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Importance Of Economic Development

1586 Words7 Pages

Sustainable and economic development have been one of the main goals of the international community for last two decades. However, it is important to note that economic development is not merely growth. "Joseph Schumpeter used to distinguish between growth and development and defined the former as a gradual process in which all quantities--wealth, saving, population--increase slowly and continuously and the latter as a discontinuous process propelled by innovations". (Schumpeter, 1939) On the other hand Robert Lucas discerned between growth and development by: “define growth as the increase of income proportional to the increase of population and define development as the process in which income increases more rapidly than population“. Whatever decision you choose, it is obvious that economic development encompasses more than one field, in order to have economic development you need to achieve, social, technological and industrial development as well. "Economic development encompasses how economic circumstances of nations and societies change over time. It also envisions how they can be made to change positively" From this it is not particularly hard to identify two types of states: developed and underdeveloped states. In the modern world this constitutes another way to differ growth and development, when we talk about developed states than we talk about growth but when we talk about developing or underdeveloped countries around the world than we are talking about

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