Economics(Paper-4) - Shivaji University

1.1. Introduction :-
The economics of development refers to the problems of economic development
of Underdeveloped countries. Though the study of economic development has attracted
the attention of economists right from Adam Smith to marx and J.M. Keynes. In this unit
No. 1 we will study the concept of Economic development, Characteristics of
Underdeveloped economy, Millennium development Goals and meaning and Indicators
of Sustainable development etc.
1.2. Presentation of Subject Matter :-
This unit covers the concepts of Economic development, Characteristics of
underdeveloped economy, Millennium Development Goals and Meaning and Indicators
of Sustainable development.
1.2.1. Concept of Economic Developments.
Concept of Economic development is very important in developed and
underdeveloped Economy. It is not easy to define/concept of Economic development
in a precise manner because different Criteria have been used for differentiating between
developed and underdeveloped Countries. Some definitions are as follows.
1) “Economic development is a process whereby an economy’s real national
income increase over a long period of time.” Prot meier and Baldwin. This
definition is Simple and precise. This definition emphasis on three ingredients
of economic development (1) Process (2) Real National Income and (3) Long
period.
2) “The term economic development signify not merely economic growth, but
economic development with which is associated either rising per capital levels
of income or the maintenance of existing high levels of income.” – Prof Viner.
3) “ Development implies the enhancement of an economy’s power to produce
goods and services per capital, for such enhancement is the pre-requisite to
raising standard of living.” – Harvey Leibenstein.
4) “ Economic development or growth refers to the process, whereby the people
of the country or region come to utilize the resources available to bring about
a sustained increase in per capita production of goods and services.” –
Williamson and Buttrick.
5) “ Economic development refers to a process of economic growth within the
economy, the central. Objective of the process being higher and raising real
per capita income for the economy.” – Walter Krause.
6) “ Economic development implies both more output and change in technical
and constitutional arrangements by which it is produced.’’ – C.P. Kindleberger.
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