Economic Development means a sustained secular improvement in material well-being which may reflect in an increasing flow of goods and services. When this concept is represented in material terms, the study is concerned with changes in political, social, cultural as well as economic sectors which constitute material progress.
However, some renowned definitions of economic development are given as under:
PROFESSOR H.F. WILLIAMSON
"Economic development is a process whereby people of a country or region come to utilize the resources available to bring substantial increase in the average quality of goods and services with the optimum use of available resources."
PROFESSOR BENJAMIN HIGGINS
"Economic development means, "continuous increase in aggregate
and per
ARTHER LEWIS
"Economic development means "the increase in output per
unit of
KINDLE BERGER
"Economic development relies both on more output and changes in technical and institutional arrangements by which it is produced and distributed "
N. BUCHANNAN AND H.ELLIS
"Economic development means to bring basic changes in a country and to develop productive resources through investment which becomes base for an increase in aggregate production and per capita real income."
If we analyze the above-mentioned definitions of economic development, it is concluded that:-
i. Economics development is a process in which important
changes
ii. Due to the appearance of various changes, there will be an increase in National Income.
iii. The process of economic development is completed in a long period.
OBJECTIVES OF ECONOMIC DEVELOPMENT
The main objectives contained in the above mentioned definitions of economic development are as below:
(i) Basic Needs:
Provision of basic needs i.e. food, clothing, shelter, health, and education.
(ii) Methods of Production:
The main objective of economic development io to introduce new and better methods of production.
(iii) Increase Production:
The level of production is raised through the development of human skills and energy.
(iv) Better organization:
To achieve bettor organization and acquisition of capital resource io also an objective of economic development.
(v) Increase in National Income:
The level of national income and per capita income ic increased through the process of economic development.
Capital formation and technological development can be increased with the help of economic development.
(vii) Efficiency:
Economic development can improve skills, efficiency, and earnings of a man power.
(viii) Transport and Communication:
The objective of development of means of -transport and Communication can be achieved through economic development.
(ix) Financial Institutions:
In the process of economic development the goal of increase in the growth of financial institutions can be achieved.
(x) Leisure Facilities:
The people of a country get prosperity by economic development
(xi) Developed Economy:
An underdeveloped economy can be transformed into
developed
(xii) Industrialized Society:
A traditional society can be transformed into a highly
industrialized
(xiii) Employment:
Through the economic development process job opportunities can be provided and unemployment can be reduced. People gain equality in job opportunities.
(xiv) Freedom:
During prosperity, the people of an economy feel greater freedom and self-respect.
(xv) Saving and Investment:
Tho level of savings and investment increases during prosperity by the process of economic development.
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