What is the difference between human and economic development?


Development is the process of both quantitative change and qualitative growth. The concept of human development embraces all aspects of human life and not just the economic aspect. Hence the utilisation effect of income is important and not the income itself.

The ultimate aim of the development is to translate economic growth into better conditions of life. The emphasis is to strike a balance between human and economic development. The socioeconomic structural changes may go hand in hand with rapid economics development.

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