Distinguish between human development and economic development
Answers
Answer:
Economic development and human development are both measures that are used to determine the overall development in a country or region. Measures of economic development are very broad and include a wide spectrum of elements such as economic growth (measured by GDP), standards of living, infrastructure, international trade, environmental health, public safety, social justice, life expectancy, literacy, health, etc. Human development is a component that makes up economic development. A country’s GDP does not take into consideration people’s health, education or standard of living. Hence measures such as HDI, GEM, and HPI were developed to measure human development in terms of health, education, standard of living, income, poverty, gender equality, etc. Human development can lead to economic development, as when more people have better education, health and standard of living that will increase the levels of productivity, investment and economic growth which can eventually result in economic development.
Summary:
Economic development and human development are concepts that are related to one another in that they both measure a country’s overall development in terms of economic wealth and human welfare.
• Economic development refers to the improvement of the overall economic wealth of a country.
• Measures of economic development are very broad and include a wide spectrum of elements such as economic growth (measured by GDP), standards of living, infrastructure, international trade, environmental health, public safety, social justice, life expectancy, literacy, health, etc.
• Human development is the process in which an individual’s freedom, opportunities and wellbeing are continuously improved.
• Human development is measured by the Human Development Index (HDI). The HDI measures the education levels, health and standard of living.
• Other measures of human development include the Human Poverty Index (HPI) and Gender Empowerment Measure (GEM).
• Human development can lead to economic development, as more people having better education, health, and standard of living increase the levels of productivity, investment and economic growth which can eventually result in economic development.
Answer:
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