Page:Indian Journal of Economics Volume 2.djvu/11

 ART OF EOONOMIO DEVELOPMENT promote agricultur instruction and credit facilities, in the districts it serves. Yet these correlative works and measures, if undertaken simultaneously with the building of s projected railway, would often change it from s b speculation to s certainly profitable investment. But the same is true of the roads, the irrigation canal, and the agricultural inst:'ructionesch one is com- paratively ineffective without the services of the other. In simple terms when sll these messares are considered together: 2+2+2+2 does not make 8, but 18 or 20. It will be observed, therefore, that 'by s proper co-ordination' of different measures for developing s tract of country, not onlT may the risk of. undue delay in earning interest be eliminated, but schemes may thus become profitable which could not be so otherwise until the slow changes of is generation or two should have increased the numbers or standard of living of the population. By means of s co-ordinated program, however, the development of s country may proceed far more rapidly and safely than by the present haphazard way of independent undertakings. The economic' development of any tract of country is, therefore, properly speaking problem of applied economics. prepare a program, i.e., to decide on the of construction of the railways, roads, csnis, and their mutual each may be of stage is to call in in the first place a The first stage is to proper order various works needed, such. as drains, markets, schools, etc., relations to one another so that the greatest utility. The second the engineers and determine the cost of the various proposed works, the rate of re- turn which they promise, and the time which would be needed for their completion. The third stage is the work of the financier to provide the ways and means. He has to ivestigste what funds may be available, and to what extent borrowing can be resorted to. He .ff '