Ecnomic Growth
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Chapter 1 - Economy of Pakistan
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Economic Development
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Definition of Economic Development
Economic development is a process of economic transition involving structural transformation of an economy through industrialization, raising gross national product and per capital income.
According to Lewis,
Economic development means increase in output per head.
According to Micheal Todaro,
Economic development must be conceived of as a multi-dimensional process involving major changes in social structures, people 's attitudes, national institutions, acceleration of economic growth and reduction of inequality.
According to Kindleberger,
Economic development means an increase in output of goods and services in the economy.
It is more important than economic growth because economic development is more comprehensive process than economic growth. Economic growth is a quantitative term as it represents quantitative increase in the production of goods, services and factors of production, whereas economic development is a qualitative terms as it indicates continuous increase in real national income and structural changes in the economy of a country.
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Definition of Economic Growth
Economic growth means more production of goods and services growth is measured in terms of an increase in real gross national product (GNP or GDP) or an increase in per capital income.
According to Micheal Todaro,
Economic growth is a steady process by which the productive capacity of an economy increases overtime to bring rising levels of national output and income.
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Objectives of Economic Development
1. Increase of supply of food, clothing, health and education facilities.
2. Increase in standard of living of the people.
3.
Chapter 1 - Economy of Pakistan
-------------------------------------------------
Economic Development
-------------------------------------------------
Definition of Economic Development
Economic development is a process of economic transition involving structural transformation of an economy through industrialization, raising gross national product and per capital income.
According to Lewis,
Economic development means increase in output per head.
According to Micheal Todaro,
Economic development must be conceived of as a multi-dimensional process involving major changes in social structures, people 's attitudes, national institutions, acceleration of economic growth and reduction of inequality.
According to Kindleberger,
Economic development means an increase in output of goods and services in the economy.
It is more important than economic growth because economic development is more comprehensive process than economic growth. Economic growth is a quantitative term as it represents quantitative increase in the production of goods, services and factors of production, whereas economic development is a qualitative terms as it indicates continuous increase in real national income and structural changes in the economy of a country.
-------------------------------------------------
Definition of Economic Growth
Economic growth means more production of goods and services growth is measured in terms of an increase in real gross national product (GNP or GDP) or an increase in per capital income.
According to Micheal Todaro,
Economic growth is a steady process by which the productive capacity of an economy increases overtime to bring rising levels of national output and income.
-------------------------------------------------
Objectives of Economic Development
1. Increase of supply of food, clothing, health and education facilities.
2. Increase in standard of living of the people.
3.