Harshvardhan Singh, NMIMS University
ABSTRACT
'Growth' and 'economic development' are often used interchangeably. Increasing incomes and related increase in consumption, savings, and investment are generally correlated with a country's or society's economic growth.
Growth will not be followed by much progress against the targets that are typically correlated with economic development if income distribution is highly distorted.
A fundamental principle underpins the increased importance of social influences. For decades, fiscal and monetary policies have aimed to boost national income, which has resulted in economic development. The majority of them ran into problems because they were based on a flawed theory, according to which the welfare of a country is solely determined by its income level.
Clearly, “not all developed countries share all of these features in equal measure. Some of them may also challenge the inclusion of certain things in the above list, “citing countries (or regions within them) where, for example, crime and unemployment tend to be high, or pointing out that not everyone has access to basic facilities such good public services, housing, etc. Any of these issues are certainly debatable. For example, crime rates in rural areas of many developing countries, where the majority of citizens live, are frequently low than that in some of the developed countries' urban population areas.
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