'Economic Growth is a Necessary but not

Sufficient Condition of Economic Development"

Essay by natasha325, High School, 11th grade, A, May 2006
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Keywordscrucial, Gross domestic product, Economic growth, Productivity, Cuba
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Explain this statement. Does Economic Development always lead to Improvements in

Livind Standards?

Economic growth and economic development are often thought to be synonymous but
although the two are closely linked, there are crucial differences in their meanings.
Economic growth is defined as 'a rise in the total output (goods or services) produced by
a country'. It is measured by the percent rate of increase in the gross domestic product
(GDP). Economic development as defined by Todaro is "not purely an economic
phenomenon but rather a multidimensional process involving reorganization and
reorientation of entire economic and social system".

Economic growth measures growth in monetary terms and looks at no other aspects of
development. Economic development looks at increase in productivity while taking into
account factors like economic, social and political issues. Very often economic growth in
a nation does not bring about economic development. Economic growth of a nation can
also be accompanied by increase in poverty and growing levels of unemployment.

Gross domestic product growth in the advanced econ...

Quarterly Gross Domestic Product (year-on-year gro...

 English: World GDP growth rate and GDP growth rate...

This type of growth if not accompanied by economic development in the long term is
bound to have adverse affects on society. Not only does it affect people, it also has a
negative impact, as to maximize profits, the environment is callously polluted. Economic
growth can take place if there is efficient use of people's knowledge and capability and
good government policies.

Development is a long-term process. It looks into all aspects of growth, taking into
account factors like the environment and human needs. Economic growth can only take
place in the long run if there is development simultaneously. Sustainable development is
defined as the world bank as "development that meets the needs of the present without
comprising the ability of future generations to meet their own needs". This sort of
development is important as it means...

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necessary-but-not-sufficient-condition-eco