| Economic Development | Economic Growth | |
| Growth: | Development relates to growth of a stationary state to a higher level of equilibrium | Growth relates to a steady ,general and gradual increase in the rate of sayings and output and investment |
| Definition: | Economic Development refers to the problem of Developing countries | Economic Growth refers to Developed countries |
| Effect: | Brings both qualitative and quantitative changes in the economy | Brings quantitative changes in the economy |
| Scope: | It is concerned with whole changes in the economy | Growth is concerned with small changes in the economy |
| Implication: | It implies changes in income,saving and investment along with progressive changes in socio-economic structure of country(institutional and technological changes) | It refers to an increase in the real output of goods and services in the country like increase the income in savings,in investment etc. |
| Utilisation: | Economic Development relates to the utilisation and devlopment of unused resources in the underdeveloped countries | Economic Growth relates to optimum utilisation and development of under-utilised resources of developed countries |
Friday, March 11, 2011
Economic Development versus Economic Growth
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