Readers Question: What is the difference between growth and development? Can a country experience economic growth without development? Economic growth measures an increase in Real GDP real output. It basically measures the total volume of goods and services produced in an economy.
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Economic development is a fairly new idea that arose during the early twentieth century. Many theorists attempted to define economic development and to differentiate it from the concept of economic growth. According to economists, Gerald Meier and Dudley Seers, these two concepts are different from each other and they stressed that economic development cannot be equated with economic growth. They both agreed that economic development is a more complicated and dynamic process than economic growth but both are no doubt interrelated. Economic growth is defined as an increase in a country's ability to produce goods and services, in other words, increase of per capita gross domestic Product GDP or other measure of aggregate income. Economic Growth is the optimum utilisation and development of under-utilised resources of developed countries and brings significant changes in the economy. This growth is associated with a steady, general and gradual increase in the rate of savings, output and investment in the economy.
The question is whether economic growth is the same as economic development. I am going to make fair points about them and decide whether they are the same. Economic growth refers to the rise in the value of everything produced in the economy. It alludes to a considerable rise in a per-capita national product, over a period, i. Economic growth is often contrasted with economic development, which is defined as the increase in the economic wealth of a country or a particular area, for the welfare of its residents.
It boost the overall productivity and intellect of the labor force. It helps to be sure that a country is competitive in world markets. I will try to find how countries developed and their growth level increased by their education level and how we can implement it in other less developed countries or regions to achieve economic growth.