Do the two terms- economic growth and economic development- mean the same things? Discuss.
Answers
No, Economic Growth and Economic Development are two different terms. The economic growth refers to quantitative increase in the economy while as economic development refers to the quantitative as well as qualitative increase in the economy. Economic Growth refers to increase in the indicators like GDP, per capita income ete while as Economic Development refers to improvement in life expectancy rate, infant mortality rate, literacy rate, poverty rates and equitable distribution of income.
Answer:
No
Explanation:
No, Economic growth and Economic development are distinct and different in terms of their contents and coverage.
Economic growth can be defined as a process whereby a country’s real national income increases over a long period of time.
In other words it is concerned with increase in national income.
Economic development however not only concerns itself with increase in income, but with its composition and distribution as well. It covers the process of long-term increase in income, as well as with achieving a more equitable income distribution and poverty alleviation.
Thus, economic development is a wider concept than economic growth.