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  • Economic Growth and Development

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    Meriam Niepes Pagalan
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    Economic growth refers to the increase in monetary value of goods and services produced in a country over a period of time, focusing only on quantitative economic measures. In contrast, economic development is a broader, long-term process that encompasses both quantitative and qualitative improvements in a nation's standard of living through multi-dimensional governmental policies aimed at both income growth and quality of life.

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    Economic growth refers to the increase in monetary value of goods and services produced in a country over a period of time, focusing only on quantitative economic measures. In contrast, economic development is a broader, long-term process that encompasses both quantitative and qualitative improvements in a nation's standard of living through multi-dimensional governmental policies aimed at both income growth and quality of life.

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    15 views1 page

    Economic Growth and Development

    Uploaded by

    Meriam Niepes Pagalan
    Economic growth refers to the increase in monetary value of goods and services produced in a country over a period of time, focusing only on quantitative economic measures. In contrast, economic development is a broader, long-term process that encompasses both quantitative and qualitative improvements in a nation's standard of living through multi-dimensional governmental policies aimed at both income growth and quality of life.

    Copyright:

    © All Rights Reserved
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    of 1

    Economic Growth Economic Development

    Definition

    It refers to the increase in the monetary It refers to the overall development of the quality of
    growth of a nation in a particular period. life in a nation, which includes economic growth.

     Span of Concept 

    It is a narrower concept than that of economic It is a broader concept than that of economic
    development. growth.

                                                                                    Scope

    It is a uni-dimensional approach that deals It is a multi-dimensional approach that looks into


    with the economic growth of a nation. the income as well as the quality of life of a nation.

                                                                                    Term

    Short-term process Long-term process

                                                                            Measurement

    Quantitative Both quantitative and qualitative

                                                                            Applicable to

    Developed economies Developing economies

                                                                     Government Support

    It is an automatic process that may or may not It requires intervention from the government as all
    require intervention from the government the developmental policies are formed by the
    government

                                                                  Kind of changes expected

    Quantitative changes Quantitative as well as qualitative changes

                                                                             Examples

    GDP, GNP HDI, per capita Income, industrial development


    Handouts for the difference of Economic Development and Economic Growth

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