Development

This section of the site is currently under the process of construction. Please bear with us.

The understanding of economic development is, among other things, an important idea that would help you grasp the concept of economic growth. After all, economic development IS all about the growth of an economy, and as such, the two ideas play up on each other. So what is economic development?

Economic development pertains to the development of a territory's overall economic wealth for the benefit of its people. It must be noted that despite being related to each other, economic development must not be confused with economic growth. While economic growth is strictly and specifically measured in terms of nominal income (things like gross domestic product, per capita income and the like), economic development takes into consideration very social factors (such as poverty, literacy and life expectancy). Economic development is all about improvement in these social aspects of the community, while the definition of economic growth ignores them.

Economic development and economic growth most certainly affect each other, and it is always interesting to observe how this is so.

In this section of the site, we will be posting articles and figures that display and explain the importance and effects of economic development. We currently don't have anything up, but please check back often for updates.