"Economic development without growth is almost inconceivable." Keeping this statement in view, distinguish between the concept of development and growth.
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Explanation:
Development :-
Development means a qualitative change which is always value positive. This means that development cannot take place unless there is an increment or addition to the existing condition.
Growth :-
Growth is quantitative and value neutral.
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Answered by
1
Answer:
- Economic development implies changes in income, savings and investment along with the progressive changes in socio-economic structure of country(institutional and technological changes.
- Economic growth refers to an increase in the real output of goods and services in the country.
Explanation:
Economic development without growth is inconceivable. These are distinguished in terms of meaning and factors below.
Economic growth:
Meaning:
- Economic growth refers to an increase in the real output of goods and services in the country.
Factors:
- Growth relates to the gradual increase in one of the components of Gross Domestic production, consumption, government spending, investment, net exports.
Economic Development:
Meaning:
- Economic development implies changes in income, savings and investment along with the progressive changes in socio-economic structure of country(institutional and technological changes).
Factors:
- Development relates to growth of human capital, decrease in inequality figures, and structural changes that improve the quality of life of the population.
Know more about Consumption and Growth:
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