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Economic development is the sustained, concerted actions of policy makers and communities that promote the standard of living and economic health of a specific area. It can be referred to as the quantitative and qualitative changes in the economy. The study of economic development was borne out of an extension to traditional economics that focused entirely on national product, or the aggregate output of goods and services. It is important so that our society can constantly grow and evolve, making new advancements in both technology and industry. Understanding economics is important for our society to continue its rapid development. The level of economic development in a country may be measured by considering levels of public welfare, education, health and liberty. It is hoped that the present edition of this book will be beneficial to all concerned of the society, in general and students, lawyers, advocates, academicians, human rights institutions, researchers and NGOs working in economics field, in particular.