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ABSTACT: Economic development is most important concept for measuring improvement of any country in the competitive world. But it is not easy to define economic development in a precise manner because different criteria have been used for different country. But which criteria is good for measuring economic development is debatable issue in economics. Economic development is a process of change over a long period of time. Thought there are several criteria used to measure the economic development, but no one criteria provide a satisfactory and universally acceptable index of economic development. According to R. G. Lipsey there are many possible measures of a country’s degree of development like national income, per capita income, saving per head, amount of social capital and the percentage of resource unexploited. But more commonly used criteria of economic development are increase in national income, PCI, standard of living and economic welfare etc. so some important economic development criteria are discus here in this paper which is used by all over the world. Keyword = Growth, development, PCI (per capita income), HDI (human development index), PQLI (physical quality life index) NI= national income
Udasi et al. (Sun,) studied this question.