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NEW CONCEPT OF SOCIO-ECONOMIC GROWTH RATE

VISION FOR ALL

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NEW CONCEPT OF SOCIO-ECONOMIC GROWTH RATE

This concept can be a new branch of economics .This may be termed as socio-economics like micro economics and macro economics.In economics,we read only about the economic value of goods and services and all economic activities or effects like consumption,production,demand,supply,depression,inflation,poverty,job,HDI,corruption etc,etc.

Can we read the economic value of casteism,useless gosping, false case,supporting non-developmental or relatively non-developmental work etc? Whatever we measure,we measure on economic ground or caused due to economic progress. Even this is full of error like GDP says only about final goods and services produced but this is bitter true that there is no more role of poors and common people to produce goods and services.So calculating growth rate on ground of GDP is only the growth rate of middle class and especially rich people of the society. All govts and countries all round the world are cheating its people by going through GDP and framing its developmental work on the basis of GDP,GNP etc.Because GDP,GNP etc is only the growth rate of those people who take part in production of goods and services and many are deprived to be the part of this production.

This may give some reliefs if growth rate of an economy is observed not only on ground of GDP,but there is weightage of certain percentage of HDI(Human Development Index),Corruption rate etc,etc.For example-growth rate will be calculated by 50 % of GDP,30 % of HDI and 20 % of corruption rate etc ,etc in an economy.This time,in all economy of this world,GDP,HDI,corruption rate ,etc are observed separately not togetherly. If economic growth rate is calculated by these all things like GDP,HDI,corruption rate,the govt will be bound to frame its developmental scheme and project for poors and against corruption because growth rate will be very lower if govt will not work against corruption and for the poor and common people.This time,growth rate is slightly affected due to corruption,unemployment,poverty and all others like HDI because this is based on final production of goods and services and this is mostly furnished by the rich or middle class people of society.Even there is no more role of middle class in production of goods and services(commodities). So don’t be happy by seeing the growth rate of an economy or a state or a nation.

By the above explanation, I have tried to inform you that even all economic activities and effects of such activities are not observed as the scale of development because any govt wants to conserve capitalist mentality and only rich people of the society.Seeing growth rate on ground of GDP only is cheating from the innocent and poor people.

There is a hypothetical idea in my mind,which requires a vast revolution to change the view of
growth rate.This time, even we can’t be able to see growth rate on the basis of all economic activities or its effects like HDI,corruption etc.My view is to see growth rate on the basis of giving utility to all social views and works,individual views and works.This is a new concept and the real scale of measuring growth rate.

We give priority to a speech well delivered in the matter of globalization and we neglect a new research in the same matter.But only speech can’t play a role in development and research can play.We admire a personal achievement of a people,but we neglect those who work for others but personal achievement can’t play a role in development and working for others can play.We suppress true friendship between two individuals but we ourself do wrong by making others friend .There are a lot of mentalities which are anti-developmental like casteism,communalism,regionalism and overall corruption.

There should be a unit of development equal to 1 and all things must be compared to the unit of development.For example-a person working against corruption can be provided 0.9 unit out of 1,a person being good in study can be provided 0.50 unit and a person being a casteist can be provided unit in negative like -0.5 unit and a person being a corrupt can be provided -0.9 unit.Utility or unit will be from -1 to 1..So this can be said that the utility of casteism is -0.5 out of 1.This can help to understand what a person is playing its role in development and where they are.

Besides,providing unit for a person out of 1 in each field.The gross(Total) unit of a society,state,nation or world can be counted.This will require a proper machinery to initiate survey of all things like corruption,caste,communalism etc and its percentage and its utility out of 1(development).For example-India may have casteism utility – 0.5 out of 1.This may be applicable for HDI also.For example:-If a certain region or nation has sex ratio 990 out of 1000,utility of sex ratio may be 0.99 out of 1.

Even utility can be provided for the final production of goods and services also,which we say GDP.What role a produced good or service plays in the expected development and in which percent,this can be determined.Here,expected development is a vision which an economy will want to see when there will be no crisis and evils in an economy or negligible and expected development will be said as 1 unit to compare all things from this expected development.Similarly,what is the positive or negative role of casteism,corruption,individualism ,HDI in expected development,this will be observed and utility to corruption,casteism,HDI etc will be provided relatively to 1 unit of expected development.Expected development may be termed development expectancy.

Now,we will be able to calculate utility of all fields and then we will divide the total addition by total number of fields.Now this will give gross utility of all fields and now this will be said socio-economic growth rate.For example:-If there are total 10 fields in an economy or state or region and gross utility of these fields are 0.5,0.6,0.8,0.9,0.2,0.3,0.4,-0.6,-0.8,-0.9.Thus the addition will be divided by 10 and thus expected developmental utility or gross developmental utility will be 0.14 out of its 1 unit or utile.

The behaviour of total people will be calculated in gross level because if a people behaves castly,this will be surveyed and we will get percent of such people who behave such and we will be able to understand,at what extent this is playing positive or negative role in development and thus its utility will be provided.

The utility to the activity of a people separately in addition to gross utility of an economy will be provided or will be known automatically due to fixed units of a work or a thinking.This will motivate a people and society to realize how they are playing role in development and how they evaluate themself relative to expected development. This will be also a subject for study in class and society will try to see the utility of a people or any activity.So surely,society will be changed.An economy will have to work for all fields because in case of no working its growth rate will be less and thus no leader will get vote in such less growth rate because people will think that the country is very slow because people will not be misled and cheated by the present growth rate.

Our present economy is passimistic and negative because what we have done better in comparision to previous year or period, data is presented on this ground.This must be presented in form of what we will do better in comparision to present year or period and for this,the concept of expected development or development expectancy is inevitable.

1 should be the universal unit of development expectancy. A people or a nation will be compared according to universal unit.What the world expects development and what is our role in this expectancy will be the scale of utility of a people or nation.Providing utility to a nation or its people will be differ from other nations as per circumstances of the nation.So this will be provided on basis of the expected development and its expected participation in the development of the world as per its circumstances.Ultimately,we will be also able to know what is the utility of this world out of 1.In this way,we will try to not be only a nationalistic, but also a global citizen.

No any developed country will try to suppress its weaker because we all will have a global vision.Weaker country will try to improve its utility in the map of world and due to similar unit of seeing development all over the world and all grounds,not only on very few economic,but social and mental too,even a developed country will not be called developed if they don’t follow such all things and even a weaker country can go ahead more in these all area than developed country if they follow these all things.This will remove the mentality of developed country to see superior and empower underdeveloped and developing country to realize its power.

I have said about the universal method of measuring economic growth rate by taking unit 1 as the maximum expectation of development .Now the question comes,how percentage of caste rate,corruption rate,GDP growth rate and all others will be converted into 1.This is easy.If we expect GDP growth rate of 10 % in a certain economy under a certain time which the world expects for its expected participation for the world and this is 5 % then 10 % will be 1 and 5 % will be 0.5.Means,development expectancy is unit 1(10 %) and GDP rate is 0.5 unit(5 %) . There is corruption rate of 50 % in an economy under a specific time in all schemes and works and this is resulted in 80 % of degradation against its expected participation for the world ,utility will be -0.8 not -0.5 because there are many side effects of corruption also which resulted in degradation in many aspects in the society or in an economy which can’t take part for the expected participation for the world, so corruption rate of 50 % created degradation of 80 %. against the expected participation for the world.If due to 50 % corruption in an economy,there is degradation of 90 % against the expected participation for the world as per its circumstances,the utility will be -0.9.So this differs from an economy to another as per its circumstances.If useless gosping of 2 hours a day effects development negatively 5 % in an economy as per its expected participation for the world,the utility will be -0.05 . Where there can’t be percentage like sex ratio of 900 out of 1000.Here,utility can be extratcted easily and this is 0.9.Ultimately utility of such all fields including environment will be added and average utility will be extracted.This is overall utility or socio-economic growth rate,which i have said.

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