Economic development

The process through which the economic well-being and quality of life of a country, region, local community, or an individual are enhanced according to defined goals and objectives is referred to as economic and social development in the field of economics that studies the public sector.

Although the notion has been around for far longer in the West, the phrase didn't start seeing widespread use until the 20th and 21st centuries. When talking about economic growth, additional phrases that are often used include "modernization," "Westernization," and particularly "industrialization." Historically, the focus of economic development programmes has been on industrialization and infrastructure; but, beginning in the 1960s, the emphasis has shifted progressively toward the alleviation of poverty.

Economic development is a policy intervention that aims to promote the well-being of people, while economic growth is a phenomena of market productivity and gains in GDP. Economist Amartya Sen characterises economic growth as "one part of the process of economic development." Researchers interested in community economic development are concerned with socioeconomic development as well, in contrast to the primary emphasis of economists, which is on the expansion of the economy as a whole and the growth element of the economy.