"The process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives."
The process by which a country's economy grows and becomes more advanced over time.
The Industrial Revolution: The period of rapid industrial development in Europe and America during the 18th and 19th centuries that transformed the way goods were produced.
Economic Growth: The increase in the real output of goods and services in an economy over time, measured by Gross Domestic Product (GDP).
International Trade: The exchange of goods and services between countries, often governed by laws, regulations, and trade agreements.
Economic Systems: The different ways in which societies organize their economic activity, such as capitalism, socialism, and communism.
Human Capital: The knowledge, skills, and abilities of workers that contribute to the production of goods and services.
Poverty and Inequality: The distribution of income and wealth within a society, and the policies aimed at reducing poverty and inequality.
Public Goods and Services: Goods and services that are provided by governments, such as education, health care, and infrastructure.
Financial Markets: The markets for buying and selling financial instruments such as stocks, bonds, and currencies.
Economic Development Models: The theories and models used to explain economic development, such as the Harrod-Domar model, Rostow's stages of economic growth, and the Lewis model.
Economic Institutions: The organizations and laws that shape economic activity, such as property rights, contract law, and regulations.
Innovation and Technology: The development and adoption of new technologies that can increase productivity and economic growth.
Natural Resource Management: The sustainable use of natural resources to support economic development while protecting the environment.
International Aid and Development: The provision of financial and technical assistance to developing countries to promote economic growth and reduce poverty.
Economic Integration: The process of increasing economic interdependence between regions or countries, such as free trade agreements and regional economic blocs.
Infrastructure Development: The construction and maintenance of physical structures such as roads, ports, and telecommunications networks that are essential for economic development.
Classical economics: This is the oldest and most basic type of economic development, based on the theories of Adam Smith and other 18th-century thinkers. Classical economics focuses on the idea that free markets, guided by supply and demand, can allocate resources most efficiently, leading to economic growth and prosperity.
Keynesian economics: Developed in the aftermath of the Great Depression by John Maynard Keynes, this type of economic development emphasizes the importance of government intervention to stabilize the economy and ensure full employment. Keynesian economics also emphasizes the role of aggregate demand in driving economic growth.
Neoclassical economics: This is a more modern type of economic development, which attempts to refine the classical model through a better understanding of market dynamics and the limitations of economic agents. Neoclassical economics emphasizes the role of incentives, rational decision-making, and market efficiency in promoting economic growth.
Behavioral economics: This type of economic development takes into account the psychological biases and irrational behavior of economic agents, which can often lead to inefficiencies in the market. Behavioral economics aims to develop models that more accurately reflect human behavior, in order to design policies and regulations that are more effective at promoting economic growth.
Development economics: This is a subfield of economics that focuses on the economic development of low-income countries or regions. Development economics often emphasizes the importance of institutional factors, such as property rights, governance, and infrastructure, in promoting economic growth.
Marxist economics: Developed by Karl Marx, this type of economic development emphasizes the role of class struggle and conflict in driving economic growth and development. Marxist economics argues that capitalism inevitably leads to economic inequality and exploitation, and that socialism or communism is a necessary alternative.
Environmental economics: This type of economic development seeks to reconcile economic growth with environmental sustainability. Environmental economics emphasizes the importance of natural resources, ecosystem services, and environmental quality in promoting economic growth, and recommends policies and regulations that encourage sustainable development.
"The concept has existed in the West for far longer."
"Modernization", "Westernization", and especially "industrialization" are other terms often used.
"Economic development policies focused on industrialization and infrastructure."
"Since the 1960s, it has increasingly focused on poverty reduction."
"Economic development is a policy intervention aiming to improve the well-being of people, whereas economic growth is a phenomenon of market productivity and increases in GDP."
"Amartya Sen describes economic growth as but 'one aspect of the process of economic development'."
"Economists primarily focus on the growth aspect and the economy at large."
"Researchers of community economic development concern themselves with socioeconomic development as well."
"The economic well-being and quality of life are improved according to targeted goals and objectives."
"To improve the well-being of people."
"Modernization", "Westernization", and especially "industrialization".
"Industrialization and infrastructure."
"Since the 1960s."
"Economic growth is a phenomenon of market productivity and increases in GDP."
"Amartya Sen describes economic growth as but 'one aspect of the process of economic development'."
"The growth aspect and the economy at large."
"Socioeconomic development as well."
"The economic well-being and quality of life."
"The nation, region, local community, or individuals."