DHARMASHASTRA NATIONAL LAW

UNIVERSITY,
Jabalpur (M.P.) 482001

Academic Session (2023-2024)

Economics – III

“The Relation Between Economy and Human Development”

Submitted by: Submitted to:

Vivek Vibhushan Kol Ms. Isha Wadhwa

BALLB/108/21 Assistant Professor

Semester - V Economics

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 ACKNOWLEDGEMENTS

Projects are a very important part of a student’s life in law school. Projects help us
explore the topics and on the topics that we don’t generally get to work on in our normal
study process. Therefore, I am very thankful to my economics lecturer Ms. Isha Wadhwa
Mam, for giving me the topic of “The Relation Between Economy and Human
Development”. By this topic, I was able not only to explore the economic topic but also
the need in Everyday life along with it.

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CONTENTS
Acknowledgment.......................................................................................................................2

Introduction………….…………………………………………………………………...……4

Research Questions……………………………………………………………………............5
Research Objectives…………………………...………………………….…………………...5
Research Hypothesis..................................................................................................................6
Research Methodology...............................................................................................................6

References……………………………………………………………………………………..7

Factors in economic growth...................................................................................................8-9

Human development............................................................................................................10-
11
Human Development Index.................................................................................................12-
13
Links between economic growth.........................................................................................14-
15
Conclusion..........................................................................................................................16-17
Bibliography.............................................................................................................................18

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 INTRODUCTION

The relationship between economy and human development is intricate and multifaceted.
Economy refers to the system of production, distribution, and consumption of goods and
services in a society, while human development encompasses the overall improvement in
the well-being and capabilities of individuals.
This connection can be understood through the lens of various key aspects:

1. Income and Poverty: A robust economy can generate higher income levels, which
in turn can enhance people's access to basic necessities such as food, healthcare,
education, and housing. Economic growth is often associated with a reduction in
poverty rates and an improvement in living standards.

2. Employment Opportunities: A thriving economy generally offers more job

opportunities, leading to reduced unemployment rates and increased labor force
participation. Access to gainful employment allows individuals to secure their
livelihoods and contribute to overall economic productivity.

3. Education: A strong economy often leads to increased investment in education.

Higher economic resources can translate to improved access to quality education and
better educational infrastructure. Education equips individuals with skills and
knowledge, enabling them to participate more effectively in economic activities.

4. Healthcare: Economic development can result in improved healthcare systems and

access to medical services. This leads to better health outcomes, increased life
expectancy, and a higher quality of life for the population.

5. Infrastructure Development: Economic growth typically necessitates investment

in infrastructure such as transportation, communication, and energy systems. These
developments enhance connectivity, facilitate trade, and contribute to overall societal
progress.

In essence, the connection between economy and human development highlights the
interplay between material progress and the enhancement of individual well-being. While
economic growth can provide the resources necessary for human development, it must be
accompanied by deliberate policies and strategies that ensure equitable distribution, social
inclusion, and sustainable practices to truly uplift the human condition.

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 RESEARCH QUESTIONS

1. How do different economic models and strategies influence the trajectory of human
development in various countries or regions?
 This question will help us to provide a better understanding of economic models
that influence human development in various countries.
2. How does income inequality mediate the link between economic growth and human
development outcomes?
 This question will provide more information about income inequality that
establishes the link between the economy and human development.
3. How do technological advancements impact the relationship between economic
progress and human development?
 Through this question we understand the role of technologies.
4. To what extent do governmental policies influence the relationship between the
economy and human development?
 This question helps to understand the government policies that create a link
between the economy and human development.

RESEARCH OBJECTIVES

1. To Examine the Correlation Between Economic Indicators and Human Development.

 Investigate the relationship between traditional economic indicators (GDP, GNI,
etc.) and alternative measures of human development (Human Development Index,
Quality of Life Index, etc.)
2. To Analyze the Role of Economic Inequality and Human Development.
 Examine the impact of economic inequality on various dimensions of human
development, including education, healthcare, access to basic services, and social
mobility
3. To Explore the impact of education and skill Development.
 Explore how investments in education, skill development, and lifelong learning
contribute to economic productivity and overall human development.

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 RESEARCH HYPOTHESIS

Hypothesis 1: “Economic Growth and Human Development”

This hypothesis said that sustained economic growth positively influences human
development indicators, such as education, healthcare, and living standards.

Hypothesis 2: “The link between inequality and Human Development”

This hypothesis suggests that the level of economic inequality within a society has a
significant impact on human development outcomes.

Hypothesis 3: “The meaning of quality of economic growth with the Human Development”
This hypothesis tells the quality of economic growth, including its sustainability and
inclusivity, is a more important determinant of human development than just economic
growth itself.

RESEARCH METHODOLOGY

1. Research Design: This research will be primarily descriptive and analytical in nature, aiming
to assess the relationship between economy and Human Development
2. Timeframe: The study will cover a specific period (e.g., last 20-30 years) to analyze trends
and changes over time.
3. Secondary Data: Collect relevant data from government reports, economic journals, legal
documents, and other published sources.
4. Data Analysis: Quantitative Analysis: Use statistical tools like regression analysis to assess
relations between Economy and Human Development.
5. Method: This research is based on Doctrinal Research. The researcher has used a secondary
source of data for the study from the Internet as data from published articles.

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 REFERENCES

To study the relationship between the Economy and Human Development, you can gather
data from various sources, including:

1. Government Reports and Publications:

 Reports from the Ministry of Finance, Ministry of Commerce and Industry, and
other
 Relevant government departments that detail economic policies, budget allocations,
and government involvement in economic activities.

2. Economic Surveys:

 The Economic Survey of India, published annually by the government, provides

valuable insights into the state of the Indian economy, including trends,
challenges, and government interventions.

3. Academic Journals and Research Papers:

 Academic research papers and articles in economics, law, and political science
journals can provide in-depth analyses and empirical studies on the subject.

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