what is a social cost of development ?
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Explanation:Social cost includes these private costs and the additional costs (or external costs) associated with the production of the good for which are not accounted for by the free market. Mathematically, social marginal cost is the sum of private marginal cost and the external costs.
Answer:
Development such as building dams, steel plants and industrial activities has led to huge social costs. It has caused large scale displacement. This has resulted in loss of livelihood, and increase in impoverishment. Since they have been displaced from their traditional land so they migrate to urban areas where they don’t have any employment because they are not educated and skilled enough and they then lead their lives in poverty. Their culture is also lost as their community life gets destroyed and people move to different areas.