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economic development?
The process in which simple, low-income national economies are transformed into modern
industrial economies. The term Economic Development is sometimes used as a synonym for economic
growth; generally it is employed to describe a change in a country's economy involving qualitative as well
as quantitative improvements.
Origin and History:
Economic development first became a major concern after World War II. Developing countries to
compare their economies with the developed countries, which were understood to be Canada, the United
States, European countries, Japan, South Africa, Australia, and New Zealand.
Economic Development:
Definition.
It refers to the process whereby the total supply of goods and services of the society increases leading
towards improved living standard.
According to Micheal P. Todaro:
Development must be conceived (considered) for as a multi-dimensional process involving major change
in social structures, popular attitudes and national institutions as well as the acceleration of eco-growth,
the eradication (end) of poverty and reduction of inequality of wealth.
According to Kindle Berger:
Economic development relies both on more output and changes in technical and institutional
arrangements by which it is produced and distributed.
MAJOR MOTIVES AND OBJECTIVES OF ECONOMIC DEVELOPMENT:
Following are the major objectives of economic development in Pakistan. These may be divided into
four parts:
1. Economic Objectives
B. Demographic Objectives
Conclusion:
Today, economic development is compulsory for every nation. Without economic development
social welfare, progress & prosperity, high living standard and reduction in poverty & unemployment are
impossible.