Question

"Only the economic prosperity does not reflect the true value of development". Justify the statement.
plz answer it correctly

Answer 1

Explanation:

Economic development is more about the welfare of public than just income. Per capita income doesn't reflect the actual standard of living of the common people.......... ... Therefore, per capita income alone fails to be a truly reliable measure of development..........

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Answer 2

Per cap income doesn't show the actual standard of living enjoyed by the common people. Per capita income does not reflect the level of healthcare, education and such essential infrastructure facilities enjoyed by the people, which are essential benchmarks for development.

1. Inequality in distribution of income is not accounted : a country with a few rich and many poor could still have a high per capita income because a millionaire contributes much more to national income than an average earner. In such cases, per cap Y fails to indicate the level of income of the common man.
2. Age demographics : In a country with a very young or very old population, per cap Y may not be exactly accurate, because neither the children nor the elderly people contribute to national income. But when per Cap Y is measured, they too are included in total population, which decreases the per cap Y.
3. It is possible that even when per capita income is high, per capita consumption of goods and services is low. This can happen especially when the national income is due to production of more heavy defence or industrial goods. And such goods don't really help the common people. And income here, goes to few businessmen and technocrats while common people don't benefit.

Development is a wide concept, and apart from income, it must evaluate the socioeconomic conditions of the ordinary citizens of the country. Per capita income alone fails to be a truly reliable measure of development in such a case.

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