Concepts of economic development
Economic development has been defined as the sustained, combined actions of the social order and legislators that advance the standard of living and economic health of a particular area.
Economic development can also be said to as the measurable and qualitative changes in a present economy through policies intervention processes.
Economic development includes development of human capital, increasing the literacy proportion, expand important groundwork, improvement of health and safety and others areas that aims at increasing the general social well-being of the populations. Economic development has a direct connection with the environment.
Therefore, a supportive economic development leads to the creation of more prospects in education and health sectors, research and development as well as environmental protection. This also means an increase in the per capita income of individuals.
About The Author
Anna
The author considers that the objectives of economic development and sustainable growth are mutually reinforcing because the term sustainability reflects the need for cautious sense of balance between economic growth and environmental protection. The present Governments around the world should ensure the goals of economic development particularly to reducing poverty and inequality are well balanced between the goals of economic growth so that the future generations can equally enjoy a good life if not better than the current generations.