Economics of economic development (a historical overview) (eBook, ePUB)
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Many attempts have been made to define the concept of development. Until this concept has become a common concept among individuals or bodies. This is after its concepts became numerous, to the point that it created a kind of confusion between it and other concepts. Such as: development, progress, and economic growth. The economist Schumpeter was the first to try to distinguish between economic growth and development. Growth usually occurs due to growth in population, wealth, and savings. Whereas development results from technical progress and innovation. Growth is represented by: quantitative...
Many attempts have been made to define the concept of development. Until this concept has become a common concept among individuals or bodies. This is after its concepts became numerous, to the point that it created a kind of confusion between it and other concepts. Such as: development, progress, and economic growth. The economist Schumpeter was the first to try to distinguish between economic growth and development. Growth usually occurs due to growth in population, wealth, and savings. Whereas development results from technical progress and innovation. Growth is represented by: quantitative changes in some economic variables. As for development: it includes qualitative changes in these variables. It is clear from this that economic growth precedes development, and is a phenomenon that occurs in the short term. While development is only possible in the long term, it can only be judged after a relatively long period of time. The concept of development is: planned and directed processes in multiple fields that bring about change in society to improve its conditions and the circumstances of its individuals, by confronting society's problems, removing obstacles, and achieving optimal exploitation of potentials and energies, in a way that achieves progress and growth for society and well-being for individuals.
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