Question

What is economic development?​

Answer 1

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Answer 2

HOMEPOLITICS, LAW & GOVERNMENTINTERNATIONAL RELATIONS

Economic development

WRITTEN BY

Anne O. Krueger See All Contributors

Professor of Economics, Stanford University, California. Author of Exchange Rate Determination.

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ARTICLE CONTENTS

Economic development, the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed.

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