Development economics and Economic development

Development economics is a branch of economics which largely deals with the economic aspects of the development process in developing countries with a focus on methods of promoting economic growth while also dealing “with the economic, social, political and institutional mechanisms, both public and private, necessary to bring about rapid…and large-scale improvemenents in levels of living for the peoples” living in developing countries. Moreover, development economics is a study which attempts to coordinate the yearnings and aspirations of most people. Thus, development economics involves the creation of theories which aid in the determination of types of policies and practices, which can be implemented at either the domestic or international level, that will improve the standard of living for the general population of developing countries.Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans.

Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. From a policy perspective, economic development can be defined as efforts that seek to improve the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes and the tax base.