12 Facts About Economic development


Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development".

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Precise definition of economic development has been contested: while economists in the 20th century viewed development primarily in terms of economic growth, sociologists instead emphasized broader processes of change and modernization.

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Economic development implies economic growth plus progressive changes in certain important variables which determine well-being of the people, e g: health, education.

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Mansell and Wehn state that economic development has been understood by non-practitioners since the World War II to involve economic growth, namely the increases in per capita income, and the attainment of a standard of living equivalent to that of industrialized countries.

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Economic development can be considered as a static theory that documents the state of an economy at a certain time.

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Economic development originated in the post-war period of reconstruction initiated by the United States.

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In economics, the study of economic development was borne out of an extension to traditional economics that focused entirely on national product, or the aggregate output of goods and services.

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Economic development was concerned with the expansion of people's entitlements and their corresponding capabilities, morbidity, nourishment, literacy, education, and other socio-economic indicators.

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Also, economist Albert O Hirschman, a major contributor to development economics, asserted that economic development grew to concentrate on the poor regions of the world, primarily in Africa, Asia and Latin America yet on the outpouring of fundamental ideas and models.

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One growing understanding in economic development is the promotion of regional clusters and a thriving metropolitan economy.

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Economic development has evolved into a professional industry of highly specialized practitioners.

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European development economists have argued that the existence of modern transportation networks- such as high-speed rail infrastructure constitutes a significant indicator of a country's economic advancement: this perspective is illustrated notably through the Basic Rail Transportation Infrastructure Index and related models such as the (Modified) Rail Transportation Infrastructure Index (RTI).

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