In a brief paragraph, explain why Liechtenstein’s per-capita GDP is so high. Cite your sources, explain why your sources are reputable, and summarize the strengths and weaknesses of each source.
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The substantial consumption of economic goods is possible only when there is substantial production of economic goods, and substantial production these days depends upon greater use of technologies. In a narrower sense, therefore, it may be said that economic development refers to “the extensive application of inanimate power and other technologies to the production and distribution of economic goods”.
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In this sense, economic development is practically equivalent to industrialisation. But to say that economic development is only industrialisation would not be correct because besides involving the use of power and technology in production, it also involves labour mobility, extensive educational system, and so on.
Jaffe and Stewart (1951), who described economic development as “rationalization of economic production”, have given a dichotomy of developed and underdeveloped countries on the basis of per capita income and factors like high literacy, high expectation of life at birth and low fertility, low proportion of labour force engaged in agriculture, and high production of kilowatts of electricity per capita.