Under economic development, Economic well being of a nation, region, local community or an individual is measured with an objective of improving the standard/quality of life.
Difference between Growth and Development
Difference between Growth and Development.
1. Development is a broader or holistic concept.
2. Development include Quantitative and Qualitative changes i.e., Social, Cultural and Political etc.
3. Development is always Positive.
4. Development is a Subjective Concept.
5. Absolute measurement of development is not possible.
1. Growth is rather narrow concept.
2. Growth refers only Qualitative changes. i.e., Increase in GDP, GNP, PCI etc.
3. Growth could be both Positive and Negative.
4. Growth is an Objective concept.
5. Growth could be measured exactly.
It means that where there is development there must be growth because without growth, Development is impossible, but it does not mean that where there is growth there is development.
Did You Know
- The economy of India has nearly increased six folds in less than 20 years.
- Corruption and violence have cost the nation more than $Trillion.