‘Do the two terms ’Economic Growth’ and ‘Economic Development�

1.	‘Do the two terms ’Economic Growth’ and ‘Economic Development’ mean the same thing’. Discuss
Answer» No, they are different. Economic growth can be defined as a process whereby a countrys real national income increases over a period of time. On the other hand economic development is a 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. 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. Economic development = Economic growth + change

‘Do the two terms ’Economic Growth’ and ‘Economic Development’ mean the same thing’. Discuss

Answer»

No, they are different. Economic growth can be defined as a process whereby a countrys real national income increases over a period of time. On the other hand economic development is a 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.

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.

Economic development = Economic growth + change

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