Economic development aims to improve the overall well-being of a population by increasing their standard of living, reducing poverty and inequality, promoting sustainable economic growth, and creating opportunities for a better quality of life.

Neoclassical Economic Theory, particularly the Solow-Swan model, emphasizes the role of capital accumulation, technological progress, and labor force growth in driving economic growth.

Structural transformation in economic development refers to the transition from traditional economic sectors, such as agriculture, to more modern and productive sectors, such as manufacturing and services.

Institutional Economic Theory, as propounded by economists like Douglass North and Daron Acemoglu, emphasizes the role of institutions, social norms, and political structures in shaping economic development outcomes.

Convergence in economic development refers to the process by which less developed countries experience faster economic growth rates than more developed countries, leading to a narrowing of the gap in income levels.

Endogenous Growth Theory, pioneered by economists like Paul Romer and Robert Lucas, emphasizes the role of technological innovation, human capital accumulation, and knowledge spillovers in driving economic growth.

The Environmental Kuznets Curve (EKC) illustrates the relationship between economic growth and environmental degradation, suggesting that as countries develop, they initially experience environmental degradation, but eventually reach a turning point where environmental quality improves with further economic growth.

Schumpeterian Economic Theory, developed by Joseph Schumpeter, emphasizes the role of entrepreneurship, innovation, and creative destruction in driving economic growth and structural transformation.

Divergence in economic development refers to the process by which the gap in income levels between developed and less developed countries widens over time.

Development Economics Theory, as propounded by economists like Amartya Sen and Paul Krugman, emphasizes the role of government intervention, public policy, and institutional reforms in promoting economic development, particularly in less developed countries.

The Kuznets Curve illustrates the relationship between economic growth and income inequality, suggesting that inequality initially increases during the early stages of economic development but eventually declines as countries reach higher levels of development.

Human Capital Theory, developed by economists like Gary Becker and Jacob Mincer, emphasizes the role of human capital, education, and skill development in driving economic growth and improving productivity.

Green Growth refers to the concept of achieving economic growth while minimizing environmental degradation and promoting sustainable resource use.

The Resource Curse Theory suggests that countries with abundant natural resources may experience slower economic growth and development due to factors such as Dutch Disease and the volatility of commodity prices.

The Social Progress Index is a composite measure that assesses the social and environmental performance of countries, including indicators such as health, education, and environmental sustainability.