Development

• Development is an emergent property of the economic and social system.
• Development is simply defined as ”good change”. Good change lies on a continuum and development is a process not a definite goal post.
• Development is not the sum of well-being of people in the economy. Development is not enrichment of of upper classes or GDP growth or growth rate or lesser inflation or combination of above but is the enhancement of living standards of lower classes on sustainable basis. 
• Early theories and strategies of development were more focused on achieving economic growth as compared to latter theories and strategies that emphasize social, political, ecological and other dimensions of development.
• Traditional welfare economics had focused on incomes as the main measure of well-being but poverty involved a wider range of deprivations in health, education and living standards which were not captured by income alone. 
• The challenge of development is to improve the quality of life, higher incomes, better education, higher standards of health and nutrition, less poverty, a cleaner environment, more equality of opportunity, greater individual freedom, and a richer culture life.
• The purpose of development is to create an environment in which all people can expand their capabilities and opportunities that can be enlarged for both present and future generations. The essentials to the enlargement are healthy life, education, and decent standard of living.
• Development is more than improvements in people’s well-being. It also describes the capacity of the system to provide the circumstances for that continued well-being. 
• Poor countries suffered from orientation to the past, strong kin relationships, superstition, and fatalism.
• Developed countries managed to move through industrial revolutions, research and exploitation of technology that resulted in an increase in the productive capacities of their societies and creating the conditions of modernity. 
• Developed countries was characterized by innovation, motivation, entrepreneurship, weaker kin relationships and not enslaved by tradition. 
• But economic growth need not necessarily require the displacement or abandonment of the traditional patterns of living and norms.
• Development is a system-wide manifestation of the way that people, firms, technologies and institutions interact with each other within the economic, social and political system. 
• Development is a characteristic of the system and sustained improvements in individual well-being.
• Development is defined as the process of economic and social transformation that is based on complex cultural and environmental factors and their interactions.
• Development must be judged by its impact on people, not only by changes in their income but more generally in terms of their choices, capabilities and freedoms; and we should be concerned about the distribution of these improvements, not just the simple average for a society.
• Development carries a connotation of lasting change. Development is not only the improvements in the well-being of citizens but also the capacity of economic, political and social systems to provide the circumstances for that well-being on a sustainable, long-term basis.

My View:

The present model of reforms & development in India during the past 25 years have resulted in expansion of government's revenues and spending thus offering stability of economy. Per-capita income grew a lot, the pertinent truth is that rich became ultra richer and poor remained poorer. Aberrations are increased corruption, tax evasion, black money, destruction of ecological assets and erosion of value systems. Reckless borrowing had reduced our nation's ratings to near junk status. Unbridled corruption had almost destroyed our banking system. Attempting to develop with export orientation or rapid industrialization without enhancing purchasing power of large number of poor people would be futile. China's economic growth is mainly due to its exploitation of labour for prolonged periods, destruction of ecology and patronizing by western countries which may not suit India with its democratic values and labour rights. Neglecting our agrarian economy will be short sighted approach. Even after 25 years of reforms, agriculture sector still not liberated with MSP dictating the produce pricing. Dilution of labour rights will only enable ruthless capitalists exploiting them. What we need is a development model suitable for country's all round development steadily & surely, especially focusing on lower classes advancement.