Economic Development

Inclusive growth and issues arising from it

December 11, 2015

Inclusive growth has been defined differently by different organizations and scholars. The dictionary meaning of the term “inclusive” is “comprehensive”, “including all extremes” and “not excluding any section of the society”. UNDP has defined inclusive growth as “the process and the outcome where all groups of people...

Determinants of Development

December 11, 2015

The process of development depends on a host of factors like natural resources, physical and human capital, technology, socio-politico-economic structure of the country. Determinants of development are broadly classified into economic factors and non-economic factors. Economic Factors as determinants of Development Economic factors as determinants of development...

Underdevelopment: Concept and Meaning

December 11, 2015

World Development Report categorizes economies on the basis of income in three categories viz. high income, middle income and low income economies. Usually, high income countries are known as developed / advanced economies while low income countries are known as underdeveloped economies. Developed or advanced economies are...

Concept of Sustainable Development

December 11, 2015

Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Thus, it takes into account both the present and future generations without over exploitation of natural resources and environmental degradation. Features of Sustainable Development:...

Economic Growth and Economic Development

December 11, 2015

Economic Growth and Economic Development are central to developed as well as developing economies. Classical thinkers such as Adam Smith, Karl Marx examined the problem of economic development as early as 18th century. However, the study of economic growth and development as a specialized study started during...

Difference Between Quality of Life and Standard of Living

December 9, 2015

Quality of life is another measure of economic development.Quality of life and standard of living should not be confused as synonyms of each other,even when one supports the other. Quality of Life Standard of Living (i) Quality of life not only refers to the level of consumption,...