What is the concept of Social Development?

Meaning and of Social Development.

Social development in simple terms is process in which society develops. As society matures, the standard of living of people also increases. People start consuming more and more of products, new variety of products is also available. The weaker section also starts gaining empowerment. However, GDP is the main focus of economic maturity. A country can’t develop without growth in its GDP. But it is not a sufficient condition. For measurement of true social development more measures are required in addition to GDP.

Need for Alternative Indicators of Social Development.

The reason for alternative indicators of social development arises because GDP is limited in its use. The limitations of GDP are as follows:

  • GDP estimate are measured only on the basis of output of goods and services and ignores the quality of goods and services.
  • GDP estimates also do not consider the distribution of income among different sections of the society.
  • It also does not provide distribution of factor and non-factor inputs among varied end users.
  • GDP estimate also ignores the non-material costs incurred by society while production process is carried out.

Alternative Indicators of Social Development.

Thus, because of the above given limitations, economists and social scientists few alternative indicators have been evolved. Some of the alternative indicators are as follows:

  • Net Economic Welfare.
  • Physical quantity of life index.
  • Human development index.
  • Gender-related development index.
  • Gender empowerment measure.
  • Capability poverty measure.
  • Human poverty index etc.

Tags: Ba Economics

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