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The term ‘economic development’ is related to economic growth, progression, and advancement. Some factors, like socio-cultural, political, legal, environmental, and technological, have a massive influence on the development of an economy. The adaptive social environment has a positive impact on growth. For instance, a society with contemporary beliefs doesn’t resist the adoption of modern ways of living. Read the article to learn the societal changes that have a major contribution to economic growth.
Literacy Rate
The economic growth of a country and the education level of its citizens are strongly interconnected. The literacy rate is generally a prerequisite of mass development. Education is required to meet employment opportunities and is related to monetary resources like wages and capital income of the country. Education ramps up the productivity and creativity of its nationals. It is a crucial factor in locking social progress and long-lasting economic growth. Education allows individuals to gain improved knowledge to enhance their problem-solving skills. It enhances the understanding capabilities among citizens about their economy and political situations so that they can support entrepreneurial, commercial, and societal advances in the country.
Technological Change in Society
Technological development is another important indicator of economic growth. It involves the employing of the latest production practices and scientific procedures to support the industrial and agricultural sectors of the country. Human resources use contemporary instruments and technical processes. Technology allows businesses to increase productivity when resources are scarce in the country. It is observed that countries working on technological advancements have secured a higher economic growth rate as compared to countries that lack in technology. Therefore, the right selection of technology is significant for the industries to achieve a low cost of production, high volume output, and workflow efficiency.
Social Status
The social status is defined as the cultural norms, societal values, and beliefs ascribed by the members of the society. Sociologists say that education, employment, wealth, and income have strong implications on the social status of individuals. People are accepted by society when they have secured a prestigious status. Likewise, the health and psychological pathways of individuals enable them to gain a high-status position in the economic hierarchy. An individual’s adverse health have been associated with lower social status and slow economic growth. It is said that the use of harmful and illicit drugs influence the economic position of the country. Healthy societies enable the economy to grow at a rapid pace. Hence, it is the responsibility of every citizen to help those individuals of the society who are dealing with a substance abuse problem. Contact Arc Addiction Recovery Centre, if your spouse, son, daughter, friend, or someone you love is dealing with the devastation caused by addiction. Help them picture a happy and healthy life so they can regain and secure a strong status in society. It will allow them to be a part of projects aimed at business development and economic progression. But more important to attain that dream of a successful, healthy life filled with strong loving relationships.
Social Diversity
Social diversity tends to outline factors that make people who they are. The societal members possess diverse characteristics, including race, cultural background, ethnic groups, gender, religion, and language. Social diversity causes economic policies to ensure uniform results for the overall growth of the country. Diversity plays a significant role in accomplishing the perceived and desired goals of the community. It leads to the superior social coherence and well-being of the economy. Businesses have claimed that positive social dynamics make certain of enormous achievement at the industrial level. For instance, diversity can be a great source to safeguard team prosperity at work. It provides a fresh start and promotes a wider range of task-related skills, capabilities, and knowledge. Similarly, theorists and economists have increasingly focused on understanding the factors that can cause economic growth. The studies confirm that socially diverse members contribute to different experiences, new ways of thinking, ground-breaking knowledge, and novel ideas that are significant for economic growth.
