Every economy needs to invest its scarce resources in the production of capital goods and consumer goods. Both sorts of goods have their relevance. Capital goods add the capital stock and raise the economy’s productive capacity. Investing in capital goods is essential to raise the long-term production potential. Only sufficient investment in capital goods can […]
Cost of Economic Growth Read More »
Economic growth can be defined as the increase in the real national product or output over time. Economic growth during any given period is determined or expressed as dY/Y. Therefore, economic growth must mean that an ever-increasing quantity of goods and services is available to meet the needs of the economy over time. To be
Measurement of Economic Growth Read More »
In recent years, development economists have stopped concentrating on national income only. They have started emphasizing the quality and strategy of development. As a part of the quality of development, they have advocated that direct attention should be given to the quality of life. Quality of life refers to the degree of the economic well-being
Quality of Life: New Paradigm of Development Read More »
Economic growth is the steady procedure by which the productive capacity of the nation or economy is increased over time to bring an increased standard of living and national output. It is affected by different economic as well as non-economic factors. The different sources of economic growth or factors affecting economic growth are pointed by
Sources of Economic Growth/Factors Affecting Economic Growth Read More »
The term economic development is fundamentally different from the concept of economic growth. In an ordinary sense, the term economic growth is related to the rate of change in GDP or per capita income of the people of the country. Growth concerns the quantitative aspect of change and growth. So, economic growth is a sustained
Meaning of Economic Growth and the Difference between Growth and Development Read More »
There is difficulty to define the term economic development because the meaning of economic development has been changing with the passes of time and different criteria have been used to define it. So, we can see it as the traditional and modern concept of economic development.
The Traditional and Modern Concept of Economic Development Read More »