Economic development

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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.^[1] Adam Smith theory of Economic development^[2] 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.^[3]

1. ↑ Blair, John and conor Carroll. Local Economic Development: Analysis, Practices, and Globalization. Sage Publications, 2009
2. ↑ "Adam Smith Theory of Economic Development - sikhkshan.com". 2024-07-18. Retrieved 2024-07-18.
3. ↑ Lewis F. Abbott, Theories Of Industrial Modernization & Enterprise Development: A Review, Revised 2nd edition 2003, pages 1–2. ISBN 978-0-906321-26-3.