It is not easy to define economic development in a precise manner because different criteria have been used for making distinction between developed and underdeveloped countries.
According to Prof. Meier and Baldwin, “Economic development is a process whereby an economy’s real national income increases over a long period of time.” This definition is simple and precise. This definition emphasizes on three factors of economic development (a) Process (b) Real National Income and (c) Long Period.
The definition given by Prof. Meier and Baldwin is too simple and does not provide satisfactory explanation of economic development. It is a misleading and imperfect definition when it is examined in respect of economically backward and poor countries where increase in national income is neutralised to a greater extent by the increase in population.
The scholars like Baran, Buchanan, Williamson and Buttrick consider economic development as an increase in per capita output or income.
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Prof. Baran hold, “Let economic growth be defined as an increase over time in per capita output of material goods.”
C.P. Kindleberger opines, “Economic development implies both more output and changes in technical and Constitutional arrangements by which it is produced.”
According to UNO, “Development concerns not only with man’s material needs, but also the improvement of social conditions of his life. Development is, therefore, not only economic growth but a change-social, cultural and institutional as well as economic.”
According to Colin Clark, “Economic development is simply an increase in economic welfare.”
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According to Prof. Todaro, “Economic development is a multi- dimensional process involving major changes in social structures, popular attitudes and national institutions as well as the acceleration of economic growth, the reduction of inequality and the eradication of absolute poverty.”
According to Prof. A.P., “We can say that development has occurred when there has been an improvement in basic needs, when economic progress has contributed to a greater sense of self-esteem for the country and individuals within it and when material advancement has extended the range of choice of individual.”