Economic development is the development of economic wealth of countries or regions for the well-being of their inhabitants. The study of economic development is known as development economics.

Public policy generally aims at continuous and sustained economic growth and expansion of national economies so that 'developing countries' become 'developed countries'. The economic development process supposes that legal and institutional adjustments are made to give incentives for innovation and for investments so as to develop an efficient production and distribution system for goods and service.

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