Definition Of Economic Growth And Development Pdf
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Readers Question: What is the difference between growth and development? Can a country experience economic growth without development?
- Economic Growth and Development
- Meaning of Development
- Economic Growth vs Economic Development
Economic Growth and Development
Economic growth is an increase in the production of goods and services over a specific period. To be most accurate, the measurement must remove the effects of inflation. Economic growth creates more profit for businesses. As a result, stock prices rise. As more jobs are created, incomes rise. Consumers have more money to buy additional products and services. Purchases drive higher economic growth.
We repeat here the notes from module 1. You need to make sure that you have a clear understanding of the differences between economic growth and development. This occurs where there is an increase in the productive potential of the economy and is best measured by the increase in a country's real level of output over a period of time, i. Economic development, on the other hand, is a process where there is improvement in the lives of all people in the country. This involves not only living standards, such as greater availability of goods and services and also the ability to purchase them but also the promotion of attributes such as self-esteem, dignity and respect, and the enlarging of people's freedom to choose and to take control of their own lives. While a country may grow richer therefore, through the growth of its real output, it does not necessarily mean that it will develop. For a long period of time economic development was seen to be a factor of economic growth.
Economic development means different things to different people. On a broad scale, anything a community does to foster and create a healthy economy can fall under the auspice of economic development. There are probably as many definitions for economic development as there are people who practice it. From a public perspective, local economic development involves the allocation of limited resources — land, labor, capitol and entrepreneurship in a way that has a positive effect on the level of business activity, employment, income distribution patterns, and fiscal solvency. It is a process of deliberate intervention in the normal economic growth by making it easier or more attractive. Today, communities in California are giving attention to what they can do to promote fiscal stability and greater economic development. Economic development is a concerted effort on the part of the responsible governing body in a city or county to influence the direction of private sector investment toward opportunities that can lead to sustained economic growth.
Meaning of Development
It can be measured as a percentage increase in real gross domestic product. Where a gross domestic product GDP is adjusted by inflation. Economic Development is the process focusing on both qualitative and quantitative growth of the economy. It measures all the aspects which include people in a country become wealthier, healthier, better educated, and have greater access to good quality housing. Economic Development can create more opportunities in the sectors of education, healthcare, employment and the conservation of the environment. It indicates an increase in the per capita income of every citizen.
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Although the term is often used in discussions of short-term economic performance, in the context of economic theory it generally refers to an increase in wealth over an extended period. Growth can best be described as a process of transformation. Whether one examines an economy that is already modern and industrialized or an economy at an earlier stage of development, one finds that the process of growth is uneven and unbalanced. Economic historians have attempted to develop a theory of stages through which each economy must pass as it grows. Early writers, given to metaphor , often stressed the resemblance between the evolutionary character of economic development and human life—e. Later writers, such as the Australian economist Colin Clark, have stressed the dominance of different sectors of an economy at different stages of its development and modernization. For Clark, development is a process of successive domination by primary agriculture , secondary manufacturing , and tertiary trade and service production.
Economic Growth vs Economic Development
Economic diversification is the process of shifting an economy away from a single income source toward multiple sources from a growing range of sectors and markets. Traditionally, it has been applied as a strategy to encourage positive economic growth and development. In the context of climate change adaptation, it takes on a new relevance as a strategy to diversify away from vulnerable products, markets, and jobs toward income sources that are low-emission and more climate resilient.
It seems that you're in Germany. We have a dedicated site for Germany. Growth theory provides a rich and versatile analytical framework through which fundamental questions about economic development can be examined. This book is an introduction to the newer features of growth theory that are particularly useful in examining the issues of economic development.
Economic Growth , at Investopedia. Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. It can be measured in nominal or real terms, the latter of which is adjusted for inflation. Traditionally, aggregate economic growth is measured in terms of gross national Product GNP or gross domestic product GDP , although alternative metrics are sometimes used…..
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