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Economic growth refers to the steady increase in a nation's production capacity and national income over time. It is driven by advancing technology and the adjustments needed to effectively utilize new innovations. Economic growth can occur through improving existing inputs or increasing factor endowments, and should improve economic welfare. Economic development is a multidimensional process involving systemic reorganization and reorientation to quantitatively change economic wants, goods, incentives and institutions. It aims to make people self-sufficient and is defined as a long-term increase in real per capita income accompanied by structural and institutional changes. While economic growth expands the system, economic development leads to structural transformation through both increased output and changes to production and distribution arrangements.
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Rostow’s view on economic development
The document summarizes Rostow's stages of economic growth theory, which argues that countries progress through five stages of development: (1) traditional society, (2) preconditions for take-off, (3) take-off, (4) drive to maturity, and (5) age of high mass consumption. It describes the key characteristics of the underdeveloped, transition, and take-off stages, focusing on limited technology, agriculture dependence, and increasing investment, manufacturing, and skills. The theory has been criticized for being too linear and not accounting for differences between free and controlled markets or considering smaller countries.
Rostow modernization model
Rostow's modernization model outlines 5 stages of economic growth:
1) Traditional society focused on subsistence and barter
2) Transitional society with specialization, surpluses, and infrastructure
3) Take-off stage with industrialization, growing investment, and regional growth
4) Drive to maturity with diversification, innovation, and less reliance on imports
5) High mass consumption oriented toward consumer goods and services
The model is criticized for being too mechanistic, based only on developed countries, and assuming all countries must adopt American-style mass consumption as the endpoint of development.
Rostow stages of growth
Under the course of academic writing, i made a ppt for assignment under which i have explained stages of growth theory
Rostows stages
Rostow proposed five stages of economic growth for countries: 1) traditional society, 2) preconditions for take-off, 3) take-off, 4) drive to maturity, and 5) age of high mass consumption. The document provides details on the characteristics of each stage, such as low productivity in traditional societies and a rise in investment and savings above 10% during the take-off stage. It also notes some criticisms of Rostow's theory, such as the lack of clear distinction between some stages and that growth is not truly automatic.
Rostows stages of developement
Rostow's Stages of Development outlines 5 stages of economic growth for a country: 1) Traditional society, 2) Preconditions for take-off, 3) Take-off, 4) Drive to maturity, and 5) Age of high mass consumption. The Take-Off stage involves a switch from agriculture to manufacturing, requiring technological changes and an investment rate of about 10% to develop new manufacturing sectors. The Drive to Maturity stage sees an increasingly diverse economy through continued technological innovation. While the model shows stages of economic development, critics argue it only applies to Western countries and neglects wider non-economic developments.
COOL Geography rostows model (jas, wei, alex)
Rostow's Stages of Development is a model proposing that countries pass through 5 stages as their economies grow: (1) traditional society dominated by subsistence agriculture; (2) preconditions for take-off as manufacturing develops and trade increases; (3) take-off period of extensive growth and industrialization; (4) drive to maturity where technology increases and economies diversify; and (5) high mass consumption where living standards are high. The model is widely cited but criticized for assuming all countries develop the same and not accounting for variations within countries.
Rostow's stages of development
Rostow's Stages of Development proposes that countries pass through 5 stages as their economies grow: 1) Traditional Society based on subsistence agriculture; 2) Preconditions for Take-Off as manufacturing develops and technology/trade increase; 3) Take-Off period of extensive growth and industrialization; 4) Drive to Maturity as standards of living rise through increased technology and economic diversification; 5) High Mass Consumption as individual incomes rise beyond essentials and consumer demand grows. The model is criticized for assuming all countries develop the same way without variations, while its advantage is being a widely cited and respected development theory.
Rostow's Stages of Economic Growth: A Capitalist Approach
Rostow's Stages of Economic Growth model outlines five stages of economic development:
1) Traditional society characterized by subsistence farming and barter
2) Preconditions for take-off including development of mining and agriculture and growing acceptance of technology
3) Take-off driven by increasing industrialization, rising savings/investment, and declining agricultural employment
4) Drive to maturity where industry diversifies, technology spreads, and universal education/healthcare are established
5) Age of high mass consumption where services dominate and material wealth leads to focus on quality of life
The model views development through a capitalist lens and has been criticized for not applying well to non-Western countries.
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Rostow’s view on economic development
The document summarizes Rostow's stages of economic growth theory, which argues that countries progress through five stages of development: (1) traditional society, (2) preconditions for take-off, (3) take-off, (4) drive to maturity, and (5) age of high mass consumption. It describes the key characteristics of the underdeveloped, transition, and take-off stages, focusing on limited technology, agriculture dependence, and increasing investment, manufacturing, and skills. The theory has been criticized for being too linear and not accounting for differences between free and controlled markets or considering smaller countries.
Rostow modernization model
Rostow's modernization model outlines 5 stages of economic growth:
1) Traditional society focused on subsistence and barter
2) Transitional society with specialization, surpluses, and infrastructure
3) Take-off stage with industrialization, growing investment, and regional growth
4) Drive to maturity with diversification, innovation, and less reliance on imports
5) High mass consumption oriented toward consumer goods and services
The model is criticized for being too mechanistic, based only on developed countries, and assuming all countries must adopt American-style mass consumption as the endpoint of development.
Rostow stages of growth
Under the course of academic writing, i made a ppt for assignment under which i have explained stages of growth theory
Rostows stages
Rostow proposed five stages of economic growth for countries: 1) traditional society, 2) preconditions for take-off, 3) take-off, 4) drive to maturity, and 5) age of high mass consumption. The document provides details on the characteristics of each stage, such as low productivity in traditional societies and a rise in investment and savings above 10% during the take-off stage. It also notes some criticisms of Rostow's theory, such as the lack of clear distinction between some stages and that growth is not truly automatic.
Rostows stages of developement
Rostow's Stages of Development outlines 5 stages of economic growth for a country: 1) Traditional society, 2) Preconditions for take-off, 3) Take-off, 4) Drive to maturity, and 5) Age of high mass consumption. The Take-Off stage involves a switch from agriculture to manufacturing, requiring technological changes and an investment rate of about 10% to develop new manufacturing sectors. The Drive to Maturity stage sees an increasingly diverse economy through continued technological innovation. While the model shows stages of economic development, critics argue it only applies to Western countries and neglects wider non-economic developments.
COOL Geography rostows model (jas, wei, alex)
Rostow's Stages of Development is a model proposing that countries pass through 5 stages as their economies grow: (1) traditional society dominated by subsistence agriculture; (2) preconditions for take-off as manufacturing develops and trade increases; (3) take-off period of extensive growth and industrialization; (4) drive to maturity where technology increases and economies diversify; and (5) high mass consumption where living standards are high. The model is widely cited but criticized for assuming all countries develop the same and not accounting for variations within countries.
Rostow's stages of development
Rostow's Stages of Development proposes that countries pass through 5 stages as their economies grow: 1) Traditional Society based on subsistence agriculture; 2) Preconditions for Take-Off as manufacturing develops and technology/trade increase; 3) Take-Off period of extensive growth and industrialization; 4) Drive to Maturity as standards of living rise through increased technology and economic diversification; 5) High Mass Consumption as individual incomes rise beyond essentials and consumer demand grows. The model is criticized for assuming all countries develop the same way without variations, while its advantage is being a widely cited and respected development theory.
Rostow's Stages of Economic Growth: A Capitalist Approach
Rostow's Stages of Economic Growth model outlines five stages of economic development:
1) Traditional society characterized by subsistence farming and barter
2) Preconditions for take-off including development of mining and agriculture and growing acceptance of technology
3) Take-off driven by increasing industrialization, rising savings/investment, and declining agricultural employment
4) Drive to maturity where industry diversifies, technology spreads, and universal education/healthcare are established
5) Age of high mass consumption where services dominate and material wealth leads to focus on quality of life
The model views development through a capitalist lens and has been criticized for not applying well to non-Western countries.
Causes of Economic Growth
Economic growth can be caused by increases in total demand, improvements to the labor force through quality and quantity, progression of technology, and investment. However, different countries experience economic growth through different means depending on their unique economic circumstances and histories. Sustained long-term growth is often attributed to capital deepening through investment and technological advances, while short-term growth may result from increases in total demand.
Stages Of Economic Developlement
Rostow proposed that countries pass through 5 stages of economic development:
1) Traditional society dominated by subsistence agriculture and barter trade. 2) Transitional stage with increased specialization and trade. 3) Take-off stage of industrialization driven by investment and economic growth. 4) Drive to maturity with economic diversification and innovation. 5) High mass consumption stage with consumer industries and service sector dominance.
Intro to Economic development - IB Economics
This document provides an introduction to economic development. It defines development economics as attempting to understand and address the disparity in wealth between developing and developed countries, with four-fifths of the world's population living in developing countries with less than one-fifth of global income. It discusses how the UNDP works to promote development by measuring human development factors beyond income, and setting goals like reducing poverty and improving living standards in health, education and income. Economic growth is defined as increasing production over time, while development focuses on improving people's lives in multiple dimensions.
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Economic growth and development
- Section 1 discusses economic growth, defining it as a persistent increase in real GDP and potential output. It examines how growth is presented on a PPC curve and discusses the determinants and measurement of economic growth.
- Section 2 defines economic development as the process of improving living standards and quality of life for all citizens through improvements in economic, social, and cultural aspects. It discusses different approaches to defining and measuring development.
- Section 3 likely discusses factors affecting the economic growth and development process, including investments, savings, productivity, technology, education and other macroeconomic factors.
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Rostow's stages of economic growth model outlines 5 stages of development:
1. Traditional society dominated by subsistence agriculture.
2. Preconditions for take-off with emerging infrastructure and trade.
3. Take-off stage where industrialization increases and workers move to manufacturing.
4. Drive to maturity where the economy diversifies and innovation increases.
5. Age of mass consumption where the economy focuses on mass production for consumers.
Unit 1- economic growth & economic development
Meaning of economic development, core values in economic development, Developed countries, Underdeveloped countries, Characteristics , Difference between Economic Growth and Economic Development.
Rostow's stages of growth
Rostow's Stages of Economic Growth model outlines five stages of modernization:
1. Traditional Society, dominated by subsistence activities.
2. Preconditions for Take-off, where entrepreneurs begin money-making industries and infrastructure improves.
3. Take-off, marked by rapid economic growth as the economy transitions from traditional to modern.
4. Drive to Maturity, a long period of rising living standards through increased technology and economic diversification.
5. High Mass Consumption, where incomes exceed basics and demand grows for additional consumer goods and services.
Four Factors of Economic Growth
This document discusses how economic growth is measured and the factors that influence it. It explains that a country's gross domestic product (GDP) measures economic growth and is the total value of goods and services produced in one year. The four main factors that determine a country's GDP are natural resources, human capital, capital goods, and entrepreneurship. Investing in education, health, and skills training improves human capital and standard of living.
Econ 101 on Economic Development
Economists determine a country's level of economic development using indicators like GNP, per capita income, industrialization, and social indicators. Development progresses through stages from hunting and gathering to pastoral/nomadic, agricultural, handicraft, and industrial. The Philippines saw development from a pre-Spanish agricultural economy to growth under American rule in agriculture and exports, then postwar reconstruction and development planning. Social indicators also reflect development levels.
Rostow theory of economic growth
Rostow's theory of economic growth outlines 5 stages of development:
1. The traditional society, characterized by agricultural economies with little change.
2. Preconditions for take-off including increased investment, nationalism, and new technology.
3. The take-off stage where industrialization occurs rapidly over 20-30 years through sectors like manufacturing emerging.
4. The drive to maturity where economies become self-sustaining through industrial skills and technology over 60 years.
5. The age of high mass consumption where economies focus on services and social welfare with high consumption levels.
economic growth and economic development
The document discusses the differences between economic growth and economic development. It states that economic growth is a narrower concept, focused on increases in GDP, while economic development also considers improvements in human welfare factors like education, health, and living standards. The most accurate way to measure development is through the Human Development Index, which evaluates longevity, knowledge, and standard of living. Economic development leads to greater opportunities and productivity that can then enable continued economic growth.
Report Rostow development theory
The document discusses Walt Rostow's stages of economic growth model, which proposes that countries pass through 5 stages in their economic development: 1) traditional society, 2) preconditions for take-off, 3) take-off, 4) drive to maturity, and 5) age of mass consumption. It provides details on the characteristics of each stage. The model suggests countries must progress from agricultural to industrial economies. It is criticized for being too simplistic and assuming all countries will develop along the same Western capitalist path.
Economic growth
This document discusses economic growth. It defines economic growth as increases in national output over time, often measured by GDP. Potential economic growth is the growth in an economy's productive potential, while actual economic growth is the extent to which an economy grows to its potential. The document outlines objectives to revise economic growth, understand how to generate it, explain its causes, and examine advantages and disadvantages. It then discusses generating growth through stimulating aggregate demand, and explains causes of growth like technological progress. Finally, it outlines advantages like improved living standards and tax revenue, and disadvantages like inequality and environmental damage.
The theory of balanced growth
The theory of balanced growth proposes that simultaneous investments should be made across multiple industries in order to spur economic development. This would enlarge the market and incentivize more investment. Theorists like Lewis, Ghosh, Ragnar, and List discussed balanced growth in terms of maintaining balance between industry and agriculture, consumption and investment, and domestic versus foreign trade. Balanced growth is argued to promote inclusive, balanced regional development through specialization and creation of infrastructure, but critics note the challenges of coordinated planning and resource constraints in developing countries.
Difference Between Economic Growth and Development
The document discusses economic growth and economic development. It defines economic growth as a steady increase in a nation's productive capacity and output over decades that leads to rising income levels. Economic development is defined as a process that increases a society's total goods and services supply and improves living standards. It involves structural changes including a shift away from agriculture and toward industry and services, changes in technology use, and improvements to social and institutional sectors. While economic growth focuses only on raising income, economic development also aims to enhance human well-being through both increased income and structural transformations of an economy and society.
Topical Issues in Trade and Development
This presentation covers some aspects of topical issues in trade and economic development. Designed for A2 economics students - links to some Financial Times videos with special reference to the work of Hidalgo and Hausmann and their index of economic complexity
AS Macro: Introduction to Economic Development
This document provides an introduction to economic development. It defines economic development as improving human freedoms and reducing poverty, inequality, and unemployment. The key goals of economic development are outlined in the Millennium Development Goals and are measured by indicators such as the Human Development Index which considers education, life expectancy, and income. However, the HDI has limitations as it does not account for other important factors like political freedoms, income distribution, or qualitative changes over time. Common characteristics of lower income countries are also presented such as lower productivity and incomes as well as higher inequality, which can lead to social and economic costs if left unaddressed.
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This chapter introduces economic growth and development concepts. It discusses Malaysia's strong economic performance from the 1950s-1990s driven by foreign investment and incentives. GDP grew annually by 9% from 1990-1996. Economic development also requires socioeconomic and technological changes to improve living standards. Islamic economics focuses on moral/ethical growth alongside physical/environmental development. The Malaysian economy transitioned from agriculture to manufacturing and services, with manufacturing contributing 30.9% of GDP by 2000.
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Rostow's stages of growth model proposes that countries progress through five stages of development: traditional society, preconditions for take-off, take-off, drive to maturity, and high mass consumption. However, the model is criticized for being too simplistic and not accounting for necessary infrastructure and the efficiency of investment. Market-based models argue development is determined by free market forces, but fail to address problems of market failure, inequality, and lack of infrastructure. Dependency theory suggests international dominance and protectionism prevent poorer nations from developing, though it offers no solutions. Structural change models emphasize encouraging workers to shift from low-productivity agriculture to higher productivity industry, but labor reallocation is not always productive and wealth may not
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Causes of Economic Growth
Economic growth can be caused by increases in total demand, improvements to the labor force through quality and quantity, progression of technology, and investment. However, different countries experience economic growth through different means depending on their unique economic circumstances and histories. Sustained long-term growth is often attributed to capital deepening through investment and technological advances, while short-term growth may result from increases in total demand.
Stages Of Economic Developlement
Rostow proposed that countries pass through 5 stages of economic development:
1) Traditional society dominated by subsistence agriculture and barter trade. 2) Transitional stage with increased specialization and trade. 3) Take-off stage of industrialization driven by investment and economic growth. 4) Drive to maturity with economic diversification and innovation. 5) High mass consumption stage with consumer industries and service sector dominance.
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This document provides an introduction to economic development. It defines development economics as attempting to understand and address the disparity in wealth between developing and developed countries, with four-fifths of the world's population living in developing countries with less than one-fifth of global income. It discusses how the UNDP works to promote development by measuring human development factors beyond income, and setting goals like reducing poverty and improving living standards in health, education and income. Economic growth is defined as increasing production over time, while development focuses on improving people's lives in multiple dimensions.
A2 Macro - Growth Development and Global Economy
This document provides an overview of globalization and the global economy. It discusses factors driving globalization like technological advances, declining transportation costs, and liberalized financial markets. It also examines the shifting center of global economic influence from Western nations to East Asia. The document outlines benefits of globalization like increased trade and specialization, as well as risks like rising inequality and macroeconomic instability. It also profiles sovereign wealth funds and their growing investments in companies around the world.
Economic growth and development
- Section 1 discusses economic growth, defining it as a persistent increase in real GDP and potential output. It examines how growth is presented on a PPC curve and discusses the determinants and measurement of economic growth.
- Section 2 defines economic development as the process of improving living standards and quality of life for all citizens through improvements in economic, social, and cultural aspects. It discusses different approaches to defining and measuring development.
- Section 3 likely discusses factors affecting the economic growth and development process, including investments, savings, productivity, technology, education and other macroeconomic factors.
Theory of Development Rostow Model Ppt
Rostow's stages of economic growth model outlines 5 stages of development:
1. Traditional society dominated by subsistence agriculture.
2. Preconditions for take-off with emerging infrastructure and trade.
3. Take-off stage where industrialization increases and workers move to manufacturing.
4. Drive to maturity where the economy diversifies and innovation increases.
5. Age of mass consumption where the economy focuses on mass production for consumers.
Unit 1- economic growth & economic development
Meaning of economic development, core values in economic development, Developed countries, Underdeveloped countries, Characteristics , Difference between Economic Growth and Economic Development.
Rostow's stages of growth
Rostow's Stages of Economic Growth model outlines five stages of modernization:
1. Traditional Society, dominated by subsistence activities.
2. Preconditions for Take-off, where entrepreneurs begin money-making industries and infrastructure improves.
3. Take-off, marked by rapid economic growth as the economy transitions from traditional to modern.
4. Drive to Maturity, a long period of rising living standards through increased technology and economic diversification.
5. High Mass Consumption, where incomes exceed basics and demand grows for additional consumer goods and services.
Four Factors of Economic Growth
This document discusses how economic growth is measured and the factors that influence it. It explains that a country's gross domestic product (GDP) measures economic growth and is the total value of goods and services produced in one year. The four main factors that determine a country's GDP are natural resources, human capital, capital goods, and entrepreneurship. Investing in education, health, and skills training improves human capital and standard of living.
Econ 101 on Economic Development
Economists determine a country's level of economic development using indicators like GNP, per capita income, industrialization, and social indicators. Development progresses through stages from hunting and gathering to pastoral/nomadic, agricultural, handicraft, and industrial. The Philippines saw development from a pre-Spanish agricultural economy to growth under American rule in agriculture and exports, then postwar reconstruction and development planning. Social indicators also reflect development levels.
Rostow theory of economic growth
Rostow's theory of economic growth outlines 5 stages of development:
1. The traditional society, characterized by agricultural economies with little change.
2. Preconditions for take-off including increased investment, nationalism, and new technology.
3. The take-off stage where industrialization occurs rapidly over 20-30 years through sectors like manufacturing emerging.
4. The drive to maturity where economies become self-sustaining through industrial skills and technology over 60 years.
5. The age of high mass consumption where economies focus on services and social welfare with high consumption levels.
economic growth and economic development
The document discusses the differences between economic growth and economic development. It states that economic growth is a narrower concept, focused on increases in GDP, while economic development also considers improvements in human welfare factors like education, health, and living standards. The most accurate way to measure development is through the Human Development Index, which evaluates longevity, knowledge, and standard of living. Economic development leads to greater opportunities and productivity that can then enable continued economic growth.
Report Rostow development theory
The document discusses Walt Rostow's stages of economic growth model, which proposes that countries pass through 5 stages in their economic development: 1) traditional society, 2) preconditions for take-off, 3) take-off, 4) drive to maturity, and 5) age of mass consumption. It provides details on the characteristics of each stage. The model suggests countries must progress from agricultural to industrial economies. It is criticized for being too simplistic and assuming all countries will develop along the same Western capitalist path.
Economic growth
This document discusses economic growth. It defines economic growth as increases in national output over time, often measured by GDP. Potential economic growth is the growth in an economy's productive potential, while actual economic growth is the extent to which an economy grows to its potential. The document outlines objectives to revise economic growth, understand how to generate it, explain its causes, and examine advantages and disadvantages. It then discusses generating growth through stimulating aggregate demand, and explains causes of growth like technological progress. Finally, it outlines advantages like improved living standards and tax revenue, and disadvantages like inequality and environmental damage.
The theory of balanced growth
The theory of balanced growth proposes that simultaneous investments should be made across multiple industries in order to spur economic development. This would enlarge the market and incentivize more investment. Theorists like Lewis, Ghosh, Ragnar, and List discussed balanced growth in terms of maintaining balance between industry and agriculture, consumption and investment, and domestic versus foreign trade. Balanced growth is argued to promote inclusive, balanced regional development through specialization and creation of infrastructure, but critics note the challenges of coordinated planning and resource constraints in developing countries.
Difference Between Economic Growth and Development
The document discusses economic growth and economic development. It defines economic growth as a steady increase in a nation's productive capacity and output over decades that leads to rising income levels. Economic development is defined as a process that increases a society's total goods and services supply and improves living standards. It involves structural changes including a shift away from agriculture and toward industry and services, changes in technology use, and improvements to social and institutional sectors. While economic growth focuses only on raising income, economic development also aims to enhance human well-being through both increased income and structural transformations of an economy and society.
Topical Issues in Trade and Development
This presentation covers some aspects of topical issues in trade and economic development. Designed for A2 economics students - links to some Financial Times videos with special reference to the work of Hidalgo and Hausmann and their index of economic complexity
AS Macro: Introduction to Economic Development
This document provides an introduction to economic development. It defines economic development as improving human freedoms and reducing poverty, inequality, and unemployment. The key goals of economic development are outlined in the Millennium Development Goals and are measured by indicators such as the Human Development Index which considers education, life expectancy, and income. However, the HDI has limitations as it does not account for other important factors like political freedoms, income distribution, or qualitative changes over time. Common characteristics of lower income countries are also presented such as lower productivity and incomes as well as higher inequality, which can lead to social and economic costs if left unaddressed.
CH 1 MALAYSIAN ECONOMIC
This chapter introduces economic growth and development concepts. It discusses Malaysia's strong economic performance from the 1950s-1990s driven by foreign investment and incentives. GDP grew annually by 9% from 1990-1996. Economic development also requires socioeconomic and technological changes to improve living standards. Islamic economics focuses on moral/ethical growth alongside physical/environmental development. The Malaysian economy transitioned from agriculture to manufacturing and services, with manufacturing contributing 30.9% of GDP by 2000.
Economic Development (Introduction)
Rostow's stages of growth model proposes that countries progress through five stages of development: traditional society, preconditions for take-off, take-off, drive to maturity, and high mass consumption. However, the model is criticized for being too simplistic and not accounting for necessary infrastructure and the efficiency of investment. Market-based models argue development is determined by free market forces, but fail to address problems of market failure, inequality, and lack of infrastructure. Dependency theory suggests international dominance and protectionism prevent poorer nations from developing, though it offers no solutions. Structural change models emphasize encouraging workers to shift from low-productivity agriculture to higher productivity industry, but labor reallocation is not always productive and wealth may not
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- 1. ECONOMIC GROWTH & ECONOMIC DEVELOPMENT With due respect and under the guidance of Prof. Shilpa. Shah
- 2. ECONOMIC GROWTH • Economic growth is the steady process by which the production capacity of the economy is increased over time to bring about rising levels of national income. • Prof. Simon. Kuznets defines economic growth “ as long-term rise in capacity to supply increasingly diverse economic goods to its population, this growing capacity based on advancing technology and the institutional and ideological adjustments that is demands.”
- 3. COMPONENTS OF GROWTH • Firstly, the economic growth of a nation is identified by the sustained increase in the supply of goods. • Secondly, advancing technology is the permissive factor in economic growth which determines the growth of capacity in supplying diverse goods to the population. • Thirdly, for an efficient and while use of technology and its development, institutional and ideological adjustments must be made to effect the proper use of innovations generated by advancing stock of human knowledge.
- 4. ECONOMIC GROWTH OVER TIME • Economic growth over time may be either due to the improvement in the qualitative performance of given inputs or it may be due to the quantitative increase in economy’s factor endowments or it may be due to the combination of both these factors. • Economic growth should be accompanied by an improvement in the economic welfare of the people of the country.
- 5. ECONOMIC DEVELOPMENT • Development should be perceived as a multidimensional process involving the reorganization and reorientation of entire economic and social systems. • Economic development is related to quantitative changes in economic wants, goods, incentives and institutions. • Development always helps people to be self-sufficient and self- reliant. • Development should be ‘sustainable development’, without endangering the recourses for the future generations.
- 6. ECONOMIC DEVELOPMENT (DEFINE & MEANING) • One shall define economic development as “ the process of increasing the real per capita income of the country over a long period of time accompanied by changes in its structure and institutions.” • Economic development is a continuous process which has to be extended over a long period so as to break the vicious circle of poverty and lead a country to a stage of self- sustaining growth or to a self- generating economy.
- 7. ECONOMIC DEVELOPMENT (CONCLUSION) • The development is the attainment of a number of modernization ideals, such as rise in productivity, social and economic equalization, modern knowledge and improved institutions and attitudes. • Economic development is the process of increasing the economic welfare of the community by stimulating the growth of national income.
- 8. ECONOMIC GROWTH VS ECONOMIC DEVELOPMENT Economic Growth • It is an expansion of the system in one or more dimensions without change in its structure. • It means more output. Economic Development • It is an innovative process leading to the structural transformation of social system. • It implies both, more output and changes in the technical and institutional arrangements by which it is produced and distributed.
- 9. ECONOMIC GROWTH VS ECONOMIC DEVELOPMENT Economic Growth • It involves changes in overall aggregates such as height or weight. • It can be compared with the changes in body. Economic Development • It includes changes in functional capacities, physical co-ordination, learning capacity, of ability to adapt to changing circumstances. • It can be compared with the changes in body and mind together.
- 10. THANKS AND REGARDS NAYAK. VIJAY. D Roll No.: 1049 (Fy.BBA-Second Sem- BWTIBA)