Economic Development


Economic development is defined as a sustained improvement in material well-being of society.

Economic development is a wider concept than economic growth. Apart from the growth of national income, it includes changes –

  • social, cultural, political as well as economic which contribute to material progress;
  • resource supplies, in the rate of capital formation, in size and composition of population, in technology, skills and efficiency, in institutional and organizational set-up.

These changes fulfil the wider objectives of ensuring more equitable income distribution, greater employment and poverty alleviation.

In short, economic development is a process consisting of a long chain of interrelated changes in fundamental factors of supply and in the structure of demand, leading to a rise in the net national product of a country in the long run.

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Bibliography : NIOS – Economics

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