Abstract
In modern economics, in addition to indicators of economic growth, the term “economic development” is regarded as relatively important. The term is considered a complex, multifactorial concept. In this article, I studied the importance of economic development and carried out a quantitative assessment through a number of indicators characterizing economic development in different countries. Consequently, the Economic Development Index was calculated, which included 11 sub-indexes, covering data of 102 countries from 2012 to 2019. Notwithstanding the quantitative assessment of economic development, it must be noted that it is, in essence, a qualitative phenomenon with complex and dynamic characteristics.
To prohibit a great people, however, from making all that they can of every part of their own produce, or from employing their stock and industry in the way that they judge most advantageous to themselves, is a manifest violation of the most sacred rights of mankind.
Adam Smith, The Wealth of Nations, 1776
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Davoyan, A. (2023). Proposition of Development and Growth Through Economic Development Index. In: Lau, E., Brahmana, R.K., Tan, L.M. (eds) Economics and Finance Readings. APEF 2022. Springer, Singapore. https://doi.org/10.1007/978-981-99-1979-6_2
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DOI: https://doi.org/10.1007/978-981-99-1979-6_2
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