Question

Explain the definition of economic development?

Answer 1

Economic development refers to the progress of an economy in terms of it's GDP ratio, Current account, trade, employment, inflation etc.

The economic development is measured through the adoption of new technologies, enhancement of infrastructure, employment generation to cater to the unemployment, expansion of firms and more importantly transition from an agricultural based economy to a developed modern industrial based economy.

Economic development can also be measured through the improvement in living standards of the people.

Answer 2

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Economic development is a continuous process.

During the economic development, real national income and per capita income increase.

Economic development is important in developing countries.

Dimensional changes in economic growth are considered only,But the economic development is considered to be a quantitative and qualitative change.

There are three definitions of economic development which are as follows.


Michael todaro:
Economic development is a multidimensional process.


G.M. mayer:
Economic development is a process under which the poverty line does not increase in the following population, depending on the conditions that revenue distribution does not impose more inequality, the country's per capita income increases for long periods of time.



meklap:
If the population is stable or growing, but there is a process that is changing the way of production and production methods, due to which there is a steady increase in per capita income and people's standard of living is rising, the country is developing economically.



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