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.



Add a Comment

Your email address will not be published. Required fields are marked *