Question

Development activity determines the economic condition of people, Justify this statement.​

Answer 1

Answer:

In the economic study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.

The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. "Modernization", "Westernization", and especially "industrialization" are other terms often used while discussing economic development. Historically, economic development policies focused on industrialization and infrastructure, but since the 1960s, it has increasingly focused on poverty reduction.[1]

Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development". Economists primarily focus on the growth aspect and the economy at large, whereas researchers of community economic development concern themselves with socioeconomic development as well.

Many institutions of higher education offer economic development as an area of study and research such as McGill University, London School of Economics, International Institute of Social Studies, Balsillie School of International Affairs, and the Norman Paterson School of International Affairs.

Answer 2

Answer:

• Economic and social development, in the economic study of the public sector, is the process through which a country, region, local community, or an individual's economic well-being and quality of life are enhanced in accordance with specific aims and objectives.
• Although the phrase has been widely used in the 20th and 21st centuries, the idea has been around in the West for far longer. The terms "Westernization," "industrialization," and "modernization" are also frequently used when referring to economic progress. Prior to the 1960s, economic development programmes tended to place more of an emphasis on infrastructure and industrialization than on reducing poverty.
• Economic growth is a phenomenon of market productivity and gains in GDP, whereas economic development is a governmental intervention intended to improve people's well-being. According to economist Amartya Sen, economic growth is merely "one component of the process of economic development." While scholars of community economic development are also concerned with social development, economists are generally focused on the growth element and the economy as a whole.
• Numerous colleges and universities, including McGill University, the London School of Economics, the International Institute of Social Studies, the Balsillie School of International Affairs, and the Norman Paterson School of International Affairs, provide courses and research in economic development.

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