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.
Highlights
Economic development is the main objective of the majority of the economies of the world
The two terms are used to describe the process of economic performance of developing countries but they are not the same. It is important we look at these various concepts and measures of economic development
This paper x-rays various concepts and measures of economic development and economic development patterns and, their effects on performance indicators. This resulted to the reviewed of an existing literature on concepts, measurements of economic development and, economic development patterns and their effects on performance indicators
Summary
Economic development is the main objective of the majority of the economies of the world. The two terms are used to describe the process of economic performance of developing countries but they are not the same. For clarity purpose, it is important we look at these various concepts and measures of economic development. This paper x-rays various concepts and measures of economic development and economic development patterns and, their effects on performance indicators. The rest of the paper is organized as follows: the literature review on economic development, measurement of economic development and patterns of economic development and, its relationship with growth and quality of life variables; and summary and conclusion. Nkoro and Uko, International Journal of Research in Business & Social Science 8(5)(2019) 228-236
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