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Measuring development is an arbitrary process since all summary statistics in this area are trying to evaluate economic inputs rather than economic outputs - Term Paper Example

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Economic growth refers to the increase in production of goods and services in a country within a given period while economic development refers to concerns with…
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Measuring development is an arbitrary process since all summary statistics in this area are trying to evaluate economic inputs rather than economic outputs
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Measuring development is an arbitrary process since all summary statistics in this area are trying to evaluate economic inputs rather than economic outputs

Download file to see previous pages... as of economic development include; health rates in a country, people life expectancy rates, unemployment and rates of poverty that are characteristic of a particular country.
In actual practice, economic growth is narrow in its scope as compared to economic development. Economic growth solely takes into account the total increase in a country’s real level of national output that is often because of a boost in the quality of resources applied, for instance, education, an increase in the number of resources and the quality improvements that have been done in technology. In another words, to measure economic growth, economists make use of the GDP statistics, which shows the contributions of each country’s sector towards the overall national output.
On the other hand, economic development can be said to be a normative concept, which only exists in the citizen’s sense of morality, i.e, the knowledge of something good and bad. In a general sense, economic development of a country can be explained though an increase in peoples standards of living and general way of life. Economic development ensures that people make proper decisions about their wealth creation and improves their way of life. This is done only when people realize the value of involvement in different economic activities.
The best approach in the measurement of economic development is the use of human development index that gives due consideration to a country’s levels of literacy, people’s expectancy rates and how they affect overall productivity in a country. Economic development is an important concept since it often leads to creation and establishment of important institutions that determine the quality of human life like education and health care. In addition, it also contributes to establishment of important employment and environment policies. Economic development in a country means the increase in per capita income out of a single individual.
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