A critical approach to economic development: Concept, measurement and patterns

Emeka Nkoro and Aham Kelvin Uko
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Aham Kelvin Uko: Abia State Ministry of Environment, Abia State, Nigeria

International Journal of Research in Business and Social Science (2147-4478), 2019, vol. 8, issue 5, 228-236

Abstract: This paper x-rayed the concept, measurement and, patterns of economic development. In doing this, the paper reviewed a vast literature on concepts, measurement of economic development and, economic development patterns and their effects on growth indicators as well as on the quality of life components. This literature was sourced from known academic databases. From the overview of the concept, measurement of economic development and, economic development patterns and their relationship between growth indicators as well as the quality of life components the following were found; as new challenges emerge, the horizon of the concept of economic development expands to accommodate the prevailing challenges. Economic development has no conventional measure/indicator that completely captures it process and, there are various economic development patterns use in tackling the problem of economic growth and quality of life, some of which are; knowledge-based, trade-based, saving-based and ethnic-religious-based pattern. Future studies may use these concepts/measurements of economic development and patterns of economic development and, validate their significance using statistical methods. Key Words:Economic Development, Concept, Measurement, Patterns

Date: 2019
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