This involves mathematical methods like differential equations and optimization.
The HDI measures education and health besides GNP, and so is multi-dimensional.
Another advantage of HDI is that it focuses on the ultimate objective of economic development and not only the means used to reach it.
Other economists claim that economic growth causes or contributes to economic development, because according to this perspective, because at least some of the increasing income is spend on human sustainable development such as education and health; this is actually the most reasonable approach regarding this link that joins growth to development.
As economic development relates directly to human development, we can understand this relationship with so many different explanations.
In addition to the different mathematical methods used to calculate economic development, the HDI (human development index) is another widely used process to calculate development.
This does not mean that the HDI replaces the other methods, but rather adds many other aspects for a considerable understanding of economic development.During the early period, Morocco did not know plenty of important events.The agriculture sector was the first and most important one that the Moroccan economy was hoping to develop.Economic Development Essay Economic development is the increase in the standard of living of a population.Economic development includes economic growth among the main criteria.Economic development theories relate to the causes of industrial-economic modernization, the phases of economic development, and the organizational related aspects of enterprise development; it requires sociological, economic, and cultural researches on the evolution of markets and industrial organizations within modern societies.From other perspectives, economic development of embrace improvements in a variety of indicators such as literacy rates, life expectancy, poverty rates, health, and education.The only sector to survive and keep having a success was the agriculture and that had a great impact on the economic development.Some of the issues that Morocco used to work on and that affected its development were the economic growth; the high rate of unemployment was strongly related to the fact of having a low economic growth.The main point here is that, regardless of the approach used to connect economic development to human development, the outcome is always the same: economic development aims to improve the well-being of citizens based on different scales of priorities depending on the level of economic enhancement of societies; enhanced economies go over the basic necessities to provide a higher quality of life.Technically, we mean by economic development the increase in per capita income or the increase in national gross product (GNP); it deals with macroeconomic causes of long term economic growth, and microeconomic issues such as the incentives of households and firms.