Economic Development: An Asian Perspective

Economic development refers to the process through which a nation improves the economic, political, and social well-being of its people. This multifaceted concept comprises increase in the standard of living, reduction of poverty, enhancement of individual economic opportunities, and the sustainable management of natural resources. It involves growth in various sectors such as industry, agriculture, and services, leading to job creation and higher income levels. Key indicators of economic development include Gross Domestic Product (GDP) growth, improvements in infrastructure, advancements in technology, better healthcare and education systems, and equitable income distribution. Effective governance, sound economic policies, and robust institutions are critical for fostering economic development. Moreover, sustainable practices ensure that development benefits current and future generations without depleting resources or harming the environment. Economic development is driven by factors such as investment in human capital, innovation, international trade, and political stability. Through this book, constant effort has been made to make the complex subject of economic development easy and informative for the students. The topics covered in it deal with the core aspects of the subject. Coherent flow of topic, student-friendly language and extensive use of examples make this book an invaluable source of knowledge.