Therefore, economic development encompasses both growth and welfare values. Already, advanced economies do not have a monopoly over the adoption of labor-saving technological change.
Other notable theories include the structural change theory, the international dependence theory, and the neoclassical theory. The roots of the great financial crisis of the end of the first decade of the new millennium have also been scrutinized and, hopefully, some lessons have been learned.
These are critical questions that can inform a host of policy issues going forward, from the desirability of minimum wages to facilitate better wage bargains to be struck for workers, to the use of competition policies as a tool for economic development, for example.
The current terrain of economic development has clearly been influenced by the great financial crisis of Despite the closing of the gap between rich and poor countries because of the fast growth of some poor countries, the gap is still enormous, both on average and especially so for the poorest countries who have not grown as fast.
Many individual states also have associations comprising economic development professionals, who work closely with IEDC.