PPT: Growth, Development and Happiness | Indian Economy for UPSC CSE PDF Download

 Page 1


Ramesh Singh PPT: 
Growth, Development & 
Happiness
Page 2


Ramesh Singh PPT: 
Growth, Development & 
Happiness
Introduction to Economic 
Concepts
1
Post-war Era
Significant emphasis on the 'economic man', leading to 
substantial wealth creation.
2
1980s
Social scientists challenged the notion of the 'rational man' 
and prompted reflections on humanity's existence on 
Earth.
3
Climate Change Era
The world grappled with the complex issue of climate 
change.
4
Present Day
Access to resources like the World Happiness Report, 
thanks to the United Nations Organization (UNO).
Historically, economists, akin to seers and philosophers, have contributed 
to humanity's pursuit of a brighter future.
Page 3


Ramesh Singh PPT: 
Growth, Development & 
Happiness
Introduction to Economic 
Concepts
1
Post-war Era
Significant emphasis on the 'economic man', leading to 
substantial wealth creation.
2
1980s
Social scientists challenged the notion of the 'rational man' 
and prompted reflections on humanity's existence on 
Earth.
3
Climate Change Era
The world grappled with the complex issue of climate 
change.
4
Present Day
Access to resources like the World Happiness Report, 
thanks to the United Nations Organization (UNO).
Historically, economists, akin to seers and philosophers, have contributed 
to humanity's pursuit of a brighter future.
Behavioral Economics and Development 
Policies
1
Community-Led Total 
Sanitation (CLTS)
Open defecation in selected 
villages dropped by 11% when 
combining CLTS with traditional 
approaches of subsidies and 
information.
2
Microfinance 
Repayment
Changing meeting frequency 
from monthly to weekly resulted 
in a threefold reduction in loan 
default likelihood.
3
Caste and Performance
Boys from backward classes 
underperformed by 23% when 
caste was disclosed, highlighting 
the impact of stereotypes on 
measured ability differences.
The World Bank's World Development Report 2015 emphasizes the importance of considering behavioral factors in policy 
decisions. These insights can significantly improve societal well-being, particularly in areas like healthcare and education in 
India.
Page 4


Ramesh Singh PPT: 
Growth, Development & 
Happiness
Introduction to Economic 
Concepts
1
Post-war Era
Significant emphasis on the 'economic man', leading to 
substantial wealth creation.
2
1980s
Social scientists challenged the notion of the 'rational man' 
and prompted reflections on humanity's existence on 
Earth.
3
Climate Change Era
The world grappled with the complex issue of climate 
change.
4
Present Day
Access to resources like the World Happiness Report, 
thanks to the United Nations Organization (UNO).
Historically, economists, akin to seers and philosophers, have contributed 
to humanity's pursuit of a brighter future.
Behavioral Economics and Development 
Policies
1
Community-Led Total 
Sanitation (CLTS)
Open defecation in selected 
villages dropped by 11% when 
combining CLTS with traditional 
approaches of subsidies and 
information.
2
Microfinance 
Repayment
Changing meeting frequency 
from monthly to weekly resulted 
in a threefold reduction in loan 
default likelihood.
3
Caste and Performance
Boys from backward classes 
underperformed by 23% when 
caste was disclosed, highlighting 
the impact of stereotypes on 
measured ability differences.
The World Bank's World Development Report 2015 emphasizes the importance of considering behavioral factors in policy 
decisions. These insights can significantly improve societal well-being, particularly in areas like healthcare and education in 
India.
Economic Growth and Development
Economic Growth
Economic growth refers to an increase in the production of 
goods and services in an economy over time, typically 
measured by GDP growth.
Economic Development
Economic development is the growth of the standard of 
living of a nation's people from a low-income (poor) 
economy to a high-income (rich) economy. When the local 
quality of life is improved, there is more economic 
development.
Measuring Development
Measuring development faces two key challenges:
1
Defining Development
Factors like income, healthcare, education, social 
security, environment etc. make it hard to reach 
consensus on what constitutes development.
2
Quantifying Development
Development has both quantitative and qualitative 
aspects, making it difficult to measure on a single 
scale.
Page 5


Ramesh Singh PPT: 
Growth, Development & 
Happiness
Introduction to Economic 
Concepts
1
Post-war Era
Significant emphasis on the 'economic man', leading to 
substantial wealth creation.
2
1980s
Social scientists challenged the notion of the 'rational man' 
and prompted reflections on humanity's existence on 
Earth.
3
Climate Change Era
The world grappled with the complex issue of climate 
change.
4
Present Day
Access to resources like the World Happiness Report, 
thanks to the United Nations Organization (UNO).
Historically, economists, akin to seers and philosophers, have contributed 
to humanity's pursuit of a brighter future.
Behavioral Economics and Development 
Policies
1
Community-Led Total 
Sanitation (CLTS)
Open defecation in selected 
villages dropped by 11% when 
combining CLTS with traditional 
approaches of subsidies and 
information.
2
Microfinance 
Repayment
Changing meeting frequency 
from monthly to weekly resulted 
in a threefold reduction in loan 
default likelihood.
3
Caste and Performance
Boys from backward classes 
underperformed by 23% when 
caste was disclosed, highlighting 
the impact of stereotypes on 
measured ability differences.
The World Bank's World Development Report 2015 emphasizes the importance of considering behavioral factors in policy 
decisions. These insights can significantly improve societal well-being, particularly in areas like healthcare and education in 
India.
Economic Growth and Development
Economic Growth
Economic growth refers to an increase in the production of 
goods and services in an economy over time, typically 
measured by GDP growth.
Economic Development
Economic development is the growth of the standard of 
living of a nation's people from a low-income (poor) 
economy to a high-income (rich) economy. When the local 
quality of life is improved, there is more economic 
development.
Measuring Development
Measuring development faces two key challenges:
1
Defining Development
Factors like income, healthcare, education, social 
security, environment etc. make it hard to reach 
consensus on what constitutes development.
2
Quantifying Development
Development has both quantitative and qualitative 
aspects, making it difficult to measure on a single 
scale.
Social Norms, Culture, and Economic 
Development
1
2
3
4
Economic development is influenced not only by fiscal policies but also by human psychology, culture, and norms. 
The growing literature highlights how certain social norms and cultural practices are vital for economic efficiency 
and growth.
Honesty and 
Trustworthiness
Societies known for these 
qualities perform better, 
attracting business without third-
party enforcement.
Behavioral Economics 
Insights
Cleaner environments lead to 
increased honesty and reduced 
corruption.
Broken Windows Theory
Controlling low-level, anti-social 
behavior deters larger criminal 
behavior.
Prosocial Behavior
Altruism and trustworthiness are 
innate and essential for efficient 
economies.