What Is the Development?
1)What is the development and growth ?How differ from each other?
Growth is referred to the increase of per capita real gross domestic product over a period of time. Real GDP is a quantitative concept since it involves increased productive capacity in an economy, which leads to rising national output, incomes and living standards over time. Growth can occur from two main factors:
1. The increased use of resources such as land, labour, capital and entrepreneurial resources due to improvements in technology.
2. The increased productivity of existing resources use through increased labour and capital productivity.
Growth is a narrower concept than development.It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy.Growth can be measured by an increase in a country's GDP (gross domestic product).
Development is a qualitative process and refers to structural change of economic and social infrastructure in an economy, which allows an increase in the standard of living in a nation’s population. Development is a normative concept i.e. it applies in the context of people's sense of morality (right and wrong, good and bad). The definition of economic development given by Michael Todaro is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice. The most accurate method of measuring development is the Human Development Index which takes into account the literacy rates & life expectancy which affect productivity and could lead to Economic Growth. It also leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment.It implies an increase in the per capita income of
Growth is referred to the increase of per capita real gross domestic product over a period of time. Real GDP is a quantitative concept since it involves increased productive capacity in an economy, which leads to rising national output, incomes and living standards over time. Growth can occur from two main factors:
1. The increased use of resources such as land, labour, capital and entrepreneurial resources due to improvements in technology.
2. The increased productivity of existing resources use through increased labour and capital productivity.
Growth is a narrower concept than development.It is an increase in a country's real level of national output which can be caused by an increase in the quality of resources (by education etc.), increase in the quantity of resources & improvements in technology or in another way an increase in the value of goods and services produced by every sector of the economy.Growth can be measured by an increase in a country's GDP (gross domestic product).
Development is a qualitative process and refers to structural change of economic and social infrastructure in an economy, which allows an increase in the standard of living in a nation’s population. Development is a normative concept i.e. it applies in the context of people's sense of morality (right and wrong, good and bad). The definition of economic development given by Michael Todaro is an increase in living standards, improvement in self-esteem needs and freedom from oppression as well as a greater choice. The most accurate method of measuring development is the Human Development Index which takes into account the literacy rates & life expectancy which affect productivity and could lead to Economic Growth. It also leads to the creation of more opportunities in the sectors of education, healthcare, employment and the conservation of the environment.It implies an increase in the per capita income of