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01 Economic Development in Pakistan
01 Economic Development in Pakistan
01 Economic Development in Pakistan
DEVELOPMENT IN
PAKISTAN
4659
Basic concept of economic
development
By Zanub Imam
Economic development refers, generally, to social progress. It implies an
improvement in, for example, the standard of living--the human condition,
in a short cliche. For development to occur, there must be a change in
the way that goods and services are produced, not only in which goods
and services. This is in contrast to economic growth, which generally
applies only to quantitative growth and is often measured in the change in
GDP over time.
By Zanub Imam
Arther Lewis
Sir Arthur Lewis was an economist famous for his work in development
economics.
He was awarded the Nobel Memorial Prize in Economics in 1979
According to Prof. Arthur Lewis:
"Economic Development represents the per capita increase in the
production of a country".
By Zanub Imam
Definations
By Zanub Imam
Definations
By Zanub Imam
Economic Development Resources
Minerals
Energy resources
Forests
Fish farms
Agricultural Land
Capital
By Zanub Imam
Economic Development Resources
Foreign Capital
Human Resources
Education
Transportation
By Zanub Imam
Measurement of Economic
Development
By Zanub Imam
Obstacles in Real National Income
Approach
By Zanub Imam
Obstacles in Per Capita Income
By Zanub Imam
Method of economic growth
By Zanub Imam
The method of social welfare
By Zanub Imam
Per Capita Income
By Zanub Imam
Characteristics of a semi-developed
economy
By Zanub Imam
Exporting raw materials
Balance of payments
Less use of technology
Dependence on agriculture
By Zanub Imam
Economic Development
By Zanub Imam
Economic development focuses on distribution of resources.
Economic development relates to growth of human capital indexes and
decrease in inequality. It is concerned with how people are affected.
Economic development is multi-dimensional in nature as it focuses on both
income and improvement of living standards of the people.
Economic development comes after economic growth. It is a positive
impact of economic growth.
By Zanub Imam
Indicators of economic development are:
Human Development Index (HDI), Human Poverty Index (HPI) ,Gini
Coefficient ,Gender Development Index (GDI)
It is a continuous and long-term process. Economic development does not
have specific time period to measure.
Economic development brings quantitative and qualitative change in the
economy.
Economic development requires intervention from the government as all
the developmental policies are formed by the government
By Zanub Imam
It refers to increase in productivity.
It is concerned with structural changes in the economy. Economic
development= Economic growth + standard of living
It is concerned with happiness of public life.
Achieving economic development is linked with end of poverty and
inequality.
More relevant to measure progress and quality of life in developing
countries.
It is more abstract concept.
By Zanub Imam
Economic Growth
By Zanub Imam
Economic growth focuses on production of goods and services.
Economic growth relates a gradual increase in one of the components of
GDP; consumption, government spending, investment or net exports.
It is concerned with how people are affected.
Economic growth is single dimensional in nature as it only focuses on
income of the people.
Economic Growth is the precursor and prerequisite for economic
development. It is the subset of economic development.
By Zanub Imam
Indicators of economic growth are: GDP, GNI ,Per capita income
It is for short term/short period. It is measured in certain time frame/period.
It is a continuous and long-term process.
Economic growth only looks at the quantitative aspect. It brings
quantitative changes in the economy.
Economic growth is an automatic process that may or may not require
intervention from the government
It refers to increase in production.
By Zanub Imam
Economic growth is relatively narrow concept as compared to economic
development.
Economic growth is concerned with increase in economy’s output.
It is not concerned with happiness of public life.
Poverty and inequality may remain in economic growth
Economic growth is more relevant metric for assessing progress in
developed countries.
It is a material/physical concept.
By Zanub Imam
Social welfare
By Zanub Imam
Measurement of Economic
Development
By Zanub Imam
Real National Income (RNI)
By Zanub Imam
Per Capita Income
Per capita income or total income measures the average income earned
per person in a given area in a specified year. It is calculated by dividing
the area's total income by its total population. Per capita income is
national income divided by population size.
By Zanub Imam
Economic Welfare
By Zanub Imam