Today we are talking about a very vast topic now a days i.e. economics growth, development related to it and the happiness. Progress will lead to growth lead to development and which will result in happiness.
But what is progress?
Progress is a general term frequently used by experts to denote betterment or improvement in anything. In economics, the term was used for a long time to show the positive movement in anything . in economics, the term was used for a long time to show the positive movement in the lives of people and in an economy. it had both quantitative and qualitative aspects to it. and all of us are aware about quality and quantity .
Now looking forward towards the development , as we know that if we sow good quality of seeds , give it water ,decomposing things on time then it will germinate, produce good quantity which is progress i.e. growth of sapling into plant and when it develop into a plant and produce fruits then the fruits we will have will give us happiness.
A term coming from the life sciences, growth in economics means economic growth. an increase in economic variables over a period of time is economic growth. The term can be use in individual ways or in the case of economy or for the whole world.. now i think you will be a little bit aware of economic growth. Now looking for another one i.e. the quality in economist’s life which will move him towards development and so on.
For economists, development indicates the quality of life in the economy which might be seen in accordance with the availability of so many variables such as:
The level of nutrition
The expansion and the reach of healthcare facilities- hospitals, medicines, safe drinking water, vaccination, sanitation etc.
The level of education among the people.
Other variables on which the quality of life depends.
Here, one major thing must be kept in mind that if the masses are to be guaranteed with a minimum basic level of quality- enhancing inputs in their life, a a minimum level of income has to be guaranteed with them.
Higher economic development requires higher economic growth!