Uncategorized

Economic development is the increase in the standard of living in a nation’s population with sustained growth from a simple, low-income economy to a modern, high-income economy. The concept, however, has been in existence in the West for centuries. Modernization, Westernization, and especially Industrialization are other terms people have used when discussing economic development. In developing countries development has been understood since the Second World War to involve economic growth, increases in per capita income, and attainment of a standard of living equivalent to that of industrialized countries. In this pace, income generation of the poor has been a core area to economic development.