Economic Growth and
Economic Development
, Difference between ‘economic development’ and
‘economic growth’
•‘Economic growth’ has a connotation of quantitative expansions in economic
variables, especially aggregate and per capita national incomes as measured b
such statistics as GDP and GNI.
•‘Economic development’ is usually conceived as a process involving not only
quantitative expansions but also changes in non-quantitative factors such as
institutions, organizations, and culture under which economies operate.
•Therefore economic growth is considered a quantitative aspect of economic
development.
•Therefore, in addition to the analysis of economic growth, the study of econo
development must investigate the influences of institutional and cultural facto
on economic growth as well as the impacts of economic growth on those fact
Economic Development
, Difference between ‘economic development’ and
‘economic growth’
•‘Economic growth’ has a connotation of quantitative expansions in economic
variables, especially aggregate and per capita national incomes as measured b
such statistics as GDP and GNI.
•‘Economic development’ is usually conceived as a process involving not only
quantitative expansions but also changes in non-quantitative factors such as
institutions, organizations, and culture under which economies operate.
•Therefore economic growth is considered a quantitative aspect of economic
development.
•Therefore, in addition to the analysis of economic growth, the study of econo
development must investigate the influences of institutional and cultural facto
on economic growth as well as the impacts of economic growth on those fact
