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Kerala PSC Indian Economy Book Study Materials Page 43
Book's First PageGrowth, Development and Happiness 2.3 an annual concept which may be used otherwise quality of life was comparatively low. The time had with the clear reference to the period for which it come to define economic development differently is used. from what the world meant by economic growth. Though growth is a value neutral term, i.e., it For economists, development indicates the quality might be positive or negative for an economy for of life in the economy, which might be seen in a specific period, we generally use it in the positive accordance with the availability of many variables sense. If economists say an economy is growing it such as: means the economy is having a positive growth (i) The level of nutrition otherwise they use the term ‘negative growth’. (ii) The expansion and reach of healthcare Economic growth is a widely used term in facilities—hospitals, medicines, safe economics which is useful in not only national drinking water, vaccination, sanitation, level economic analyses and policymaking, but etc. also highly useful in the study of comparative (iii) The level of education economics. International level financial and (iv) Other variables on which the quality of commercial institutions go for policymaking life depends and future financial planning on the basis of the Here, one basic thing must be kept in mind growth rate data available for the economies of the that if the masses are to be guaranteed with a world. basic minimum level of quality-enhancing inputs (above-given variables such as food, health, economIc develoPment education, etc.) in their life, a minimum level of For a comparatively longer period of time after income has to be guaranteed for them. Income is the birth of economics, economists remained generated from productive activities. It means that focused on aspects of expanding the quantity of before assuring development we need to assure production and income of a country’s economy. growth. Higher economic development requires The main issue economists discussed was—how higher economic growth. But it does not mean to increase the quantity of production and income that a higher economic growth automatically of a country or a nation-state. It was believed that brings in higher economic development—a once an economy is able to increase its production, confusion the early economists failed to clarify. its income will also increase and there will be an We may cite an example here to understand the automatic betterment (quality increase) in the confusion: two families having same levels of lives of the people of the economy. There was income, but spending differing amounts of money no conscious discussion over the issue of quality on developmental aspects. One might be giving expansion in the lives of the people. Economic little attention to health, education and going growth was considered as a cause and effect for for saving, and the other might not be saving but the betterment of the lives of the people. This was taking possible care of the issues of health and the reason why economists, till the 1950s, failed education. Here the latter necessarily will have to distinguish between growth and development, higher development in comparison to the former. though they knew the difference between these Thus, we may have some diverse cases of growth terms. and development: It was during the 1960s and in the later decades (i) Higher growth and higher development that economists came across many countries where (ii) Higher growth but lower development the growth was comparatively higher, but the (iii) Lower growth but higher development