University of Pardubice Jan Perner Transport Faculty Transport and ...

fact, the wealth of many First World countries is founded on the exploitation of resources from
Third World countries. 11
Economic development originated in the post war period of reconstruction initiated by the US
and defining it was quite a hustle as it is always linked with environmental development.
Throughout the years there have been many definitions of economic development vs. economic
development. 12
2.1.1 Definitions of economic development:
Economic development has been defined as “the process by which a community creates, retains,
and reinvests wealth and improves the quality of life” 13 .David Dodson, MDC, Inc.
According to Prof. Meier and Baldwin; "Economic development is a process whereby an
economy's real national income increases over a long period of time". 14
Prof. Bachanan and Ellis; "Development means developing the real income potentialities of the
under-developed areas by using investment to effect those changes and to argument those
productive resources which promise to raise real income per person".
"Economic development is a policy to ensure social well beings of people, economic growth in
the form of market productivity and the rise in GDP". 15
11 Economic Development Now [online]. 2012.04 [cit.2012.04.28]. Found from
http://www.iedconline.org/EDNow/052112/index.html
12 Which Way Now? Economic Journal, Vol. 93 Issue 372. Pp.745-762 [online]. 1983 [cit.2012.05.18]. Found from:
http://www.jstor.org/stable/10.2307/2232744
13 Definition of David Dodson, MDC, Inc.: [online]. 2010 [cit.2012.05.18]. Found from:
http://ecdi.wordpress.com/2011/06/15/economic-development-broadly-defined/
14 Cornell University's , Definitions of economic development:
www.cals.cornell.edu/cals/.../DefinitionsEconomicDevelopment.pdf
15 A, Sen. (1983) Economic Journal.Economical jornal,Vol.93
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