How does economic growth differs with development??

Question

do not look at the dictionary. provide the answers based on how you understand each words. thanks.!!

Answer 1

in short Economic Growth is the quantity (eg, Investment, savings and GDP) economic development is quality of so many things , such as Technology, life style, life expectancy, tel communication , health facilities, and so many other things,

Answer 2

Growth means formal increase in GDP - so it is enough to grow extensively or intensively.

Development means more intensive process - so increase in productivity, efficiency etc. It can include increase in quality of life, technology, improvements in infrastructure...

So growth can be achieved by many ways - one of them is through development, others are increase in population, foreign capital investments etc.

Answer 3

Economic welare is thought to be synonmous with material consumption. Higher the value added every year through economic activities or producing goods and services, higher is the growth in consumption. Therefore Economic Growth is defined by growth in National Income or GNP or GDP - more precisely, high and higher growth rate in per capita income / GNP /GDP is treated as the most important objective of economic life.

Clearly, economic growth does not occur in a vacum_ it occurs in a social and environmental context. With economic growth with find citizens  become more educated, more skilled in production, technology oriented, innovative, striving to increase productivity, more healthier, more hygenic, become conscious about  civil liberties, civic amenities and cleaner environment looking for democratic life, getting interested in competitive sports, space research, entertasinment, scientifically minded and striving to advance science and technology. As  these developments takes place, they foster further economic growth. So, growth and development gets intermingled. One cannot have economic growth without economic development and one cannot have economic developmement without economic growth. There are economists who unnecessarily and wiothout logic try to find conflict between economic growth and development. They also ignore the fact that the most economically strong countries with high GDP per capita are generally also the countries that more economically developed in all spheres whether education, quality of life, science and technology, sustainability of growth process, incidence of poverty, democratic life, environment conservation, etc.