- Economic development is a normative concept i.e. it applies in the context of people’s sense of morality (right and wrong, good and bad).
- The definition of economic development (as given by Michael Todaro) is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice.
- The most accurate method of measuring development is the Human Development Index which takes into account the literacy rates & life expectancy which affect productivity and could lead to Economic Growth.
- It also leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment.
- It implies an increase in the per capita income of every citizen.
Measures of economic development will look at:
Real income per head – GDP per capita
Levels of literacy and education standards
Levels of health care e.g. number of doctors per 1000 population
Quality and availability of housing
Levels of environmental standards
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