Concept and meaning of infrastructure, Microeconomics

CONCEPT AND MEANING OF INFRASTRUCTURE:

Infrastructure sectors are the backbone of a national economy. It has been commonly opined that infrastructure development is closely related to economic growth and poverty reduction. Therefore, development plans of all countries, particularly those of the less-developed countries, are aimed at the development of infrastructure sectors through sector specific policies, which, in turn, generate sustained economic growth. The word "infrastructure" is defined in dictionary as "the underlying foundation or basic framework" (See Webster's Ninth Collegiate Dictionary, 1985, p. 621). By this definition, infrastructure is the basis for development. In other words, infrastructure is taken as the foundation on which the factors of production interact in order to produce output. Infrastructure, in the general sense, is taken to refer to large-scale public systems, services, and facilities that are necessary for economic activity. Broadly, infrastructure includes all public services from law and order through education and public health to transportation, communications, power and water supply, as well as irrigation and drainage systems. Infrastructure can be classified as  'economic infrastructure' and 'social infrastructure'. Economic infrastructure comprises of sectors that have capital investments on hardware as a significant component. On the other hand, social infrastructure sectors like health, education etc. have less significant capital investments. Transport sector (Roads, Railways, Airports, Seaports), Energy facilities (Power, POL infrastructure, terminals, pipelines), Communication facilities (Telecom, Posts), and Banks are the important constituents of economic infrastructure.  

Posted Date: 11/10/2012 7:27:42 AM | Location : United States







Related Discussions:- Concept and meaning of infrastructure, Assignment Help, Ask Question on Concept and meaning of infrastructure, Get Answer, Expert's Help, Concept and meaning of infrastructure Discussions

Write discussion on Concept and meaning of infrastructure
Your posts are moderated
Related Questions
What is the purpose of the IMF and why might the IMF be called the “lender of last resort”? Discuss how three of the tools they use for establishing economic stability in a country

In the case of a tax abolition on food staples, what are the short run and long run effects?

leat cost factor combination

there are 1 million hours of labor available for making cars in the north, and another 1 million hours of labor available for making cars in the south. in a no-trade world, let''s

Q. What do you meant by Payroll Tax? Payroll Tax:A tax which is levied on current employment or payrolls (collected either as a fixed amount per employee or as a percentage of

Ask questA rmuses 4 inputs to produce 1 output. The production function is f (x 1 ; x 2 ; x 3 ; x 4) =minfx 1 ; x 2 g + minfx 3 ; x 4 g.ion #Minimum 100 words accepted#

Relation between TP and MP: Graphically, given the total product curve, MP is the slope of the tangent at any point on the TP curve. This is shown in Figure.  See that

International trade: International trade refers to the exchange of goods and services between countries. Goods sold to other countries are referred to as exports and goods bou

Returns to Scale Measuring relationship between scale (size) of a firm and output 1. Increasing returns to scale: output more than doubles when all the inputs are doubled

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4