Economic development of the national economy: theories, essence

Economic development covers a wide range of interests, which determines the existence of various theories and approaches to understanding the essence of this economic category. The article highlights the main directions in the theory of economic development, taking into account the basic theories of development. Based on the analysis of the approaches of foreign and domestic scientists, the author's definition of "economic development" is given as a process of qualitative structural changes in the economy, leading to the improvement of the economic system, its effective functioning and an increase in consumer welfare.