Economic development

Economic development it is the growth of standard of living of nations from a poor economy  to a high-income economy. When the local quality of life is improved, there is more economic  development.Blair, John and conor Carroll. Local Economic Development: Analysis, Practices, and Globalization. Sage Publications, 2009 Adam Smith theory of Economic development created a basic framework for understanding.

When social scientists study economic development, they look at a lot of things.  They want to know about the way  economic development is discussed by historians.  They also want to know how development is happening today.  They may  want to know why people invest more money in some places than in others.  They also want to know why people are better at making things to sell in some countries rather than others.Lewis F. Abbott, Theories Of Industrial Modernization & Enterprise Development: A Review, Revised 2nd edition 2003, pages 1–2. .

 Measuring Economic Development 

Same map for people with color blindness.

One way to measure economic development is human development.
Human development is very important, and includes the health of the people and their education.  This usually goes together with economic growth. As people in a country become healthier and get better education, they also usually get richer, because healthy, educated workers are more productive (better at making things), and richer workers can afford health and education.Hanushek, Eric A., and Ludger Woessmann. 2008. "The role of cognitive skills in economic development." Journal of Economic Literature, 46, no. 3 (September): 607-668.
The Human Development Index looks at how long people live, how well people read, how many people go to school, and how much money people make.

Economists also look at the rate of growth, which is how fast a country gets richer.

Related pages
 Developed country
 Developing country
 Development economics
 Economic sector
 Human Development Index
 Newly industrialized country
 Least developed country
 OECD
 BRICS
 Next Eleven
 Four Asian Tigers
 Standard of living

References

Other websites

Category:Economics