There is far more to Economic Development than income growth;
for if income distribution is highly skewed, growth may not be accompanied by much progress towards the goals that are usually associated with economic development.
The definition of economic development given by Michael Todaro is "An increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice."
Thus, it implies progressive socio-economic structure of a country.
It involves study of decline in share of agriculture in GDP and a corresponding increase in the share of industries, trade, banking, construction and other services in GDP.
According to Meior and Baldwin, "Economic development is a process where by country's real national income increases over a long period."
The economic development of a country is defined as the development of the economic wealth of the country.