Various Dimensions of Development

Topics: Economics, International development, Development Pages: 4 (1165 words) Published: August 17, 2013

Development is a multidimensional concept. It has several objectives and components. Development is not simply a process of growth but also of change. Development can no longer viewed just as rising income, but should be viewed as complex process of change which is inclusive, sustainable, equal and holistic. Development has many facets, of which major few are discussed below by concentrating on developing nations and Asia in particular. We can see strong economic growth and development taking place in BRICS nations. The consumers are able to spend more, thus emerging to be major reason for consumer growth. The economic growth and development taking place in the developing nations has a major effect on the levels of satisfaction of the people in these economies. Inflation, unemployment, GDP ,FDI and prime lending rate on life satisfaction. The concept of human development is much more than the rise in national income and extends to the creation of an environment where people can develop full potential and lead productive and creative lives according to their needs and interest, the concept of HDI emphasises on development rather than only economic growth. In all cases unemployment is negatively associated with life satisfaction the most compared to inflation,GDP , FDI and prime lending rate. One might broadly state that the determinants for regional development may be geographic,institutional,cultural and human capital. But a study2 finds that regional education is relatively more important than other factors. Regional education influences regional development through education of workers, education of entrepreneurs and as it directly influences quality of human capital. private returns to workers education is modest according to previous research but private return to entrepreneurial education and social returns to education through external spill over is large. It was observed that there is a positive...

References: Does economic growth ensure life satisfaction? A stusy of emerging economies- neha.L , yamin K , varun.S.(Arthashastra by IJER),2012
Sustainable development: pathway to a better world – J K pander( World focus), 2013.
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