This Topic Covers the Following Topics.

1. Progress, Growth, and Development: Definitions and Differences
   • Definitions of progress, growth, and development in economics.
   • Historical evolution of these terms and their meanings.
2. Economic Growth
   • Concept of economic growth as a quantitative measure.
   • Various examples and units for measuring growth (e.g., food production, road network, GDP, per capita income).
   • Growth rate calculation and its significance.
   • Value-neutral nature of growth and its implications.
3. Economic Development
   • Differentiation between economic growth and economic development.
   • Parameters of economic development: quality of life, nutrition, healthcare, education, etc.
   • The importance of conscious public policy in achieving development.
   • Examples of growth without development (e.g., Gulf countries).
4. Measuring Economic Development
   • Introduction to the Human Development Index (HDI).
   • Components of HDI: standard of living (per capita income), knowledge (education), and life expectancy.
   • Classification of countries based on HDI scores.
5. Gross National Happiness (GNH)
   • Concept of Gross National Happiness developed by Bhutan.
   • GNH components: real per capita income, good governance, environmental protection, cultural promotion.
   • Differences between GNH and HDI.
6. Limitations and Critiques of HDI
   • Limitations of HDI in capturing the full scope of development.
   • Debates around alternative indices for measuring development.
   • Examples of unconventional development indices and their critiques.
7. Welfare Economics
   • The emergence of welfare economics as a branch of economic thought.
   • The relationship between welfare economics, growth, and development.
   • The role of the welfare state in economic development.
8. Sustainable Development
   • The concept of sustainable development and its importance.
   • Environmental conservation and social equity as essential components.
   • Policies for balancing economic development with sustainability.
9. Introspective Development and Happiness
   • Analysis of the non-material aspects of development, such as happiness and well-being.
   • Role of ethics, spirituality, and cultural values in development.
   • Bhutan’s unique approach to development with Gross National Happiness.
10. Challenges in Measuring Development
    • Difficulties in defining and quantifying development.
    • Multiple factors influencing development that are hard to measure (e.g., cultural aspects, social prestige, happiness).
11. Development Policies and Strategies
    • Policies required for achieving inclusive and sustainable development.
    • The importance of collaborative and multilateral approaches in policy-making.
    • Flexibility and adjustment in economic development strategies.
12. Future Considerations for Development Measurement
    • Need for incorporating new factors like mental health, creativity, and lifestyle into development indices.
    • Potential future modifications to HDI and similar indices to reflect a more comprehensive understanding of human development.

(Report this question)

You've reached the last question. Do you want to submit the exam or continue reviewing?