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Development is the end result of growth. Economically, countries are widely classified into three divisions namely, developed countries, developing countries and low-income group. As we know every nation is directed only towards higher goals in terms of its economic potential. Development economics propounds theories and strategies to develop the economic condition of the developing and low-income group nations.
This does not only involve trading policies and foreign relationships but also the structure change for the entire population of the nation. Though it is obvious that if an economy develops, the population is benefited, the ways in which the growth can be optimized needs to be analyzed. Moreover, the field of development economics expounds ways in which the benefits of economic growth can be channelized to reach the public. This includes, corruption control, revenue measures and taxation and internal trade policies.
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