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INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT3 Marks
Question
What kind of changes does a country under economic development experiences?
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Answer

  1. Definition of Michael Todaro: “Economic development is a multidimensional process”.
  2. Definition of $G.M.$ Meier: “Economic development is such a process in which there is no increase in the population living below the poverty line, the distribution of income does not further increase the inequalities and there is a continuous rise in the real per capita income of the country for a long period of time”.
  3. Definition of Machlup: “Economic development is a process which increases the factors of production and creates change in the technique of production due to which per capita income continuously increases and the standard of living continuously rises irrespective of whether population remains constants or increase”.

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