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What is the difference between growth and development?4/12/2012
Economic Growth & development are two different terms used in economics: economic development refers to the problems of underdeveloped countries and economic growth to those of developed countries4/12/2012
• Economic Growth: means the increase in per capita income or increase in GNP (Gross National Product).• Economic growth also refers to sustained increase in a countrys output of goods and services, or product per capita. Output is generally measured in terms of GNP.4/12/2012
• Economic development is the progressive changes in the socio- economic structure of a country.4/12/2012
• Economic development involves a steady decline in agricultural shares in GNP and continuous increase in shares of industries, trade banking construction and services.4/12/2012
• Whereas economic growth merely refers to rise in output; development implies change in technological and institutional organization of production as well as in distributive pattern of income.4/12/2012
• Compared to the objective of development, economic growth is easy: it is done by a larger mobilization of resources and raising their productivity, thus output levels are raised.4/12/2012
• The process of development is far more extensive. Apart from a rise in output, it involves changes in composition of output, shift in the allocation of productive resources, and elimination or reduction of poverty, inequalities and unemployment.4/12/2012
• Economic development is not possible without growth but growth is possible without development because growth is just increase in GNP. It does not have any other parameters to it.4/12/2012
• Development can be conceived as Multi- Dimensional process or phenomena. If there is increase in GNP more than the increase in per capita Income then we can say that Development is possible.• When there is an improvement of the general conditions for the population, then we can say that there has been an economic development.4/12/2012
"Development requires the removal of major sources of poverty as well as tyranny, poor economic opportunities as well as systematic social deprivation, neglect of public facilities as well as intolerance or over activity of repressive states."4/12/2012