THE DEFINITION OF ECONOMY IN DIFFERENT DECADES STARTING FROM 1970’S
1970’s: In the 70’s it was thought that a country economy would be developing if the PCI increasing.
1980’s: Country is developing if the poverty, unemployment, and unequal distribution of income are decreasing.
1990’s: Country is developing if the peoples are developing not the things.
Developing of people means to improve the quality of life i.e. increase standard of living (batter education, higher health standards, reduction in poverty, cleaner environment, greater individual freedom, greater & equal opportunity, etc) ==? (multidimensional approach).
DEVELOPMENT ECONOMICS IMPORTANT DEFINITIONS
1) W E Lkhan: A process which makes people in general better off by increasing there command over goods and services and by increasing choices open to them.
2) Mair & Bodwin: A process in which the economy’s real national income increases over a long period of time and if the rate of development / output is greater then the rate of growth of population then the per capital income increases.
3) Friedmann: An innovative process leading to structural transformation of the social system.
4) Klidee Berger: Economic development implies both more output and changes in the technical and institutional arrangements by which it is produced and distributed.
5) Development can also be defined as “An attack on chief evils of world today i.e. malnutrition, diseases, illiteracy, unemployment, and inequality”.
ELEMENTS OF DEVELOPMENT:
• Improvement in material welfare.
• Reduction in mass poverty.
• Provi ...