In other words, the process by which countries with low living standards become nations with high living standards. Economic development is the expansion of capacities that contribute to the advancement of society through the realization of individual, firm and community potential. Singer and ansari 1977 define development in terms of decrease of. Iedc defines the term as a program, group of policies, or activity that. Economic development is the increase in the standard of living in a nations population with sustained growth from a simple, lowincome econom y to a modern, high.
Economic development is the process by which emerging economies become advanced economies. Such a definition of the term investments was accepted and implemented in practice our applied economic analysis and planning until 1957. Pdf introduction to economic development researchgate. Economic development increases a regional economys capacity to create wealth for local residents. This paper starts by defining economic development and then considers the role of government, arguing that public policy should focus on building capacities that. The precise definition of economic development has been contested. These are most commonly described as the creation of jobs and wealth, and the improvement of quality of life. In economic theory, under the concept of economic growth implies an annual increase of material production expressed in value, the rate of growth of gdp or national income. Economic development is the primary objective of the majority of the worlds nations. The concept of economic growth and development economic growth include changes in material production and during a relative short period of time, usually one year. Not only is economic development a popular topic of discussion, it is also an activity. During the development, there is a population shift from agriculture to industry, and then to services. Economic development reference guide what is economic development.
Economic development is simultaneously a concept, an activity and a professional practice. In the broadest sense, economic development encompasses three major areas. In the economic study of the public sector, economic and social development is the process by. Economic development also refers to the process by which the overall health, wellbeing, and academic level the general population improves. Economic development can also be described as a process that influences growth and restructuring of an economy to enhance the economic well being of a community. When growth economic development influences a society by the increase of wealth, we are speaking about sustainable social development.
1501 325 605 696 227 1412 1550 33 1410 870 1042 196 1307 249 1238 1387 200 46 988 1444 384 1069 1044 1225 714 249 619 78 339 613