Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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-The Hindu Business Line
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Soviet influence&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Towards new measures&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;
&lt;/p&gt;&#039;,
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-The Hindu Business Line



While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI


Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Soviet influence&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Towards new measures&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;&lt;/p&gt;&#039;,
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	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu Business Line
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Soviet influence&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Towards new measures&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;
&lt;/p&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Hindu Business Line, 20 August, 2014, http://www.thehindubusinessline.com/opinion/the-growth-of-an-idea-called-development/article6335541.ece?homepage=true&#039;,
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-The Hindu Business Line



While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI


Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Soviet influence&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Towards new measures&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;&lt;/p&gt;&#039;
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While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI


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                <strong>The growth of an idea called development -Nilanjan Ghosh</strong></h1>
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                <div align="justify">-The Hindu Business Line</div><p align="justify"><br /><em>While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI</em></p><p align="justify">Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.</p><p align="justify"><em>Soviet influence</em></p><p align="justify">Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark's quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.</p><p align="justify">Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.</p><p align="justify">It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.</p><p align="justify">The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.</p><p align="justify">It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.</p><p align="justify">On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.</p><p align="justify"><em>Towards new measures</em></p><p align="justify">TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.</p><p align="justify">The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.</p><p align="justify">Amartya Sen termed HDI a &quot;vulgar measure&quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.</p><p align="justify">However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &quot;... interdependent and mutually reinforcing pillars&quot; of sustainable development as economic development, social development, and environmental protection.</p><p align="justify">The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.</p><p align="justify">Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?</p><p align="justify"><em>The writer is chief economist at Multi Commodity Exchange of India Ltd.</em></p>               </font>
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		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu Business Line
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Soviet influence&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Towards new measures&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;
&lt;/p&gt;&#039;,
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-The Hindu Business Line



While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI


Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Soviet influence&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Towards new measures&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;&lt;/p&gt;&#039;,
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	&#039;title&#039; =&gt; &#039;The growth of an idea called development -Nilanjan Ghosh&#039;,
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-The Hindu Business Line
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Soviet influence&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Towards new measures&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;
&lt;/p&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Hindu Business Line, 20 August, 2014, http://www.thehindubusinessline.com/opinion/the-growth-of-an-idea-called-development/article6335541.ece?homepage=true&#039;,
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-The Hindu Business Line



While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI


Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt...&#039;
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The wealth of experiments revealed that there are clearly no sure-fire formulas for success.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Soviet influence&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. 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                <strong>The growth of an idea called development -Nilanjan Ghosh</strong></h1>
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                <div align="justify">-The Hindu Business Line</div><p align="justify"><br /><em>While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI</em></p><p align="justify">Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.</p><p align="justify"><em>Soviet influence</em></p><p align="justify">Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark's quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.</p><p align="justify">Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.</p><p align="justify">It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.</p><p align="justify">The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.</p><p align="justify">It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.</p><p align="justify">On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.</p><p align="justify"><em>Towards new measures</em></p><p align="justify">TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.</p><p align="justify">The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.</p><p align="justify">Amartya Sen termed HDI a &quot;vulgar measure&quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.</p><p align="justify">However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &quot;... interdependent and mutually reinforcing pillars&quot; of sustainable development as economic development, social development, and environmental protection.</p><p align="justify">The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.</p><p align="justify">Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?</p><p align="justify"><em>The writer is chief economist at Multi Commodity Exchange of India Ltd.</em></p>               </font>
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-The Hindu Business Line
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Soviet influence&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Towards new measures&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;
&lt;/p&gt;&#039;,
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-The Hindu Business Line



While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI


Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Soviet influence&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Towards new measures&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;&lt;/p&gt;&#039;,
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	&#039;title&#039; =&gt; &#039;The growth of an idea called development -Nilanjan Ghosh&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu Business Line
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;br /&gt;
&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Soviet influence&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;Towards new measures&lt;/em&gt;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;
&lt;/p&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Hindu Business Line, 20 August, 2014, http://www.thehindubusinessline.com/opinion/the-growth-of-an-idea-called-development/article6335541.ece?homepage=true&#039;,
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-The Hindu Business Line



While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI


Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;&lt;br /&gt;&lt;em&gt;While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Soviet influence&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark&#039;s quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;Towards new measures&lt;/em&gt;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Amartya Sen termed HDI a &amp;quot;vulgar measure&amp;quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &amp;quot;... interdependent and mutually reinforcing pillars&amp;quot; of sustainable development as economic development, social development, and environmental protection.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&lt;em&gt;The writer is chief economist at Multi Commodity Exchange of India Ltd.&lt;/em&gt;&lt;/p&gt;&#039;
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While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI


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                <strong>The growth of an idea called development -Nilanjan Ghosh</strong></h1>
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                <div align="justify">-The Hindu Business Line</div><p align="justify"><br /><em>While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI</em></p><p align="justify">Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.</p><p align="justify"><em>Soviet influence</em></p><p align="justify">Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark's quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.</p><p align="justify">Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.</p><p align="justify">It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.</p><p align="justify">The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.</p><p align="justify">It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.</p><p align="justify">On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.</p><p align="justify"><em>Towards new measures</em></p><p align="justify">TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.</p><p align="justify">The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.</p><p align="justify">Amartya Sen termed HDI a &quot;vulgar measure&quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.</p><p align="justify">However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &quot;... interdependent and mutually reinforcing pillars&quot; of sustainable development as economic development, social development, and environmental protection.</p><p align="justify">The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.</p><p align="justify">Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?</p><p align="justify"><em>The writer is chief economist at Multi Commodity Exchange of India Ltd.</em></p>               </font>
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-The Hindu Business Line
</div>
<p align="justify">
<br />
<em>While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI</em>
</p>
<p align="justify">
Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.
</p>
<p align="justify">
<em>Soviet influence</em>
</p>
<p align="justify">
Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark's quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.
</p>
<p align="justify">
Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.
</p>
<p align="justify">
It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.
</p>
<p align="justify">
The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.
</p>
<p align="justify">
It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.
</p>
<p align="justify">
On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.
</p>
<p align="justify">
<em>Towards new measures</em>
</p>
<p align="justify">
TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.
</p>
<p align="justify">
The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.
</p>
<p align="justify">
Amartya Sen termed HDI a &quot;vulgar measure&quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.
</p>
<p align="justify">
However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &quot;... interdependent and mutually reinforcing pillars&quot; of sustainable development as economic development, social development, and environmental protection.
</p>
<p align="justify">
The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.
</p>
<p align="justify">
Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?
</p>
<p align="justify">
<em>The writer is chief economist at Multi Commodity Exchange of India Ltd.</em>
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-The Hindu Business Line



While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI


Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt...',
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	'title' => 'The growth of an idea called development -Nilanjan Ghosh',
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-The Hindu Business Line
</div>
<p align="justify">
<br />
<em>While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI</em>
</p>
<p align="justify">
Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.
</p>
<p align="justify">
<em>Soviet influence</em>
</p>
<p align="justify">
Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark's quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.
</p>
<p align="justify">
Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.
</p>
<p align="justify">
It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.
</p>
<p align="justify">
The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.
</p>
<p align="justify">
It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.
</p>
<p align="justify">
On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.
</p>
<p align="justify">
<em>Towards new measures</em>
</p>
<p align="justify">
TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.
</p>
<p align="justify">
The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.
</p>
<p align="justify">
Amartya Sen termed HDI a &quot;vulgar measure&quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.
</p>
<p align="justify">
However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &quot;... interdependent and mutually reinforcing pillars&quot; of sustainable development as economic development, social development, and environmental protection.
</p>
<p align="justify">
The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.
</p>
<p align="justify">
Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?
</p>
<p align="justify">
<em>The writer is chief economist at Multi Commodity Exchange of India Ltd.</em>
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-The Hindu Business Line



While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI


Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt...'
$disp = '<div align="justify">-The Hindu Business Line</div><p align="justify"><br /><em>While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI</em></p><p align="justify">Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success.</p><p align="justify"><em>Soviet influence</em></p><p align="justify">Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark's quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system.</p><p align="justify">Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention.</p><p align="justify">It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes.</p><p align="justify">The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience.</p><p align="justify">It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised.</p><p align="justify">On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports.</p><p align="justify"><em>Towards new measures</em></p><p align="justify">TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First.</p><p align="justify">The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s.</p><p align="justify">Amartya Sen termed HDI a &quot;vulgar measure&quot;. Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission.</p><p align="justify">However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the &quot;... interdependent and mutually reinforcing pillars&quot; of sustainable development as economic development, social development, and environmental protection.</p><p align="justify">The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities.</p><p align="justify">Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development?</p><p align="justify"><em>The writer is chief economist at Multi Commodity Exchange of India Ltd.</em></p>'
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The growth of an idea called development -Nilanjan Ghosh

-The Hindu Business Line While the limitations of the concept of economic growth are acknowledged, we need a better index than HDI Despite claims that economic development as a branch of economic science emerged only in the 1950s, there is no doubt that the notion of development existed even in classical economic thought processes, emerging from the writings of Adam Smith and David Ricardo. The recognition of development economics as a discipline over the past 50 years earmarked changes in our understanding of development. The wealth of experiments revealed that there are clearly no sure-fire formulas for success. Soviet influence Yet, the primary focus of economic research remained confined to developed nations till the 1930s. It was Colin Clark's quantitative study in 1939 that made economists realise that most of humankind lived outside of the advanced capitalist economic system. Yet, the early concern was still post-war European reconstruction and the industrialisation of its eastern fringes. Decolonisation and the post-war formation of the United Nations and its attendant agencies such as the World Bank, the IMF, the ILO, and various regional commissions, provided an impetus to the shift in focus. Asia, Africa and Latin America drew some attention. It was thought that underdevelopment in some of the economies would be converted to development over time. There was a parallel movement of the Marxist thinking of development that influenced a few nations. Central European economists such aslike Michael Kalecki, Kurt Mandelbaum, Joseph Steindl and Paul Rosenstein-Rodan were more familiar with Marx than with Keynes. The success of the Soviet five-year plans played a significant role in their approaches. Newly formed economies like India also followed the planning processes, and their growth models were based on the Soviet experience. It was generally accepted that the state must play a central role in economic transformation because the private sector was either dominated by landed and commercial oligarchies with vested interest in the status quo or was simply too weak and disorganised. On the other hand, neoclassical development theorists started emphasising the important role that international trade played as a substitute for low domestic aggregate demand. Many economies have revealed considerable faith in this framework and have relied extensively on export-oriented growth. This has been the main characteristic of Southeast Asian economies and present-day China. Interestingly, export facilitation in many of the Southeast Asian economies resulted in pegged exchange rate regimes and free international mobility of capital. Although phenomenal economic growth has been achieved, yet there have often been problems of capital flight caused by the lowering of interest rates as currencies were devalued to promote exports. Towards new measures TW Schultz was the first to recognise the need for human capital formation as an important appendage to physical capital formation. This led to an emphasis on education and training as pre-requisites of growth and the identification of the problem of brain drain from the Third World to the First. The social positions of development became even more prominent with the adoption of Human Development Index (HDI) as a somewhat rough measure of development in the 1990s. Amartya Sen termed HDI a "vulgar measure". Over time, when environmental concerns entered into development, a more holistic definition of development emerged in the form of sustainable development. The concept came into general use following the publication of the 1987 report of the Brundtland Commission. However, there is a misconception that sustainable development is all about environment and ecology. The 2005 World Summit Outcome Document refers to the "... interdependent and mutually reinforcing pillars" of sustainable development as economic development, social development, and environmental protection. The Economic Commission for Africa defined the following indicators of development: food, health, ICT and transport, knowledge, macro-framework, infrastructure, institutions, sustainable environment, culture, diversification, growth, gender, employment and income, and household amenities. Growth can only be a necessary but not sufficient condition for promoting development. Can India pioneer the creation of a new index of development? The writer is chief economist at Multi Commodity Exchange of India Ltd.