differences between economic growth and economic development pdf

Differences Between Economic Growth And Economic Development Pdf

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Although the term is often used in discussions of short-term economic performance, in the context of economic theory it generally refers to an increase in wealth over an extended period. Growth can best be described as a process of transformation.

Economics is the study of how individuals, governments, businesses, organizations, as well as countries use their limited resources effectively and efficiently to benefit from it to the maximum extent. It deals with manufacturization, distribution, and consumption of goods and services. Economics addresses the questions such as what to produce, how to produce, and who will produce it.

Relationship between Economic Growth and Economic Development

The term economic growth refers to the quantitative aspect of economic progress of a country. We know human wants are unlimited and they are increasing over time. Man is never satisfied with what he has. However, our resources are very limited. Therefore, we should try to satisfy our wants. Hence, we should try to increase the production of goods and services. Thus, economic growth signifies the growth in the volume of goods and services.

Growth in the money value of goods and services are not sufficient for an economy. It simple increases the price of goods and services.

In fact, growth is considered in physical terms. Thus, production of different goods and services must be increase in an economy. Under growth process, not only the total volume of production increases, but simultaneously total population will also increase.

Thus, per capital output will also increase over time to maintain the same growth rate. It will help to solve the problem of physical output of goods and services per capita in any economy. According to Prof. Economic development is a much broder concept than economic growth. In simple sense, Economic development. Hence, standard of living includes various things like safe drinking water, improve sanitation systems, medical facilities, spread of primary education to improve literacy rate, eradication of poverty, balanced transport networks, increase in employment opportunities etc.

Thus, the quality of life is the major indicator of economic development. Therefore, increase in economic development is more necessary for an economy to achieved the status of Developed Nation.

Article Shared by Tushar Seth. Related Articles. Central Problems of an Economy. What are the main Stages of Economic Growth?

Difference Between Economic Growth and Economic Development

In the economic study of the public sector , economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. Whereas economic development is a policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP ; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development". Economists primarily focus on the growth aspect and the economy at large, whereas researchers of community economic development concern themselves with socioeconomic development as well. The precise definition of economic development has been contested: while economists in the 20th century viewed development primarily in terms of economic growth , sociologists instead emphasized broader processes of change and modernization. Economic development implies economic growth plus progressive changes in certain important variables which determine well-being of the people,e.

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Difference between economic growth and development

Before addressing the question of what are the stages of economic development, it is useful to focus first on the main difference between economic growth and economic development. Obviously, sustained economic growth typically implies economic development, but most development economists nevertheless use the two terms differently. Economic growth typically refers to an increase in gross domestic product GDP , while economic development typically refers to a structural transformation, mostly of the economy. Unlike the stages of economic growth which were proposed in by economist Walt Rostow as five basic stages: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption , there exists no clear definition for the stages of economic development.

Economic Growth vs Economic Development

Readers Question: What is the difference between growth and development?

Difference Between Economic Growth and Economic Development (With Table)

The term economic growth refers to the quantitative aspect of economic progress of a country. We know human wants are unlimited and they are increasing over time. Man is never satisfied with what he has. However, our resources are very limited. Therefore, we should try to satisfy our wants. Hence, we should try to increase the production of goods and services. Thus, economic growth signifies the growth in the volume of goods and services.

Economic Growth refers to the rise in the value of everything produced in the economy. It alludes to considerable rise in per-capita national product, over a period, i. Economic Growth is often contrasted with Economic Development , which is defined as the increase in the economic wealth of a country or a particular area, for the welfare of its residents.

It can be measured as a percentage increase in real gross domestic product. Where a gross domestic product GDP is adjusted by inflation. Watch our Demo Courses and Videos. Economic Development is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment and the conservation of the environment.


The terms Economic Growth and Economic Development sound very similar. However, the two concepts are different. While Economic growth is a quantitative​.


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We have started our discussion of development by addressing very broad issues relating to the concept of development. However, much of the literature and thinking about 'development' focuses on economics. Indeed 'development' and 'economic development' have often been treated as synonymous concepts.

Он неохотно выполз из-под компьютера. - Побойся Бога, Мидж. Я же сказал тебе… - Но это была не Мидж.

Development Economics

Вся сцена напоминала некий извращенный вариант представления, посвященного празднику Хэллоуин. Хотя Стратмор и сожалел о смерти своего молодого сотрудника, он был уверен, что ее можно отнести к числу оправданных потерь.

И положил трубку. Дэвид, задержавшись в будке, тяжко вздохнул. Взял потрепанный справочник Guia Telefonica и начал листать желтые страницы. - Ничего не выйдет, - пробормотал. В разделе Служба сопровождения в справочнике было только три строчки; впрочем, ничего иного все равно не оставалось.

Он рассчитывал, сидя в испанском баре, услышать по Си-эн-эн пресс-конференцию об американском сверхсекретном компьютере, способном взломать любые шифры. После этого он позвонил бы Стратмору, считал пароль с кольца на своем пальце и в последнюю минуту спас главный банк данных АНБ. Вдоволь посмеявшись, он исчез бы насовсем, превратившись в легенду Фонда электронных границ.

Unit 1 Conceptualising Development

 Трюк, старый как мир. Никуда я не звонил. ГЛАВА 83 Беккеровская веспа, без сомнения, была самым миниатюрным транспортным средством, когда-либо передвигавшимся по шоссе, ведущему в севильский аэропорт.

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