Knowra Economic development Economic development Economic development is the long-term improvement of material well-being, human capabilities, and institutions within a society. It includes changes in living standards and opportunities, not just growth in total output.
Economic growth : An increase in the quantity of goods and services an economy produces over time. Growth can support development, but it does not by itself ensure broader improvements in well-being.
Structural transformation : The shift of production and employment among sectors as an economy changes over time. Movement from low-productivity activities toward more productive work is a common development pathway.
Development economics : The study of economic change, poverty, and policy in lower-income and transforming economies. It analyzes the constraints and interventions that shape development outcomes.
Modernization theory : A theory that explains development as a transition toward industrialized, urban, and institutionally modern societies. It presents development as a broad process of social and economic transformation.
Demographic transition : The shift from high birth and death rates to low birth and death rates as societies change. Rising incomes and improved health often accompany major changes in population growth and age structure.
Human development : Expansion of people's health, knowledge, and opportunities to lead lives they value. It places human capabilities at the center of development rather than treating output as the goal.
Human capital : The knowledge, skills, health, and abilities embodied in people that affect their productivity and well-being. Education and health can raise productive capacity while expanding people's choices.
Sustainable Development Goals : Seventeen United Nations goals adopted in 2015 addressing poverty, health, education, equality, and environmental sustainability. They provide a global framework for tracking interconnected development priorities.
Dependency theory : A theory that explains underdevelopment through unequal economic relations between wealthy and poorer countries. It challenges accounts that attribute persistent poverty mainly to domestic obstacles.
Epidemiological transition : The population-level shift from infectious diseases toward chronic and degenerative diseases as mortality patterns change. Improved living conditions and longer lives alter the diseases that dominate public health.
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