why is percapita income not regarded as the sole indicator of economic devlopment of a country?justify.
Answers
As I’ve tried to comprehend the meaning of development and poverty, I’ve come to realize that they are virtually distinct concepts. Yet, I can’t help noticing how both are heavily dependent on the other. Poverty means lack of development, where as development implies moving towards getting rid of poverty.
However development, over the long-term, implies increased living standards, improved health and well-being for all; and the achievement of whatever is regarded as a general good for the society at large.
In a nutshell, development is the movement towards the “good society.” And, although, it may be a little complicated to comprehend the actual meaning of development, just as it is difficult defining the good society, one fact I can be sure of is that people are prevented from starvation and are, thus, presumably content.
Moreover, I’ve been reading about ways in which most economists define economic development, and I’ve come to learn that performance in many countries are measured in terms of change in growth, or increase in the per capita production of an economy, which leads to generalized and sustainable increases in income. Particularly, it leads to increases in the income and welfare of the poorer people
