India Economic Development And Social Opportunity Pdf Creator
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- Entrepreneurs and their impact on jobs and economic growth
- Why Entrepreneurship Is Important to the Economy
- Role of Entrepreneurs in Economic Development
Entrepreneurs and their impact on jobs and economic growth
GDP was not designed to assess welfare or the well being of citizens. It was designed to measure production capacity and economic growth. A number of countries, including India, are paving the way. Economic growth has raised living standards around the world. As a result, policies that result in economic growth are seen to be beneficial for society. We know now that the story is not so simple — that focusing exclusively on GDP and economic gain to measure development ignores the negative effects of economic growth on society, such as climate change and income inequality.
A number of countries are starting to do this. India, for instance, where we both work advising the government, is developing an Ease of Living Index, which measures quality of life, economic ability and sustainability. When our measures of development go beyond an inimical fixation towards higher production, our policy interventions will become more aligned with the aspects of life that citizens truly value, and society will be better served.
But before we attempt to improve upon the concept of GDP, it is instructive to understand its roots. Like many of the ubiquitous inventions that surround us, the modern conception of GDP was a product of war.
While Simon Kuznets is often credited with the invention of GDP since he attempted to estimate the national income of the United States in to understand the full extent of the Great Depression , the modern definition of GDP was developed by John Maynard Keynes during the second world war. In , one year into the war with Germany, Keynes, who was working in the UK Treasury, published an essay complaining about the inadequacy of economic statistics to calculate what the British economy could produce with the available resources.
According to him, the estimate of national income should be the sum of private consumption, investment and government spending. It continues to this day. But a measure created to assess wartime production capabilities of a nation has obvious drawbacks in peacetime. For one, GDP by definition is an aggregate measure that includes the value of goods and services produced in an economy over a certain period of time. There is no scope for the positive or negative effects created in the process of production and development.
For example, GDP takes a positive count of the cars we produce but does not account for the emissions they generate; it adds the value of the sugar-laced beverages we sell but fails to subtract the health problems they cause; it includes the value of building new cities but does not discount for the vital forests they replace. Environmental degradation is a significant externality that the measure of GDP has failed to reflect.
Modern economies need a better measure of welfare that takes these externalities into account to obtain a truer reflection of development. Broadening the scope of assessment to include externalities would help in creating a policy focus on addressing them.
It cannot differentiate between an unequal and an egalitarian society if they have similar economic sizes. As rising inequality is resulting in a rise in societal discontentment and increased polarization , policymakers will need to account for these issues when assessing development.
Another aspect of modern economies that makes GDP anachronistic is its disproportionate focus on what is produced. As the quality of experience is superseding relentless production, the notion of GDP is quickly falling out of place. We live in a world where social media delivers troves of information and entertainment at no price at all, the value for which cannot be encapsulated by simplistic figures.
Our measure of economic growth and development also needs to adapt to these changes in order to give a more accurate picture of the modern economy.
As a step in this direction, India is also beginning to focus on the ease of living of its citizens. Ease of living is the next step in the development strategy for India, following the push towards ease of doing business that the country has achieved over the last few years.
The Ministry of Housing and Urban Affairs has developed the Ease of Living Index to measuring quality of life of its citizens across Indian cities, as well as economic ability and sustainability. It is as well expected to evolve into a measurement tool to be adopted across districts. We believe that this more holistic measure will provide more accurate insights into the state of development of the Indian economy. The end goal is to have a more just and equitable society that is economically thriving and offering citizens a meaningful quality of life.
With a change in what we measure and perceive as a barometer of development, how we frame our policies will also catch up. In an economy with well-being at its heart, economic growth will simply be another tool to guide it in the direction that the society chooses. In such an economy, the percentage points of GDP, which are rarely connected with the lives of average citizens, will cease to take the center stage.
The focus would instead shift towards more desirable and actual determinants of welfare. You have 1 free article s left this month. You are reading your last free article for this month. Subscribe for unlimited access. Create an account to read 2 more. Economic development. We need better measures of development. Read more on Economic development or related topics Policy and Economics.
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Why Entrepreneurship Is Important to the Economy
Please Log in or Register. Cherish creativity, be bold, and have the audacity to seek and discover. Never lose your nerve! Nations built on innovation, entrepreneurship, and production are able to dominate the world economy. However, risk taking has traditionally been discouraged in developing nations. The uncertainty and financial insecurity associated with entrepreneurial activities are the greatest barriers that budding entrepreneurs need to overcome in order to transition into successful entrepreneurs. This challenge needs substantial effort and steady support from society.
African Economic Development and This article reviews how colonial rule and African actions during the colonial period affected the resources and institutional settings for subsequent economic development south of the Sahara. The issue is seen from the perspective of the dynamics of development in what was in an overwhelmingly land-abundant region characterised by shortages of labour and capital, by perhaps surprisingly extensive indigenous market activities and by varying but often low levels of political centralisation. Besides asking about the strength of the influence of the past on the future, we need to consider the nature of that influence. Did colonial rule put African countries on a higher or lower path of economic change? Thus, chapter 2 first attempts a summary of the economic record since independence in order to define the pattern for which colonial legacies may have been partly responsible. Chapter 3 outlines contending views of those legacies.
Role of Entrepreneurs in Economic Development
GDP was not designed to assess welfare or the well being of citizens. It was designed to measure production capacity and economic growth. A number of countries, including India, are paving the way. Economic growth has raised living standards around the world.
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By the same token, this calls for such growth to be managed responsibly so as to best seize the opportunities tourism can generate for communities around the world. According to the first comprehensive report on global tourism numbers and trends of the new decade, the latest UNWTO World Tourism Barometer, this represents the tenth consecutive year of growth. All regions saw a rise in international arrivals in However, uncertainty surrounding Brexit, the collapse of Thomas Cook, geopolitical and social tensions and the global economic slowdown all contributed to a slower growth in , when compared to the exceptional rates of and This slowdown affected mainly advanced economies and particularly Europe and Asia and the Pacific. Major sporting events, including the Tokyo Olympics, and cultural events such as Expo Dubai are expected to have a positive impact on the sector.
Entrepreneurs are a rare species. Yet entrepreneurs, particularly innovative entrepreneurs, are vital to the competitiveness of the economy. The gains of entrepreneurship are only realized, however, if the business environment is receptive to innovation. Entrepreneurs boost economic growth by introducing innovative technologies, products, and services. Increased competition from entrepreneurs challenges existing firms to become more competitive. Entrepreneurs provide new job opportunities in the short and long term. Entrepreneurial activity raises the productivity of firms and economies.