Economic Growth Vs Economic Development
which one is better of the two economic growth or economic development ? need reasons or some helpful links?
economic growth vs economic development.
Economic growth implies GDP and its growth (without racking the brain for the correct answer). Economic development is a process of bringing prosperity by society (government in this case) to sections of the population under its charge. It involves some amount of planning (whatever name one gives, ideologically or otherwise). It aims at, ‘inter se’, leveling disparities between individuals in income (in monetary sense) or creating opportunities for the disadvantaged sections.
Economic growth presupposes that the income disparities are nil or if not manageably less, in that society. It implies that the highest level of prosperity is open to anyone with the requisite inputs (like brains, hard work). Economic development implies not without reason, that the society has flaws that need to be addressed and remedied.
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