Nobel Prize-Winning Economist Reminds Us of the Other
Reasons Why Economic Development is Important

Economic development is about how nations, states, regions and communities increase prosperity, but that's not all.

Economic development is also important because it contributes to social stability, averts hunger and famine and other things in society. That was the message that won Amartya Sen the 1998 Nobel Memorial Prize in Economic Science. Mr. Sen changed the way economists think about such issues as collective decision-making, welfare economics and measuring poverty.

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