Economics, Finance and Banking

Economic development

The term was widely used in the 20th and 21st centuries, but the concept has been around for a very long time in the West. Although economic development is a policy intervention aimed at improving human well-being, economic growth is a condition of market productivity and GDP growth; one aspect of the process of economic development. Economists are largely focused on growth and the economy as a whole, while socio-economic development researchers are also concerned with socio-economic development. The precise definition of economic development has been debated: while 20th-century economists focused on development primarily in terms of economic growth, sociologists instead emphasized broader processes of change and modernity. Related to quality of life development. Economic development is broad concept and has standards of quality. Economic development means economic growth and continuous transformation in certain key areas that determine human well-being, e.g. health, education.

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