what is actually the economic development of a country. Is it depends on the individual's income...?

Answer 1

economic development is the development of the standard of living of the people in a particular country........
Each & every individual's income does matter! Coz it contributes to the National income of a country....

Answer 2

Economic development is a sustainable increase in living standards that implies increased per capita income, better education and health as well as environmental protection.

Public policy generally aims at continuous and sustained economic growth and expansion of national economies so that 'developing countries' become 'developed countries'. The economic development process supposes that legal and institutional adjustments are made to give incentives for innovation and for investments so as to develop an efficient production and distribution system for goods and services.

Development is economics on a social level that has evolved into a professional industry of highly specialized practitioners normally working in public-private partnerships that are sanctioned and many times at least partially funded by local, regional and state/provincial tax dollars. These economic development corporations function as individual entities and in some cases as departments of local governments. Their role is to seek out new economic opportunities and retain their existing business wealth. There is intense competition between communities, states and nations for new economic projects

Answer 3

Various theoretical models are defined and appropriate yardsticks to compute the concepts have been propounded by experts, over the years in the whole gamut of Economics. But, the practical world situation is not an ideal set up wherein one could just apply some of these into any and all countries on earth. For example, in India, although computations of some or all of these would show certain aspects, NO COMPUTED RESULT WOULD INDICATE THE HUGE DISPARITY THAT EXISTS BETWEEN RURAL AND URBAN COMMUNITIES.

In a country like India, the population would have to be categorized into RURAL AND URBAN, and the following data obtained separately, to assess the level of Development:

1. The number of Hours/ days an individual has to work to buy and eat one day's food needs.
2. The number of hours/ days/ months an individual has to work, to support an average family of FIVE - for only the food needs
3. The number of days/ months/ years/ an individual has to work so that minimum health requirements are available to him/ her
4. The number of months/ years an individual has to work so as to earn and save enough to build/ own a house with average infrastructure.

These and many more such MUNDANE aspects have to be defined and computational methods worked out so that the practical conditions of the common people in both Rural and Urban areas are made known. In the list shown, we need to work on such aspects as: Education, Transports (Automobile etc), Leisure...and the like so that a more comprehensive system of yardsticks for comparing economic development becomes available.

We need to reorient all our THOUGHTS AND IDEAS ON ECONOMICS, DIFFERENT FROM THE PRESENT WESTERN ECONOMIC MODEL, WHICH IS BASED ON SITUATIONS IN A DIFFERENT GEOGRAPHICAL AND SPACE-TIME CONTEXT. Such revolutionary and and more appropriate modifications would need that our YOUNGER GENERATION REORIENT THEMSELVES TO MEET THE NEW ECONOMIC CHALLENGES AND MEET HEAD ON THE REALITIES.

Answer 4

The three criterias of economic development is poverty aleviation, reduction in unemployment and equality among citizen. The government enacts policies to emphasise the above factors and takes meassures to improve the environment to developed state. Sometimes wealth people are taxed and that income is used for developmental purposes. If a country remains underdeveloped for long then its high income citizen can hope to get taxed heavily for long till the country gets out of the development trap.

Answer 5

No, it depends of the total development and based on that only individuals income is specified as per capita income

Answer 6

Economic Development of a country depends upon average per capita income, value of currency, public distribution system, Balance of payments, Gross Domestic Product, industrial growth, growth in services, reduction in subsidies and a budgetary surplus. It also depends on how far you are able to minimise unemployment and illiteracy problems, to ensure sustained growth.

Answer 7

It compares how much a country produces for it's own consumption to how much it has to import. Having a good amount of services and goods available for export shows that generally the populations needs are being met. It's not a dollar per dollar comparison, but it checks 'indicators' like how many people have housing, health care and food, and looks at what percenage of people have work.