Chapter 2: Indicators of Growth and Development

Are Economic Growth and Economic Development the same?

Details

Economic development is different from economic growth. Economic growth is that process in which the income of the economy increases but it does not bring any institutional change in the economy. The psychology of the people does not change, while in economic development along with increase in the income of the economy, there is a change in the structure of the economy and the psychology of the people. Hence, Gerald Meier stated, "Development is growth plus change".


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