Who among the following has given the concept of Human Development?
Mahbub-ul-Haq
The question asks to identify the person who is credited with giving the concept of Human Development. Human Development is a broad approach that focuses on enlarging people's choices. It is about creating an environment where people can develop their full potential and lead productive, creative lives in accord with their needs and interests.
Let's examine the contributions of the individuals listed:
Based on the understanding of the concept and the contributions of these economists, Mahbub-ul-Haq is the economist who gave the concept of Human Development.
| Concept | Key Figure(s) | Brief Description |
|---|---|---|
| Human Development Concept | Mahbub-ul-Haq | Enlarging people's choices and capabilities. |
| Capabilities Approach | Amartya Sen | Focuses on what people can do and be with the resources they have. Forms a philosophical basis for Human Development. |
| Human Development Index (HDI) | Mahbub-ul-Haq (with collaboration from Amartya Sen) | Composite index measuring health, education, and income. |
The concept of Human Development was a paradigm shift from focusing solely on economic growth (measured by GDP) to focusing on human well-being and capabilities. Mahbub-ul-Haq argued that the real wealth of a nation is its people.
The Human Development Index (HDI), introduced in the first Human Development Report in 1990 by the United Nations Development Programme (UNDP), was created as a tool to measure and compare levels of human development across countries. It provides a broader measure of progress than just economic indicators.
The three dimensions of HDI are:
Amartya Sen's work on capabilities provides the ethical and philosophical framework for the Human Development approach. Capabilities are the real opportunities people have to be or do different things, like being healthy, being educated, or being able to participate in community life.
Which of the following statement(s) are true with respect to the concept of ‘EFFICIENCY’ as used in mainstream economics?
1. Efficiency occurs when no possible organization of production can make anyone better off without making someone else worse off.
2. An economy is clearly inefficient if it is inside the Production Possibility Frontier (PPF).
3. At a minimum, an efficient economy is on its Production Possibility Frontier (PPF).
4. The terms such as ‘Pareto Efficiency’, ‘Pareto Optimality’ and ‘Allocative Efficiency’ are all essentially one and the same which denotes ‘efficiency in resource allocation’.
Which one of the following statements with regard to economic models is not correct?
'Sub-prime crisis' is a term associated with which one of the following events?
The situation where the equilibrium level of real GDP falls short of potential GDP is known as _________.
Which one of the following equals Personal Disposable Income ?
The working of the price mechanism in a free-market economy refers to which one of the following?
Indexation is a method whose use can be associated with which one of the following ?
Capital deepening refers to
Which one of the following statements is not correct ?
The increase in private investment spending induced by the increase in Government spending is known as
In the context of Indian economy, consider the following statements:
1) The growth rate of GDP has steadily increased in the last five years.
2) The growth rate in per capita income has steadily increased in the last five years.
Which of the statements given above is/are correct?
The national income of a country for a given period is equal to the
Which of the following Institutions estimate the national income of India?
During a recession when GDP falls, disposable income _______.