Economic Growth vs Economic Development

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PrabhatP
Posts: 61
Joined: Thu Dec 11, 2014 10:46 am

Re: Economic Growth vs Economic Development

#1 Postby PrabhatP » Fri Jan 09, 2015 9:17 am

Economic growth in terms of GDP is just a number to show off that country is growing but in real terms it does not reflect economic development. Economic growth is for the big corporates that they are making lots of business and rich people are getting richer and the numbers of billionaires increases rapidly but for the poor people it remains the same. India is a country of villages and small towns so we should look for inclusive growth. This can be done through economic development rather than economic growth. The day we see the changes in living standards of rural India then we can say its economic development.

Lal
Posts: 121
Joined: Mon Nov 17, 2014 5:09 pm

Economic Growth vs Economic Development

#2 Postby Lal » Thu Jan 08, 2015 9:00 am

These two terms represent progress in the economy and what does it hold for a common man. Economic growth shows the growth in numbers that how much our GDP has grown compare to the previous year and it is easy to measure. It has got nothing to do with the income of rich people and standard of living of poor man. Economic growth is a quantitative concept while economic development is a qualitative concept. Economic development is the real development of the country it takes the several factors into the consideration like income disparity, standard of living, health & education, sex ratio etc.

So in India's case we should ensure that economic growth translates into the development of the country.


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