Explain the latest concept of Economic Development.
Answers
Answer:
Economic development is the process by which emerging economies become advanced economies. In other words, the process by which countries with low living standards become nations with high living standards. Economic development also refers to the process by which the overall health, well-being, and academic level the general population improves.
During the development, there is a population shift from agriculture to industry, and then to services.
A longer average life expectancy, for example, is one of the results of economic development. Improved productivity, higher literacy rates, and better public education, are also consequences.
Put simply; economic development is all about improving living standards. ‘Improved living standards’ refers to higher levels of education and literacy, workers’ income, health, and lifespans.
The Cambridge Dictionary has the following definition of the term:
“The process in which an economy grows or changes and becomes more advanced, especially when both economic and social conditions are improved.”
Development economics is a field of economics that examines economic development.
Explanation: