The evolution of economic development theories

The article traces the evolution of views on economic development. Different approaches and theories of economic development and economic growth, both Keynesian as well as neoclassical, exogenous and endogenous are outlined. The article emphasizes the need to take into account not only quantitative changes in the economy, but also the quality changes that are more important for the population’s well-being. Moreover, these qualitative changes should not be sporadic and random, but have a long-term, sustainable and innovative nature. Positive dynamics of the development is based on scientific and technical progress.