Economic development

The term "economic development" is widely used by the ordinary public and the popular media. The concept, however, is not quite as well understood as its frequent use may suggest. First one must realize that the term "economic development" in one form or another keeps surfacing in the popular media. Instances of economic miracles (reflecting favorable effects of economic development) regularly make headlines. Japan was in ruins after World War II. Within 30 years, Japan emerged as an economic superpower and one of two main economic rivals of the United States (Germany being the other).