Essay on GNP Per Capita and Economic Welfare
GNP per capita has been treated as an indicator of economic development and social welfare. For quite some time, a high GNP per capita has implied a high level of social welfare and economic development particularly in respect of some advanced countries.No wonder developing nations like India have begun to show signs of impatience about their chronically low growth rate of GNP. The obsession of realizing a higher growth of GNP is so high that a number of developing countries have prepared themselves to give up the very social objectives to fulfil which a high growth of GNP, they believe, is essential.Creation of employment opportunities, for instance, is a social objective of such economies. It is to achieve such objectives only that a high GNP growth has been and also…