Question

‘To measure the extent of development in an economy, liberty indicators should be considered along with other socio-economic parameters.’ Do you agree with the given statement? Give valid reasons in support of your answer.

Options

• Agree 

• Disagree 

Answer 1

I agree with the given statement.

Explanation:

1. Yes. Measurement of the development level in an economy is a comprehensive approach where liberty indicators should be considered along with other socio-economic parameters.
2. Liberty indicators measure the extent of democratic participation in social and political decision-making. These indicators are significant as they reflect the degree of civil liberties, political rights and economic freedom within a society.
3. With the incorporation of liberty indicators, policymakers can gain a more holistic understanding of an economy's development status.