Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time

to another

Economic development usually refers to the adoption of new technologies transition from agriculture-based to industry-based economy, and general improvements in living standards.

Traditional view Modern view

Sustenance Self-esteem Freedom

ECONOMIC DEVELOPMENT Meaning

The welfare of humans in a society

ECONOMIC GROWTH
value of output of goods and services within a time period

Multidimensional process Measurement

The whole range of change

Purely an economic phenomenon Quantitative in nature

Qualitative in nature

Narrow and Wider concepts Means and ends

More comprehensive concept than growth Expansion of entitlement and capabilities Developed Structure

Narrow concept

The growth of per capita income i Developed Economies

Relevance