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economic development
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Category: Money
Key People:
Esther Duflo
Abhijit Banerjee
Gunnar Myrdal
Theodore William Schultz
Jagdish Bhagwati
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economic development, the process whereby simple, low-income national economies are transformed into modern industrial economies. Although the term is sometimes used as a synonym for economic growth, generally it is employed to describe a change in a country’s economy involving qualitative as well as quantitative improvements. The theory of economic development—how primitive and poor economies can evolve into sophisticated and relatively prosperous ones—is of critical importance to underdeveloped countries, and it is usually in this context that the issues of economic development are discussed. Economic development first became a major concern after World War II. As the era of European ...(100 of 9293 words)

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