Economic Growth and Development

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Economic Growth and Development

Economic Growth

Economic Development

Scope

Growth is concerned with increases in Development is concerned with the economy's output structural changes in the economy Growth relates to a gradual increase in one of the components of Gross Domestic Product: consumption, government spending, investment, net exports 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 It implies changes in income,saving and investment along with progressive changes in socioeconomic structure of country (institutional and technological changes) Qualitative.HDI (Human Development Index), genderrelated index (GDI), Human poverty index (HPI), infant mortality, literacy rate etc. Brings qualitative and quantitative changes in the economy

Growth

Implication

It refers to an increase in the real output of goods and services in the country like increase the income in savings,in investment etc.

Measurement

Quantitative. Increase in real GDP. Shown by PPP Brings quantitative changes in the economy

Effect

Concept

Narrower concept than economic development

Normative concept

Relevance

Economic growth is a more relevant metric for progress in developed countries. But it's widely used in all Economic development is more countries because growth is a relevant to measure progress and necessary condition for development. quality of life in developing nations.

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