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Economic Development vs Economic Growth By Aneek


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Economic Development vs Economic Growth By Aneek

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Economic Development vs Economic Growth By Aneek

  1. 1. Economic Development vs Economic Growth ByAneek Gupta Consideration Economic Development Economic Growth Implications Economic development implies changes in income, savings and investment along with progressive changes in socio-economic structure of country (institutional and technological changes). Economic growth refers to an increase in the real output of goods and services in the country. Factors Development relates to growth of human capital indexes, a decrease in inequality figures, and structural changes that improve the general population's quality of life. Growth relates to a gradual increase in one of the components of Gross Domestic Product: consumption, government spending, investment, net exports. Qualitative. HDI (Human Development Index), genderQuantitative. Increases in Measurement related index (GDI), Human real GDP. poverty index (HPI), infant mortality, literacy rate etc. Effect Brings qualitative and quantitative Brings quantitative changes in the economy changes in the economy Relevance Economic growth is a more relevant metric for Economic development is more progress in developed relevant to measure progress and countries. But it's widely quality of life in developing used in all countries nations. because growth is a necessary condition for development. Scope Growth is concerned with Concerned with structural increase in the economy's changes in the economy output Thanks