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Wat is the difference between econimic growth and economic development |
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Answer» \tEconomic growth has a single dimension; Economic development is multi-dimensional.\tEconomic growth reflects only quantitative changes; Economic development shows both quantitative and qualitative changes.\tEconomic growth shows the change in output; Economic development shows changes in the output along with technology and institutional arrangements.\tEconomic growth is spontaneous; Economic development is either regulated or controlled.\tEconomic growth is possible without development; economic development is not possible without growth. Growth is the short term process while the development is long term process. ...Development is planning based element while growth is the measurement element. .. |
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