Question

Discuss the difference between economic growth/and economic development.
Ans. The difference between economic growth and economic development is as follows: 1. On the basis of development process: Economic growth is a quantitative term, whereas economic development is Economic growth merely indicates increase in the GDP whereas economie development indicates increase in the GDP per capita income and changes in the standard of living of the people. a qualitative term. 2. Later and subsequent : Earlier economists did not make any distinction between these two terms. However, the qualitative aspect was indicated by the later economists by using the term economic development. 3. According to the changes taking place in economy : Increase in agricultural production by mere increase in the land under cultivation is economic growth. On the other hand, increase in agricultural production by application of scientific knowledge and technology such as hybrid seeds indicates economic development. 4. In relatiọn to the developed and developing nations : Increase in the GDP of the developed countries like the USA is called economic growth; whereas increase in the GDP as well as per capita income in the developing countries like India is called Economic Development.



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Answer 1

Answer:

Economic growth brings quantitative changes in the economy. Economic growth reflects the growth of national or per capita income. Economic development implies changes in income, savings and investment along with progressive changes in socio- economic structure of country (institutional and technological changes).