Changing concept of Development

Till 1970's the term economic development was often used as synonymous of economic growth. Now considered as ( mean growth + progessive changes in
certain crucial variables which determine the well being of the people). Economist are not impressed by the growth performance in GDP or GNP, now concentrate in development process and must be evaluated in terms of progressive reduction and elimination of malnutrition, disease, illiteracy, unemployment and inequalites. In tradition way they defined development in economic terms. It implies sustained increasing in GDP (or GNP) at rates varying from 5 to 7% or more together with such alternation in the structure of production and employment that the share of Agriculture declines in both whereas the share of production and tertiary sector increases. During 1970's economist tried to redefine the concept of Economic development especially in terms of the reduction of poverty, inequality and unemployment in a growing economy. ' Redistribution with Growth ' became the popular slogan. The awarding of nobel prize to two prominent development economists i.e. WA lewis and Theodore Schultz, Amartya Sen and Joseph Stiglitz provided a dramatic confirmation of development economics as separate field within economics discipline. Development concept, though based on economic aspects, now deals with economic, social, political and institutional mechanisms, both public and private to bring rapid improvements in levels of living for the masses of poverty stricken, malnourished and illiterate peoples of Africa, Asia and Latin American.