Theory of Economic Development

The Theory of Economic Development explores how countries improve their economic well-being over time. It examines the processes that lead to growth in income, employment, and quality of life. Key factors include investment in infrastructure, education, technology, and governance. The theory also looks at how social and political conditions, such as stability and equality, impact development. Economists study different models—like agriculture-led or industry-led growth—to understand varied paths countries can take. Overall, the goal is to create sustained prosperity and reduce poverty, ensuring a better future for all citizens.