What Is Development Economics?

Development economics is a branch of economics that focuses on improving

fiscal, economic, and social conditions in developing countries. Development
economics considers factors such as health, education, working conditions,
domestic and international policies, and market condition with a focus on
improving conditions in the world's poorest countries.

The field also examines both macroeconomic and microeconomic factors relating

to the structure of developing economies, and domestic and
international economic growth. Macroeconomics refers to broadly influencing
factors such as interest rates, whereas microeconomics relates to individual
influences.

Development economics also examine both macroeconomic and microeconomic

factors relating to the structure of developing economies, and domestic and
international economic growth.

Development economics studies the transformation of emerging nations into

more prosperous nations. Strategies for transforming a developing economy tend
to be unique because the social and political backgrounds of countries can
vary dramatically.

Development economics [take note ]

The study of how economies are transformed from stagnation to growth and from low
income to high-income status, and overcome problems of absolute poverty.

Development planning happens in many different contexts so to

define it succinctly is tricky. Basically development planning refers to the
strategic measurable goals that a person, organization or community plans to
meet within a certain amount of time. Usually the development plan includes
time-based benchmarks. It generally also includes the criteria that will be used
to evaluate whether or not the goals were actually met.

Urban Development
Development planning also happens in cities and communities. Urban
communities with a lot of vacant buildings may decide to engage in a
development planning process to plan how to revitalize an area. This is a
necessary step in order to qualify for state tax credits and federal and other
funds that will allow the renovations to happen. From architects, to city
planners, engineers, investors and residents, everyone who will be involved in
the actual development should be part of the development planning process.

Rural development is the process of improving the quality of life and economic
well-being of people living in rural areas, often relatively isolated and sparsely populated
areas. [1] Rural development has traditionally centered on the exploitation of land-
intensive natural resources such as agriculture and forestry

What is Economic Growth?

Economic growth is an increase in the the production of economic goods and
services, compared from one period of time to another. It can be measured in
nominal or real (adjusted for inflation) terms. Traditionally, aggregate economic
growth is measured in terms of gross national product (GNP) or gross domestic
product (GDP), although alternative metrics are sometimes used.

In simplest terms, economic growth refers to an increase in aggregate production

in an economy. Often, but not necessarily, aggregate gains in production
correlate with increased average marginal productivity. That leads to an increase
in incomes, inspiring consumers to open up their wallets and buy more, which
means a higher material quality of life or standard of living.