Distinguish Between Economic Development And Economic Growth – The term economic development is fundamentally different from the concept of economic development. In the usual sense, the term economic development is related to the rate of change of GDP or per capita income of the people of the country. Growth refers to the quantitative aspect of change and growth. Thus, economic growth is a steady annual increase in real national income of the economy over a long period of time. This is the tendency to increase the net national product at constant prices.

This definition of economic development is not an exhaustive definition. Because the total national income may increase, and at the same time the standard of living of people may decrease. This can happen if the population growth rate is higher than the national product growth rate. Per capita income increases when the rate of economic growth exceeds the rate of population growth.

Distinguish Between Economic Development And Economic Growth

Thus, economic growth can further be defined as the annual increase in real per capita income over a long period of time. The main goal of economic development is to raise the standard of living of the people, therefore, economic development should be determined not only by the growth of the national product, but also by the real income per head of the population or products, and such growth should increase steadily in the real volume per head of the population. .

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According to Michael P. Todaro and Stephen Smith, economic growth is defined as “a sustained process by which the productive capacity of an economy is created overtime to increase output and national income.”

Therefore, economic development is a continuous or permanent increase in the total GDP per capita, which is achieved by increasing the productivity, employment and standard of living of the people. The rate of economic growth measures both terms as gross domestic product (GDP) or net national product (GNP) growth and per capita income growth.

GDP measures the total amount of goods and services that the economy is able to produce, and per capita income measures how much real goods and services the average person will have for consumption and investment, i.e. the average standard of living of the country’s citizens.

Therefore, international organizations such as the World Bank and the IMF use both measures of economic growth in their annual report to compare growth with the standard of living of developed and developing countries. In Nepal, the Ministry of Finance and the Nepal Rastra Bank measure Nepal’s economic growth based on both GDP or NNP and per capita income.

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Simon Kuznets (1971 winner of the Nobel Prize in Economics) by studying the trend of economic development of most developed countries of the world, identified six important features of the development of the modern economy, which are:

Thus, in any economy, economic growth occurs when the economy achieves an increase in its national income (NI) greater than the rate of population growth. This leads to an increase in GDP per capita. There is poverty in the underdeveloped countries of the world. It can be eliminated if these countries are able to achieve a sustainable level of economic growth over a period of time.

The term economic development is different from economic growth; economic development mainly depends on the rate of change of national income or GDP. However, economic development is related to qualitative and quantitative changes in various aspects of human life.

Economic development is necessary for economic development, but economic development includes more indicators of human life. Economic development is considered a necessary condition for economic development. Economic development directly depends on the productivity of production factors, the quality of materials, the availability of social and economic facilities, such as transportation, communication, technology improvement, education, health and drinking water facilities, political stability, industrial development, etc.

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The main goals of economic development are to ensure equitable distribution of income, wealth, resources and opportunities and to reduce poverty.

This is a limited concept, because it is based on the concept of growth of the real product of a certain industry.

Satisfying basic needs, Physical Quality of Life Index (PQLI), Human Development Index (HDI), etc. are the main indicators of economic development.

Economic growth is measured quantitatively in a unit because it includes economic variables such as capital production ratio, balance of trade, balance of payments, etc.

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Quantitative measurement is almost impossible because it involves social, cultural, and political aspects of society, including economic variables.

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Economic Growth Vs Economic Development Best 7 Differences

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Differences Between Economic Growth And Economic Development

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Economic Development And Employment

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Differentiate Between Economic Growth And Economic Development​

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