Differences between Economic Development and Economic Growth

Differences between Economic Development and Economic Growth. 1. Single dimensional i.e. increase in output alone. 1. Multi dimensional i.e. more output and changes in technical and institutional arrangements.

Economic Development

1. Single dimensional i.e. increase in output alone.

2. Quantitative Changes-Change national and per capita income.

3. Spontaneous in character.

4. Continuous Change.

5. Growth is possible without development.

6. Determinant of economic growth may be economic development.

7. Solution of the problem of developed countries.

Economic Growth

1. Multi dimensional i.e. more output and changes in technical and institutional arrangements.

2. Qualitative Change-Change in composition and distribution of national and per capita income and change in functional capacities.

3. Regulated and controlled in character.

4. Discontinuous Change.

5. Growth to some extent is essential for development.

6. Economic development is the determinant of economic growth.

7. Solution of the problem of under developed countries.