What Do We Mean By Development?And 3 Cores Of Development
What do we mean by Development?
Development, in strictly economic terms, has traditionally meant the capacity of a national economy to generate and sustain an annual increase in its gross national product (GDP) at rates of perhaps 5% to 7% or more. A common alternative economic index of development has been the use of rates of growth of per capita GNP to take into account the ability of a nation to expand its output at a rate faster than growth rate of its population. Levels and rates of growth of “real” per capita GNP (monetary growth of GNP per capita minus the rate of inflation) are normally used to measure the overall economic well-being of a population.
Prior to the 1970s, development was seen as an economic phenomenon in which rapid gains in overall and per capita GNP growth would either trickle down to the masses in the form of jobs and other economic opportunities or create the necessary conditions for the wider distribution of economic and social benefits of growth.......
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