Why is strictly economic definition of economic development inadequate?
Answers
The Strictly economic definition of development was inadequate due to not taking into account the factors other the financial or economical.
Answer:
Strictly economic definition of economic development is inadequate as it is narrow in its approach and focus only on the economic features.
Explanation:
Development is a combined process. The country even though based on its economy, is dependent on so many other factors for its overall growth. The aspects not included in this concept aren’t calculable or quantifiable.
The basic essence of economic development lies in the concept of growth of human beings, not just from a financial point of view but from a morale perspective.
A country shows economic growth yet its people aren’t nearly are evolved. This defines the basic sense of development and the term economical cannot confine or summarise the whole system through stores of value.