what is development?
* Development has to be judged by the impact of people,not by their changes in their income but more generally in their choices, capabilities and freedom.
* Development consists of more improvements in the well-being of citizens and even the broadly defined: it also conveys something like the capacity of economic, political and social systems that provide the circumstances for that what being on a sustainable, long-term basis
* The Nobal-prize winner and economist Amartya Sen has changed the thinking not once but twice on what we mean by development
* The traditional welfare economics focused on the incomes as the main measure of well-being until his ground-breaking work which showed that poverty involved a wider range of deprivations in health, education, and living standards which was not only captured by income alone.
* Development is not the sum of well-being in the economy and we cannot bring it about simply by making enough people in the economy better off.
* Development is instead a system manifestation of the way that people, firms, technologies, and institutions interact with each other within the economic, social hasand political systems.
Why is development necessary?
Development is necessary to build and shape the economy of today and its future. Development is more than improvements in people’s well-being also describes the capacity of the system to provide the circumstances. This is important implications for development policy, both for developing countries themselves, wishing to put their economy and society onto a path of faster development and for outsiders that wants to help the process.
Indicators of development
(a) Economic indicators
Economic development refers to the process by which a community, nation or region of the world raises its standards of living.
This...