how a country can improve it's peoples living standard?

Question

give me the factors or items

Answer 1

i think foreign investment is crucial.
You have to earn a good growth of gdp for years.
For which you need industrilization , so again foreign direct invst ( FDI).

Answer 2

Country economy depends on industrial, agricultural growth and many other factors also taken into care.
But the crucial factor the government should consider to make living standard of people to a minimum level, they have to consider following factors:
1. The income disparity
2. The rational disparity
3. The inflation rate common to all.
4. The limitation of resources. etc
The steps can be taken while taking above limitations in mind are:
1. Application of best bussiness practices for public sector organisations.
2. Encouragement to enterpreneurs through financial aids.
3. Control on Inflation Rate.
4. Making more attractive FDI Investments
5. Cultivating the habit of saving in Country through Banks, Share Market, Mutual Funds, Insurance etc. at maximum level.
6. Awareness programmes should be there to encourage saving.
7. Other Factors
There are many factors which can be taken into consideration but we have to see the best suited, I think the proble of country like India is that the flow of money is generally more from outside, this can be converted from Inside country to stop any risky situation. Faith in country's economy by countrymen can help country to grow as well as grow living standard of living of people being more of employment will be generated. The cylcle run will be smooth.

Answer 3

How is the Question.
Not what.
Create the following
1. Complete Free Market Economy.
2. Tax Burden no more than 10% of GDP.
3. Defence spending at 3% GDP, during peace time.
It worked first in the UK called the Industrial Revolution
then in the USA, it has worked in Japan since WWII.

Answer 4

Its not just about money.

Health care, education, life expectancy,

there are any number of factors.

For the money side, increase productivity in the economy, raise GDP, which will increase earning, and do so without inflation, so people are actually better off.

Answer 5

I like Danny99's answer. To which I'd add:

- REDUCE GOVERNMENT BUREAUCRACY.

A major reason free markets don't work better in underdeveloped nations is that they have this pathological trait of having dozens of layers of bureaucratic resistance that prevent people from establishing clear ownership of property, homes, and businesses, and establishing legal businesses. This drives much of the economy underground, prevents people from using their assets to gain capital for growth, and distorts taxation with the effect of harming legal productive firms.

Answer 6

Obviously, various answers to this question-and depends on your perspective. Communists would argue, take all the wealth, and evenly distribute it. You might tax more heavily, and disburse it to those living in substandard conditions. Or, you might promote higher education, offer tax incentives to strategically identified businesses that will hire the citizens, invest in subsidizing home loans that are otherwise unnaffordable, and reduce taxes.