Development is an integral aspect of the society. It is an indicator for change in the society. Since society is ever changing with interaction and adaptation of other cultures it becomes necessary to study the concept related to development and the factors that are indicators of development in the society. The concept of development shows the degree of changes or modernization in the society. The rank of a society or country in context of development makes it powerful or a weak. The study of sociology is incomplete without the study of the development. Society is a complex unit which is blend of various areas like economic, legal, social and environmental etc. Growth literally means increase in stature or size. In economic terms economic growth is a long-term increase in production potential of an economy.
To understand economic growth it is important to know about economics. According to Myrdal Economics is the only term regarding the precise definition of which the economists need not be concerned. Economic growth is mainly related to long run trend in productivity resulting by structural causes like technology growth and factor accumulation. Economic growth is conceptualize as a result of technological improvement and increased productivity. Industrial revolution helped the countries and economies to balance with demanding population. The industrialized countries saw slower population growth a condition called demographic transition. Some theorists like Adam Smith, David Ricardo believed that population growth reduced economic growth But theorists like John Menard challenged Adam Smith'[s ideology and advocated that increasing population creates demand for goods which gives boost to industry hence develops the investment leading to economic growth. Karl Marx believed historical materialism as a reason for industrial growth and economic growth. The industrialization and capitalism will lead to class struggle of proletariat against bourgeoisie and ultimately lead to revolution.