Factors that Determine Economic Growth and Development of a Country.pdf

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!!Your Article LibraryYour Article LibraryFactors that DetermineEconomic Growth andDevelopment of a CountryArticle shared by :ADVERTISEMENTS:Factors that Determine Economic Growth andDevelopment of a Country!The process of economic growth is a highly complex phenomenonand is influenced by numerous and varied factors such as economic,political, social and cultural factors. It is believed by someeconomists that the capital is the only requirement for growth andtherefore the greatest emphasis is laid on capital formation to bringabout economic development. But this is wrong. As Professor Nurkserightly remarks, “Economic development has much to do withhuman endowments, social attitudes, political conditions andhistorical accidents. Capital is a necessary but not a sufficientcondition of progress.”The following are various factors which determineeconomic growth and development:ADVERTISEMENTS:(i) Supply of Natural Resources;(ii) Capital form action which depends upon the rate of domestic1Team building in Prague - Explore, compete andhave funA great team building activity, fun corporate event and scavenger hunt. T: 2-4h.treasurehuntprague.cz2Sign up now - Leathercrafting WorkshopsLearn how to handle and craft leather from experienced leathercraftersstoneforgold.com
saving and investment and inflow of foreign capital;(iii) Growth of population;(iv) Technological Progress; and We examine below each of thesefactors in turn.(i) Supply of Natural Resources:

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