Economic Development Law and Legal Definition

Economic Development refers to the increase in the standard of living in a nation's population with sustained growth from a simple, low-income economy to a modern, high-income economy. Economic development is enhanced when the local quality of life improves. Economic development involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. It is also related to human development. Economic development can be extensive or intensive. It is extensive when there is increase of overall wealth and intensive when there is increase of per capita wealth.