In the post-colonial era of the 1950s, economic decision-makers adopted a growth-focused development strategy. Most developing countries implement the scheme, as they experience low incomes and poor levels of health and education. Know more:
IN the post-colonial era of the 1950s, economic decision-makers adopted a growth-focused development strategy. Most developing countries implement the scheme, as they experience low incomes and poor levels of health and education. The approach focuses on economic growth as the primary goal and industrialization as the key driver to achieve the goal. Economic growth refers to the growth rate of income per capita.
“Final goods and services” means that GDP only measures goods and services offered for sale, of which the purpose of buying is for final consumption. Many goods and services created in the economy are categorized as intermediate goods rather than finished goods. Products produced by one company and processed further by another are known as intermediate goods. Take, for example, buko pie, of which some ingredients are flour, condensed milk, buko, and eggs.
“Within a specific time frame” means that the monetary value of the finished goods and services recorded in the country’s GDP is of current or new production. GDP is time-bound; that is, the 2022 GDP of the Philippines records only the monetary value of finished goods and services manufactured in the nation in 2022.
From the standpoint of human development, income is a tool for attaining human-centered objectives rather than a goal in itself. With assistance from Amartya Sen and the prominent scholars of the basic-needs approach, such as Gustav Ranis, Meghnad Desai, Paul Streeten, and Frances Stewart, the late Mahbub ul Haq launched the human-centered development strategy in 1990 under the United Nations Development Programme . The capability approach by Sen is the theoretical basis.
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