DETERMINANTS OF ECONOMIC GROWTH

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 DETERMINANTS OF ECONOMIC GROWTH

We have said that economic development means  the transformation from low  income t’l high income  society. Let us see now the conditions which facilitate this   transformation and maintain a sustained and steady rate of growth. Tile process of   economic Developmental is a highly complex phenomenon and is  influenced by   numerous and varied factors such as political social and cultural factors. As such,   economic analysis can provide only a partial explanation of  this process. To repeat   ere the remark of Prof. Ragnarok Nurse in this connection. Economic development  has much to do with human endowments, social attitudes. political condition and   historical accidents. Capital is a necessary but not a sufficient  condition of progress. he supply of natural resources the growth of scientific and technological  knowledge all these too have a strong bearing on the process of economic growth. e shall briefly notice some of these factors one by one. From the standpoint  of  economic analysis the Host important factors determining the rate of economic  evcon

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DETERMINANTS OF ECONOMIC GROWTH