how do human beings create and accelerate the pace of economic development
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The processes of economic development should not only generate increased or enhanced means of production but it should also make room for equitable distribution of such resources. Thus by the term economic development we mean a process so as to raise the per capita output with a scope for equitable distribution.
Prof. Meier has rightly said, “We shall define economic development as the process whereby per capita income of a country increases over a long period of time.” Here the word “process” indicates long period changes related to changes in demand side as well as changes in factor supply.
Changes arising on the demand side are mostly related to consumers, tastes and preferences, distribution of income, size and composition of country’s population, and other organisational and institutional changes.
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Prof. Meier has rightly said, “We shall define economic development as the process whereby per capita income of a country increases over a long period of time.” Here the word “process” indicates long period changes related to changes in demand side as well as changes in factor supply.
Changes arising on the demand side are mostly related to consumers, tastes and preferences, distribution of income, size and composition of country’s population, and other organisational and institutional changes.
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1. Supply of Land and Other Natural Resources
2. Capital Formation
3. Human Capital
4. Technological Progress and Economic Growth
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