The main determinants of the economic nature of public progressing

The article discusses the development of scientific views on the nature of economic development. An overview of the main approaches, theories and points of view. In particular, the approaches to defining the essence of economic development proposed by Schumpeter developed by E. A. Erokhina, G. Haberler, G. Myrdal. Analyze their strengths and weaknesses, as well as the limits of application. The basic category of economic growth and development, formulated by G. Myrdal and correlated with the position of the World Bank: macroeconomic stability, the orientation of development to meet the needs of the population, an integrated approach to development, the importance of institutions for sustainable development. It is proved that economic development is decisive phase in the process of continuous change, economic evolution of human society. Based on the analysis given author's definition of the concept of "economic development."