With the scientific advancement, coal, oil, gas, and water falls are used as the principal sources of energy. In developed countries of the world, the nuclear power and solar energy are being increasingly used for generating electricity. The high income oil exporting developing countries like Saudi Arabia, Bahrain etc. The other developing countries are giving highest priority to energy.
Their main stress is on a accelerated exploitation of coal, hydel and nuclear power etc. The means of transport and communication have an important bearing on the economic growth of a country. If a country is well connected with rail road, sea ports and has a developed means of communication including information technology, it then helps in improving the productive capacity of the various sectors of the economy. An efficient transport and communication network contributes to improving the quantity and quality of goods due to competition and reduction in production costs.
Sign in or sign up and post using a HubPages Network account. Comments are not for promoting your articles or other sites. I am the student of BS honrs in economics. I was searching for economic non econmoic factors..
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You can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. This supports the Maven widget and search functionality. This is an ad network. Google provides ad serving technology and runs an ad network. This is a wrong assumption in so far as the statement is accepted as relevant to all countries, irrespective of the stage of economic growth of each particular country.
If it is available before the conditions for its use are available it will be ineffectively employed or possibly wasted. This illustration underscores the important point that employment of a factor of production is not simply a matter of choice but is very much conditioned by cultural and social factors.
The people must have the ability, experience and knowledge to make the best use of the facilities that are made available. The response ratio of people to the availability of facilities and resources varies in terms of its ability to use properly the avenues that are opened up. Economic development is, therefore, not a function of economic resources alone, but of social and cultural factors as well.
The social determinants of work ethics as well as cultural and social factors which have a close bearing on economic rationality are to be taken into account while we seek to identify the social determinants of economic development In addition, some other social determinants of economic development may be discussed briefly. To begin with, adoption of technology is not governed by simple mechanical considerations.
Technology can yield results only when appropriate social conditions are present. A technology which is functional in one society may prove to be dysfunctional in another. It is, therefore, not proper to speak simply of technological development. Technological development becomes meaningful only under appropriate social conditions. He observes as follows: In principle, it is highly desirable…. One must know, however, why the thing was worked out. Was it a step forward in process or product of universal application?
Or, was it an adaptation to the requirements of advanced economic development itself? They the first type are as appropriate and important for the less as for the more developed country.
But much of the technology of the more advanced countries represents an accommodation to labour shortages or reflects the other special requirements of the more advanced economy. Gill are equally illuminating. Despite some efforts in this direction, however, this third technology does not really exist. We may next take up the requirement of innovative personality for economic development.
The formation of creative and innovative personality is largely a function of early socialisation and the nature and contents of education to which the child is exposed from primary stage onwards. In some societies, a child is taught to solve problems independently and encouraged to be creative. In some other societies, particularly the traditional ones, there is more emphasis on conformity and children are encouraged to accept uncritically the lore and practices handed down from previous generations.
Obviously, innovative personality cannot grow in circumstances obtaining in such traditional societies. Economic development in these societies would naturally be slow and halting. We noted that technology requires a favourable cultural support in order to yield desirable results.
Social determinants of Economic Development Economic development implies two things: Economic growth which leads to increase in production and generation of income and equitable distribution of this income among the population to improve the quality of life.
The social determinants of economic development include various social institutions such as the family, class structure, caste, religion, traditions, attitudes, beliefs and culture etc. In fact, it is difficult to compartmentalize human factors into economic and non-economic, since development is the result of inter-play of these factors.
While seeking to identify the social determinants of economic development, we should bear in mind that the causes of under-development vary from country to country. It . Economic development of any country is determined by large number of social factors as well. Economic development of any country depends on the efficient employment of factors of production such as land, labor, capital and organization. The people must .
determinants of economic development WHAT IS ECONOMIC DEVELOPMENT? Economic development is the increase in the standard of living in a nation's population with sustained growth from a simple, low-income economy to a modern, high-income economy.5/5(1). 1. Factors in Economic Development Economic development is a complex process. It is influenced by a number of factors such as natural resources, capital, human resources, technology, social .