Economic Development Definition | Economicsymh.com

Check out this economic development definition on the process employed by nations to improve the social well being of their citizens.

Definition of Economic Development

Economic development refers to quantitative and qualitative changes that communities undergo in order to improve the lives of their members. Through economic development, communities are able to improve economy, health and standards of living in a certain area. It involves sustained actions of policy makers. The areas involved in economic development include the following:



Human capital

All countries seek to achieve the best economic growth. In the economic development process, policy makers make concerted efforts to better human capital in a certain area. This leads to regional competitiveness in terms of human capital. For the policy makers to improve the output of the human capital, they need to put necessary measures in place.  This will lead to the development of adequate health facilities.  People need good health services and other social amenities that they deserve.

Literacy

In order to achieve economic development, nations take different measures to ensure the level of ignorance is reduced. Education needs improvement for the betterment of the community. Some of the measures put in place to improve the level of literacy include setting up of schools which range from primary schools to universities. Governments also establish colleges set up to ensure people are able to access different levels of education.  Such measures will equip them with necessary skills to tackle different challenges in modern life.

Basically, economic development definition is a process where the nations put in place policies that will help them to achieve political, economic and social well-being of citizens. In political well-being, nations put in place measures to ensure there is rule of law in the nation. All the citizens must respect the law. The economic well-being involves creation of fair opportunities. Citizens can therefore pursue different business operations and compete favorably.

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