When there is economic growht, does that mean there is human development? How?

Question

explain it with your own perception....understand first the nature of the question...thanks...!!!!

Answer 1

If there is economic growth then human development is induced automatically - it means that along with development there is increase in need for using resources more efficiently (it's question of rational choice because labor-force is fixed and using more of it means that remaining part becomes more scarce) - and to make more right (efficient) decisions people need to have better knowledge, it usually achieved through education, experience, training, etc.

Answer 2

People may define differently but I define economics as study of nature, properties, laws, composition and classification of wealth. In my opinion wealth can be broadly classified into 1) Wants consisting of goods and services and 2) Means consisting of money and money related forms of wealth. Both wants and means are always at equilibrium. In my view, economic growth refers to growth in wants or means. If wants increase means increase and if means increase wants increase. Therefore whenever there is economic growth there will be human development because both wants and means constitute human need or wealth that is otherwise called.