what is the difference between Economic Growth and Economic Development?

Question

Economic Growth and Economic Development

Answer 1

Economic growth increases the amount of money in a community but does not increase the community's capacity to steer its own direction as economic development can.

Answer 2

If I understand it correctly, economic growth is a positive economic movement. It doesn't necessarily repeat, but is a good event when it happens. Economic development is a positive change in structure. I was once told that if you give a person a fish, they will shortly not be hungry. If you teach someone how to fish, they may never be hungry. I think that this is in a way the same idea.

Answer 3

Economic growth is a quantitative termd dealing with the change in a nation's GDP over some time period, usually three months or a year.

Economic development is somewhat more difficult to define, as it is made up of many parts. In general, a developed country will be both technology and institutionaly advanced. Moreover, their industries are less agrarian and more industrial in nature.

Answer 4

economic development is a broader concept than economic growth..it means economic growth +improvement in the standard of living of the people...economic growth on the other hand excludes the welfare aspect..

Answer 5

economic growth relates to
advanced countries.
economic development relates to
underdevelopment countries.
economic growth is narrower
concept.
economic development is wider
concept

Answer 6

both have different meaning
eco- growth related to the economic condition of india
and eco -development related to the infrastructure problem

Answer 7

no difference