1. Growth Vs. development:
Growth
• Growth is quantitative term, which is concerned with the material and financial aspect i.e. income of the individual. It is measured in per Capita income and GDP.
• Growth is Natural term, by certain time it will happen without any forces.
• Growth of an economy means increase in production for market or any institution.
• Growth may lead to development. But is not necessary.
• Growth is concerned with increase in the economy's output.
Development
• Development is qualitative. It measures of Individual happiness.
• Development is qualitative process which refers to structural change of economic and social infrastructure in an economy
• Development is not mechanical or technical term
• Development is a purposeful process.
• …show more content…
• “The prices will depend on demand and supply of goods and services in the market. When the demand is high for a product, prices will also be high. Producers will produce goods whose prices are rising. This increase supply in the market. Then prices will come down, and then production activities will be reduced”
• Laissez fair approach of development is not feasible, practicable, sustainable, reliable and socially desirable.
• Capital accumulation and profit is central idea of planning.
6. Planning approach to development.
Definition- “Plan is a complete work out to mobilize resources to reach a broad goal”
• In socialist economy planning is very essential mechanism.
• In planning approach no private property intervention, the government or state owns and controls production and not by private property.
• The state evaluates the resources available and plans the economic activities.
• In this approach data (stastics) is very important.
• In planning given source of resources is parameter within this parameter these are variables.
• It evaluates the resources and calculates how much resources should be required, and prioritize
Growth
• Growth is quantitative term, which is concerned with the material and financial aspect i.e. income of the individual. It is measured in per Capita income and GDP.
• Growth is Natural term, by certain time it will happen without any forces.
• Growth of an economy means increase in production for market or any institution.
• Growth may lead to development. But is not necessary.
• Growth is concerned with increase in the economy's output.
Development
• Development is qualitative. It measures of Individual happiness.
• Development is qualitative process which refers to structural change of economic and social infrastructure in an economy
• Development is not mechanical or technical term
• Development is a purposeful process.
• …show more content…
• “The prices will depend on demand and supply of goods and services in the market. When the demand is high for a product, prices will also be high. Producers will produce goods whose prices are rising. This increase supply in the market. Then prices will come down, and then production activities will be reduced”
• Laissez fair approach of development is not feasible, practicable, sustainable, reliable and socially desirable.
• Capital accumulation and profit is central idea of planning.
6. Planning approach to development.
Definition- “Plan is a complete work out to mobilize resources to reach a broad goal”
• In socialist economy planning is very essential mechanism.
• In planning approach no private property intervention, the government or state owns and controls production and not by private property.
• The state evaluates the resources available and plans the economic activities.
• In this approach data (stastics) is very important.
• In planning given source of resources is parameter within this parameter these are variables.
• It evaluates the resources and calculates how much resources should be required, and prioritize