Similar to seers and philosophers, economists, were also party to human's quest for a better tomorrow. We have been a witness to a number of notions coming in from the literature of Economics in this area-starting with a very humble and layman's word like 'progress' to technical terms like 'growth', 'development' and 'human development'. With greater dependence on the idea of the 'economic man', the world created immense wealth in the post-War decades. It was in the 1980s that social scientists started finer studies in the area of mankind's actions, finally challenging the very idea of the 'economic man' ('rational man'). Thus starts mankind's urge to introspect the lives of humanity on the planet earth. Meanwhile, humanity was faced with a unique riddle of climate change. By now, courtesy the UNO, the world has the World Happiness Report. Progress is a general term frequently used by experts to denote betterment or improvement in anything. In economics, the term was used for a long time to show the positive movement in the lives of people and in an economy. It had both quantitative and qualitative aspects to it. After a point of time, some economists started using all the three terms - progress, growth and development-interchangeably to mean almost the same thing. But it was only during the 1960s, 1970s and 1980s that a clear meanings of these terms really evolved. The term 'progress' became a general term with no specific meaning in economics or denoting both growth and development. But growth and development were allotted their clear-cut meanings. A term coming from the life sciences, 'growth' in economics means economic growth. An increase in economic variables over a period of time is economic growth. The term can be used in an individual case or in the case of an economy or for the whole world. The most important aspect of growth is its quantifiability, i.e., one can measure it in absolute terms. All the units of measurement may be applied, depending upon the economic variable, where growth is being studied.