Economic development is the expansion of production and gradual change of the qualitative components of economics, the factors of growth and development, education, science, culture which influence the level of people’s life. Economic development is closely connected with the development of the human society, its material and moral values, lifestyle and world view.
The main indicators which reflect the success of the process of economic development are the increase of the level of life in the country, the ability to complete on the market, gross domestic product, gross-national product, etc. It is obvious that the main drivers of the economic development are the human capital and the innovations in technologies, because technologies influence the industrial development of a country and as a result its income.
Economic development is depends on the political situation in the country and the effectiveness of its government. If the government takes care of small and middle business, the quality of education and cultural development of the society, the result will be high. The well-educated experts will create new technologies and introduce innovations into the production which can increase economics, because innovations can be called a synonym of growth. Economic development is a systematic process, which includes a set of interconnected factors: economic (globalization, taxation); technological (modernization, the use of high technologies); political (the right favorable laws); social and cultural (moral, virtues); ecological (favorable climatic and ecological situation). In fact, the main factor of the economic development is the human capital, because only well-educated people can change the situation for the better.
The problem of economic development is extremely important for the existence of the human civilization, because people live in the constant motion and require permanent gradual growth. The problem is quite interesting for the research, because it affects the life of the human society and everyone should be aware of the principles and factor which influence economic growth and explanation of the term itself. When one wants to research the topic deeper, he should collect enough reliable information and persuade the professor in the quality of the chosen topic and prepare an informative and logically-composed convincing economic development research proposal which values the importance of the paper and explains the purpose of the research.
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