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
