Question

increase in per capita real income means increase in per capita availability of good and services. does it necessarily mean rise in welfare of people of country? give two arguements to support the answer and explain

Answer 1

In World Development Report 2006, brought out by the World Bank, this criterion is used in classifying countries. Countries with per capita income of Rs 4,53,000 per annum and above in 2004, are called rich countries and those with per capita income of Rs 37,000 or less are called low-income countries.