Todaro argues that development must be seen as a multifaceted process that

includes significant adjustments to social structures, cultural norms, and national institutions in
addition to the acceleration of economic growth, the lowering of inequality, and the abolition of
absolute poverty. In its purest form, development must encompass the entire spectrum of
change through which an entire social system, tuned to the various basic needs and desires of
individuals and social groups within that system, moves from a situation or condition of life that
is widely perceived as inadequate toward one that is materially and spiritually "better." The
"inner" meaning of development should be understood in terms of at least three fundamental
elements that serve as core values. Sustenance, self-respect, and freedom are fundamental
principles that all people and cultures share as common aims.

The ability to provide for fundamental needs like food, clothing, and shelter is
referred to as sustenance. A country grows if its residents have enough or more than enough for
their fundamental needs, there is increase in income, extreme poverty is addressed, and there is
equality among members of society. Lacking even one of these results in a person's life not
progressing. Because everyone has wants that can be met by the existence of respect, dignity,
and a positive reputation in society, self-esteem indicates that life is wonderful when there is
respect, trust, and self-value. Freedom from servitude is derived from liberation from repressive
social structures, abuse, poverty, slavery, ignorance, and the lack of the right to freely practice
one's culture or religion.

Any endeavor to promote socioeconomic growth must take into account the three
fundamental principles of economic development since they contribute to a socioeconomic
existence that is balanced. Understanding the existing conditions and evaluating human capital
potential while taking into account the unemployment rate and any laws and regulations that
might be preventing the introduction of new industries into the area are the first steps toward
development. It is possible to start creating a strategy that will eventually result in more
employment opportunities, steady work for more households, and more economic activity in the
neighborhood.