Economic Development Theory

Economic development theory explores how countries and regions improve the well-being of their populations through growth, innovation, and the efficient use of resources. It analyzes factors like infrastructure, education, technology, and institutions that influence income levels, employment, and quality of life. Theories often focus on strategies to boost productivity, attract investments, and reduce inequality, aiming for sustainable progress. Overall, it seeks to understand the mechanisms that transform economies from poverty to prosperity, helping policymakers design effective plans for long-term economic health and social betterment.