why is a strictly economic definition of development inadequate? can you give hypothetical or real examples of situations in which a country is developing economically but may still be underdeveloped?
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A strictly economic definition of development is inadequate for several reasons.
Explanation:
- Development is a process for the overall growth of the people. Either it is economic, cultural, health, living standard etc. Therefore, a strictly economic definition of development is inadequate.
- Economic development means the increase in the GDP of the country which means that the increase in the per capita income of the country. But there are a lot of countries where industrialization resulted in the decline of agricultural activities. As a result, a lot of people faced economic decline, unemployment, discrimination etc.
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