Defination of Economic development

Introduction
Economic development is a dynamic concept. Thus, economic prosperity of any country can be defined as the economic development. For this reason specially in developing countries economic development is related to economic prosperity. In general economic development is taken to be the development and expansion of material capital. But in modern times the development of social and human capital is also covered by taken economics development. Economic development is only a part of overall development. However, it includes every sector in one way or the other. Economic development affects social, political, technical, religious and cultural development.
Economic development has direct relation with the economic problems of underdeveloped countries. This is because economic development brings about an intensive change in the economic structure. This will increase the income as well as improve the life standard of the people. Therefore economic development is the positive and quantitative growth of the underdeveloped countries. This brings about change in technology, distribution and consumption. This alleviates poverty, increases national production, increases national income and per capita income and shows symptoms in the improvement of individual and social sectors.
According to Prof. Meier, "Economic development is the process where by the real per capital income of a country increases over a long period of time-subject to stipulations that the number of people below and absolute poverty line does not increase, and that the distribution of income does not become more unequal". Likewise according to W. Arther Lewis, "Economic development means the increase in per capita production."
As mentioned in the World Development Report 1991, "Economic development is defined as a suitable increase in living standard that encompass material consumption, education, health and environmental protection."
According to Gunar Mydral, "Development is away from underdevelopment or poverty."
So, economic development means the process of changing living style to modern ways of living. This type of change is also known as modernization. Thus, development is not only related to material wants of people, but it also looks upon the requirements for the improvement of the social status of the people. For this reason economic development refers not only to economic growth but also to the economic change in the social and cultural sectors. National product, national income, per capita income, consumption, improvement in the living standard of the people etc. of a country are taken to be the indicators of the economic development. Economic development can be the basis for the poverty alleviation or the reduction of un-employment and maximum employment of factors available in a country. Economic development herbs to distribute the national income equally among the various classes of the society along with the increase in material and social welfare. Economic development also helps in poverty alleviation along with improvement in technology, change in social structure and conservation of environment. Economic development also includes improvement in education and health, change in social concept, political stability, progressive legal system etc.