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What is a difference between economic growth and economic development |
| 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. | |