why is a strictly economic definition of development inadequate? can you give hypothetical or real example of situation in which a country may be developing economically but still be undeveloped??
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The Strictly economic definition of development was inadequate due to not taking into account the factors other the financial or economical.
In the initial stages of economic development, availablity of resources played a very important role. With the advancement of technology, availablity of capital and skilled labour became a necessity for the utilisation of resources.
For example, USA is termed as a developed country because it is economically self-sufficient and technologically advanced. On the other hand, India is still in a developing stage. Though resources are essential for development, but their mere presence does not guarantee development.
Hope this definition and example help you.
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