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achieve advanced economies affluent society agricultural Allyn Young backward economy balanced growth basis betterment levy capital formation capital-output ratio capitalist economy commodities concept consumers consumption context cost create crores developing economy distribution economic development economic growth economic planning employment entrepreneurs factors of production fiscal measures Five Year Plan Gandhian economic growth of population hence important increase India industries Keynes Keynesian labour-intensive laissez faire low level means of production ment mixed economy mobilise monetary national income nationalisation Nurkse organised output planned economy POINTS TO REMEMBER possible private enterprise private sector problem productive capacity profit public sector public utilities rate of growth rate of savings rates of interest road to serfdom role savings and investment scarcity of capital schemes second plan SELECT READINGS social socialist supply taxation techniques of production third plan tion traditional demand theory under-developed countries under-developed economy welfare