what exactly is "economic development"?

Question

I hear this term thrown around a lot today, especially in reference to efforts to increase economic development in developing countries. Obviously, it means certain things - growing the economy, making more money, raising the standard of living. But it still seems like a very ambiguous term to me...are there perhaps some undercurrents, hidden meanings in the phrase? What does it mean personally to you? Is development the same as modernism? Is development, or modernism, at odds with tradition, and the preservation of local cultures? Is development, and modernism, and "progress" always a good thing? What are their drawbacks?
This isn't for a school paper or anything. I've just been thinking about this on my own and wanted to solicit some other peoples' opinions. Thanks in advance.
Serious responses only, please (i.e. no one-liners)

Answer 1

"Economic Development" as the name suggests that the development of the Economy as a whole. Increase in the per-capita income. According to me, development is not same as modernism its actually development in living standards. Modernism for the country as a whole will not be possible. But yes economic development for the country as a whole can definitely be possible.

Answer 2

Economic development isn't economic growth. Growth would mean an higher overall output leading to higher per capita income. Development talks of how the people of an economy have an increase in their standard of living. A variety of things measure this. available and the creation of those things. For example. Say Island Bob builds 5 boats one year. The next year he builds twice as much. Thats economic growth. Development would be Island Bob's community is able to access increases in human capital, via education. Lets talk about how they're correlated and how it develops culture. So the economy is in a growth. Its booming. So now more kids go off to school to participate in the economic growth and can do so due to increased wealth on their parents part. They go off to college and they see a whole new college culture. Furthermore, after they are out they are able to carve an intellectual culture because of their education. Or in the case of health care as human capital, if people are dying they cannot enjoy or create culture so ultimately, better health care and such allows for people to participate in culture because they need not worry about their health and can enjoy music, art and things of such nature. Economic development does reshift culture, but it is a much richer culture because more can participate in it rather than the few rich.

Answer 3

When talking about the meaning for words and phrases and their possible objectives, uses and human interests, needs, perceived needs, we are entering into ideology and ethics. Generally, before choosing a society as subject for analysis, there is Idea or the Idea. The Idea is the expression in a specific societies idea for freedom. Speaking from your own understanding of what your society is, what is or are these ideas for freedom. Freedom from what and freedom to do what. When you have extablished that for yourself, then the word 'development' may take on a whole new meaning or notion. It could mean 'change' or it could mean 'additional new things'. It could be the community itself with special objectives or transformations, or it could mean subjective transformations not of our choosing. What do you want it to be, to mean, which notion or idea for development. At the highest level certainly Future as a concept is an element, i.e. progress to what.

My point being that we must, at least for this times purposes describe the objective aims for this 'economic development'. Certainly human essence is the common basis, so I shall advise you to start from describing that essence, what is human. Outside of that it is merely material, human and land property accumulation.