Three Core Values/Components of Development:

These core values are consisted of (i) Sustenance, (ii) Self - Esteem, (iii) Freedom.
They relate to fundamental human needs of all the societies at all the times.

(i) Life Sustenance, i.e., Ability to Meet Basic Needs:

All the persons have certain basic needs

It is also known as "the ability to meet basic needs".
which are necessary for the survival. They consist of food, shelter, health and
protection. If any one of them is missing or in short supply in any economy it would
represent the state of under-development. Therefore, the purpose of economic
development and economic activity is to make the possible efforts whereby the
helplessness and misery of the people which arises due to lack of food, shelter, health
and protection could be removed. Therefore, if due to economic development the quality
of life is improved, it would really represent economic development. Therefore, if per
capita income increases, absolute poverty is eliminated, greater employment
opportunities are created and income inequalities are lessened, such all would
constitute the , necessary though not the sufficient condition of economic development.

(ii) Self-Esteem, i.e., to be a Person:

A second universal component of the good life is a self-esteem, a sense of worth and
self-respect. It means that the other people could not use him for their own ends. It also
means that each person should be given his due respect and due right. Each person is
desirous of his prestige, identity and recognition, though all f such values differ from
country to country and from society to society. It is being observed now a days that
when the process of economic development starts in a country the inequalities in the
distribution of income increase. Because of such inequality the rich class considers itself
superior to the poor. In this way, the poor segment of the society suffers from inferiority
complex which leads to affect their efficiency.

Therefore, economic development should aim at removing such like unhealthy social
and economic situation. When the man will be considered man and he is given due
place he will be able to contribute well to economic development. Moreover, in addition
to such domestic situation, such an atmosphere should be created at international level
that both rich and the poor countries could stand side by side. If despite remarkable
growth attained by UDCs they are looked down upon by the DCs, it will not represent
economic growth.

(iii) Freedom from Servitude, i.e., to be Able to Choose:

The third universal value required for economic development is concerned with human
freedom. By freedom it means the emancipation from alienating material conditions of
life and from social servitude to nature, ignorance, other people, misery, institutions and
dogmatic beliefs. As Arthur Lewis says:
"Advantage of economic growth is not that wealth increases happiness, but that it
increases the range of human choice".

Wealth on the basis of economic growth, enables the people to have a greater control
over goods and services than they would have if they remained poor. It also gives them
the freedom to choose greater leisure. But as a result of such all social, ethical and
spiritual life of the people is shattered, such type of economic development will be of no
use. Therefore, due to economic growth there should be an uplift in social, ethical and
spiritual life of the people.

The concept of human freedom should also encompass various components of political
freedom like personal security, the rule of law, freedom of expression, political
participation, and equality of opportunity. However, some of notable economic success
stories of 1970s and 1980s regarding Turkey, Indonesia, Chile, South Korea,
Singapore, Thailand, Saudi Arabia and China did not score very high on the 1991,
Human Freedom Index complied by United Nations Development Program (UNDP).

Three Objects of Economic Development:

From the above discussion we conclude that economic development is not only a
physical phenomenon, but it also represents a state of affairs where a society is in a
position to have the means of a better life through some combination of social,
economic and institutional changes. Regarding a better life, following requirements,
known as objectives of development, must be fulfilled.

(i) Not only the availability of basic needs like food, shelter, health and protection be
made sure, but their distribution should also be widened.

(ii) To improve the standards of living in addition to higher incomes, more jobs, better
education and greater attention to cultural and humanistic values be given. They will not
only increase material values, but they will also generate individual and national self-
esteem.

(iii) The economic and social range available to the people and nations should expand.
They should be freed from miseries, illiteracy, servitude, dependence and narrow
mindedness etc. not only in relation to other people but also to other nations.