Professional Documents
Culture Documents
Economic Development
Implications:
Economic Growth
country.
Factors:
Measurement:
Product: consumption,
government spending,
Qualitative.HDI (Human
Economic Development
Economic Growth
Effect:
the economy
economy
Concept:
Normative concept
Relevance:
Economic development is
developing nations.
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Jagdish Bhagwati v/s Amartya Sen debate
(Although , I believe ...that this type of debate has been glamourised by MEDIA.and
have gave a political colours to it ....but still v wl see what it is all about ! ...since v r
UPSC Aspirants )
Amartya Sen and Jagdish Bhagwati, tackling each other on what Indias
governance priorities should be.
While Sen believes that India should invest more in its social
infrastructure to boost the productivity of its people and thereby
raise growth.
--------------------------Kerala Vs Gujarat
The Bhagwati-Panagariya duo argues that whatever Kerala had achieved was
thanks to a growth-oriented approach. They suggest that Kerala's high social
indicators have much less to do with the so-called Kerala model, and more to do
with global trade, growth-oriented policies and private-sector participation. "To keep
asserting such causality [Sen's argument] is the mark of a lazy intellect and is,
besides, dangerous in its potential for misleading us to make harmful policy
choices,"
But many economists argue that this amounts to misrepresentation of facts. Says
Suresh Babu, a professor of economics at IIT Madras: "In the current debate we
need to be careful to not confuse between 'levels' and 'rates of change'. Professor
Bhagwati focuses more on rates of change, while Sen argues that levels matter. For
Gujarat some recent rates of change might look impressive, as it is on a small base,
while for Kerala even incremental changes on high levels are impressive as they are
difficult to come by."
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