Economic development is a complex process involving growth, distribution, and innovation. It used to be mainly about improving developing countries, but now it's also important for developed countries facing issues like slow growth and income inequality. Existing theories struggle to explain how economic development works, so a new general theory has been proposed. This theory sees development as a multi-dimensional, evolving process. However, it still has some gaps. Researchers are working on a revised framework to better understand how economic development happens.