What is Economic development?
By by economic development we mean 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 with changes in political,social,cultural as well as economics sectors which constitute to material progress.a precise and an adequate definition of economics development are not easy to construct because various factors have to be kept in view in order to measure the development of a country. However, some renowned definitions of economic development are given as under :-
( i ) PROFESSOR H.F WILLIAMSOM
Economic development is process whereby people of a country or region come to utilize the resources available to bring substantial increase in average quality of goods and services with the optimum use of available resources."
( ii ) PROFESSOR BENJAMIN HIGGINS
Economic development means " continuous increase in aggregate and per capita income of a country which extends to all professions and income earning groups."
( iii ) ARTHER LEWIS
Economic development means "the increase in output per unit of population."
( iv ) WATSON
"Economics development means more rapid increase in production and consumption of goods and services than increase in population because of steady higher productivity of resources and combination of resources."
( v ) KINDLE BERGER
"Economic development relies both on more output and changes in technical and institutional arrangements by which it is produced and distributed."
( vi ) N.BUCHANNAN AND H.ELLIS
"Economic development means to bring basic changes in a country and to develop productive resources through investment which become base for increase in aggregate production and per capita real income."
( vii ) MICHAEL P.TODARO
"Economic development is concerned with economic and political process necessary for affecting rapid structural and institutional transformation of entire society in a manner that will more efficiently bring the fruits of economic progress to the broadest segments of its population."
( viii ) PROFESSOR SNIDER
"Economic development means increase in output of a country over a longer period of time."
( ix ) SCHUMPETER
" Development is discontinuous and spontaneous change in stationary state which forever alters and displaces the equilibrium state previously existing?"
( x ) ADLEMAN
"The process of which an economy is transferred from one whose rate of growth of per capita income is small or negative to one in which a significant self sustained rate of increase of per capita income is permanent long-run feature."
( xi ) MEIER AND BALDWIN
"Economic development is a process where by an economy,s real real National income increases over a long period of time and if the rate of development is greater than the rate of population growth, then per capita real income will increase."
If we analyze the above mentioned definitions of economic development, it is concluded that:-
1. Economics development is a process in which important changes appear in supply of factors and in demand of goods and services.
2. Due to the appearance of various changes, there will be an increase in national income.
3. The process of Economic development is completed in long period.
OBJECTIVES OF ECONOMIC DEVELOPMENT
The main objectives contained in the above mentioned definitions of economic development are as below:-
1. Provision of basic needs i.e food, clothing, shelter health and education.
2. New and better methods of productions.
3. Raising the level of production through the development of human skill and energy.
4. Better organization and acquisition of capital resources.
5. A rise in national income and per capita income.
6. Increase capital formation and technological development.
7. Improvement in skills, efficiency and earnings of man power.
8. Development of means of transport and communications.
9. Growth of financial institutions.
10. Increase in recreation and leisure facilities.
11. Transformation of an economy from under-developed to developed one.
12. Transformation of society from an agrarian ti highly industrialized.
13. To provide job opportunities and reduce unemployment and gain the equality of opportunities.
14. To get greater freedom and self respect.
15. To increase the level of savings and investment.