What is the devlopment of economics?

Answer 1

Development economics is a branch of economics which deals with economic aspects of the development process in low-income countries. In other words, abranch of economics that focuses on improving the economies of developing countries. Development economics considers how to promote economic growth in such countries by improving factors like health, education, working conditions, domestic and international policies and market conditions. It examines both macroeconomic and microeconomic factors relating to the structure of a developing economy and how that economy can create effective domestic and international growth.

Development economics seeks to determine how poor countries can be transformed into prosperous ones. Strategies for transforming a developing economy tend to be unique, because the social and political background of countries can vary dramatically. Some prominent development economists include Jeffrey Sachs, Hernando de SotoPolar, and Nobel laureates Simon Kuznets, Amartya Sen and Joseph Stiglitz.

Answer 2

Economic development ideally refers to the sustained, concerted actions of communities and policymakers that improve the standard of living and economic health of a specific locality.