value.In this sense, it is essential to work on building capacities for human
development that is sustainable over time.
These core capacities for human development are:
1.Enjoying a long and healthy life,
2.Being educated
3.Access to resources that enable people to live in dignity
4.Being able to participate in decisions that affect their
community
INDICATORS OF ECONOMIC
DEVELOPMENT
At the initial stage, the concept of economic
DEVELOPMENT ASPECTS
1. Increase in real income and per capita
2.
3.
4.
5.
income.
It is a long term process
Changes in social and economic institutions
Improving Standard of living
Welfare of the people should increase
through the increase of employment
opportunities, reduction in income
inequalities and eradication of poverty.
DETERMINANTS OF ECONOMIC
DEVELOPMENT
1. Natural resources
2. Human resources
3. Institutional factors (democracy,
1.NATURAL RESOURCES
Boumol and Lewis attached great importance to
2. HUMAN RESOURCES
Population is an important factor in economic
3. INSTITUTIONAL
FACTORS
Economic Development is influenced by variety of
5.MANAGERIAL SKILLS
India is often quoted as a rich country with poor
managerial skills
Enterprise is the bedrock on which the structure of
development is raised. Schumpeter has emphasized
the role of entrepreneurship in economic development.
Management is one aspect of entrepreneurship though
these terms are sometimes used synonymously.
Organizational abilities and managerial skills of a
nation decide the developmental process.
Education and technical progress increase an
entrepreneurial ability.