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Q.

What is the relationship between economic growth and economic development?

Tags: relationships, economic growth, politics & government
Asked by lalit mahata, 20 Apr '13 10:49 am
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Answers (2)

 
1.

Economic Growth is a narrower concept than economic development.It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy. Economic Growth can be measured by an increase in a country's GDP (gross domestic product).

Economic development is a normative concept i.e. it applies in the context of people's sense of morality (right and wrong, good and bad). The definition of economic development given by Michael Todaro is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice. The most accurate method of measuring development is the Human Development Index which takes into account the literacy rates & life expectancy which affect productivity and could lead to Economi ...more
Answered by Quest, 20 Apr '13 11:52 am

 
  
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2.

It is interconnected by all means
Answered by MadhavisManbyChoice, 20 Apr '13 10:53 am

 
  
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