in Amartya Sens approach to development and Goulets core values, is to expand the freedoms that people of a society enjoy. It is a much broader term concerned with what does developing a essay involve answers a lot more than just the monetary aspect of development. Sukhamoy Chakravarty rightly writes, The rate of growth strategy is by itself an inadequate device to deal with the problems of generating employment opportunities and for reducing economic disparities. Secondly, rapid economic growth generates more employment opportunities and income enhancing activities of the people, provided labour-saving technologies are not used for production of goods both in the industrial and agricultural sectors. This clearly implies that growth has taken place without any development.
Despite Indias fast growth, economic necessity still drives labor force participation for women with low education, and social restrictions remain high. But the restriction on the production of luxury goods is easier said than done. Several economists have come to the conlclusion that productivity gains, ie increases in efficiency was a major factor in China's immensely fast economic growth. Economic Growth is the optimum utilisation and development of under-utilised resources of developed countries and brings significant changes in the economy. During 1950s and 1960s development policies in underdeveloped countries required acceleration of economic growth and eradication of poverty and chronic underemployment. It may be further noted that despite the revival of importance of neoclassical economics which emphasises liberalisation and privatisation for accelerating economic growth, role of State or Government is still in two important respects: First, the Government has to play a significant role in making. The potential domestic sources of capital are seriously impaired by the impatience and dissatisfaction, which the demonstration effect tends to generate. Thus, according to Prof.
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Unemployment leads to the feelings of worthlessness and frustration among the youth leading to the increase in incidence of crime in the society. Amartya Sen, a nobel memorial prize winner in economic sciences, defined economic development in terms of personal freedom, freedom to choose from a variety of options. Manmohan Singh who initiated economic reforms in India in 1991 in his first budget speech as Finance Minister on July 24, 1991, said, Over-centralisation and excessive bureaucratisation of economic process have proved to be counterproductive. It is now too well known in India that non-availability of adequate amount of power lowers industrial and agricultural development. Limitation of Wants: Mahatma Gandhi had warned long ago against multiplication of wants. Local and provincial governments in China were allowed to establish andoperate various enterprises on market principles, without interference from the central government. One way is the adoption of fiscal measures under which heavy taxes should be imposed on luxurious consumption expenditure by individuals and business companies. Now, the question is how to regulate wants and curtail consumption of luxury goods. A poor country was now considered poor because of inappropriate policies, and good economics, that is, neoclassical economics was good for the developing country. Using somewhat different approach,.S. In other words, let us worry about the content of GNP even more than its rate of increase.
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