What is meant by economic development and how is it different from economic growth.
Plz give me the answer as soon as possible bcz I need it urgently.
2006-09-09 00:04:01 · 5 answers · asked by Anonymous in Social Science ➔ Economics
Economic development happens when the politician's decide who's friend will get the contract and what politician's will get the kick back ,special favors and bribes.Economic growth is the financial gains that come from spending the bribe money and the jobs the politician's friends and family recieved as a result of the developement
2006-09-09 00:12:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Urgently? Homework assignment?
It really depends on the author because unfortunately these two are often interchanged.
Most will tell you that one refers to a diversification of economic institutions that leads to the achievement of at least one economic goal (ie, stability, growth, etc).
The other, meanwhile, refers to an increased volume within an existing framework.
They usually go hand-in-hand.
Some may take a critical bent: in the instance of higher earnings for the top 10%, this would technically be economic growth, but not economic development.
If this is a homework or test question, look in your book's index and see what your author's take on it is.
2006-09-11 03:47:25 · answer #2 · answered by Veritatum17 6 · 0⤊ 0⤋
Economic development refers to situations when the government intervens in the eceonomy to boost it. It could be due to increased public spending on infrastructure projects etc. It could be typically for a short period and not always desirable. The more the government spends the wider would be the current account defecit, and the higher taxes could be the result.
Economic growth is the inherent growth of the economy and market , without any artificial intervention either by the government or by the central bank.
2006-09-09 00:16:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
economic development is the creation of circumstances so mor jobs are potentially available.
growth comes from sustained jobs and demand for new products
2006-09-09 12:07:35 · answer #4 · answered by elmo o 4 · 0⤊ 0⤋
Developement refers to new businesses. Growth refers to current businesses getting bigger. Now give me 10 points please.
2006-09-09 00:09:51 · answer #5 · answered by Rufus 3 · 0⤊ 0⤋