Meaning and Indicators of Economic Development

Concept of economic development, Characteristics of developing countries and Indicators of economic development

Notes

Economic Development, Its Indicator and Characteristics of Developing Nation

The concept of economic development changes along with the changes in human attitudes, behaviour and activities. The definition given in specific time may not be suitable for another period. Measurement of economic development and express in the definite index is a very difficult task in economics. So many options are found to indicate the level of economic development likewise GNP index, Per capita income index, Physical Quality of Life Index (PQLI), Human Development Index (HDI) and Basic needs approach.