how can we find economic development
Answers
Answer:
Economic development is the process by which the economic well-being and quality of life of a nation, region or local community are improved. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for centuries. "Modernization", "Westernization", and especially "industrialization" are other terms often used while discussing economic development.
Explanation:
Economic development is the process by which the economic wellbeing and quality of a nation ,regional, are local community are improved. The term has been used frequently in the 20th and 21st centuries ,but the concept has existed in the west for centuries. Modernization, westernization and especially Industrialization are the terms often used while discussing economical development.
Whereas economical development is a policy intervention endeavor aiming to improve the wellbeing of people ,economic growth is a phenomenon of a market productivity and rise in GDP. consequently as economist amartya Sen points out economic growth is one aspect of the process of economic development.