Development Economics

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  • The application of economic development theories to improve the general social and economic welfare of society. Economic development is concerned with improving the standard of living of a country's citizens and increasing the national income of the country. Economic development is achieved by increasing the rate of economic growth; the improvement in education, health care, and industrialization; the building of stable political and legal systems; and the availability of basic services, such as electricity, water, transportation, and others. One of the key theories in development economics is that economic development cannot take place without investment. This investment can come from within the country or from foreign sources. The theory further suggests that investment is a function of the savings in a country and therefore countries ...

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