File:Supply-demand-equilibrium.svg · Wikimedia Commons · See Wikimedia Commons
economic development
Sign in to saveprocess and policies to improve economic well-being
Research
122,397 papersvia PubMed
Wikidata facts
Show 1 more fact
- Commons category
- Economic development
via Wikidata · CC0
~19 min read
Article
In economics, economic development (or economic and social development) is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives.
The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. "Modernization", "Globalization", and especially "Industrialization" are other terms often used while discussing economic development. Historically, economic development policies focused on industrialization and infrastructure; since the 1960s, it has increasingly focused on poverty reduction.