Economics (NTSE/Olympiad)  

1. Development

Development and Goals of Different Categories of Persons

Development and Goals of Different Categories of Persons

It means -
Different persons can have different development goals.
What may be development for one may not be development for the other. It may even be destructive for the other.
Traditional Notion of Development:
(i) With the independence of the third world countries there arose a need for economic development. Till 1960s, the term economic development was generally used as a synonym of economic growth. But now it is no longer considered identical with economic growth.
(ii) Definitely notion about the meaning of term development is changing but it is also a hard fact that there is no unanimity among economists with regard to the meaning on definition of economic development.
(iii) However all agree that economic development is more than the economic growth. Hence it is taken to mean growth plus progressive changes in certain variables of material welfare.


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