INDICATORS OF GROWTH AND DEVELOPMENT — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsINDICATORS OF GROWTH AND DEVELOPMENT2 Marks
Question
State the limitations of Economic Growth.
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Answer
Limitations of the concept of economic growth:
Economic growth takes into consideration only the quantitative change.
In Economic growth, there is a rise in ‘national income’ and ‘per capita income’ only. Important aspects such as rise in institutional and psychological factors do not show any rise.
The concept of economic growth is narrow and reflects only the rise in the rate and extent of output.
The concept of economic growth is not of much use in understanding the welfare of the people.
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