Explanation:

: The experience of the 1950s and 1960s when many third world nations did realize their economic growth targets but the level of living of the masses of people remained for the most part unchanged, signaled that something was very wrong with this narrow definition of development. An increasing number of economist and policymakers now clamored for the “dethronement of GNP” and the elevation of direct attack on widespread poverty, increasingly inequitable income distribution, and rising unemployment. In short during the 1970s, economic development came to be redefined to include improvements in material welfare, reduction or elimination of poverty, inequality, and unemployment within the context of the growing economy. The challenge of development is to improve the quality of life. Especially in the World's poorest countries a better quality of life generally calls for higher incomes, but it involves much more. It encompasses as ends in themselves better education, higher standards of health and nutrition, less poverty, a cleaner environment, more equality of opportunity, greater individual freedom, and a richer cultural life.