India, China and Us Study of Recent Trends in Economic Growth
India China & US – A
Comparative study of the
Recent Trends in their
Economic Growth.
1. CAPT. Dr. M. Venkataramanan
Associate Professor
Department of Economics
D G Vaishnav College
Chennai
2. Mrs. S.V.Nandini
Lecturer
Department of Economics
D G Vaishnav College
Chennai
India, China & US – A Comparative Study of the Recent Trends in their Economic Growth.
In the words of Swami Vivekananda “There runs an economic struggle through every religious struggle. The animal called man has some religious influence but he is guided by economy. You may preach a religion that may not be perfect in every detail but if there is an economic background and you have the most ardent champions to preach it you can convince a whole country”. These words do portray the importance of an economy and its growth to the common man. The economics of growth and development have attracted the attention of economists since the time of Adam Smith. Economic growth in terms of GDP estimates is regarded as an indicator or benchmark of the level of development of any Country.
Cross country comparisons of economic size and standards of living of the average citizen rely on GDP estimates or per capita income. Certain economists have tried to measure development in terms of social indicators. Morris.D.Morris constructed a composite Physical Quality of Life index in 1979 combining three indicators namely infant mortality, life expectancy at age one and basic literacy at age fifteen. Since 1990 the UNDP has been presenting the measurement of development in terms of Human Development Index constructed in terms of three indicators namely life expectancy, adult literacy and years of schooling. However the growth rate of the economy still continues to be measured in terms of GDP estimates.
In this era of globalization the GNP of a country is significantly affected by economic upswings and downturns in other economies. The global financial crisis which was triggered by
Comparative study of the
Recent Trends in their
Economic Growth.
1. CAPT. Dr. M. Venkataramanan
Associate Professor
Department of Economics
D G Vaishnav College
Chennai
2. Mrs. S.V.Nandini
Lecturer
Department of Economics
D G Vaishnav College
Chennai
India, China & US – A Comparative Study of the Recent Trends in their Economic Growth.
In the words of Swami Vivekananda “There runs an economic struggle through every religious struggle. The animal called man has some religious influence but he is guided by economy. You may preach a religion that may not be perfect in every detail but if there is an economic background and you have the most ardent champions to preach it you can convince a whole country”. These words do portray the importance of an economy and its growth to the common man. The economics of growth and development have attracted the attention of economists since the time of Adam Smith. Economic growth in terms of GDP estimates is regarded as an indicator or benchmark of the level of development of any Country.
Cross country comparisons of economic size and standards of living of the average citizen rely on GDP estimates or per capita income. Certain economists have tried to measure development in terms of social indicators. Morris.D.Morris constructed a composite Physical Quality of Life index in 1979 combining three indicators namely infant mortality, life expectancy at age one and basic literacy at age fifteen. Since 1990 the UNDP has been presenting the measurement of development in terms of Human Development Index constructed in terms of three indicators namely life expectancy, adult literacy and years of schooling. However the growth rate of the economy still continues to be measured in terms of GDP estimates.
In this era of globalization the GNP of a country is significantly affected by economic upswings and downturns in other economies. The global financial crisis which was triggered by
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