By M.L. Jhingan
Now operating in its fortieth variation, this hugely acclaimed, well known and most sensible promoting textual content e-book in India and in a foreign country and having U.S. Congress Library Catalog No. 78-906121
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Extra info for The Economics of Development and Planning
There is also a tendency to measure economic development from the point of view of economic welfare. Economic development is regarded as a process whereby there is an increase in the consumption of goods and services of individuals. 10 This indicator is also not free from limitations. First, limitation arises with regard to the weights to be attached to the consumption of individuals. Consumption of goods and services depends on the tastes and preferences of individuals. It is, therefore, not correct to have the same weights in preparing the welfare index of individuals.
I) When we deduct capital depreciation from GNP, the resulting measure is GNP. Depreciation is a charge on profit which lowers national income. But the problem of estimating the current depreciated value of a piece of capital, whose expected life is, say, fifty years, is very difficult. The usual practice on the part of firms is to base their depreciation provisions on the original cost of their assets. , the time when the assets were bought) rather than the current cost of using them. Unlike inventories, a depreciation valuation adjustment is full of statistical difficulties, such as the age-composition of the whole capital stock, and changes in prices of capital goods every year since the assets were bought.
No part of this publication may be reproduced, copied or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or by any information, storage and retrieval system, without written permission from the publishers. ISBN 978-81-8281-385-4 (The Economics of Development and Planning – 40th Edition) Typeset by : Harsimran Graphics, Delhi Printed at : Nisha Enterprises, Delhi PREFACE TO THE 40th EDITION It is gratifying that this popular text book has been patronized by both teachers and students in India and abroad for more than four decades ever since it was first published in 1966.