Marcus Asay Learns Why Economic Development is Required

Basically, an economic development is a process of increase in the living standards in a country’s population with affirmed growth from a simple and low income economy to a modernized and high income one. In fact, if the quality of life gets improved to a certain level, then for sure the economic development of a nation would develop and enhance. The economical development scope covers different policies and processes, through which a country improvises and meliorates social, political and economical well being of its individuals.

In accord to the Goncalo L Fonsesca, economic development is defined as the analysis of the economic evolution and development of different nations. The study and research done by social scientists concerning economic development significance embraces distinct theories based on the grounds of industrial economic modernization, waves of economic development, organizational and related panoramas of enterprise development in modernized societies. It also comprehends sociological research on enterprise development and business organization from a comparative as well as historical aspect, culturally related cross national similarities and un-similarities in industrial organization patterns in traditional western societies, management employee relations and specific procedures of evolution including both growth and modernization of markets. Involving a myriad of improvement indicators like life expectancy, literacy rates and poverty rates, economic development plays a crucial role in any nation. In fact the GDP doesn’t care about other perspectives including environmental quality, social justice, freedom, leisure time, though the substitute causes of well being have been offered and proposed.

As per the University of Iowa’s center of international finance and development, “The term Economic development is often used by politicians, economists and others in the 20th century. Though, the conception has been in existence in the West since centuries. While discussing the topic, people uses terms like modernization, industrialization and westernization. No one is aware of economic development much, but agree that it is closely linked up with the development of capitalism and demise of feudalism”. A nation’s economic development is concerned with its human development and growth that also comprehends other things like health and education. All these factors are closely related with the economic growth of a particular nation, and if taken care of, then both growth and development can go together.