Difference between Economic Growth and Economic Development

This article will help you to learn about the difference between economic growth and economic development.

Difference between Economic Growth and Economic Development

Difference # Economic Growth:

(1) Single dimensional i.e., increase in output alone.

(2) Quantitative Changes-Change in national and per capital income.

(3) Spontaneous in character.

(4) Discontinuous Change

(5) Growth is possible without development

(6) Determinant of economic growth may be economic development.

(7) Solution of the problem of under developed countries.

(8) Developments related to underdeveloped countries

(9) Economic developed is regulated and controlled in character

(10) Economic development is not possible with Economic growth

(11) Economic development is an innovative process leading to the structural transformation of social system

Difference # Economic Development:

(1) Multi dimensional i.e., more output and changes in technical and institutional arrangements.

(2) Qualitative Changes-Change in composition and distribution of national and per capital income and change in functional capacities.

(3) Gradual and steady change in the long run.

(4) Continuous Change.

(5) Growth to some extent is essential for development.

(6) Economic development is the determinant of economic growth

(7) Solution of the problem of developed countries.

(8) Growth relates to developed countries

(9) Economic growth is spontaneous in character.

(10) Economic growth is possible without Economic development.

(11) Economic growth is an expanses of the system in one or more dimensions without a change in its structure.