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Economic development brings both qualitative and quantitative changes to an economy and is more relevant for measuring progress in developing countries. It relates to improvements in human capital, reduced inequality, and structural changes that improve quality of life. Economic growth is a narrower concept referring specifically to increases in real GDP, driven by consumption, investment, government spending, and net exports. While economic growth is necessary for development, development has broader social and institutional changes beyond just increases in output.
Economic development brings both qualitative and quantitative changes to an economy and is more relevant for measuring progress in developing countries. It relates to improvements in human capital, reduced inequality, and structural changes that improve quality of life. Economic growth is a narrower concept referring specifically to increases in real GDP, driven by consumption, investment, government spending, and net exports. While economic growth is necessary for development, development has broader social and institutional changes beyond just increases in output.
Economic development brings both qualitative and quantitative changes to an economy and is more relevant for measuring progress in developing countries. It relates to improvements in human capital, reduced inequality, and structural changes that improve quality of life. Economic growth is a narrower concept referring specifically to increases in real GDP, driven by consumption, investment, government spending, and net exports. While economic growth is necessary for development, development has broader social and institutional changes beyond just increases in output.
Effect: Brings qualitative and Brings quantitative changes in
quantitative changes in the the economy. economy. Relevance: Economic development is more Economic growth is a more relevant to measure progress relevant metric for progress in and quality of life in developing developed countries. But it’s nations. widely used in all countries because growth is a necessary condition for development. Measurement: Qualitative. HDI (Human Quantitative. Increase in real Development Index) Gender- GDP. Shown by PPF. Related Index (GDI), Human Poverty Index (HPI), Infant Mortality, Literacy rate etc. Concept: Normative Concept Narrower concept than economic development Economic development implies Economic growth refers to an changes in income, savings and increase in the real output of investment along with goods and services in the progressive changes in socio- country. economic structure of a country (institutional and technological changes). Factors: Development relates to growth Growth relates to a gradual of human capital indexes, a increase in one of the decrease in inequality figures, components of Gross Domestic and structural changes that Product: consumption, improve the general government spending, population’s quality of life. investment, net exports.