Lecture No.1
Lecture No.1
Lecture No.1
Pakistan
Lecture No. 1
Concept of Economic Growth and Development
Measurement of Economic Growth and Economic
Development
• Economy
• Economic Resources
2
• Economic Development
• Economic Growth
5
• Economic Development
• Rise in real national income and per capital income along with
structural changes in economy.
• It includes
1. Changing Occupational structure
Percentage share of labor working in primary sector
Percentage share of labor working in secondary sector
6
3. Changing Structure of Industrial Production
Proportion of capital goods in the total industrial output
5. Technological Progress
In agriculture, transport, industries, communication traditional techniques of
production
Science-based automated techniques
8
• Main Measures of Economic Development
9
3. Rise in material well-being of the people
According to this economic development is a sustained and secular
improvement in the material well-being which is reflected in goods and
services.
It is at the expense of too much hard work, unequal distribution of
wealth and expense of health, safety and comfort.
10
5. Human development index
The Human Development Index method, which is prepared by United
Nations Development Program is the best method, which should be
adopted by the nations and organizations.
This method includes the opportunities for education, health, income,
employment, environment and economic freedom.
11
(iv) If the degree of urbanization and high school enrollment ratio
is the country is more developed.
(v) If infant mortality and density of population is the country
is less developed.
12