Economic Development of a nation means increase in national income. Economic development is the backbone of the progress, freedom and prestige of a nation. Economic bankruptcy leads to social backwardness, political corruption and psychological imbalances.
Image Source: greercpw.com/wp-content/uploads/2012/07/shutterstock_104724416.jpg
According to John Vaizy, “Economic development comprehensively, is the total effect of the development of labor force, the accumulation of physical capital and additions to the stock of knowledge and skills available in the country.”
According to Professor Marshall, “The economic development at any time is the name given to the capacity of working on the part of national laborers by means of natural resources of the country.”
ADVERTISEMENTS:
According to C.L. Anand, “Economic development means the proportion of national income that is developed to the physical investment.”
According to Prof M.V. Matur, “Our goals of development on the economic side imply building up a socialistic society through planned growth in which both the public and private sectors could contribute their mite.
Sometimes economic development and national development are interchangeably used for each other, although there is little difference between the two.
When we refer to economic development, we refer to only quantitative change and development in the country like increase in agricultural production, increase in industrial production, increase in employment opportunities, increase in national and per capita income etc.
ADVERTISEMENTS:
But when we talk of national development we consider the broader meaning of the development where we include both quantitative as well as qualitative changes or development in the country like raising the level of education, removal of social, taboos, structural, social and economic changes, compulsory elementary education, promotion of women education, economic freedom of women, equal working opportunities to women, scientific and rational approach in place of traditional and superstitious approach towards solving various problems that people come across in life.