A country or a society's economic development is usually associated with rising incomes and related increases in consumption, savings, and investment. Surely, there is far more to economic development than income growth; for if income distribution is profoundly swerved, growth may not be conducted by much progress towards the aims that are usually connected with economic development.
But what other characteristics are linked with economic development?
Low levels of poverty, hunger and malnutrition, severe infectious diseases, homelessness, crime, corruption. High levels of income, of consumption, saving and investment, of employment. Universal access to social safety gains for the unemployed and people on low incomes, to health care, to primary and secondary education, services, to good public services such as police, firemen, etc. Extensive access to good housing infrastructure, road and transport infrastructure, public utilities (electricity, water and sanitation, telephones).
Economic development is also related to economic growth, inflation, gross debt, unemployment and budget deficit. If we look at the table made during class, the USA in 2007, the appraisal 1.8 of 2007, it is low because of the subprime mortgage crisis.
Japan's 2.2 is given by technological investments. In 2009, Japan's economic growth was low because it could no longer export its products to the USA, the biggest commercial partner as the USA was suffering from the housing crisis.
In 2013, the EU's valuation was -0.5 because many countries within the EU borders were burdened by high debts.
In the 90s, the USA was strong as Clinton was boosting investments (IT investments, many of the subsidiaries located in the countries once part of the USSR).
Japan's inflation in the 90s was problematic, as -1.0 means that money lost their value and industrialists did not want to produce anymore. Nowadays Japan is pursuing the