Economic Diverty, Inequality, Poverty And Economic Development

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1. Introduction Economic Development of a country or a region1 is the favourable transformation of the economy that leads to higher income of the people resulting into improved well-being and economic capabilities of its inhabitants. In a broader sense, economic development means not only increase in per capita income or improvement in well-being but also the removal of poverty and malnutrition; an increase in life expectancy; access to improved sanitation facility, clean drinking water, health and education services; reduction of infant mortality; and increased access to knowledge and schooling, and literacy in particular (Ray 1998). Development is more concerned with equity and favourable distribution of economic proceeds than growth which is measured in terms of only increase in aggregate or per capita income. For a country like ours, the issues such as equity in the distribution of income or wealth among the different regions or social groups, equitable access to different public services in the areas of education, health, physical infrastructure, power, and communication are of utmost important. That is the reason why, measuring poverty, inequality, regional disparity is deriving greater interest among the thinkers working on development and disparity. The present paper mainly concentrates on the concept and measurement of poverty in terms of income as well as non-income dimensions/deprivations such as education, health, standard of living and income inequality.

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