Economic Growth and Economic Development
Let us look into the most significant points of difference between Economic Growth and Economic Development from the following table. aa. Economic Growth b. Economic Development 1. Definition a. Increase in the monetary growth of a nation in a particular period b. It refers to the overall development of the quality of life in a nation which includes economic growth 2.Span of Concept a. It is a narrower concept than Economic Development. b. It is a broader concept than Economic Growth 3. Scope a. It is a uni-dimensional approach which deals with the economic growth of the nation. b . It is a multi-dimensional approach that looks into the income and as well as the quality of life of the nation 4. Term a. Short-term process b. Long-term process 5. Measurement a. Quantitative bb. Both Quantitative and Qualitative 6. Applicable to a. Developed Economies b. Developing Economies 7