What do you understand by Development Economics? Explain the three Approaches to Development?

Different views on economc development are following :

• Development economics is a branch of economics whose goal is to better the fiscal, economic, and social conditions of developing countries.
• Areas that development economics focuses on include health, education, working conditions, and market conditions.
• Development economics seeks to understand and shape macro and microeconomic policies in order to lift poor countries out of poverty.
• The application of development economics is complex and varied as the cultural, social, and economic frameworks of every nation is different.
• Four common theories of development economics include mercantilism, nationalism, the linear stages of growth model, and structural-change theory.

Non- Economic Factors

‘Economic Development has much to do with human endowments, social attitudes, political conditions and historical accidents. Capital is a necessary but not a sufficient condition of progress.

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