Main features of economic development

After analyzing the definitions and views of scholars in the process of economic development, the following features are visible in it-

Main features of economic development

(1) The process of economic development is accepted as a process of change. As the interest and desire of the public changes, the economic activities change accordingly.

(2) Economic development is related to all-round development. In this, money is not required for the development of any one part, but money is required for the development of all the parts. In this way, it is related to the economic activities that develop all the areas.

(3) Economic development is related to an increase in per capita income and a higher standard of living. Therefore, in the process of economic development, there is an increase in per capita income, due to which its standard of living is high.

(4) Economic development is related to the growth of national income. As a result, the money received from the national income is spent on the development of each sector. The process of economic development is considered best when it paves the way for an increase in national income.

(5) Economic development is related to a strong economy, through which the process of economic, social, and cultural development of every person is completed.

(6) Economic development is related to the best use of all production-related resources. As a result, national development and expansion of public services are possible.

(7) Economic development is related to long-term concepts. If the situation of progressive increase in the national income of a country continues for a long period, then it will be considered that economic development is being done by the country. Thus the growth of national income for one year cannot be considered economic development.

(8) Economic development is related to the expansion of public services and basic facilities, through which the standard of living of human being becomes high and social development is possible.

Leave a Comment