Question
Which is the parameter for the economic development ?
Answer: Option D
Answer: (d)
A majority of economists such as Simon Kuznets, Meier and Baldwin, Hicks D. Samuelson, Pigeon and others consider national income as the most suitable index of economic development.
However, the UNO experts in their report on ‘Measures of Economic Development of Under-Developed Countries’ have Per Capita Real Income as the best measurement of economic development.
They contend that economic growth is meaningless if it does not improve the standard of living of the common masses. They define economic development as a process by which the real per capita income increases over a long period of time.
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Answer: (d)
A majority of economists such as Simon Kuznets, Meier and Baldwin, Hicks D. Samuelson, Pigeon and others consider national income as the most suitable index of economic development.
However, the UNO experts in their report on ‘Measures of Economic Development of Under-Developed Countries’ have Per Capita Real Income as the best measurement of economic development.
They contend that economic growth is meaningless if it does not improve the standard of living of the common masses. They define economic development as a process by which the real per capita income increases over a long period of time.
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