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Analyse the difference between Economic Growth & Economic Development. What are the problems concerning measuring economic development Illustrate your answer using case studies - Essay Example

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These factors determine the economic growth and development. The two terms can be hard to tell apart, but their meaning in economics can be…
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Analyse the difference between Economic Growth & Economic Development. What are the problems concerning measuring economic development Illustrate your answer using case studies
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Download file to see previous pages Economic development is determined by the quality of life that the population enjoys due to the improvement of the various aspects life. This improvement can cause the region to realize economic growth.
Economic growth, however, has a much narrower outlook of than economic development, in that; it refers to the increase in the value of products from the various sectors involved in the economy of a nation. The growth is usually expressed using the Gross Domestic Product GDP. When economic growth is realized in a region, it is not guaranteed that this growth will result in development.
Another significant difference apart from the definition of the two terms is that, economic growth takes one dimension in that it is centered on increasing the GDP of a region. This is, however, different in economic development, since the latter involves a wider approach in that it is involved in the income created in the population and the improvement of the quality of life of individuals, since social amenities and structures are also improved (Capello and Nijkamp, 2008, 173). This will result in a positive effect in the lives of the population. Economic growth, however, is narrower in that growth will not necessarily have a positive impact on the population.
The two phenomena are also different in that economic growth is quantitative. This is so since the phenomenon mostly deals with numbers in that the growth is translated by the figures and percentages. Economic development in contrast is measured in the quality since the development is translated to the improved livelihoods of the population. Economic development is, therefore, measured qualitatively (Arestis and Thirlwall, 2006, 109).
Another noteworthy variation between the two is that economic development is irregular and spontaneous. It causes changes in the equilibrium that is ...Download file to see next pagesRead More
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