Economic and Social Development

To understand the social and economic development concept, firstly we need to begin with defining the development. Usually, Development is a state where things improve but development has its various ways of definition such as contexts, sciences, Language, social, biological, political, economic, literature and Technical.

Social and economic development is defined as the process through which the economic welfare and quality of life, region, individualism, and local community of a nation are enhanced and get better based on objectives and targeted aspirations. From a socio-economic perspective, development means advancement in people’s standard of living through a better education system, employment, incomes, skills, behaviour, and vision. This term focuses on transformation based on environmental and cultural factors of people’s surroundings. Therefore, it is the development process of every transformation held in a society in social and economic aspects. To better understand this concept, we can understand social and economic development separately.

Socio-Economic development

Socio Economic development is defined as the process that outcomes occur in a change of social tradition based on behaviour that advances the facilities of the people to accomplish its objectives. Social development directly implies qualitative changes through which society can carry out its responsibilities and shape its function itself, such as the behaviour of people, progressive attitudes, adoption of advanced technologies, and effective processes. This term social development is all about improvement in the well-being of every aspect of society so that every individual can reach a complete perspective. The success of social development is related to the interests of each citizen of the nation. As you can see its means is investing in people.

Sociology

In this theory of social development, a researcher primarily explains that socialisation concerns the learning course in a human being. This theory tries to enlighten awareness as the outcome of socialism.

Socio-economic development is a concept that is measured with indicators, such as life expectancy, literacy, level of employment, income, and Gross domestic product (GDP). 

There are some major principles of social development which include derivations and applications of fundamental principles of awareness, accomplishments, and construction related to society, social growth, and human development.

Characteristics of social development

Some characteristics are often related to social development which are,

Ø  Discipline, participation, and support

Ø  Sharing and communication

Ø  Skill of cooperation

Ø  Rotation and revolution

Ø  Leadership and initiatives

The basic mechanism motivating social change is increasing consciousness leading to a better and improved society.

Economic development

This economic development can be particularly defined in terms of development in the context of economic growth, sociologists alternatively it underlines a broad process of transformation of creating and utilising physical, social, human, and financial assets to create an improved quality of living standards and economic interests for the nation or region. Economic development is the advancement in the economic welfare of society and countries meant for better inhabitants. This concept often addresses the level of per capita income and education based on economic development. This tenure of ‘ economic growth is linked with the increment of some explicit measures or indicators such as per capita income, life expectancy rate, gross domestic product (GDP), and real national income. On the other hand, economic development implies much more through which a community or people improves the three major aspects of development such as social, political, and economic welfare of its community.

In the study of economics, this concept of economic development is bearing an extension to traditional economics that is completely focused on national products or the collective outcome of goods and services.

Economic development is primarily concerned with the expansion of individuals’ entitlements and their associated capabilities and measured with indicators such as morbidity, nourishment, education, literacy rate, and others. But can you think about the major effective part of this Socio-economic concept in society, is its indicators most importantly GDP is one precise indicator of overall interests that doesn’t take into relation vital characteristics such as environment, the value of education, freedom, leisure time, integrity and gender equality.

Role of economic and social development in a society

Socio-economic development plays an important role in society that leads us in a variety of ways such as,

Ø  This development can lead us to a precise commitment towards human values and society.

Ø  Socio-economic development directs us to the appreciation that the levels of involvement are so important towards intervention required to involve at some level.

Ø  Also, this leads to the creation of frequently responsive and sustainable organisations that address human values and priorities.

Conclusion

Social and economic development is a practice by which the economic welfare and human well-being can be improved in a variety of ways which includes their quality of life, education standard, income, food, level of employment, skills, and behaviour. Thus, Socio Economic development is a course of renovation and improvement in a variety of conditions and traditions. It has to encourage and influence every aspect of human life and development in a nation. And this socio-economic development can be achieved by making more opportunities for people and investing in people so that they can improve their health, food, and education.