factors of economic development
If the government is promoting any industry like insurance or medical or technology it will promote that sector that boosts its economy which will overall support the economy. #1 – Education and Training. Daron Acemoglu and James Robinson (2012). In other words, natural resources, such as land, soil, mineral deposits (like iron ore, fossil fuel) are three main factors of production, the other two being labour and capital. Government activity also affects the economy. Management is playing a vital role in the growth of the company though it is not an economic factor it is a factor which affects by economic factors and drives the business to generate maximum revenue. Economic development originated in the post-war period of reconstruction initiated by the United States. In the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. The economic system and the historical setting of a country also decide the development prospects to a great extent. The economic development of countries can also be implicated or contributed by the multinational corporations' companies. [citation needed]. Mass participation in development programs is a pre-condition for accelerating the growth process. A healthy population is a pre-requisite for economic development. For example, in the past 20 years, India has seen a shift from a … Dadabhai Naoroji has also candidly explained in his classic work ‘Poverty and Un-British Rule in India’ that the drain of wealth from India under the British was the major cause of the increase in poverty in India during that period, which in turn arrested the economic development of the country. These plans ensure better utilization of resources (whether it is human, material or financial resources) results in increasing demand and supply of goods and services which in turn increases national income. The effective use of capital and the application of modem technology depend on the availability of skilled manpower Educated, skilled workers are generally more productive than uneducated, unskilled workers. As the scientific and technological knowledge advances, man discovers more and more sophisticated techniques of production which steadily raise the productivity levels. From the available historical evidence, it is now obvious that non- economic factors are as much important in development as economic factors. There may be a problem in which the national resources, human resources, and physical resources are utilized in a minimum way of extent. (1981). Therefore, from the failure of economic planning in the former Soviet Union and the erstwhile East European socialist countries it would be wrong to conclude that a planned economy has built-in inefficiencies which are bound to arrest economic growth. India’s experience during the whole period of development planning is a case in point. [3] Labour and it is cost or wage is always an important economic factor that affects the economy. [5], Mansell and Wehn also state that economic development has been understood by non-practitioners since the World War II to involve economic growth, namely the increases in per capita income, and (if currently absent) the attainment of a standard of living equivalent to that of industrialized countries. Hirschman, A. O. The art of tax evasion has been perfected in the less developed countries by certain sections of the society and often taxes are evaded with the connivance of the government officials. Development activity is not a mechanical process. Though the concept's origin is uncertain, some scholars argue that development is closely bound up with the evolution of capitalism and the demise of feudalism.

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