what is Ecnomic development
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Economic development, as a public sector term, is the process by which the economic well-being and quality of life of a nation, region or local community 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 centuries. "Modernization", "Westernization", and especially "industrialization" are other terms often used while discussing economic development.
Whereas economic development is a policy intervention endeavor aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Consequently, as economist Amartya Sen points out, "economic growth is one aspect of the process of economic development". But what do practitioners say about this term? Economists study the broader economy or the commercial economy, they do not study the practice of economic development as carried out by practitioners such as those in the Community Economic Development field, who focus on socio-economic development as we
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