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Business Environment by A. C. Fernando

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15

THE ECONOMICS OF DEVELOPMENT

In this chapter, we will study the subject matter constituting the economics of development such as what constitutes development, the basic determinants and the criteria of development and finally evaluate the costs and gains of development. After reading this chapter, you will be able to relate all these concepts in relation to what are obtained in India, which is presently going through the metamorphosis of economic development.

THE SUBJECT AND ITS SPECTRUM

The economics of development—though it came to the forefront of discussion only after the 1940s with the emergence of a large number of politically free, but economically poor nations—is by no means a new discipline of thought. The problems of development, ...

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