Definition

 According to Prof. Michael Todaro, economic development must be conceive of as a multi-dimensional process involving major changes in social structures, people attitude, national institution, acceleration of economic growth and reduction of inequality.

  In short economic development means economic growth along with structural changes in the economy for obtaining a better life.

Objectives of economic development

Main objective of economic development are as follows

• Provision of basic needs: The primary objectives of development is the provision and expansion of basic needs such as food, clothing, shelter, health and protection.
• Raising level of living: Another important objective of development is to raise the level of living of the people by providing them higher incomes, more jobs, better education greater freedom and self respect.
• Expanding the range of economic and social choice: In addition to the above advantages of economic growth, development must include the increase in the range of human choices. People should have the freedom to choose greater leisure political freedom and equality of opportunity.
• Increase of capital formation: Increase of capital formation i.e new building and more industries.