What is Real Economic Development?
“More development in social sectors such as health, education and nutrition sustains economic growth. If we ignore these sectors and blindly go after those sectors that bring in more foreign currency, we cannot be said to be heading towards sustainable economic development. ”
Economic development is of supreme significance to all economies. Today, development does not merely mean economic growth. Development cannot be described in term of increase of gross domestic product or per capita income. These days economic development has been redefined as the up-liftment of the quality of life of man in general.Human development is the end of economic development and sectoral development is only a means to achieve that end. Higher economic growth is required for the production of goods and services, for generation of employment and for the reduction of poverty.
Sectoral development, on the other hand, is essential for improving the quality of life. Development in social sector has become an integral part of the modern development strategies.
More development in social sectors such as health, education and nutrition sustains economic growth. If we ignore these sectors and blindly go after those sectors that bring in more foreign currency, we cannot be said to be heading towards sustainable economic development.
Social sector development is the major factor in determining economic growth because human resources work as a double-edged sword in the process of development. If these resources are properly used, they may accelerate the process of development. If not, these may hamper the very course of development.
Efficient, disciplined and industrious human resources are a boon to the process of growth. Human resources need to be developed at any cost if we want to bring in real economic development.
This may require huge amounts of money and may seem a waste at the beginning, but sincere thinking in this matter would clear all the doubts from our minds. This type of thinking is to be instilled in the minds of civil servants and other government officials, who are totally unmindful of the common man.
Useful human resources can compensate for the shortage of natural resources. For example, Japan does not have iron mines, Sweden faces acute shortage of minerals and Switzerland is full of hard soil. Yet, owing to efficient utilization of their human resources, these countries have secured their place among the leading industrialized nations of the world.
Author - DeeKay
This article was created by DailyOjo staff. Report Spam/Abuse