INTRODUCTION

Almost every one of us considers economic growth as good in one way or the other. All the nations consider economic growth as good for them. For a nation, economic growth would provide all the citizens with better quality of material life may be in terms of good dress or luxurious homes or better education etc. It also means that there would be more MacDonald and KFCs for people. For everyone either rich or poor there will be more quantities of more things. Hence, economic growth is seen as enhancing high living standard though this living standard may be material based. The value we place on economic growth is reflected in our values, attitude and lifestyle. Our newspapers and news channels play a great role in promoting economic growth and consequently, present economic growth as good to the people. There are many newspapers which exclusively catalogue articles on economic growth. Just google the phrase 'economic growth' there would pop up thousands of references of articles. Though at times "the rate of growth for this region or that region was considered too high, the propriety of growth itself was never questioned" 1 because all of us consider economic growth as good for our development. But one question we need to answer is, "does a perpetual increase in a country's consumption of goods and services really mean that its citizens are smarter"2 and better off? This question will be answered and elaborately discussed in later chapters of the thesis,