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This document outlines the key topics around underdeveloped economies and economic development. It discusses definitions of underdevelopment provided by economists like Todaro and features of economic development. Some of the main causes of underdevelopment discussed are market imperfections, inflexible economies, and the vicious cycle of poverty. The document also examines determinants of economic development including economic factors like production capacity as well as non-economic factors. Overall, the document provides an overview of concepts and issues relating to underdeveloped economies and economic development.

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Rishab Jain
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64 views14 pages

Outline

This document outlines the key topics around underdeveloped economies and economic development. It discusses definitions of underdevelopment provided by economists like Todaro and features of economic development. Some of the main causes of underdevelopment discussed are market imperfections, inflexible economies, and the vicious cycle of poverty. The document also examines determinants of economic development including economic factors like production capacity as well as non-economic factors. Overall, the document provides an overview of concepts and issues relating to underdeveloped economies and economic development.

Uploaded by

Rishab Jain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Outline

 DEFINATION OF UNDERDEVELOPED ECONOMY


 CAUSES OF UNDERDEVELOPMENT
 MEANING OF ECONOMIC DEVELOPMENT
 FEATURES OF ECONOMIC DEVELOPMENT
 NEED OF ECONOMICS DEVELOPMENT
 DETERMINANTS OF ECONOMICS DEVELOPMENT
CAUSES OF
UNDERDEVELOPMENT ECONOMY
Y
ECONOMIC CAUSES
YY
1. MARKET IMPERFECTION
2. INFLEXIBLE ECONOMY PP
3. VICIOUS CIRCLE OF POVERTY PPP
4. LACK OF CAPITAL FORMATION P
L
NON ECONOMICS CAUSES
1. SOCIALCAUSES
2. RELEGIOUS CAUSES
3. POLITICAL CAUSES
4. ADMINISTRATIVE CAUSES X
M
M CC
M
C
DEFINATION OF
UNDERDEVELOPMENT ECONOMY

BY “M.P. TODARO” UNDERDEVELOPED


ECONOMY IS THAT ECONOMY IN WHICH
THERE ARE LOW LEVEL OF
LIVING,ABSOLUTE POVERTY,LOW PER
CAPITA INCOME,LOW CONSUPTION
LEVELS,POOR HEALTH SERVICE, HIGH
DEATH RATES,HIGH BIRTH RATES &
DEPENDENCE ON FOREIGN ECONOMIES
ECONOMIC
DEVELOPMENT
IN WORDS OF
APPROACHES
SALVATORE,”ECONOMIC REGARDING

EVELOPMENT HAS BEEN


ECONOMIC
DEVELOPMENT
DEFINED AS THE PROCESS
WHERE BY A COUNTARY’S
REAL AS PER CAPITA INCOME
& GROSS NATIONAL
PRODUCT INCREAS OVER A
SUSTAINED PERIOD OF TIME
THROUGH CONTINUOUS
INCREASE IN PER CAPITA
PRODUCTIVITY”. TRADITIONAL
& MORDERN
APPROACH VIEW
PER CAPITA
INCOME
NATIONAL
INCOME

PER CAPITA INCOME = POPULATION INCOME

REAL NATIONAL INCOME

REAL PER CAPITA INCOME = POPULATION SIZE


ECONOMIC
DEVELOPMENT

 INCREASE IN REAL  GROWTH OVER LONG


NATIONAL INCOME PERIOD
 INCREASE IN REAL  HUMAN
PERE CAPITA INCOME DEVELOPMENT
 REDUCTION IN  REDUCTION IN
INCOME POVERTY
INEQUALITIES  INSTITUTIONAL
 STRUCTURAL DEVELOPMENT
CHANGES
ECONOMIC
DEVELOPMENT

1. INCREASE IN NATIONAL INCOME


2. HIGH STANDARD OF LIVING
3. MORE CAPITAL FORMATION
4. LESS DEPENDENCE ON AGRICULTURE
5. SELF SUFFICIENCY
6. FORMATION OF HUMAN CAPITAL
DEVELOPMENT

DETERMINANTS
OF ECONOMIC
DEVELOPMENT

ACCORDING TO DR. R.T.


GILL,”DETERMINANTS OF
ECONOMIC DEVELOPMENT
DEPEND UPON THE SIZE,
ORGANISATION & NATURE
DETERMINANTS
OF PRODUCTION
CAPACITY OF AN
ECONOMY.”
ECONOMIC
- NON ECONOMIC

OFECONOMIC DETERMINANTS DETERMINANTS


VICIOUS CIRCLE OF
POVERTY

 NURKSE SAYS,”A LIMITED

COUNTRY IS POOR
LOW INCOME PROCESSING
POWER

BECAUSE IT IS
POOR.”

SMALL AMOUNT
OF INVESTMENT
ACCORDING FIRST
FIVE YEAR PLAN AN
UNDERDEVELOPMENT
ECONOMY IS
CHARACTERISED BY
THE CO-EXISTENCE IN
GREATER OR LESS
DEGREE OF
UNUTILISED
MANPOWER ON ONE
GUNNER MYRDAL HAND
SAYS,”AN UNDER
DEVELOPMENT COUNTRY
IS THAT IN WHICH THERE
IS A COSTELLATION
OFNUMEROUS
UNDESIRABLE
CONDITION OF WORK &
LIFE.”
HERE WE SEE ABOUT
ECONOMIC CONDITIONS OF
COUNTRY
ECONOMIC CAUSES

1. MARKET
IMPERFEC
TION

2.IMMOBILE
LABOUR

3.MONOPOLISTICS
PRACTICE
ECONOMIC GROWTH
1.NARROW ECONOMIC
CONCEPT
2. QUANTITATIVE
3. CONTINUOUS CHANGES
4.RELATED WITH DEVELOPED
NATION
ECONOMIC
DEVELOPMENT
1.BROAD ECONOMIC
CONCEPT
2. QUALITATIVE
3.DISCONTINUOS
CHANGES

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