Abstract
Economic development is a current phrase that seems so easy to define, but in truth is too equivocal word. Although this word was born after the Second World War, Smith’s invisible hand has already pointed the notion of economic development as growth in income per capita. Even today, economic development is synonym with the high level of income per capita and reduction of poverty to achieve the improved well-being and standard of living. It is the rational result of deep gap among poor and rich countries. Hence, development is not a word which we can put border for each especial dimensions. Development must include the other dimensions like social, economic, cultural and political development, all moving together. In this paper, we will show the usage of economic growth to explain a special filed of development is a mistake. A society will experience economic development when the whole of the dimensions of development is achieved along with economic growth. The final goal of this paper is to show a new viewpoint of development progress to prepare the background for human talent to flourish.
Highlights
Development is an abstruse key concept, which everyone knows it but its exact definition is too difficult to explain
The use of word of development deployed after the World War II, for example, Nielsen believes by ending the Second World War, decolonization and independent of countries as new economies, they understood that they should exit from poverty, misery and destitution and depart to situation of countries which are pioneer of the level of income and well-being (Nielsen, 2011)
If the word of development is synonym by concepts like increasing in income and improving level of standard of living, we can say that Smith (1776) has pointed development, since he presumes that economic growth will cause disappearing the poverty and bettering the income of inhabitances of society.(Smith, 2006) Sen (2001) displays that the economic view to development is a motive to say that the time of born of notion of development is 1676 when Sir William Petty focuses on the subsistence and level of income of habitants, he describes in each community, people should have security and happiness
Summary
Development is an abstruse key concept, which everyone knows it but its exact definition is too difficult to explain. The biggest imperfection of this thinking, to describe the word of development, is to investigate and assess the situation of development by progressing in the quantitative production or changing in national income as well as using the advanced technology and having the better education and health services. For this end we can strongly say that infrastructure of this approach returns into the birth of economic in 1776 by Adam Smith. Great Depression in 1929 entailed the name of Keynes shins like Smith, as advocate of capitalism, and Marx, as critic of capitalism, among other economists
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