The consumers are able to spend more, thus emerging to be major reason for consumer growth. The economic growth and development taking place in the developing nations has a major effect on the levels of satisfaction of the people in these economies. Inflation, unemployment, GAP ,FAD and prime lending rate on life satisfaction. The concept of human development Is much more than the rise in national income and extends to the creation of an environment where people can develop full potential and lead productive and creative lives according to their needs and Interest, the concept of HID emphasizes on development rather than only economic growth.
In all cases unemployment Is negatively associated with life satisfaction the most compared to inflation,GAP , FAD and prime lending rate. One might broadly state that the determinants for regional development may be and human capital. But a study finds that regional education is relatively more important than other factors. Regional education influences regional development through education of workers, education of entrepreneurs and as it directly influences quality of human capital.
Riveter returns to workers education is modest according to previous research but private return to entrepreneurial education and social returns to education through external spill over Is large. It was observed that there Is a positive relationship between supply of educated entrepreneurs for the creation and productivity of the firms. And thus the possibility of economies development through Ralston educational attainment. Perhaps one of the most important role in development is that of the government.
The quality and effectiveness of the government enhances the states capacity to achieve development objectives. Public authorities play an important role in setting the social political and economic environment, but the lack of governing capacity on the part of public officials is a serious constraint to achieve development and progress, therefore the relationship between good governance and development is crucial, the H D report 2012 has given a new perspective to governance by terming it as democratic governance, which is essential for better human development.
Democratic governance attempt at making the economic and social policies more responsive to people’s needs and aspiration, UNDO sees good governance as an essential part to achieve Its goal of sustainable human development, It Is spending one third of Its resources on castles related to good governance which Include creating sound overdoing institution, improving management, decentralization and enhancing the of good governance in ensuring micro economic stability and sustainable growth, it believes that economies can prosper by ensuring rule of law, improving the efficiency and accountability of the public sector and tackling corruption, long term development is impossible without effective government institutions. Therefore measures like local, citizens charter,Art 2005 etc are essential. Indian’s working age population, like in other south Asian countries, is on the rise and will continue to do so for another two decades. India can take advantage of this demographic dividend by creating an environment more conducive to Job creation. Jobs can serve as a cornerstone for development, contributing to growth , prosperity and social cohesion. The youth challenge alone is staggering. More than 620 million young people are neither working nor studying.
Just to keep employment rates constant, the world wide number of Jobs will have to increase by around 600 million in over 15 year period with rapid arbitration, more than half the population in developing countries is expected to be living in cities and towns before 2020. While countries like India and china have added very large numbers to its labor force in the last two decades. Rapid arbitration in countries like India could also change the composition of unemployment. Such structural change which in industrial countries took decades, now transforms lives in developing countries in a generation. Labor policies plays an important role in this regard. For example Sardinia became a manufacturing exporter despite having labor regulation very similar to these of India. China had ‘Hugo’ system, preventing rural workers from relocating to urban areas.
But it put cities to compete with each other, and resulting dynamism made he hokum system largely irrelevant. The main obstacle to Job creation tend to be out of the labor market, but there are countries and circumstances in which misguided labor policies can be a major constraint. At the time when capitalism is in crisis and there are major doubts about the stability efficiency and attractiveness of the Anglo American model of economic organization and development, Vietnam is a striking example. As it has made remarkable progress in a short period of time. With state led development. China is also an example in Asia, which is an influence on other countries. This development is through state owned enterprises.
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