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Finance, Economic Growth, and Development

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Development Finance

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Abstract

One of the definitions (see a leading book on the economics development, edited by Meier, 1989 at p.6) states that economic development is a process whereby a) the real per capita income of a country increases over a long period of time, and b) the number of poor people and economic inequality in the society do not increase. This definition implicitly suggests the need for relative decline in the proportion of poor people when there is a positive population growth rate (but not otherwise), and remains oblivious to the urgent needs of reducing abject poverty. Since the latter is of importance in any society and since the prevalence of hunger and severe poverty act as major drags on the entire economic system, it is necessary to revise the concept of economic development to reflect these factors.

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Authors and Affiliations

  1. Global Development Institute, 86 Sycamore Court, 08648, Lawrenceville, NJ, USA

    Professor P. K. Rao (Director)

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  1. Professor P. K. Rao
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© 2003 Springer-Verlag Berlin Heidelberg

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Rao, P.K. (2003). Finance, Economic Growth, and Development. In: Development Finance. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-06570-9_2

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  • DOI: https://doi.org/10.1007/978-3-662-06570-9_2

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-642-07277-2

  • Online ISBN: 978-3-662-06570-9

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