Contact Person : GYLYCH JELILOV; Last Date for the submission of abstract : 31-Aug-2019; The traditional measures of economic development centred on the capacity of an economy to not only generate but also sustain increase in its total output of goods and services per capita and desirable structural changes. It is in the light of the limitations that are inherent in the traditional measures that the opponents of the use of conventional statistical indicators of economic development have argued vehemently that the use of such data largely fails to track, in a pragmatic and objectively veriable sense the outcomes of development policies and programmes. This is the basis of Dudley Seers 1969 forceful argument that economic development is when a country experiences a reduction or elimination of poverty, inequality and unemployment