Discuss the main elements or features of economic development



(i) Long-run process : Economic development implies long-run changes taking place in an economy. These are related to institutional and structural changes.
(ii) Continuous process : Process means all those changes whereby real national income of a country can be increased. Therefore, economic development is a continuous process.
(iii) A rise in real per capital income : Economic development raises real per capital income over long period of time.
Per capital income = National Income
(iv) Promotion of economic welfare : Economic
development results into an increase in economic welfare of the society. It means standard of living of the people raises high.