Editing Economic development (section)

==Definition and terminology==
{{see also|Developed country|Developing country}}
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| caption1 = [[Gross domestic product]] real growth rates, 1990–1998 and 1990–2006, in selected countries
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| caption2 = Rate of change of [[gross domestic product]], world and [[Organisation for Economic Co-operation and Development]], since 1961
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The precise definition of economic development has been contested: while economists in the 20th century viewed development primarily in terms of [[economic growth]], [[sociology|sociologists]] instead emphasized broader processes of change and [[modernization]].<ref>{{cite book|last=Jaffee|first=David|year=1998|title=Levels of Socio-economic Development Theory|place=Westport and London|publisher=Praeger|page=3|url=https://books.google.com/books?id=QRsySuusE_sC&pg=PA3|isbn=978-0-275-95658-5}}</ref> Development and urban studies scholar Karl Seidman summarizes economic development as "a process of creating and utilizing physical, human, financial, and social assets to generate improved and broadly shared economic well-being and quality of life for a community or region".<ref>{{cite book|last=Seidman|first=Karl F.|year=2005|title=Economic Development Finance|place=Thousand Oaks|publisher=Sage Publications|page=5|url=https://books.google.com/books?id=Gqai3IDcNiMC&pg=PA5|isbn=978-0-7656-2817-6}}</ref> Daphne Greenwood and Richard Holt distinguish economic development from economic growth on the basis that economic development is a "broadly based and sustainable increase in the overall ''[[standard of living]]'' for individuals within a community", and measures of growth such as [[per capita income]] do not necessarily correlate with improvements in quality of life.<ref>{{cite book|last1=Greenwood|first1=Daphne T.|last2=Holt|first2=Richard P. F.|year=2010|title=Local Economic Development in the 21st Century|place=Armonk and London|publisher=M. E. Sharpe|pages=3–4|url=https://books.google.com/books?id=Gqai3IDcNiMC&pg=PA3|isbn=978-0-7656-2817-6}}</ref>  The [[United Nations Development Programme]] in 1997 defined development as increasing people‟s choices. Choices depend on the people in question and their nation.  The UNDP indicates four chief factors in development, especially human development, which are empowerment, equity, productivity, and sustainability.<ref name=Ngowi>[https://www.internationalscholarsjournals.com/articles/economic-development-and-change-in-tanzania-since-independence-the-political-leadership-factor.pdf Economic development and change in Tanzania since independence]</ref>

Mansell and Wehn state that economic development has been understood by non-practitioners since the [[World War II]] to involve economic growth, namely the increases in [[per capita income]], and (if currently absent) the attainment of a standard of living equivalent to that of [[Developed country|industrialized countries]].<ref>{{Citation | mode=cs1 |chapter=Telecommunications and Social Development: The Meaning of Development, Sustainable Development and Rural Development |chapter-url=http://cbdd.wsu.edu/kewlcontent/cdoutput/TR501/page59.htm |title=Macro Environment and Telecommunications |access-date=2009-10-14 |archive-url=https://web.archive.org/web/20100130091158/http://cbdd.wsu.edu/kewlcontent/cdoutput/TR501/page59.htm |archive-date=2010-01-30 }}</ref><ref>Mansell, R & and Wehn, U. 1998. Knowledge Societies: Information Technology for Sustainable Development. New York: Oxford University Press.</ref> Economic development can also be considered as a static theory that documents the state of an economy at a certain place. According to [[Joseph Schumpeter|Schumpeter]] and Backhaus (2003), the changes in this equilibrium state documented in economic theory can only be caused by intervening factors coming from the outside.<ref>[[Joseph Schumpeter|Schumpeter, Joseph]] & Backhaus, Ursula, 2003. The Theory of Economic Development. In [[Joseph Schumpeter|Joseph Alois Schumpeter]]. pp. 61–116. {{doi|10.1007/0-306-48082-4_3}}</ref>