Economic Development and All That

Economic development can be viewed as a process of raising the level of national income or standard of living by raising the rate of capital formation. Within the positivist framework, the aggregate and per capita approaches can be distinguished. The aggregate approach concerns itself with total inc...

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Journal Title: International Journal of Social Economics Vol. 17; no. 12; pp. 14 - 21
Author: Kishor Thanawala
Format: Article
Language: English
Published: July 1990
Subjects:
GNP
Summary: Economic development can be viewed as a process of raising the level of national income or standard of living by raising the rate of capital formation. Within the positivist framework, the aggregate and per capita approaches can be distinguished. The aggregate approach concerns itself with total income or another relevant variable. The per capita approach involves the mean or average approach and the percentile approach. Another subset of the positivist framework explains economic development in terms of international comparisons. In earlier years, gross national product (GNP) and related indicators were the only important measures of economic development. In the positivist framework, the basic needs approach is another line of analysis. Yet another line of inquiry attempts to create composite indicators that could serve as complements or alternatives to GNP. In the context of the evolution of positivist development economics, the planning efforts of India exhibit a remarkable degree of sophistication.
ISSN: 0306-8293
DOI: 10.1108/EUM0000000000463