(3) Propensity to initiate technical innovations, All these propensities are showing a clear-cut picture of determinants of economic growth neglecting the non-economic factors totally. Thus by the term economic development we mean a process so as to raise the per capita output with a scope for equitable distribution. This premise to say that in the Indian electoral period, numbers and atmospheres are destined to blend into infinity. Streets, aqueducts and … with the advent of Vespasiano toilets. Thus to attain a high rate of economic development, inter-sectoral transfer of work force is very much necessary. Moreover, the shift away from agriculture to non-agricultural activities has also resulted a significant fall in the share of small business units. Thus in order to accelerate the pace of economic development the government must make necessary arrangement for the maintenance of law and order, defence, justice, security in enjoyment in property, testamentary rights, assurance to continue business covenants and contracts, provision for standard weights and measures, currency and formulation of appropriate monetary and fiscal policies of the country. The most intangible but the most decisive of raw materials for the wealth of the country in the Internet Age will be quantified for the first time and this will give the country better budget references to politicians and optimization of capital investments for national and foreign investors.
But sometimes he parks at the side of the road and asks me to wait a few minutes. Thus in order to attain a higher rate of development, the underdeveloped countries should adapt only that type of technology which can suit their requirements. or cultural factors (business ethics, social approval of economic activity, etc.). In order to attain economic development in an underdeveloped economy, capital formation is considered as an important pre-requisite for development. Vespasian, greatIndian election general, cleaned the state from his enemies, and made the cities clean. In this respect population is working both as a stimulant as well as hurdles to economic growth. Firstly, the productive opportunities available within the existing resouirce and necessary known-how have to be utilised to the maximum extent through optimum allocation of the resources of the country. Another pre-requisite for economic development of an under­developed country is the attainment of reasonable equality of income. Some of the major non-economic factors with a significant impact on economic growth and social development are: culture, religion, the role of family, class, tradition, role of the individual, social and political dependence, the role of government, religion, language as a resource of human capital, corruption, factors that belong to the social pathology. Underdeveloped countries are facing peculiar problem in respect of adopting modern and latest technology. This vicious circle operates not only on demand side but also on supply side. TOS4. the people were so grateful that after two thousand years or so Vespasiano is still the common name used to refer to public toilet. Human resources are also equally important. Economic development cannot take place unless people are educated. His most recent publication has been Darwinomics where for the first time the model of GDKP was announced. The share of total labour force engaged in industrial sector varied between 40 to 58 per cent for almost all the countries excepting erstwhile USSR and Japan, as these countries entered lately in the field of industrialisation. Economists who have looked at some of these issues in relation to ‘developing nations’ routinely suspect that ‘traditional growth accounting estimates are likely to underestimate the true contribution of education to economic growth and social welfare in general’ (Woodhall 1994, p. 2646). But the capital output ratio in a country is also determined by stage of economic development reached and the judicial mix of investment pattern. Therefore, they must take proper steps, viz., introduction of compulsory deposit schemes, curtailing the conspicuous consumption, putting curbs on imports of consumption goods, inflow of foreign capital etc. Lewis, there are three principal causes of economic development. Economic development is developed to raise the average standard of living in the country. In short, resources go to the formation of population not capital.”. Jacob Viner stated in this connection, “Population growth in a backward country does not induce capital widening investment or innovation. The key to development lies in men’s minds, in the institution in which their thinking finds expression and in the play of opportunity on ideas and institution.”, Again Prof. Macord Wright writes, “The fundamental factors making economic growth are non-economic and non-materialistic in character. Unthinkable at that time elsewhere, and unfortunately we must add, also unthinkable in most of the planet even today. An effective booklet should contain: (a) policies and procedures for awarding contracts on a long and short-term basis; (b) purchasing authority and power in evaluating and awarding contracts; (c) areas of interest and concerns that suppliers can contribute to such as product design, value analysis, etc. The key to development lies in men’s mind. H�tS͎� ��)�R����y/�sn���:��q�.

Engineering economics, previously known as engineering economy, is a subset of economics concerned with the use and "...application of economic principles" in the analysis of engineering decisions.

1.1 will clarify the situation. In this essay we will discuss about the Economic Development of a Country. Removal of market imperfections can accelerate the pace of capital formation and can also widen the scope of capital and money market in these countries. %%EOF 2. By continuing you agree to the use of cookies. Joint family system, caste system and religious beliefs that obstruct economic development should be changed. Developing countries like Mexico, Brazil and India have been applying technologies developed by advanced countries as per their own conditions and requirements. Click the OK button, to accept cookies on this website. Moreover, capital formation requires the suitable skill formation so as to utilise physical apparatus or equipment for raising the productivity level. 0000001238 00000 n 1997, Filmer and Pritchett 1999a, Baldi et al. Bioclimatic resources (land, water, forests and climatic environment), Fossil Fuel and non-fuel mineral resources. Finally, considering the structural environment in the country, proper choice of techniques be made for various investment projects of the country. Moreover, the task of economic development is influenced by a number of factors such as—economic, political, social, technological, natural, administrative etc. Too much dependence on agricultural sector is not an encouraging situation for economic development. Moreover, due to the lack of spirit of experimentation and proper Research and Development (R&D) facilities, these underdeveloped countries fail to transform their production system to the desired level. @И ���,@��@A��g��Z���xY:��U�v6�H.�����&�&�����mluL0��Y�i& �0 �2� <<3df1ad86ac67a44a8c64bce816e21e9b>]>> Finally, social system has much impact on the economic phenomenon of the country. There may be three forms of technological advancement, i.e. In this connection, united Nation Experts observed, “Economic Progress will not occur unless the atmosphere is favourable to it. Structural Changes. Culture of entrepreneurship. 0000003151 00000 n Underdeveloped countries like India usually face this type of problem. Physical labour is the labour supply and skill is the knowledge embodied in humans. Fisher writes, “We may say that in every progressive economy there has been a steady shift of employment and investment from the essential ‘Primary activities’,……………………..to secondary activities of all kinds and to a still greater extent into tertiary production.”.

Yeah! Underdeveloped countries are suffering from backward social factors. Economic development of a country also demands existence of a strong, honest, efficient and competent administrative machinery for the successful implementation of government policies and programmes for development. Thus all these economic, political and social factors are equally responsible for the poor socio-economic set up of these underdeveloped countries and put serious obstacles for the path of economic development of these countries. Therefore, in order to attain structural change in the economy, there is the necessity of change in the social structure of its society. Man provides labour power for production and if in a country labour … Economic development implies an improvement in economic welfare through higher real incomes and other welfare indices such as improved literacy, better infrastructure, reduced poverty and better health care. India will calculate the first GDKP (Gross Domestic Knoweldge Product) in 2019. In order to attain economic development proper social and political climate must be provided. Where there are religious obstacles to modern economic progress, the religion may have to be taken less seriously or its character altered.”. Byeonggil Lyu, ... Il Moon, in Computer Aided Chemical Engineering, 2014. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. Moreover, market imperfections results factor immobility, under-utilisation of resources and thereby abstract sectoral expansion and the process of development. 0 Most of the underdeveloped countries are facing the problem of rapidly growing population which hinders its path of economic development. Countries like former U.S.S.R. and even U.S.A. and West Germany have achieved a rapid development through the adoption of economic planning. Each of the below-given economic factor influence the growth of the country. Rome developed its power with the military, but kept it based on the immaterial and material infrastructures that were meeting the well-being of all populations. A very successful general was bored to death in the triumphs that the Romans decreed to him when he returned from victorious campaigns. 45 0 obj<> endobj Vespasiano made it hygienically livable. (a) Use of technological progress far economic gains, (b) Application of applied sciences resulting in innovations and inventions and. Thus the underdeveloped or developing countries are facing several constraints or obstacles to its path n economic development.

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