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Economic Growth and Development

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Definition and differentiation of economic growth and economic development.

Published in: Business, Technology
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Economic Growth and Development

  1. 1. Development • Development is a sustained effort. • Development is a long process involving changes and requiring effort. - there is no such thing as "instant development."
  2. 2. • Economic growth and economic development are often used interchangeably. However, there are two distinctions between two concepts. ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT
  3. 3. • Economic growth means increase in output or production. • Economic development means both more output or production and changes in the technical and institutional arrangements by which factors of production are produced and distributed. ECONOMIC GROWTH AND ECONOMIC DEVELOPMENT
  4. 4. • Growth in a human being means the increase in weight and height of the individual. These are purely physical in nature like increases in weight from 5 kilos to 50 kilos or increases in height from 91 centimeters to 191 centimeters. GROWTH
  5. 5. • In similar fashion, growth in a country’s economy means increases in physical output or production. GROWTH
  6. 6. • Development in human means not only physical growth but also the necessary changes that he has to undergo to develop into a matured individual. This means that the individual’s attitudes, habits, emotions, feelings and intelligence must have undergone changes to fit into the concept of matured individual. DEVELOPMENT
  7. 7. DEVELOPMENT Example: Growth Development
  8. 8. • In similar fashion, development in a country’s economy means both increases in output or production and changes in the technical and institutional arrangements by which the factors of production are produced and distributed. ECONOMIC DEVELOPMENT
  9. 9. • Economic development of any nation can be characterized by the following: 1. Increases in output or production has to be sustained over a long period of time. 2. Changes in economic structure would spread out in the entire economy. 3. Growth has to be accompanied by an increase in efficiency. ECONOMIC DEVELOPMENT
  10. 10. • Economic development is shaped not only by economic factors but also by non-economic factors like environmental, social, and cultural conditions of the economy. ECONOMIC DEVELOPMENT
  11. 11. • One can get the economic growth of a country by comparing its GDP at present with the GDP last year. However, it is not so easy to measure development as it is based upon many parameters such as health, education, literacy levels, and life expectancy and so on. ECONOMIC GROWTH VS. ECONOMIC DEVELOPMENT
  12. 12. • Examples of countries like China and India that have huge GDP but not labeled developed because of their lowly ranks on other parameters such as health, education and life expectancy is enough to demonstrate the difference between economic growth and development. ECONOMIC GROWTH VS. ECONOMIC DEVELOPMENT
  13. 13. • In the study of economics, economic growth is taken as a quantitative measure while development is both a quantitative as well as a qualitative measure which makes it difficult to quantify. ECONOMIC GROWTH VS. ECONOMIC DEVELOPMENT

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