Abstract Summary/Description
Development Economics is a branch of economics which is being identified as a platform to sketch the destination of an economy for maintaining a considerable standard of living specially for the third world countries (Escobar, 1995, p. 213). Development economics is comparatively a new area, but it has faced noteworthy changes since its birth in 1940s due to the diverse nature of the societies and different ideologies (Oslington, 1993). The problem in measuring development lies with the vast and wide range of socio-economic, cultural and political issues. It has been found that at the passage of time the definition of development has been changed. The development strategy is characterized by both the quantity and quality of goods and services. But it depends on the state of the development progress. If the economy is suffering from minimal basic needs, then it would be the best option to provide their needs irrespective of the quality. Here, quantity matters while quality should be an issue if the economy moves towards a higher level of standard of living. This work will try to explore the basis of ‘quantitative’ & ‘qualitative’ development. A theoretical elaboration of the arguments on development is being considered and the whole discussion is based on the secondary evidence. A survey method will lead to explore the success history of development of different countries. It will also consider the critical appreciation based on various economic thoughts. This research will help to find the appropriate strategy of development using cross-country data.
